Greetings and welcome to The Brink's Company Fourth Quarter Earnings Call. At this time all participants are in a listen-only mode, and a brief question-and-answer will follow the formal presentation. (Operator Instructions). As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Ed Cunningham, Director of Investor Relations and Corporate Communications. Thank you Mr. Cunningham; you may now begin.

Thank you Jackie. This is Ed Cunningham. Good morning and thanks for joining today's call, which will proceed as follows: CEO Michael Dan will review our financial results and outlook; CFO Mike Cazer will make some follow up comments before we open it up for questions. An earnings release was issued this morning, and is available on our website at brinkscompany.com.. If you wish to have it faxed, you call 877-275-7488. Now for our Safe Harbor statement. This call and the ensuing question-and-answer session may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from projected or estimated results. Information regarding factors that could cause such differences is available in today's press release and in our SEC filings, which include our most recent Form 10-Q and 10-K documents. The information discussed this call is representative as of today only. The Brink's Company assumes no obligation to update any forward-looking statements made during the call. This call is copyrighted and may not be used by a third party without written permission from the company. I will now turn the call over to Michael Dan.

Thanks Ed. And good morning and good afternoon everyone. This morning we reported strong earnings growth for both the fourth quarter and the full year. This was accomplished in a very difficult business environment that worsened as the year progressed. Earnings for the year rose 68% to $132 million or $2.82 per share, and were lead by strong results in Latin America and in global services, which more than offset a difficult year in North America. Full year revenue increased 16% or 12% on a constant currency basis. The annual segment operating profit for Brink's, Inc. was 8.6%. Fourth quarter earnings rose 8% to 39 million or $0.83 per share. The $0.83 for the quarter includes a gain of $0.16 related to an asset sale. The charge of $0.10 related to a write down of investment assets. Mike Cazer will provide more details on these and several other items that affected earnings. I'll now cover the fourth quarter operating results in more detail. Revenue was relatively flat at 760 million, so was up 10% on a constant currency basis. Segment profit at Brink's, Inc. fell 9%, 69 million versus 76 million in the 2007 quarter. The operating margin was 9.1% versus 10.1% in 2007. Total operating profit rose 15% to 69 million due mainly the core asset sales and another solid performance in Latin America. Most of the revenue in profit variants was due to the strengthening of the U.S. dollar against global currencies. Once again, results in Latin America were strong, but they were more than off set by a profit decline in Europe. North America showed improvement, which is encouraging given our efforts to turn this business around, a very difficult business environment. European revenue declined 3% and was up 9% on a constant currency basis. Profits declined…

Thank you Michael, and good morning every one. As Michael said, it was another strong quarter, especially given the current business climate. Let me recap a couple of items for the full year. Brink's grew revenue 16% Brink's, Inc. increased its operating profit margin rate 40 basis points, 3.6% and the company grew earnings per share 69%. We completed the spin off of our home security business and repurchased $57 million worth of our stock. Our Latin America and global services business teams delivered solid performances, and North America started turning around its performance in the fourth quarter. Turning to our 2009, we are taking actions to lead the company through a difficult environment, but aren't doing so from strong position. We are focused and continuing to turnaround in North America, including operations in Europe, reducing SG&A costs, and executing smart acquisitions in key high growth markets. Lastly and most importantly, we are increasing our efforts to protect our people and our customers' assets. I am going to provide more detail about several items that affected earnings for the quarter, and may impact future results. These include foreign exchange, non-occurring items, corporate expenses, taxes, debt and borrowing capacity and some key details regarding pension and post retirement obligations. Let's start with foreign exchange. Since international operations account for more than 70% of our annual revenue and profit. During the quarter, the U.S. dollar continue to strengthen against most currencies. This fluctuation in exchange rates reduced revenues by $70 million and operating profit by $6 million compared to the fourth quarter of 2007. For all 2008, the impact on revenues and operating profit were increases of $98 million, $4 million respectively. For the most part, both our revenues and expenses are in the currency of the country in which they are…

Thank you. Ladies and gentlemen, we will now be conducting a question-and-answer session. (Operator Instructions). Thank you. Our first question is coming from Steve Velgot of SIG.

