PITTSTON CO
8-K, 1998-04-30
BITUMINOUS COAL & LIGNITE MINING
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<PAGE>
 
<PAGE>


                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, D.C.


                                    FORM 8-K


               CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934


               DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
                                 APRIL 29, 1998


                              THE PITTSTON COMPANY
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


VIRGINIA                          1-9148                  54-1317776
(STATE OR OTHER                 (COMMISSION            (I.R.S. EMPLOYER 
JURISDICTION                    FILE NUMBER)          IDENTIFICATION NO.)
OF INCORPORATION)


1000 VIRGINIA CENTER PARKWAY
P.O BOX 4229
GLEN ALLEN, VA
(ADDRESS OF PRINCIPAL                                 23058-4229
EXECUTIVE OFFICES)                                     (ZIP CODE)


                                 (804) 553-3600
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)




<PAGE>
 
<PAGE>


Item 5. Other Events

        The Pittston Company has announced earnings for the first quarter of
1998 for its Brink's Group, Burlington Group and Minerals Group. Press releases
dated April 29, 1998, are filed as exhibits to this report and are incorporated
herein by reference.

                                    EXHIBITS

99(a)  Registrant's Brink's Group press release dated April 29, 1998.

99(b)  Registrant's Burlington Group press release dated April 29, 1998.

99(c)  Registrant's Minerals Group press release dated April 29, 1998.

                                   SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                        THE PITTSTON COMPANY
                                            (Registrant)




                                   By /s/ Austin F. Reed
                                      ________________________________
                                      Secretary


Dated: April 29, 1998



<PAGE>
 
<PAGE>


                                    EXHIBITS


Exhibit          Description
- -------          -----------
99(a)            Registrant's Brink's Group
                 press release dated April 29, 1998

99(b)            Registrant's Burlington Group
                 press release dated April 29, 1998

99(c)            Registrant's Minerals Group
                 press release dated April 29, 1998


<PAGE>







<PAGE>





                          PITTSTON BRINK'S GROUP EARNS
                       $.44 PER SHARE IN THE FIRST QUARTER

        Richmond, VA - April 29, 1998 - Pittston Brink's Group reported net
income of $17.0 million, or $.44 per share, in the first quarter ended March 31,
1998 compared to $15.3 million, or $.40 per share earned in the first quarter of
1997. Combined first quarter revenues of Brink's, Incorporated and Brink's Home
Security, Inc. increased 23% to $310.3 million. Included in the current quarter
results was a pre-tax charge of $2.0 million or $.03 per share for the Brink's
Group's share of expenses relating to a retirement agreement between The
Pittston Company and its former chairman and CEO.



 BRINK'S, INCORPORATED (BRINK'S)

        Brink's worldwide consolidated revenues increased 25% to $261.9 million
in the quarter. Operating profits amounted to $21.9 million, 39% greater than
recorded in the prior year due to improvements in all geographic regions.

        Revenues from North American operations (United States and Canada) were
$129.4 million in the quarter, 17% higher than in the comparable period in 1997.
Operating profits for the quarter increased 30% to $10.1 million primarily due
to improved results achieved by armored car operations, which include ATM
services.


                                        1


<PAGE>
 
<PAGE>



        Revenues and operating profits from Latin American operations and
affiliates were $76.5 million and $10.7 million, respectively, in the quarter,
28% and 44% higher than in the comparable 1997 periods. The increase in revenues
and operating profits includes three months of consolidated revenues and profits
from the acquired operation in Venezuela versus only two months of consolidated
revenues and profits in the 1997 quarter, as well as strong results in Venezuela
and Colombia which were partially offset by start-up operations in Argentina.

        Revenues and operating profits from European operations and affiliates
amounted to $49.8 million and $0.8 million, respectively, in the quarter, 53%
and 119% higher than in the comparable 1997 periods. The increase in revenues
was largely due to the acquisition, in the quarter, of nearly all the remaining
shares of its affiliate in France. The increase in operating profits reflects
improved results from operations in France, as well as the increased ownership,
partially offset by losses in the Belgium operation related to industry-wide
labor unrest.

        Revenues and operating profits from Asia/Pacific operations and
affiliates were $6.3 million and $0.4 million, respectively, in the quarter.
Revenues were essentially unchanged over the comparable 1997 period and
operating profits increased $0.1 million.


                                        2


<PAGE>
 
<PAGE>



BRINK'S HOME SECURITY, INC.

        Brink's Home Security's revenues totaled $48.4 million in the first
quarter 1998, a 15% increase over the year earlier period. Operating profits
increased 6% to $13.5 million. Operating profit from monitoring and service
operations increased 18% to $17.2 million as a result of the increased
subscriber base and higher average monthly monitoring fees for existing
subscribers. The net loss on marketing, sales and installation activities
increased to $3.7 million from $1.8 million in the first quarter of 1997. The
increase was primarily due to higher marketing and sales expense in response to
the current competitive environment.

        Brink's Home Security installed nearly 27,000 new subscribers during the
quarter and the subscriber base totaled over 528,000 on March 31, 1998, a 14%
increase from a year earlier. As a result of the growth in subscribers and
higher average monitoring fees per subscriber, annualized recurring revenues
increased 21% to $160 million as of March 31, 1998. Brink's Home Security's
disconnect rate in the quarter was 7.4%. Brink's Home Security entered new
markets in Providence, Rhode Island and Wilmington, Delaware during the quarter.



                                        3


<PAGE>
 
<PAGE>



FINANCIAL-CONSOLIDATED

        The Pittston Company (the "Company") reported consolidated revenues of
$862.7 million in the first quarter ended March 31, 1998 compared to $781.7
million for the comparable period in 1997. Net income was $12.8 million compared
to $21.3 million in the prior year's quarter. Consolidated cash flow from
operating activities totaled $21.7 million for the first quarter ended March 31,
1998. Total debt at March 31, 1998 was $378.5 million.

        During the first quarter of 1998, under the share repurchase programs
authorized by the Board of Directors of the Company, the Company purchased
177,532 shares of Pittston Burlington Group Common Stock at a cost of $3.5
million and 355 shares of its Series C Convertible Preferred Stock at a cost of
$0.1 million. As of March 31, 1998, the Company had remaining authority to
purchase over time 1 million shares of Pittston Minerals Group Common Stock, 1.1
million shares of Pittston Brink's Group Common Stock, 0.9 million shares of
Pittston Burlington Group Common Stock and an additional $24.2 million of its
Series C Convertible Preferred Stock. The aggregate purchase price limitation
for all common stock purchases was $21.4 million at March 31, 1998.

                               * * * * * * * * * *


                                        4


<PAGE>
 
<PAGE>



         Pittston Brink's Group Common Stock (NYSE-PZB), Pittston Burlington
Group Common Stock (NYSE-PZX) and Pittston Minerals Group Common Stock
(NYSE-PZM) represent the three classes of common stock of The Pittston Company,
a diversified company with interests in security services through Brink's,
Incorporated and Brink's Home Security, Inc. (Pittston Brink's Group), global
freight transportation and logistics management services through BAX Global Inc.
(Pittston Burlington Group) and mining and minerals exploration through Pittston
Coal Company and Pittston Mineral Ventures (Pittston Minerals Group). Copies of
the Pittston Burlington Group and Pittston Minerals Group earnings releases are
available upon request.


                                        5


<PAGE>
 
<PAGE>



                             PITTSTON BRINK'S GROUP
                           SUPPLEMENTAL FINANCIAL DATA
                                   (UNAUDITED)

                              BRINK'S, INCORPORATED


<TABLE>
<CAPTION>


                                                                                                     Quarter Ended March 31
(IN THOUSANDS)                                                                                         1998            1997
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                         <C>                     <C>
OPERATING REVENUES
North America (United States & Canada)                                                      $       129,367         110,772
Latin America                                                                                        76,492          59,696
Europe                                                                                               49,813          32,628
Asia/Pacific                                                                                          6,251           6,103
- ------------------------------------------------------------------------------------------------------------------------------------
Total operating revenues                                                                    $       261,923         209,199
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------

OPERATING PROFIT
North America (United States & Canada)                                                      $        10,067           7,754
Latin America                                                                                        10,677           7,437
Europe                                                                                                  825             376
Asia/Pacific                                                                                            350             234
- ------------------------------------------------------------------------------------------------------------------------------------
Total operating profit                                                                      $        21,919          15,801
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------

DEPRECIATION AND AMORTIZATION                                                               $         8,419           7,547
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>



                           BRINK'S HOME SECURITY, INC.

<TABLE>
<CAPTION>
                                                                                                    Quarter Ended March 31
(DOLLARS IN THOUSANDS)                                                                                1998            1997
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                          <C>                     <C>   
OPERATING REVENUES                                                                           $       48,410          42,185
- ------------------

OPERATING PROFIT (LOSS)
Monitoring and service                                                                       $       17,182          14,590
Net marketing, sales and installation                                                                (3,680)         (1,811)
- ------------------------------------------------------------------------------------------------------------------------------------
Total operating profit                                                                       $       13,502          12,779
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------

DEPRECIATION AND AMORTIZATION                                                                $        8,802           6,666
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------

ANNUALIZED RECURRING REVENUES (a)                                                            $      160,422         132,598

Number of subscribers:
   Beginning of period                                                                              511,532         446,505
   Installations                                                                                     26,750          25,590
   Disconnects                                                                                       (9,675)         (8,088)
- ------------------------------------------------------------------------------------------------------------------------------------
End of period                                                                                       528,607         464,007
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

(a) Annualized recurring revenues are calculated based on the number of
subscribers at period end multiplied by the average fee per subscriber received
in the last month of the period for monitoring, maintenance and related
services.



