Pinkerton’s 3rd-Quarter Profit Up 61% From 1989

Pinkerton’s Inc., a Van Nuys-based security services concern, said its fiscal third-quarter profit soared 61% from a year earlier despite a 4% decline in revenue.

In the quarter ended Sept. 7, Pinkerton’s said its net income jumped to $2.79 million from $1.73 million a year earlier. Its revenue slipped to $135.5 million from $140.6 million, which the company said reflected its decision to drop some marginal clients.

In the first nine months of its fiscal year, Pinkerton’s profit was $2.99 million, down from $3.73 million a year earlier. The lower earnings were due to a one-time, $2.8-million charge in the latest period stemming from Pinkerton’s early repayment of debt. Its nine-month revenue fell 4% to $403.1 million from $419.6 million.