Yes. Just a couple of clarifications; the foreign exchange transaction gains and loses that shows up being a corporate expense. How is that or what is that as compared to the normal translation impact that you get that shows up in the international segment?

Sure. Steve, this is Mike. What that represents... those are transactions, where there are currency movements between our operating and our businesses and corporate that have to get revalued as the currency changes. And so in fourth quarter, as the dollar strengthen, we had say for example dividend receivables from various operating entities to corporate. As the dollar strengthened, those who worth less in U.S. dollars and the impact of those over the course of the quarter was a little bit less $3 million dollars.

Okay. And then the guidance that you gave on corporate expense that was a third left and the as reported corporate expense meaning that included little over $8 million of FX losses and included almost $5 million of strategic review, but only a million of a growth income from BHS. I know you are... you talked about getting 6 to 7 million of royalty income?

Correct.

But I think is that guidance that you about one-third less really just talked about corporate expenses as a gross measure. And then we could make our assumption. And take it as... it's not assuming any further foreign exchange gains or losses et cetera?

Steve, that's right. The guidance of more than a third less reflects reduction from the total number, which is about 55 million in 2008. And all the items that you mentioned would be factors in impacting that number in 2009. On top of the cost reduction that we are doing kind of the base SG&A.

Okay. And then just one quick follow up: are we expecting a further garrulity in the reporting when you come out with your 10-K in terms of business segments or are you keeping things just North America and keeping things geographic?

What we are going to do Steve is we are going to continue to display the international and North America operations for revenue and profit. For further clarity, we're going to... we're working on spiting out some of the product-lines such as CIT, high value segments and security services. And we would do that at the revenue line basis; I'm not going top of it.

Okay. Thank you.

Thank you. Our next question coming from Clint Fendley of Davenport & Co. Clinton Fendley - Davenport & Co. of Virginia, Inc.: Good morning gentlemen.

Good morning. Clinton Fendley - Davenport & Co. of Virginia, Inc.: Wonder if you could comment on the relative weakness that you are seeing within Europe and what the competitive environment is like there currently, and also a comment on pricing would be appreciated.

Europe is slowing down even faster than some of it you see going on here in United States, and started about six months ago, and of course you read about it in the paper all the time. They are not so big consumer as how are. So we are feeling across the board in Europe; this is not unexpected. Pricing environment is always tougher in Europe in this year, because it's very difficult to shed labor, shed people in Europe. So people in our business, any labor intensive business tend to pressure on pricing whether we have to face redundancy cost in Europe, and we're feeling all of that. We've been through before, and we'll deal with it. And if we have to step up and do reductions in force, we'll take those in due course. Clinton Fendley - Davenport & Co. of Virginia, Inc.: Are there any particular geography that had been weaker than others there?

No, it's pretty much across the board. I would say it was a little bit of a delay in the UK, but it's catching up there pretty quick. Things are really slowing down; and France is tough, Germany is tough, Belgium is very difficult; Holland maybe is a little bit better than the others. Clinton Fendley - Davenport & Co. of Virginia, Inc.: Okay, thanks. And then final question: are you able to give any kind of thoughts on the impacts that you've seen from store closures within your retail segment?

So far hasn't been a real big issue for us. Our next year plans obviously is taking a lot of factors including increased bad debt as we grow our value added services or retail business. But we tend to be the high cost provider. So most of the retailers that are in serious management difficulties moved away from us in the last year or two. So we haven't had a real bad debt issues of any magnitude at all. And of course the basis of our business is still the financial institutions. And to date around the globe, the governments have come to the rescue of financial institutions. I don't see an issue there for us. Clinton Fendley - Davenport & Co. of Virginia, Inc.: Thank you Michael.

Thank you. Our next is coming from Ian Zaffino of Oppenheimer & Company. Ian Zaffino - Oppenheimer & Co.: Great, thank you. Two questions: the first would be, can you just... I don't know if you can break this out for us, but maybe help us understand this. The breakdown between pricing and volume in North America. The kind of what contribute to each piece; and then on the acquisition front, anything you're looking at now, how much do you intend to deploy et cetera? Thanks.