<PAGE>
 
<PAGE>



                             PITTSTON BRINK'S GROUP
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)


<TABLE>
<CAPTION>


(IN THOUSANDS, EXCEPT                                                                     Quarter Ended March 31 
PER SHARE AMOUNTS)                                                                          1998            1997
- ---------------------------------------------------------------------------------------------------------------------
<S>                                                                         <C>                       <C>
Operating revenues                                                             $         310,333         251,384
- ---------------------------------------------------------------------------------------------------------------------

Operating expenses                                                                       233,432         187,908
Selling, general and
   administrative expenses                                                                46,555          36,063
- ---------------------------------------------------------------------------------------------------------------------

Total costs and expenses                                                                 279,987         223,971
- ---------------------------------------------------------------------------------------------------------------------

Other operating income (expense), net                                                        986            (621)
- ---------------------------------------------------------------------------------------------------------------------
Operating profit                                                                          31,332          26,792
Interest income                                                                              864             653
Interest expense                                                                          (3,815)         (2,239)
Other expense, net                                                                        (1,337)         (1,658)
- ---------------------------------------------------------------------------------------------------------------------
Income before income taxes                                                                27,044          23,548
Provision for income taxes                                                                10,007           8,242
- ---------------------------------------------------------------------------------------------------------------------
Net income                                                                     $          17,037          15,306
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------

Net income per common share:
 Basic                                                                         $             .44             .40
 Diluted                                                                                     .44             .40
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------

Weighted average common shares outstanding:
 Basic                                                                                    38,477          38,189
 Diluted                                                                                  39,081          38,608
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>



                                                SEGMENT INFORMATION
<TABLE>
Operating revenues:
<S>                                                                            <C>                       <C>
   Brink's                                                                     $         261,923         209,199
   BHS                                                                                    48,410          42,185
- ---------------------------------------------------------------------------------------------------------------------
Total operating revenues                                                       $         310,333         251,384
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------

Operating profit:
   Brink's                                                                     $          21,919          15,801
   BHS                                                                                    13,502          12,779
- ---------------------------------------------------------------------------------------------------------------------
Segment operating profit                                                                  35,421          28,580
General corporate expense                                                                 (4,089)         (1,788)
- ---------------------------------------------------------------------------------------------------------------------
Total operating profit                                                         $          31,332          26,792
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>


See accompanying notes.



<PAGE>
 
<PAGE>




                                              PITTSTON BRINK'S GROUP
                                             CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                                March 31            December 31    
(IN THOUSANDS)                                                                      1998                   1997
- -------------------------------------------------------------------------------------------------------------------
                                                                             (Unaudited)
<S>                                                                        <C>                           <C>   
ASSETS
Current assets:
Cash and cash equivalents                                                  $      42,862                 37,694
Accounts receivable, net of estimated amounts
  uncollectible                                                                  235,162                160,912
Inventories and other current assets                                              48,732                 48,518
- -------------------------------------------------------------------------------------------------------------------

Total current assets                                                             326,756                247,124

Property, plant and equipment, at cost, net of

  accumulated depreciation and amortization                                      400,212                346,672
Intangibles, net of accumulated amortization                                      45,434                 18,510
Other assets                                                                      69,227                 80,024
- -------------------------------------------------------------------------------------------------------------------

Total assets                                                               $     841,629                692,330
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------


LIABILITIES AND SHAREHOLDER'S EQUITY

Current liabilities                                                        $     253,527                178,348
Long-term debt, less current maturities                                           92,412                 38,682
Other liabilities                                                                 97,289                 94,820
- -------------------------------------------------------------------------------------------------------------------

Total liabilities                                                                443,228                311,850

Shareholder's equity                                                             398,401                380,480
- -------------------------------------------------------------------------------------------------------------------


Total liabilities and shareholder's equity                                 $     841,629                692,330
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
</TABLE>


See accompanying notes.



<PAGE>
 
<PAGE>



                             PITTSTON BRINK'S GROUP
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


<TABLE>
<CAPTION>

                                                                                         Quarter Ended March 31     
(IN THOUSANDS)                                                                            1998             1997
- --------------------------------------------------------------------------------------------------------------------
<S>                                                                        <C>                           <C>
Cash flows from operating activities:
Net income                                                                       $      17,037           15,306
Adjustments to reconcile net income to net
   cash provided by operating activities:
   Depreciation and amortization                                                        17,278           14,260
   Other, net                                                                            6,096            5,036
   Changes in operating assets and liabilities, net of
     effects of acquisitions and dispositions:
     (Increase) decrease in receivables                                                (11,792)           2,572
     Increase in inventories and other current assets                                   (4,040)          (3,888)
     Increase (decrease) in current liabilities                                          3,333           (6,015)
     Other, net                                                                         (5,033)          (4,461)
- --------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities                                               22,879           22,810
- --------------------------------------------------------------------------------------------------------------------

Cash flows from investing activities:
Additions to property, plant and equipment                                             (31,866)         (26,367)
Proceeds from disposal of property, plant
   and equipment                                                                            77            2,291
Acquisitions, net of cash acquired                                                         224          (53,303)
Other, net                                                                                 163           10,558
- --------------------------------------------------------------------------------------------------------------------
Net cash used by investing activities                                                  (31,402)         (66,821)
- --------------------------------------------------------------------------------------------------------------------

Cash flows from financing activities:
Net additions to debt                                                                    2,702           45,080
Payments from Minerals Group                                                            11,238           11,685
Share and other equity activity, net                                                      (249)          (3,809)
- --------------------------------------------------------------------------------------------------------------------
Net cash provided by financing activities                                               13,691           52,956
- --------------------------------------------------------------------------------------------------------------------

Net increase in cash and cash equivalents                                                5,168            8,945
Cash and cash equivalents at beginning of period                                        37,694           20,012
- --------------------------------------------------------------------------------------------------------------------

Cash and cash equivalents at end of period                                       $      42,862           28,957
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
</TABLE>


See accompanying notes.



<PAGE>
 
<PAGE>



                      THE PITTSTON COMPANY AND SUBSIDIARIES
                             PITTSTON BRINK'S GROUP
                         NOTES TO FINANCIAL INFORMATION

(1)  The Pittston Company (the "Company") has three classes of common stock:
     Pittston Brink's Group Common Stock ("Brink's Stock"), Pittston Burlington
     Group Common Stock ("Burlington Stock") and Pittston Minerals Group Common
     Stock ("Minerals Stock"), which were designed to provide shareholders with
     separate securities reflecting the performance of the Pittston Brink's
     Group (the "Brink's Group"), Pittston Burlington Group (the "Burlington
     Group") and Pittston Minerals Group (the "Minerals Group"), respectively,
     without diminishing the benefits of remaining a single corporation or
     precluding future transactions affecting any of the Groups.

     The financial information for the Brink's Group includes the results of the
     Company's Brink's, Incorporated ("Brink's") and Brink's Home Security, Inc.
     ("BHS") businesses. It is prepared using the amounts included in the
     Company's consolidated financial statements. Accordingly, the Company's
     consolidated financial statements must be read in connection with the
     Brink's Group's financial data.

(2)  Under the share repurchase program authorized by the Board of Directors of
     the Company, the Company purchased shares in the periods presented as
     follows:


<TABLE>
<CAPTION>

                                                                       Quarter Ended      Quarter Ended     
                                                                         March 31           March 31
(Dollars in millions)                                                      1998               1997
- ------------------------------------------------------------------------------------------------------------
<S>                                                       <C>                           <C>
Brink's Stock:
    Shares                                                                      --           153,000
    Cost                                                      $                 --               4.0

Convertible Preferred Stock:
    Shares                                                                     355                --
    Cost                                                      $                0.1                --
    Excess carrying
     amount (a)                                               $               0.02                --
</TABLE>




(a) The excess of the carrying amount of the Convertible Preferred Stock over
the cash paid to holders for repurchases made during the periods. This amount is
deducted from preferred dividends in the Company's Statement of Operations.

(3)  The Brink's Group adopted Statement of Financial Accounting Standards
     ("SFAS") No. 130, "Reporting Comprehensive Income," in the first quarter of
     1998. SFAS No. 130 established standards for the reporting and display of
     comprehensive income and its components in financial statements.
     Comprehensive income generally represents all changes in shareholders'
     equity except those resulting from investments by or distributions to
     shareholders. Total comprehensive income, which is composed of net income
     and foreign currency translation adjustments, for the quarters ended March
     31, 1998 and 1997 was $15.3 million and $11.2 million, respectively.


<PAGE>
 
<PAGE>


(4)  During the first quarter ended March 31, 1998, the Brink's Group had the
     following noncash investing and financing activities in connection with the
     acquisition of nearly all of the remaining shares of its affiliate in
     France:


<TABLE>
<CAPTION>
(Dollars in millions)                                                                Quarter Ended March 31, 1998
- -----------------------------------------------------------------------------------------------------------------------
<S>                                                                             <C>
Noncash investing and financing activities:
    Debt assumed                                                                 $              41.4
    Net assets acquired by incurring directly
      related liabilities                                                                       27.6
- -----------------------------------------------------------------------------------------------------------------------
Total noncash investing and financing activities                                 $              69.0
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>


(5)  Certain prior period amounts have been reclassified to conform to the
     current period's financial statement presentation.

