Pinkerton’s Announces a 90% Profit Drop
Pinkerton’s Inc., an Encino security firm doing business under the name Pinkerton’s Security & Investigation Services, reported a second-quarter profit of $162,000, down 90% from $1.7 million in the same quarter last year.
Revenue for the quarter that ended June 17 was $193.8 million, up 17% from 166.3 million last year.
For the six months that ended June 17, the company reported a profit of $1.5 million, down 48% from $2.9 million the previous year. Revenues were $385.4 million, up 17% from $330.6 million in the first six months of 1993.
The company attributed the latest quarter’s results to a $2.9 million restructuring effort aimed at cutting long-term costs and improving foreign operations.