Question-and-Answer Session
Operator
Thank you Mr. Ritter. (Operator instructions). Our first question comes from the line of Jamie Clement with Sidoti & Company. Please go ahead with your question.
Jamie Clement – Sidoti & Company
Michael, Bob, Ed – good morning. Mike let me just ask you a question about Brink’s Inc. and the second quarter guidance with respect to the rest of the year. Obviously you’re having some cost pressures but still I mean you’re talking about a second quarter that’s going to be a better second quarter at Brink’s Inc. than you know even the last four years’ second quarters. So even with the cost pressures, do you still feel comfortable, be able to get the kind of the second half margin rate of you know approaching 9% that’s you’ll need to approach the full year margin of 9%.
Michael T. Dan
No, I think my comments included I think the second quarter for Brink’s Inc. would be in the 7% range trying to help reset because of the incredible first quarter we had which is probably a normal rate for our second quarter. As you know we pick up substantially in the third and fourth quarter of the year. So I expect to be back on track with margins. There’s still some upside opportunity and those numbers depending on the Latin American performance, but I’m comfortable in the 7% figure I gave. As you know, if you don’t really give guidance but there’s such an incredible first quarter we thought it would be appropriate to help reset the analyst back into the 7% range.
Jamie Clement – Sidoti & Company
Oh yes. Michael, I may have misstated my question and it was misinterpreted, but what I was just trying to get that 7% for a second quarter to me is actually a good margin for a second quarter so I wanted to make sure that I was not going to get overly concerned about the language in the press release and your prepared remarks with respect to rising costs and you know a problem in the second half of the year.
Robert T. Ritter
Jamie, I listened to both of you and Michael and I think you’re in agreement.
Jamie Clement – Sidoti & Company
Yes. No that is good to hear because when I saw the comments about rising costs; 7% as I said you know that’s the best margin you will have seen over the last five years. So that is pretty good. Moving on to Brink’s Home Security. I mean this was a very good quarter obviously housing market conditions still tough. Can you talk about the last six quarters, the last five quarters, whatever the right timeframe. And talk a little bit I think you mentioned on the last call about how you felt you were managing your resources better in that business. Can you talk a little bit about that?
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