(6)  Financial information for the Minerals Group, which includes the results of
     the Pittston Coal Company and Pittston Mineral Ventures operations, and the
     Burlington Group which includes the results of the Company's BAX Global
     Inc. business, is available upon request.



<PAGE>
 
<PAGE>



                      THE PITTSTON COMPANY AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
(IN THOUSANDS, EXCEPT                                                                                        Quarter Ended March 31
PER SHARE AMOUNTS)                                                                                          1998               1997
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                         <C>                            <C>
Net sales                                                                                   $            149,898           158,883
Operating revenues                                                                                       712,766           622,793
- ------------------------------------------------------------------------------------------------------------------------------------
Net sales and operating revenues                                                                         862,664           781,676
- ------------------------------------------------------------------------------------------------------------------------------------

Cost of sales                                                                                            144,164           153,412
Operating expenses                                                                                       595,771           518,819
Selling, general and administrative
   expenses                                                                                               99,256            75,643
- ------------------------------------------------------------------------------------------------------------------------------------
Total costs and expenses                                                                                 839,191           747,874
- ------------------------------------------------------------------------------------------------------------------------------------

Other operating income, net                                                                                3,027             3,576
- ------------------------------------------------------------------------------------------------------------------------------------
Operating profit                                                                                          26,500            37,378
Interest income                                                                                            1,181             1,019
Interest expense                                                                                          (7,384)           (5,564)
Other expense, net                                                                                        (1,435)           (2,389)
- ------------------------------------------------------------------------------------------------------------------------------------
Income before income taxes                                                                                18,862            30,444
Provision for income taxes                                                                                 6,034             9,103
- ------------------------------------------------------------------------------------------------------------------------------------
Net income                                                                                                12,828            21,341
Preferred stock dividends, net                                                                              (864)             (901)
- ------------------------------------------------------------------------------------------------------------------------------------
Net income attributed to common shares                                                      $             11,964            20,440
- ------------------------------------------------------------------------------------------------------------------------------------


PITTSTON BRINK'S GROUP:
Net income attributed to common shares                                                      $             17,037            15,306
- ------------------------------------------------------------------------------------------------------------------------------------

Net income per common share:
 Basic                                                                                      $                .44               .40
 Diluted                                                                                                     .44               .40
- ------------------------------------------------------------------------------------------------------------------------------------

Weighted average common shares outstanding:
 Basic                                                                                                    38,477            38,189
 Diluted                                                                                                  39,081            38,608
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------


PITTSTON BURLINGTON GROUP:
Net (loss) income attributed to common shares                                               $             (2,966)            5,088
- ------------------------------------------------------------------------------------------------------------------------------------

Net (loss) income per common share:
 Basic                                                                                      $               (.15)              .26
 Diluted                                                                                                    (.15)              .26
- ------------------------------------------------------------------------------------------------------------------------------------

Weighted average common shares outstanding:
 Basic                                                                                                    19,477            19,406
 Diluted                                                                                                  19,477            19,820
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------


PITTSTON MINERALS GROUP:
Net (loss) income attributed to common shares                                               $             (2,107)               46
- ------------------------------------------------------------------------------------------------------------------------------------

Net (loss) income per common share:
   Basic                                                                                    $               (.26)              .01
   Diluted                                                                                                  (.26)              .01
- ------------------------------------------------------------------------------------------------------------------------------------

Weighted average common shares outstanding:
   Basic                                                                                                   8,225             8,002
   Diluted                                                                                                 8,225             8,059
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

See accompanying notes.



<PAGE>
 
<PAGE>



                      THE PITTSTON COMPANY AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS


<TABLE>
<CAPTION>

                                                                                     March 31        December 31    
(IN THOUSANDS)                                                                           1998               1997
- -----------------------------------------------------------------------------------------------------------------------
                                                                                   (Unaudited)
<S>                                                                         <C>                           <C>
ASSETS

Current assets:
Cash and cash equivalents                                                   $          72,615             69,878
Accounts receivable, net of estimated
   amounts uncollectible                                                              617,433            531,317
Inventories and other current assets                                                  134,220            125,610
- -----------------------------------------------------------------------------------------------------------------------
Total current assets                                                                  824,268            726,805

Property, plant and equipment, at cost, net of
   accumulated depreciation, depletion
   and amortization                                                                   718,673            647,642
Intangibles, net of accumulated amortization                                          328,443            301,395
Other assets                                                                          306,971            320,102
- -----------------------------------------------------------------------------------------------------------------------

Total assets                                                                $       2,178,355          1,995,944
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities                                                         $         716,287            643,673
Long-term debt, less current maturities                                               299,476            191,812
Postretirement benefits other than pensions                                           233,399            231,451
Workers' compensation and other claims                                                101,979            106,378
Other liabilities                                                                     130,697            137,012
- -----------------------------------------------------------------------------------------------------------------------
Total liabilities                                                                   1,481,838          1,310,326

Shareholders' equity                                                                  696,517            685,618
- -----------------------------------------------------------------------------------------------------------------------

Total liabilities and shareholders' equity                                  $       2,178,355          1,995,944
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>


See accompanying notes.



<PAGE>
 
<PAGE>


                      THE PITTSTON COMPANY AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


<TABLE>
<CAPTION>

                                                                                          Quarter Ended March 31  
(IN THOUSANDS)                                                                            1998              1997
- ---------------------------------------------------------------------------------------------------------------------
<S>                                                                          <C>                          <C>

Cash flows from operating activities:
Net income                                                                   $         12,828             21,341
Adjustments to reconcile net income to net cash
   provided by operating activities:
   Depreciation, depletion and amortization                                            33,878             30,139
   Provision for aircraft heavy maintenance                                             8,733              8,186
   Provision for deferred income taxes                                                  2,115              2,328
   Other, net                                                                           7,519              5,309
   Changes in operating assets and liabilities
     net of effects of acquisitions and dispositions:
     Increase in receivables                                                          (12,381)           (10,471)
     Increase in inventories and
       other current assets                                                            (2,798)           (17,107)
     Decrease in current liabilities                                                  (17,399)            (7,897)
     Other, net                                                                       (10,789)            (8,033)
- ---------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities                                              21,706             23,795
- ---------------------------------------------------------------------------------------------------------------------

Cash flows from investing activities:
Additions to property, plant and equipment                                            (60,705)           (40,032)
Proceeds from disposal of property,
   plant and equipment                                                                    421              3,940
Aircraft heavy maintenance                                                             (9,659)            (9,473)
Acquisitions and related contingent payments,
   net of cash acquired                                                                   224            (54,094)
Other, net                                                                             (4,182)            13,901
- ---------------------------------------------------------------------------------------------------------------------
Net cash used by investing activities                                                 (73,901)           (85,758)
- ---------------------------------------------------------------------------------------------------------------------

Cash flows from financing activities:
Net additions to debt                                                                  61,265             80,834
Share and other equity activity, net                                                   (6,333)            (9,261)
- ---------------------------------------------------------------------------------------------------------------------
Net cash provided by financing activities                                              54,932             71,573
- ---------------------------------------------------------------------------------------------------------------------

Net increase in cash and cash equivalents                                               2,737              9,610
Cash and cash equivalents at beginning of period                                       69,878             41,217
- ---------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at end of period                                   $         72,615             50,827
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>


See accompanying notes.


<PAGE>







<PAGE>






                            PITTSTON BURLINGTON GROUP
                          REPORTS FIRST QUARTER RESULTS

         Richmond, VA - April 29, 1998 - Pittston Burlington Group reported a
net loss of $3.0 million, or $.15 per share, in the first quarter ended March
31, 1998. A year earlier, net income of $5.1 million, or $.26 per share, was
reported. Consolidated worldwide revenues totaled $402.4 million, an 8% increase
over the $371.4 million reported in the prior year's quarter. Operating losses
were $3.7 million in the first quarter compared to profits of $9.0 million a
year earlier. Included in the current quarter was a pre-tax charge of $2.0
million or $.06 per share for Burlington Group's share of expenses relating to a
retirement agreement between The Pittston Company and its former chairman and
CEO. The first quarter also included a net pre-tax charge of approximately $3.5
million ($1.9 million international and $1.6 million Intra-U.S.) related to
incremental technology expenditures, including Year 2000 expenses, partially
offset by several non-recurring items.

INTERNATIONAL

         BAX Global's international revenues rose 9% in the first quarter to
$254 million from $233 million in the comparable 1997 period. International
expedited freight services revenues increased 4% to $206 million due to higher
volumes

                                        1


<PAGE>
 
<PAGE>



partially offset by lower yields (revenue per pound) reflecting a change in mix
with less export traffic to Asian markets as well as the absence of fuel
surcharges. Other international revenues, which consist primarily of customs
clearances, logistics and ocean services, rose 37% to $48 million largely due to
growth in ocean services and the rapid growth of BAX logistics activities.

         International operating profits, excluding the previously mentioned net
charge of $1.9 million, amounted to $7.3 million in the first quarter, an 11%
increase over the $6.6 million earned in the first quarter of 1997. The increase
was primarily due to improved U.S. export margins.