All right. First of all, North America, most of what you've seen in the fourth quarter for volume increases, not price increases. Although we had an aggressive price increase program that we've introduced in the... effective toward 2009, which by the way is going very well. And the competitive situation in United States is allowing for that. And quite frankly, we need to raise prices, because our offering results are below par. And as far as the acquisition pipeline goes, it's full. Asset prices are more reasonable. And we've announced recently a small acquisition in Russia. We announced the Brazilian acquisition, and we have a couple of startups going on. So we're pleased about the opportunities we have to grow the business organically around the world. Ian Zaffino - Oppenheimer & Co.: Okay. And then as far as you mentioned aggressive pricing; and second on double-digit pricing is that...

Well, that's all over and that depends on the customer that I'd be sure glad (ph) to get price increases in United States, which has been very difficult over the last couple of years. But the competitive environment is allowing that today, because of service failures and people, who are carrying incredible debt loans, which we don't have to face. Ian Zaffino - Oppenheimer & Co.: All right, great. Thank you very much.

Thank you. Our next question is coming from Chris Marangi of Gabelli & Company. Christopher Marangi - Gabelli & Company: Hi, good morning. Two questions; first: has the economic dislocation in the U.S. accelerated or decelerated tax move to outsourcing of cash logistics? And secondly, give any outlook for the cost of risk in '09 and how that came out in '08.

The cost of risk in '08 was deteriorating as the year went on, which is to be expected with the deteriorated economic situation all over the world. Simply said, external tax and internal problems increased. We expect that to further increase in 2009 with difficult economic environments. And one of the things we have to do is raise our defenses during these times to protect our people, all of which we are doing. And what was the first question? Christopher Marangi - Gabelli & Company: When did the economic dislocation has caused banks and the other customers to outsource more?

Yeah, the whole solution selling process we have and same day credit is becoming more and more attractive especially to the retail segment. Obviously they want to move funds and get one or two days faster credit for their money. So our CompuSafe product, which we commented on, which grew the strongest than it has been many years last year. It's going to really be stronger in 2009, and we're excited about that, because that was sort of some of our higher value services. But I don't know is something how bad is the retail environment is going to get, and how that's going to affect us. We'd have to be stepped up a little bit on our bad debt reserves in our 2009 planning. But as you know, it's pretty difficult to see what the next six months looks like and all the cost wins we are experiencing. Christopher Marangi - Gabelli & Company: Okay, thanks.

Thank you. Our next question is coming from Michael Kim of Imperial Capital.

Hi good morning guys.

Good morning.

So for fiscal '09, North America; are you essentially assuming cash-in-transit toward hold the line here maybe turns a little bit better and then most of the growth being driven by the solution side, the cash logistic side with CompuSafe and other solutions?

Yeah, I am actually more bullish on the North American side than I am anywhere else. We do have a credit further foreign currency exchange issues in Latin America, you have to slow that. North America has been through a tough couple of years, and we've made some strong investments in the sales market solution side for the last couple of years. And they are the part of those expenses. And we are starting to see benefits from those investments that come through, and once again we have some competitive advantages in the United States, but I think we'll benefit from in 2009. So, I feel a little more confident about North America than I do other parts of our business.

Okay. And then taking a step back for fiscal '09, do you have an estimate of what's the foreign exchange impact number it looks like at current rate.

I do... I'll be working on foreign exchange desk.

Sure. I guess and give a plug number we can work with just to frame with that currency impact it looks like.

No, we all discuss... I was saying my headlines and trends. And so, we have... in our internal planning, we've got some things factored in. But it's not something that's probably appropriate to share externally.

Okay. And then how about restructuring charges in '09 just in aggregate?

It all depends... the biggest risk would be in Europe to continue how the economy goes there. But we've always been very, very disciplined about stepping up and taking actions as required. And we will continue to do so as we go forward as you witness us in the past.

Great. Thank you very much.

(Operator Instructions).

We're ready for the next question as some people waiting.

Thank you. Our next question is coming from Michael Isenberg of Gusting Chapman Associates (ph).

Good morning gentlemen.

Good morning

Good morning.

Congratulations on a good quarter. I just wanted to ask you with respect to your guidance for organic revenue growth and your comments specifically with respect to the U.S. how is this into the year financial... dislocation in the financial markets and your end market. And one would assume that that's part of the process, but the government is going to initiate, there is going to be consolidation in the industry and nationalization of credit. Such that will see fewer banks coming out of this, and then over the next two to three years. And fewer especially fewer smaller regional banks, and such growth in franchise will probably flow and ATMs as well. I understand that you have an international business as well. It remains to be seen what happens in Europe. But can you just explain to me how that's going to play out for your business? Because I had several hard time believing that it's not going to impact your end market significantly.

