Pittston to Appear Today Before Investment Firm and Update Business Conditions

    RICHMOND, Va.--June 14, 2001--In remarks planned for delivery this morning during the presentation of an overview of the Company to representatives of a local investment firm, The Pittston Company's Vice President and Chief Financial Officer, Robert T. Ritter, will provide an update on general business conditions.
    In his remarks, Mr. Ritter will note that due to market conditions in the heavy freight industry, which remain difficult and challenging in many parts of the world, and particularly in the United States, BAX Global's volume in the first two months of the current quarter has continued to soften from first quarter levels. Recorded revenue in the Company's BAX Global North American operations trailed that recorded last year by approximately 20%. Management at BAX Global continues to take action to hold costs to appropriate levels without damaging its ability to serve customers.
    Mr. Ritter will also note that at Brink's, Incorporated, international operating performance is continuing to be affected by the costs of adding new business in Europe. In addition, weakening currencies and difficult economic conditions in a number of key countries are impacting second quarter results. Although the effects of these factors have been partially offset by improving performance in the United States, it is currently expected that the operating profit margin for the current quarter will trail that of last year's second quarter.
    Mr. Ritter will conclude his update with the observation that interest on the part of potential buyers for the Company's coal assets has remained strong and the Company's management remains encouraged by the progress that is being made towards the goal of concluding one or more transactions this summer with the expectation that the sales process will be completed before year-end.

    This release contains both historical and forward-looking information. Statements regarding BAX Global revenues, Brink's, Incorporated operating profit margin and the success of the sale of the coal assets involve forward-looking information which is subject to known and unknown risks, uncertainties and contingencies, which could cause actual results, performance or achievements to differ materially from those that are anticipated. Such risks, uncertainties and contingencies, many of which are beyond the control of The Pittston Company and its subsidiaries, include, but are not limited to, the impact of weakening currencies, BAX Global volume, the cost of new business in Europe, overall domestic and international economic and business conditions, the domestic and international demand for services of The Pittston Company and its subsidiaries, the ultimate outcome of efforts to sell the coal business, the completion of sales of coal assets on mutually agreeable terms, pricing and other competitive factors in which the Company operates, fuel prices, labor relations, new government regulations and/or legislative initiatives, variations in costs or expenses and performance delays of any public or private sector supplier, service provider or customer. The information included in this release is representative only as of the date of this release, and The Pittston Company undertakes no obligation to update any information contained in this release.

    The Pittston Company is a diversified company with interests in security services through Brink's, Incorporated and Brink's Home Security, Inc., global freight transportation and supply chain management services through BAX Global and mining and minerals exploration through Pittston Coal Company and Pittston Mineral Ventures. Press releases are available on the World Wide Web at www.pittston.com, or by calling toll free (877) 275-7488.