 INTRA-U.S.

         In the first quarter, BAX Global's intra-U.S. expedited freight
services revenues increased 8% to $147 million, mainly reflecting higher
volumes. Intra-U.S. operating losses, excluding the previously mentioned net
charge of $1.6 million, were $3.4 million compared to an operating profit of
$4.1 million in the first quarter a year ago. The operating loss in the first
quarter was mainly due to higher transportation costs reflecting decisions to
enhance service levels. Transportation costs were also impacted by service
disruptions caused mainly by equipment problems which were resolved during the
quarter.


                                        2


<PAGE>
 
<PAGE>

         During the second quarter, BAX Global anticipates completing the
previously announced acquisition of the privately held Air Transport
International LLC ("ATI"). The ATI acquisition is part of BAX Global's strategy
to enhance the quality of its service offerings for its customers by increasing
its control over flight operations.

         As previously announced, BAX Global's information technology
expenditures, which will include substantial improvements to information
systems, usual recurring capital costs and spending for Year 2000 compliance
initiatives, have been reduced and are now currently estimated at approximately
$60 million per year for 1998 and 1999. Additional details of the information
technology and Year 2000 compliance initiatives are being further developed and
implemented which, in turn, may have an impact on future reported results.

         BAX Global's operating results are expected to improve during the
balance of 1998 as revenues typically increase during the seasonally stronger
months and transportation costs are brought more in line with revenues. Michael
T. Dan, President and CEO of The Pittston Company, stated "While we are
disappointed with BAX's first quarter results, we are confident that as various
improvement efforts are implemented, BAX Global will further strengthen its
quality of service and provide improved returns for its shareholders. BAX
Global's highest priorities in 1998 are


                                        3


<PAGE>
 
<PAGE>


to continue to enhance its service quality and to improve information technology
and financial performance."

         Effective May 4, 1998, the designation of Pittston Burlington Group
Common Stock and the name of the Pittston Burlington Group will be changed to
Pittston BAX Group Common Stock and Pittston BAX Group, respectively. All rights
and privileges of the holders of such Stock will be otherwise unaffected by such
changes. The stock will continue to trade on the New York Stock Exchange under
the symbol "PZX".

 FINANCIAL-CONSOLIDATED

         The Pittston Company (the "Company") reported consolidated revenues of
$862.7 million in the first quarter ended March 31, 1998 compared to $781.7
million for the comparable period in 1997. Net income was $12.8 million compared
to $21.3 million in the prior year's quarter. Consolidated cash flow from
operating activities totaled $21.7 million for the first quarter ended March 31,
1998. Total debt at March 31, 1998 was $378.5 million.

         During the first quarter of 1998, under the share repurchase programs
authorized by the Board of Directors of the Company, the Company purchased
177,532 shares of Pittston Burlington Group Common Stock at a cost of $3.5
million and 355 shares of its Series C Convertible Preferred Stock at a cost of
$0.1 million.


                                        4


<PAGE>
 
<PAGE>



As of March 31, 1998, the Company had remaining authority to purchase over time
1 million shares of Pittston Minerals Group Common Stock, 1.1 million shares of
Pittston Brink's Group Common Stock, 0.9 million shares of Pittston Burlington
Group Common Stock and an additional $24.2 million of its Series C Convertible
Preferred Stock. The aggregate purchase price limitation for all common stock
purchases was $21.4 million at March 31, 1998.

         This release contains both historical and forward looking information.
Statements regarding the expected outcome of 1998 full year results, information
technology outlay projections, and the expected benefits from the ATI
acquisition and BAX Global's improvements to information systems 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 which are anticipated. Such risks, uncertainties
and contingencies, many of which are beyond the control of the Burlington Group
and The Pittston Company, include, but are not limited to, overall economic and
business conditions, the demand for the BAX Global's services, pricing and other
competitive factors in the industry, new government regulations and/or
legislative initiatives, variations in costs or expenses, the consummation and
successful integration of the ATI acquisition, changes in the scope of
improvements to information systems and


                                        5


<PAGE>
 
<PAGE>


Year 2000 initiatives, delays or problems in the implementation of Year 2000
initiatives by the Burlington Group and/or its suppliers and customers, and
delays or problems in the design and implementation of improvements to
information systems.

                               * * * * * * * * * *

         Pittston Burlington Group Common Stock (NYSE-PZX), Pittston Brink's
Group Common Stock (NYSE-PZB) and Pittston Minerals Group Common Stock
(NYSE-PZM) represent the three classes of common stock of The Pittston Company,
a diversified company with interests in global freight transportation and
logistics management services through BAX Global Inc. (Pittston Burlington
Group), security services through Brink's, Incorporated and Brink's Home
Security, Inc. (Pittston Brink's Group), and in mining and minerals exploration
through Pittston Coal Company and Pittston Mineral Ventures (Pittston Minerals
Group). Copies of the Pittston Brink's Group and Pittston Minerals Group
earnings releases are available upon request.


                                        6


<PAGE>
 
<PAGE>



                            PITTSTON BURLINGTON GROUP
                           SUPPLEMENTAL FINANCIAL DATA
                                   (UNAUDITED)

                                 BAX GLOBAL INC.

<TABLE>
<CAPTION>

(IN THOUSANDS,EXCEPT                                                                      Quarter Ended March 31 
PER POUND/SHIPMENT AMOUNTS)                                                                 1998            1997
- -------------------------------------------------------------------------------------------------------------------
<S>                                                                          <C>                         <C>
OPERATING REVENUES
Intra-U.S.:
   Expedited freight services                                                $           147,398         136,672
   Other                                                                                     945           1,721
- -------------------------------------------------------------------------------------------------------------------

Total Intra-U.S.                                                                         148,343         138,393

International:
   Expedited freight services(a)                                                         206,452         198,129
   Other                                                                                  47,638          34,887
- -------------------------------------------------------------------------------------------------------------------

Total International                                                                      254,090         233,016

Total operating revenues                                                     $           402,433         371,409
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------

OPERATING PROFIT (LOSS)
Intra-U.S.                                                                   $            (4,977)          4,117
International                                                                              5,407           6,639
- -----------------------------------------------------------------------------------------------------------------
Total operating profit                                                       $               430          10,756
- -----------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------

Expedited freight services
   shipment growth rate(b)                                                                   1.2%           (1.8%)

Expedited freight services
   weight growth rate(b):
   Intra-U.S.                                                                               8.9%            0.8%
   International                                                                            8.8%            2.5%
   Worldwide                                                                                8.8%            1.7%
- -----------------------------------------------------------------------------------------------------------------

Expedited freight services
  weight (millions of pounds)                                                              381.5           350.5

Expedited freight services
  shipments (thousands)                                                                    1,290           1,275
- -----------------------------------------------------------------------------------------------------------------

Expedited freight services average:
   Yield (revenue per pound)(a)                                              $              .928            .955
   Revenue per shipment(a)                                                   $               274             263
   Weight per shipment (pounds)                                                              296             275
- -----------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
</TABLE>


(a) Prior period's international expedited freight revenues have been
reclassified to conform to the current period classification.
(b) Compared to the same period in the prior year.



<PAGE>
 
<PAGE>



                            PITTSTON BURLINGTON GROUP
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
<TABLE>
<CAPTION>

(IN THOUSANDS, EXCEPT                                                                            Quarter Ended March 31   
PER SHARE AMOUNTS)                                                                                 1998            1997
- --------------------------------------------------------------------------------------------------------------------------

<S>                                                                                  <C>                        <C>
Operating revenues                                                                   $          402,433         371,409
- --------------------------------------------------------------------------------------------------------------------------

Operating expenses                                                                              362,339         330,911
Selling, general and administrative
   expenses                                                                                      43,614          32,171
- --------------------------------------------------------------------------------------------------------------------------
Total costs and expenses                                                                        405,953         363,082
- --------------------------------------------------------------------------------------------------------------------------
Other operating (expense) income, net                                                              (133)            649
- --------------------------------------------------------------------------------------------------------------------------
Operating (loss) profit                                                                          (3,653)          8,976
Interest income                                                                                     259             330
Interest expense                                                                                 (1,218)           (946)
Other expense, net                                                                                  (98)           (281)
- --------------------------------------------------------------------------------------------------------------------------
(Loss) income before income taxes                                                                (4,710)          8,079
(Credit) provision for income taxes                                                              (1,744)          2,991
- --------------------------------------------------------------------------------------------------------------------------
Net (loss) income                                                                    $           (2,966)          5,088
- --------------------------------------------------------------------------------------------------------------------------

Net (loss) income per common share:
   Basic                                                                             $             (.15)            .26
   Diluted                                                                                         (.15)            .26
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------


Weighted average common shares outstanding:
   Basic                                                                                         19,477          19,406
   Diluted                                                                                       19,477          19,820
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>


                               SEGMENT INFORMATION

<TABLE>
<CAPTION>
<S>                                                                                  <C>                        <C>    
Operating revenues:
   BAX Global                                                                        $          402,433         371,409
- --------------------------------------------------------------------------------------------------------------------------

Operating profit:
   BAX Global                                                                        $              430          10,756
   General corporate expense                                                                     (4,083)         (1,780)
- --------------------------------------------------------------------------------------------------------------------------
Operating (loss) profit                                                              $           (3,653)          8,976
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>


See accompanying notes.



