Pinkerton’s Reports Quarterly Net Income Up, Revenue Down

Pinkerton’s Inc., a Van Nuys-based security and investigative company that went public April 4, said its net income in the fiscal first quarter that ended March 23 rose 16% to $779,000 from $670,000 a year earlier. Revenues declined 4% to $133.5 million from $139 million. The company said the results reflected the dropping of its contract with the New York Racing Authority and a shift to more profitable contracts.

Pinkerton’s also said it expects to finalize the refinancing of its long-term debt soon and anticipates early payment of senior and subordinated debt that will result in a $2.6-million charge in the second quarter.