Pinkerton’s Reports Drop in 2nd-Quarter Profits

Pinkerton’s Inc. said its second-quarter profit tumbled 53% from a year earlier despite a 14% increase in revenue.

The Van Nuys-based provider of security guards had predicted the earnings decline last month. Pinkerton’s Chairman Thomas W. Wathen said, “Some existing clients pared back hours due to the recession.”

In the quarter ended June 12, Pinkerton’s net income fell to $1.3 million from $2.76 million a year earlier, while its revenue climbed to $162.5 million from $142.3 million.

For the six months ended June 12, the company’s profit dropped 41%, to $2.51 million from $4.23 million a year earlier, and its revenue rose 14%, to $321.9 million from $283.5 million.