<PAGE>
 
<PAGE>



                            PITTSTON BURLINGTON GROUP
                            CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                                     March 31        December 31 
(IN THOUSANDS)                                                                           1998               1997
- -------------------------------------------------------------------------------------------------------------------

                                                                                  (Unaudited)

<S>                                                                           <C>                         <C>
ASSETS

Current assets:
Cash and cash equivalents                                                     $        27,570             28,790
Accounts receivable, net of estimated amounts
   uncollectible                                                                      302,168            306,806
Inventories and other current assets                                                   20,777             19,568
- -------------------------------------------------------------------------------------------------------------------
Total current assets                                                                  350,515            355,164

Property, plant and equipment, at cost, net
   of accumulated depreciation and amortization                                       147,303            128,632
Intangibles, net of accumulated amortization                                          175,667            174,791
Other assets                                                                           47,013             42,856
- -------------------------------------------------------------------------------------------------------------------

Total assets                                                                  $       720,498            701,443
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------


LIABILITIES AND SHAREHOLDER'S EQUITY

Current liabilities                                                           $       320,154            312,065
Long-term debt, less current maturities                                                53,629             37,016
Other liabilities                                                                      27,721             28,652
- -------------------------------------------------------------------------------------------------------------------
Total liabilities                                                                     401,504            377,733

Shareholder's equity                                                                  318,994            323,710
- -------------------------------------------------------------------------------------------------------------------


Total liabilities and shareholder's equity                                    $       720,498            701,443
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
</TABLE>


See accompanying notes.



<PAGE>
 
<PAGE>



                            PITTSTON BURLINGTON GROUP
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


<TABLE>
<CAPTION>

                                                                                          Quarter Ended March 31           
(IN THOUSANDS)                                                                              1998            1997
- --------------------------------------------------------------------------------------------------------------------
<S>                                                                                <C>                     <C>  
Cash flows from operating activities:
Net (loss) income                                                                  $      (2,966)          5,088
Adjustments to reconcile net (loss) income to net
   cash provided by operating activities:
   Depreciation and amortization                                                           7,667           6,959
   Provision for aircraft heavy maintenance                                                8,733           8,186
   Other, net                                                                              1,940           1,632
   Changes in operating assets and liabilities:
     Decrease (increase) in receivables                                                   15,903         (12,629)
     Increase in inventories and other current assets                                     (2,070)         (1,863)
     (Decrease) increase in current liabilities                                           (9,795)          6,245
     Other, net                                                                           (1,969)            182
- --------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities                                                 17,443          13,800
- --------------------------------------------------------------------------------------------------------------------

Cash flows from investing activities:
Additions to property, plant and equipment                                               (24,379)         (6,207)
Aircraft heavy maintenance                                                                (9,659)         (9,473)
Other, net                                                                                (2,291)          2,221
- --------------------------------------------------------------------------------------------------------------------
Net cash used by investing activities                                                    (36,329)        (13,459)
- --------------------------------------------------------------------------------------------------------------------

Cash flows from financing activities:
Net additions to (reductions of) debt                                                     21,381            (603)
Payments from Minerals Group                                                                  --           6,002
Share and other equity activity, net                                                      (3,715)         (3,367)
- --------------------------------------------------------------------------------------------------------------------
Net cash provided by financing activities                                                 17,666           2,032
- --------------------------------------------------------------------------------------------------------------------

Net (decrease) increase in cash and cash equivalents                                      (1,220)          2,373
Cash and cash equivalents at beginning of period                                          28,790          17,818
- --------------------------------------------------------------------------------------------------------------------

Cash and cash equivalents at end of period                                         $      27,570          20,191
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
</TABLE>


See accompanying notes.



<PAGE>
 
<PAGE>



                      THE PITTSTON COMPANY AND SUBSIDIARIES
                            PITTSTON BURLINGTON GROUP
                         NOTES TO FINANCIAL INFORMATION

(1)   The Pittston Company (the "Company") has three classes of common stock:
      Pittston Brink's Group Common Stock ("Brink's Stock"), Pittston Burlington
      Group Common Stock ("Burlington Stock") and Pittston Minerals Group Common
      Stock ("Minerals Stock"), which were designed to provide shareholders with
      separate securities reflecting the performance of the Pittston Brink's
      Group (the "Brink's Group"), Pittston Burlington Group (the "Burlington
      Group") and Pittston Minerals Group (the "Minerals Group"), respectively,
      without diminishing the benefits of remaining a single corporation or
      precluding future transactions affecting any of the Groups.

      The financial information for the Burlington Group includes the results of
      the Company's BAX Global Inc. business. It is prepared using the amounts
      included in the Company's consolidated financial statements. Accordingly,
      the Company's consolidated financial statements must be read in connection
      with the Burlington Group's financial data.

(2)   Under the share repurchase program authorized by the Board of Directors of
      the Company, the Company purchased shares in the periods presented as
      follows:


<TABLE>
<CAPTION>

                                                                        Quarter Ended      Year Ended
                                                                          March 31          March 31
(Dollars in millions)                                                       1998              1997
- -------------------------------------------------------------------------------------------------------
<S>                                                                         <C>              <C>    
Burlington Stock:
    Shares                                                                  177,532          132,100
    Cost                                                      $                 3.5              2.6

Convertible Preferred Stock:
    Shares                                                                      355               --
    Cost                                                      $                 0.1               --
    Excess carrying
     amount (a)                                               $                0.02               --
</TABLE>

(a) The excess of the carrying amount of the Convertible Preferred Stock over
the cash paid to holders for repurchases made during the periods. This amount is
deducted from preferred dividends in the Company's Statement of Operations.

(3)   The Burlington Group adopted Statement of Financial Accounting Standards
      ("SFAS") No. 130, "Reporting Comprehensive Income," in the first quarter
      of 1998. SFAS No. 130 established standards for the reporting and display
      of comprehensive income and its components in financial statements.
      Comprehensive income generally represents all changes in shareholders'
      equity except those resulting from investments by or distributions to
      shareholders. Total comprehensive (loss) income, which is composed of net
      (loss) income and foreign currency translation adjustments, for the
      quarters ended March 31, 1998 and 1997 was ($2.6) million and $3.7
      million, respectively.

(4)   Effective January 1, 1998, the Burlington Group implemented a new AICPA
      Statement of Position ("SOP") No. 98-1 "Accounting for the Costs of



<PAGE>
 
<PAGE>



      Computer Software Developed for Internal Use". SOP 98-1 requires that
      certain costs related to the development or purchase of internal-use
      software be capitalized and amortized over the estimated useful life of
      the software. As a result of the implementation of SOP No. 98-1, net loss
      for the quarter ended March 31, 1998, included a benefit of approximately
      $0.8 million or $.04 per share for costs capitalized during the quarter
      which would have been expensed prior to the implementation of SOP 98-1.

(5)   During the first quarter ended March 31, 1998, the Company had the
      following noncash investing and financing activities in connection with
      the acquisition of nearly all of the remaining shares of its Brink's
      affiliate in France:


<TABLE>
<CAPTION>

(Dollars in millions)                                                                 Quarter Ended March 31, 1998
- --------------------------------------------------------------------------------------------------------------------
<S>                                                                              <C>
Noncash investing and financing activities:
    Debt assumed                                                                 $              41.4
    Net assets acquired by incurring directly
      related liabilities                                                                       27.6
- --------------------------------------------------------------------------------------------------------------------
Total noncash investing and financing activities                                 $              69.0
- --------------------------------------------------------------------------------------------------------------------
</TABLE>


(6)   Certain prior period amounts have been reclassified to conform to the
      current period's financial statement presentation.

(7)   Financial information for the Minerals Group, which includes the results
      of the Pittston Coal Company and Pittston Mineral Ventures operations, and
      the Brink's Group, which includes the results of the Company's Brink's,
      Incorporated and Brink's Home Security, Inc. businesses, is available upon
      request.



<PAGE>
 
<PAGE>



                      THE PITTSTON COMPANY AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
(IN THOUSANDS, EXCEPT                                                                                        Quarter Ended March 31
PER SHARE AMOUNTS)                                                                                          1998               1997
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                         <C>                            <C>
Net sales                                                                                   $            149,898           158,883
Operating revenues                                                                                       712,766           622,793
- ------------------------------------------------------------------------------------------------------------------------------------
Net sales and operating revenues                                                                         862,664           781,676
- ------------------------------------------------------------------------------------------------------------------------------------

Cost of sales                                                                                            144,164           153,412
Operating expenses                                                                                       595,771           518,819
Selling, general and administrative
   expenses                                                                                               99,256            75,643
- ------------------------------------------------------------------------------------------------------------------------------------
Total costs and expenses                                                                                 839,191           747,874
- ------------------------------------------------------------------------------------------------------------------------------------

Other operating income, net                                                                                3,027             3,576
- ------------------------------------------------------------------------------------------------------------------------------------
Operating profit                                                                                          26,500            37,378
Interest income                                                                                            1,181             1,019
Interest expense                                                                                          (7,384)           (5,564)
Other expense, net                                                                                        (1,435)           (2,389)
- ------------------------------------------------------------------------------------------------------------------------------------
Income before income taxes                                                                                18,862            30,444
Provision for income taxes                                                                                 6,034             9,103
- ------------------------------------------------------------------------------------------------------------------------------------
Net income                                                                                                12,828            21,341
Preferred stock dividends, net                                                                              (864)             (901)
- ------------------------------------------------------------------------------------------------------------------------------------
Net income attributed to common shares                                                      $             11,964            20,440
- ------------------------------------------------------------------------------------------------------------------------------------