Well, we've been growing through bank consolidations in United States for 20 years. I do think there will be an acceleration doing the factors that you outlined. And at end of the day, end points are end points. And it's a... Chase taken over Washington Mutual, where there is overlap in some of their markets, some end point dislocations, but most of that was new territories. So sort of depends on how that plays out. If people are taking overlapping areas, there could be an impact; if they're taking adjacent areas, there will be no impact. We're losing head office here, a head office there; but if we don't service revenue at head offices, we do transportations in ATM. So what's going also that also is the competitive situation in United States, where we have some competitors, we're in financial difficulty starting with high debt loads. And the customers are very, very nervous about buyability of some of those companies. So I think all that plays out to relatively even term at the current time.

Thank you.

Thank you. Our next question is coming from David Kaiser of Robert & Co. (ph)

Hi, good morning guys.

Good morning.

Two questions; one is how much flexibility do you have on CapEx, how much is maintenance, how much is trying to expand the business?

I always think that CapEx is basically three major pools, the biggest pool being vehicle expenditures, second being our facility expenditures, and the third being our IT expenditures. The facilities is not much you can do about. When you need new facility, you need new facility is through growth or because of at lease expiring, and we have to vacate. And IT expenditures is the difference here that Brink's has, so we're not going to touch either of those. Another we have to pull is on vehicles in some parts of the world, where we can delay truck replacement costs. And I would say that probably you can think about 70% of CapEx being maintenance and 30% being growth related; I don't know what our growth rate is as we go forward. Now the steps that we've taken internally is to basically say that first half is already done, we've already ordered the trucks; they're being built around the world. We're not sure how this economic crisis continue to payout, so we're being very, very cautious on our second half capital expenditure approvals around the world. And our management is all over this, and we'll see our things going through first three to months of this year before make a decision on where our CapEx will be. But we do have that lever on the truck side is a biggest lever we can hold.

Okay and thank you. And the second question is you mentioned several times that some of your competitors have higher debt loads and customer are concerned, are you seeing customers migrate to you or is that something you are anticipating?

Yes, it is happening. And that's why you saw the revenue growth in North America for the first time. And we are seeing more of that as things go-forward, because customers are very nervous.

Thank you very much.

Thank you and our last question is coming from Gary Orion (ph) of BlackRock Incorporated.

Hi. I want to see if you could just touch on the competitive situation in some of the various countries in Europe particularly the ones that has been or problematic in the past?

Well, competition in Europe, as I said earlier in my comments is always difficult because of the inability to shed labor in a timely or in a less expensive fashion than elsewhere around the world. In France, it's a difficult situation; Belgium is difficult; Germany is starting to ease for the first time, Belgium is pretty stable. So at the end of the day, Europe is always going to be difficult. There is so much regulation in Europe that people would rather cut costs and maintain share and not shed employment, and that's just part of doing business there, and we're good at it. And it puts pressure on our margins, but we've got a good management team on top of it. And I think we'll stare our way through as best we can.

And just secondly, can you just help remind me on as Venezuela to the extent you can size the significance of it for you guys, and I am curios off to better understand, I guess the improved results that you showed and now that you are in Peru, the currency conversion projects on that.

Venezuela is our major operation in Latin America. And we had a fantastic year in 2008 because of the currency conversion, which was very profitable for us mostly in the first half of 2008. Of course that's going away as we mentioned in our previous comments. But the economy down there is under some pressure, because oil prices are down. But we are doing well, and we are worried about the evaluation taking place down there, but we've been through it before. We're operating in those types of environments for over 50 years. We've been successful in passing through price increases, but there is a substantial devaluation, its affect in our U.S. reported dollar earnings will be felt. We expect probably sometime in the second quarter to see devaluation, but you'd never know in Venezuela.

Okay, thank you.

Thank you. Ladies and gentlemen discuss conclude today's conference. I'd like thank you for your participation. You may disconnect your lines for at this time.