CHICAGO, Sept. 9 /PRNewswire/ -- Burns International Services Corporation
(NYSE: BOR) today reported that third quarter earnings are expected to be
approximately 10 percent below the First Call/Thomson Financial consensus
estimate of 40 cents a share. The earnings shortfall is attributable to
declining operating results in the company's United Kingdom, Globe Aviation
and nuclear security units.
The company also reported that full year earnings are expected to be
approximately 7 percent below the consensus estimate of $1.39 a share.
Burns International chairman, president and chief executive officer
John A. Edwardson stated, "While the company's core industrial security
business continues to meet expectations, we believe it is appropriate at this
time to adjust expectations for the remainder of 1999 to better reflect
temporary weakness in certain segments of our specialized security operations.
Corrective actions, including senior management changes in the United
Kingdom and improved pricing on certain airline contracts have been
implemented."
Edwardson also commented that, "Despite this short-term setback, we remain
committed to executing our strategic plan which includes improving employee
and customer retention, national account penetration, investing in sales and
marketing training and incremental growth through acquisitions."
Risk and uncertainties that may affect projections include the cost and
availability of labor, the consequences of debt leverage to the company's
ability to fund its operations, the ability to manage the risks associated
with the services provided by the company, the ability to acquire other
security businesses at attractive prices and successfully integrate such
acquisitions into existing operations, and the other factors listed in Exhibit
99 to the company's Form 10-K for the year ended December 31, 1998.
Burns International Services Corporation is North America's largest
provider of physical security and related services with 75,000 employees and
more than 300 offices throughout the United States, Canada, Ireland, the
United Kingdom and Colombia. The company offers a complete range of security
solutions including armed and unarmed physical security, foot and vehicle
patrol, access control and monitoring, background and drug screening,
investigative services, contract staffing, and other specialized security and
support services.
SOURCE Burns International Services Corporation
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Related links:
http://www.Borg-WarnerSecurity.com
Company News On-Call:
http://www.prnewswire.com/comp/120940.html or fax,
800-758-5804, ext. 120940
CONTACT:
Analysts, Jeff Cartwright, 312-322-8836, or
Media, Lynne Glovka, 312-322-8511, both of Burns International
Corporation
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