PITTSTON BRINK'S GROUP:
Net income attributed to common shares                                                      $             17,037            15,306
- ------------------------------------------------------------------------------------------------------------------------------------

Net income per common share:
 Basic                                                                                      $                .44               .40
 Diluted                                                                                                     .44               .40
- ------------------------------------------------------------------------------------------------------------------------------------

Weighted average common shares outstanding:
 Basic                                                                                                    38,477            38,189
 Diluted                                                                                                  39,081            38,608
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------

PITTSTON BURLINGTON GROUP:
Net (loss) income attributed to common shares                                               $             (2,966)            5,088
- ------------------------------------------------------------------------------------------------------------------------------------

Net (loss) income per common share:
 Basic                                                                                      $               (.15)              .26
 Diluted                                                                                                    (.15)              .26
- ------------------------------------------------------------------------------------------------------------------------------------

Weighted average common shares outstanding:
 Basic                                                                                                    19,477            19,406
 Diluted                                                                                                  19,477            19,820
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------

PITTSTON MINERALS GROUP:
Net (loss) income attributed to common shares                                               $             (2,107)               46
- ------------------------------------------------------------------------------------------------------------------------------------

Net (loss) income per common share:
   Basic                                                                                    $               (.26)              .01
   Diluted                                                                                                  (.26)              .01
- ------------------------------------------------------------------------------------------------------------------------------------

Weighted average common shares outstanding:
   Basic                                                                                                   8,225             8,002
   Diluted                                                                                                 8,225             8,059
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>


See accompanying notes.



<PAGE>
 
<PAGE>



                      THE PITTSTON COMPANY AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                                     March 31        December 31          
(IN THOUSANDS)                                                                           1998               1997
- ----------------------------------------------------------------------------------------------------------------------
                                                                                   (Unaudited)
<S>                                                                         <C>                           <C>   
ASSETS

Current assets:
Cash and cash equivalents                                                   $          72,615             69,878
Accounts receivable, net of estimated
   amounts uncollectible                                                              617,433            531,317
Inventories and other current assets                                                  134,220            125,610
- ----------------------------------------------------------------------------------------------------------------------
Total current assets                                                                  824,268            726,805

Property, plant and equipment, at cost, net of
   accumulated depreciation, depletion
   and amortization                                                                   718,673            647,642
Intangibles, net of accumulated amortization                                          328,443            301,395
Other assets                                                                          306,971            320,102
- ----------------------------------------------------------------------------------------------------------------------

Total assets                                                                $       2,178,355          1,995,944
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities                                                         $         716,287            643,673
Long-term debt, less current maturities                                               299,476            191,812
Postretirement benefits other than pensions                                           233,399            231,451
Workers' compensation and other claims                                                101,979            106,378
Other liabilities                                                                     130,697            137,012
- ----------------------------------------------------------------------------------------------------------------------
Total liabilities                                                                   1,481,838          1,310,326

Shareholders' equity                                                                  696,517            685,618
- ----------------------------------------------------------------------------------------------------------------------

Total liabilities and shareholders' equity                                  $       2,178,355          1,995,944
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>


See accompanying notes.



<PAGE>
 
<PAGE>


                      THE PITTSTON COMPANY AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


<TABLE>
<CAPTION>

                                                                                          Quarter Ended March 31    
(IN THOUSANDS)                                                                            1998              1997
- --------------------------------------------------------------------------------------------------------------------
<S>                                                                          <C>                          <C>   
Cash flows from operating activities:
Net income                                                                   $         12,828             21,341
Adjustments to reconcile net income to net cash
   provided by operating activities:
   Depreciation, depletion and amortization                                            33,878             30,139
   Provision for aircraft heavy maintenance                                             8,733              8,186
   Provision for deferred income taxes                                                  2,115              2,328
   Other, net                                                                           7,519              5,309
   Changes in operating assets and liabilities
     net of effects of acquisitions and dispositions:
     Increase in receivables                                                          (12,381)           (10,471)
     Increase in inventories and
       other current assets                                                            (2,798)           (17,107)
     Decrease in current liabilities                                                  (17,399)            (7,897)
     Other, net                                                                       (10,789)            (8,033)
- --------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities                                              21,706             23,795
- --------------------------------------------------------------------------------------------------------------------

Cash flows from investing activities:
Additions to property, plant and equipment                                            (60,705)           (40,032)
Proceeds from disposal of property,
   plant and equipment                                                                    421              3,940
Aircraft heavy maintenance                                                             (9,659)            (9,473)
Acquisitions and related contingent payments,
   net of cash acquired                                                                   224            (54,094)
Other, net                                                                             (4,182)            13,901
- --------------------------------------------------------------------------------------------------------------------
Net cash used by investing activities                                                 (73,901)           (85,758)
- --------------------------------------------------------------------------------------------------------------------

Cash flows from financing activities:
Net additions to debt                                                                  61,265             80,834
Share and other equity activity, net                                                   (6,333)            (9,261)
- --------------------------------------------------------------------------------------------------------------------
Net cash provided by financing activities                                              54,932             71,573
- --------------------------------------------------------------------------------------------------------------------

Net increase in cash and cash equivalents                                               2,737              9,610
Cash and cash equivalents at beginning of period                                       69,878             41,217
- --------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at end of period                                   $         72,615             50,827
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
</TABLE>


See accompanying notes.


<PAGE>






<PAGE>



                             PITTSTON MINERALS GROUP

                          REPORTS FIRST QUARTER RESULTS

         Richmond, VA - April 29, 1998 - Pittston Minerals Group reported a net
loss, before preferred dividends, of $1.2 million, or $.26 per common share, in
the first quarter ended March 31, 1998. A year earlier the unit reported net
income, before preferred dividends, of $0.9 million, or $.01 per common share.
Included in the current quarter results was a pre-tax charge of $1.8 million or
$.14 per share for Minerals Group's share of expenses relating to a retirement
agreement between The Pittston Company and its former chairman and CEO.

PITTSTON COAL COMPANY

         First quarter net sales were $145.9 million compared to $154.6 million
in the same period a year ago. The coal segment's operating profit was $2.5
million in the first quarter compared to $3.6 million in the same period in
1997. Coal production totaled 3.6 million tons in the quarter compared to 4.1
million tons in last year's first quarter. During the first quarter, Pittston
Coal Company sold 4.9 million tons of coal compared to 5.1 million tons in the
first quarter of 1997. Cost of coal sold per ton declined to $27.29 in the first
quarter 1998 compared with $27.65 a year earlier. Gross margins from coal
operations improved to $2.37 per ton from $2.17 in the


                                       1


<PAGE>
 
<PAGE>



prior year quarter, despite the weather-related loss of 85 unit shifts at the
company's coal mines in late January and February and the deferral of some
high-margin business due to railroad service disruption. In March, the United
States Supreme Court affirmed a lower court ruling declaring the Harbor
Maintenance Tax to be unconstitutional. This had an immediate $1.3 million
favorable impact for past payments and will lower export coal costs in the
future.

         Prices for metallurgical and steam coal were generally weak in the
first quarter, as were prices for natural gas. Due to its long term contract
position, Pittston Coal Company does not expect to participate significantly in
the spot market for steam coal this year as its currently anticipated 1998
production is nearly fully committed.

PITTSTON MINERAL VENTURES

         Pittston Mineral Ventures (PMV) reported a $47 thousand loss in the
first quarter of 1998, compared to a $0.5 million loss in the same period the
prior year. Operations at the Stawell gold mine, in which PMV has a combined 67%
direct and indirect interest, improved markedly from a year ago with gold
production increasing from 21,902 ounces to 22,312 ounces. Average cash costs of
gold sold improved to US $206 per ounce from US $327 per ounce, which had been
impacted by adverse


                                       2


<PAGE>
 
<PAGE>


ground conditions in the first quarter of 1997, while realization declined from
US $405 per ounce to US $355 per ounce.

         Equity earnings from PMV's interest in Mining Project Investors (MPI)
in Australia were essentially unchanged from year ago levels. However, this was
significantly below expectations due to the impact of depressed nickel prices on
MPI's 50% owned Silver Swan nickel mine. Production volumes and costs at Silver
Swan were in line with expectations.

         PMV is continuing its active gold exploration program in Australia and
the Western United States with its partner, MPI. Drilling is currently underway
on a possible surface gold resource within the boundaries of the Stawell gold
tenements. However, no mine plan has been developed as of this time.

FINANCIAL-CONSOLIDATED

         The Pittston Company (the "Company") reported consolidated revenues of
$862.7 million in the first quarter ended March 31, 1998 compared to $781.7
million for the comparable period in 1997. Net income was $12.8 million compared
to $21.3 million in the prior year's quarter. Consolidated cash flow from
operating activities totaled $21.7 million for the first quarter ended March 31,
1998. Total debt at March 31, 1998 was $378.5 million.


                                        3


<PAGE>
 
<PAGE>


         During the first quarter of 1998, under the share repurchase programs
authorized by the Board of Directors of the Company, the Company purchased
177,532 shares of Pittston Burlington Group Common Stock at a cost of $3.5
million and 355 shares of its Series C Convertible Preferred Stock at a cost of
$0.1 million. As of March 31, 1998, the company had remaining authority to
purchase over time 1 million shares of Pittston Minerals Group Common Stock, 1.1
million shares of Pittston Brink's Group Common Stock, 0.9 million shares of
Pittston Burlington Group Common Stock and an additional $24.2 million of its
Series C Convertible Preferred Stock. The aggregate purchase price limitation
for all common stock purchase was $21.4 million at March 31, 1998.

         This release contains both historical and forward looking information.
Statements regarding the future impact on export coal costs of the Harbor
Maintenance Tax being declared unconstitutional, expectations concerning spot
steam coal sales during 1998 and possible results from PMV's gold exploration
program, 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 which are
anticipated. Such risks, uncertainties and contingencies, many of which are
beyond the control of the Minerals Group and The Pittston Company include, but
are not limited to,


                                        4


<PAGE>
 
<PAGE>



overall economic and business conditions, the demand for the Minerals Group's
products, geological conditions, pricing and other competitive factors in the
industry, new government regulations and/or legislative initiatives, contractual
disputes with customers and uncertainty regarding the ultimate results of
exploration activity.

                               * * * * * * * * * *

         Pittston Minerals Group Common Stock (NYSE-PZM), Pittston Brink's Group
Common Stock (NYSE-PZB) and Pittston Burlington Group Common Stock (NYSE-PZX)
represent the three classes of common stock of The Pittston Company, a
diversified company with interests in mining and minerals exploration through
Pittston Coal Company and Pittston Mineral Ventures (Pittston Minerals Group),
security services through Brink's, Incorporated and Brink's Home Security, Inc.
(Pittston Brink's Group) and global freight transportation and logistics
management services through BAX Global Inc. (Pittston Burlington Group). Copies
of the Pittston Brink's Group and Pittston Burlington Group earnings releases
are available upon request.


                                        5


<PAGE>
 
<PAGE>



                             PITTSTON MINERALS GROUP
                           SUPPLEMENTAL FINANCIAL DATA
                                   (UNAUDITED)

                              PITTSTON COAL COMPANY

<TABLE>
<CAPTION>

                                                                                                            Quarter Ended March 31
(IN THOUSANDS)                                                                                                1998            1997
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                           <C>                          <C>
Net sales                                                                                     $            145,920         154,593
Operating profit                                                                              $              2,502           3,623

COAL SALES (Tons):
Metallurgical                                                                                                1,931           1,891
Utility and industrial                                                                                       2,923           3,229
- ------------------------------------------------------------------------------------------------------------------------------------
Total coal sales                                                                                             4,854           5,120
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------

PRODUCTION/PURCHASED (Tons):
Deep                                                                                                         1,389           1,102
Surface                                                                                                      1,969           2,659
Contract                                                                                                       242             363
- ------------------------------------------------------------------------------------------------------------------------------------

                                                                                                             3,600           4,124
Purchased                                                                                                      965           1,340
- ------------------------------------------------------------------------------------------------------------------------------------
Total                                                                                                        4,565           5,464
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>




<TABLE>
<CAPTION>
                                                                                                            Quarter Ended March 31
(IN THOUSANDS, EXCEPT PER TON DATA)                                                                           1998            1997
- ------------------------------------------------------------------------------------------------------------------------------------

<S>                                                                                          <C>                           <C>    
Net coal sales (a)                                                                           $             143,976         152,698
Current production cost of coal sold (a)                                                                   132,507         141,572
- ------------------------------------------------------------------------------------------------------------------------------------
Coal margin                                                                                                 11,469          11,126
Non-coal margin                                                                                                616             717
Other operating income, net                                                                                  2,329           3,705
- ------------------------------------------------------------------------------------------------------------------------------------
Margin and other income                                                                                     14,414          15,548
- ------------------------------------------------------------------------------------------------------------------------------------
Other costs and expenses:
  Idle equipment and closed mines                                                                              703             307
  Inactive employee cost                                                                                     6,955           6,683
  Selling, general and administrative
  expenses                                                                                                   4,254           4,935
- ------------------------------------------------------------------------------------------------------------------------------------
Total other costs and expenses                                                                              11,912          11,925
- ------------------------------------------------------------------------------------------------------------------------------------

Operating profit                                                                              $              2,502           3,623
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------

Coal margin per ton:
  Realization                                                                                 $              29.66           29.82
  Current production costs                                                                                   27.29           27.65
- ------------------------------------------------------------------------------------------------------------------------------------
Coal margin                                                                                   $               2.37            2.17
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

(a) Excludes non-coal components.



<PAGE>
 
<PAGE>





                            PITTSTON MINERAL VENTURES
                                   (UNAUDITED)
<TABLE>
<CAPTION>
(IN THOUSANDS, EXCEPT                                                                     Quarter Ended March 31
OUNCE AND PER OUNCE DATA)                                                                    1998           1997
- ------------------------------------------------------------------------------------------------------------------
<S>                                                                               <C>                      <C>  
Stawell Gold Mine:
 Gold sales                                                                       $         3,956          4,281
 Other revenue                                                                                 22              9
- ------------------------------------------------------------------------------------------------------------------
Net sales                                                                                   3,978          4,290

Cost of sales (a)                                                                           2,671          3,631
Selling, general and
 administrative expenses (a)                                                                  291            298
- ------------------------------------------------------------------------------------------------------------------
Total costs and expenses                                                                    2,962          3,929
- ------------------------------------------------------------------------------------------------------------------
Operating profit - Stawell Gold Mine                                                        1,016            361
Other operating expense, net                                                               (1,063)          (816)
- ------------------------------------------------------------------------------------------------------------------
Operating loss                                                                    $           (47)          (455)
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------

Stawell Gold Mine:
Mineral Ventures' 50% direct share:
   Ounces sold                                                                             11,146         10,576
   Ounces produced                                                                         11,156         10,951
Average per ounce sold (US$):
   Realization                                                                                355            405
   Cash cost                                                                                  206            327
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
</TABLE>


(a) Excludes $908 of non-Stawell related selling, general and administrative
expenses for the quarter ended March 31, 1998. Excludes $42 and $617 of
non-Stawell related cost of sales and selling, general and administrative
expenses for the quarter ended March 31, 1997. Such costs are reclassified to
cost of sales and selling, general and administrative expenses in the Minerals
Group statement of operations.


<PAGE>
 
<PAGE>


                             PITTSTON MINERALS GROUP
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
<TABLE>
<CAPTION>

(IN THOUSANDS, EXCEPT                                                                       Quarter Ended March 31
PER SHARE AMOUNTS)                                                                            1998            1997
- -------------------------------------------------------------------------------------------------------------------
<S>                                                                            <C>                     <C>
Net sales                                                                       $          149,898       158,883
- -------------------------------------------------------------------------------------------------------------------

Cost of sales                                                                              144,164       153,412
Selling, general and
 administrative expenses                                                                     9,087         7,409
- -------------------------------------------------------------------------------------------------------------------
Total costs and expenses                                                                   153,251       160,821

Other operating income, net                                                                  2,174         3,548
- -------------------------------------------------------------------------------------------------------------------
Operating (loss) profit                                                                     (1,179)        1,610
Interest income                                                                                301           282
Interest expense                                                                            (2,594)       (2,625)
Other expense, net                                                                              --          (450)
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Loss before income taxes                                                                    (3,472)       (1,183)
Credit for income taxes                                                                     (2,229)       (2,130)
- -------------------------------------------------------------------------------------------------------------------
Net (loss) income                                                                           (1,243)          947
Preferred stock dividends, net                                                                (864)         (901)
- -------------------------------------------------------------------------------------------------------------------
Net (loss) income attributed to
 common shares                                                                  $           (2,107)           46
- -------------------------------------------------------------------------------------------------------------------
Net (loss) income per common share:
   Basic                                                                        $             (.26)          .01
   Diluted                                                                                    (.26)          .01
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Weighted average common shares outstanding:
   Basic                                                                                     8,225         8,002
   Diluted                                                                                   8,225         8,059
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
</TABLE>



                               SEGMENT INFORMATION
<TABLE>
<CAPTION>

<S>                                                                             <C>                      <C>    
Net sales:
   Coal Operations                                                              $          145,920       154,593
  Mineral Ventures                                                                           3,978         4,290
- -------------------------------------------------------------------------------------------------------------------
Net sales                                                                       $          149,898       158,883
- -------------------------------------------------------------------------------------------------------------------
Operating profit (loss):
 Coal Operations                                                                $            2,502         3,623
 Mineral Ventures                                                                              (47)         (455)
- -------------------------------------------------------------------------------------------------------------------
Segment operating profit                                                                     2,455         3,168
General corporate expense                                                                   (3,634)       (1,558)
- -------------------------------------------------------------------------------------------------------------------
Operating (loss) profit                                                         $           (1,179)        1,610
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
</TABLE>


See accompanying notes.



<PAGE>
 
<PAGE>




                             PITTSTON MINERALS GROUP
                            CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                                     March 31        December 31
(IN THOUSANDS)                                                                           1998               1997
- -----------------------------------------------------------------------------------------------------------------
                                                                                  (Unaudited)
<S>                                                                             <C>                        <C>  

ASSETS

Current assets:
Cash and cash equivalents                                                       $       2,183              3,394
Accounts receivable, net of estimated
  amounts uncollectible                                                                80,103             63,599
Inventories and other current assets                                                   72,944             65,527
- -----------------------------------------------------------------------------------------------------------------
Total current assets                                                                  155,230            132,520

Property, plant and equipment, at cost, net
  of accumulated depreciation, depletion
  and amortization                                                                    171,158            172,338
Coal supply contracts, net of accumulated
   amortization                                                                        36,590             41,703
Intangibles, net of accumulated amortization                                          107,342            108,094
Other assets                                                                          203,150            199,527
- -----------------------------------------------------------------------------------------------------------------

Total assets                                                                    $     673,470            654,182
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDER'S EQUITY

Current liabilities                                                             $     150,839            161,264
Long-term debt, less current maturities                                               153,435            116,114
Postretirement benefits other than pensions                                           225,601            223,836
Workers' compensation and other claims                                                 87,784             92,857
Other liabilities                                                                      76,689             78,683
- -----------------------------------------------------------------------------------------------------------------
Total liabilities                                                                     694,348            672,754

Shareholder's equity                                                                  (20,878)           (18,572)
- -----------------------------------------------------------------------------------------------------------------

Total liabilities and shareholder's equity                                      $     673,470            654,182
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
</TABLE>


See accompanying notes.



<PAGE>
 
<PAGE>



                             PITTSTON MINERALS GROUP
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


<TABLE>
<CAPTION>

                                                                                          Quarter Ended March 31
(IN THOUSANDS)                                                                                1998          1997
- -----------------------------------------------------------------------------------------------------------------
<S>                                                                                   <C>                    <C>

Cash flows from operating activities:
Net (loss) income                                                                     $     (1,243)          947
Adjustments to reconcile net (loss) income to net
   cash used by operating activities:
   Depreciation, depletion and amortization                                                  8,933         8,920
   Provision for deferred income taxes                                                       1,612         2,001
   Other, net                                                                                  (14)       (1,032)
   Changes in operating assets and liabilities, net of
     effects of acquisitions and dispositions:
     Increase in receivables                                                               (16,492)         (414)
     Decrease (increase) in inventories and other
       current assets                                                                        3,312       (11,356)
     Decrease in current liabilities                                                       (10,937)       (8,127)
     Other, net                                                                             (3,787)       (3,754)
- -----------------------------------------------------------------------------------------------------------------
Net cash used by operating activities                                                      (18,616)      (12,815)
- -----------------------------------------------------------------------------------------------------------------

Cash flows from investing activities:
Additions to property, plant and equipment                                                  (4,460)       (7,458)
Proceeds from disposal of property, plant and equipment                                        229         1,534
Acquisitions and related contingent payments,
   net of cash acquired                                                                          --         (791)
Other, net                                                                                  (1,939)        1,237
- -----------------------------------------------------------------------------------------------------------------
Net cash used by investing activities                                                       (6,170)       (5,478)
- -----------------------------------------------------------------------------------------------------------------

Cash flows from financing activities:
Net additions to debt                                                                       37,182        36,357
Payments to Burlington Group/Brink's Group, net                                            (11,238)      (17,687)
Share and other equity activity, net                                                        (2,369)       (2,085)
- -----------------------------------------------------------------------------------------------------------------

Net cash provided by financing activities                                                   23,575        16,585
- -----------------------------------------------------------------------------------------------------------------

Net decrease in cash and cash equivalents                                                   (1,211)       (1,708)
Cash and cash equivalents at beginning of period                                             3,394         3,387
- -----------------------------------------------------------------------------------------------------------------

Cash and cash equivalents at end of period                                            $      2,183         1,679
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
</TABLE>


See accompanying notes.



<PAGE>
 
<PAGE>



                      THE PITTSTON COMPANY AND SUBSIDIARIES
                             PITTSTON MINERALS GROUP
                         NOTES TO FINANCIAL INFORMATION

(1)    The Pittston Company (the "Company") has three classes of common stock:
       Pittston Brink's Group Common Stock ("Brink's Stock"), Pittston
       Burlington Group Common Stock ("Burlington Stock") and Pittston Minerals
       Group Common Stock ("Minerals Stock"), which were designed to provide
       shareholders with separate securities reflecting the performance of the
       Pittston Brink's Group (the "Brink's Group"), Pittston Burlington Group
       (the "Burlington Group") and Pittston Minerals Group (the "Minerals
       Group"), respectively, without diminishing the benefits of remaining a
       single corporation or precluding future transactions affecting any of the
       Groups.

       The financial information for the Minerals Group includes the results of
       the Pittston Coal Company and Pittston Mineral Ventures operations of the
       Company. It is prepared using the amounts included in the Company's
       consolidated financial statements. Accordingly, the Company's
       consolidated financial statements must be read in connection with the
       Mineral Group's financial data.

(2)    Under the share repurchase program authorized by the Board of Directors
       of the Company, the Company purchased shares in the periods presented as
       follows:


<TABLE>
<CAPTION>

                                                                          Quarter Ended    Quarter Ended
                                                                            March 31         March 31
(Dollars in millions)                                                         1998             1997
- ---------------------------------------------------------------------------------------------------------
<S>                                                                              <C>                 
Convertible Preferred Stock:
    Shares                                                                       355               --
    Cost                                                       $                  .1               --
    Excess carrying
     amount (a)                                                $                0.02               --
</TABLE>

(a) The excess of the carrying amount of the Convertible Preferred Stock over
the cash paid to holders for repurchases made during the periods. This amount is
deducted from preferred dividends in the Company's Statement of Operations.

(3)    The Company adopted Statement of Financial Accounting Standards ("SFAS")
       No. 130, "Reporting Comprehensive Income," in the first quarter of 1998.
       SFAS No. 130 established standards for the reporting and display of
       comprehensive income and its components in financial statements.
       Comprehensive income generally represents all changes in shareholders'
       equity except those resulting from investments by or distributions to
       shareholders. Total comprehensive loss which is composed of net (loss)
       income attributable to common shares and foreign currency translation
       adjustments, for the quarters ended March 31, 1998 and 1997 was ($1.8)
       million and ($0.2) million, respectively.


                                       11


<PAGE>
 
<PAGE>



(4)    During the first quarter ended March 31, 1998, the Company had the
       following noncash investing and financing activities in connection with
       the acquisition of nearly all of the remaining shares of its Brink's
       affiliate in France:


<TABLE>
<CAPTION>

(Dollars in millions)                                                                 Quarter Ended March 31, 1998
- --------------------------------------------------------------------------------------------------------------------
<S>                                                                              <C>                
Noncash investing and financing activities:
    Debt assumed                                                                 $              41.4
    Net assets acquired by incurring directly
      related liabilities                                                                       27.6
- --------------------------------------------------------------------------------------------------------------------
Total noncash investing and financing activities                                 $              69.0
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
</TABLE>


(5)    Certain prior period amounts have been reclassified to conform to the
       current period's financial statement presentation.

(6)    Financial information for the Brink's Group, which includes the results
       of the Company's Brink's, Incorporated and Brink's Home Security, Inc.
       businesses, and the Burlington Group, which includes the results of the
       Company's BAX Global Inc. business, is available upon request.




<PAGE>
 
<PAGE>



                      THE PITTSTON COMPANY AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>


(IN THOUSANDS, EXCEPT                                                                                        Quarter Ended March 31
PER SHARE AMOUNTS)                                                                                          1998               1997
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                         <C>                            <C>    
Net sales                                                                                   $            149,898           158,883
Operating revenues                                                                                       712,766           622,793
- ------------------------------------------------------------------------------------------------------------------------------------
Net sales and operating revenues                                                                         862,664           781,676
- ------------------------------------------------------------------------------------------------------------------------------------

Cost of sales                                                                                            144,164           153,412
Operating expenses                                                                                       595,771           518,819
Selling, general and administrative
   expenses                                                                                               99,256            75,643
- ------------------------------------------------------------------------------------------------------------------------------------
Total costs and expenses                                                                                 839,191           747,874
- ------------------------------------------------------------------------------------------------------------------------------------

Other operating income, net                                                                                3,027             3,576
- ------------------------------------------------------------------------------------------------------------------------------------
Operating profit                                                                                          26,500            37,378
Interest income                                                                                            1,181             1,019
Interest expense                                                                                          (7,384)           (5,564)
Other expense, net                                                                                        (1,435)           (2,389)
- ------------------------------------------------------------------------------------------------------------------------------------
Income before income taxes                                                                                18,862            30,444
Provision for income taxes                                                                                 6,034             9,103
- ------------------------------------------------------------------------------------------------------------------------------------
Net income                                                                                                12,828            21,341
Preferred stock dividends, net                                                                              (864)             (901)
- ------------------------------------------------------------------------------------------------------------------------------------
Net income attributed to common shares                                                      $             11,964            20,440
- ------------------------------------------------------------------------------------------------------------------------------------


PITTSTON BRINK'S GROUP:
Net income attributed to common shares                                                      $             17,037            15,306
- ------------------------------------------------------------------------------------------------------------------------------------

Net income per common share:
   Basic                                                                                    $                .44               .40
   Diluted                                                                                                   .44               .40
- ------------------------------------------------------------------------------------------------------------------------------------

Weighted average common shares outstanding:
   Basic                                                                                                  38,477            38,189
   Diluted                                                                                                39,081            38,608
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------


PITTSTON BURLINGTON GROUP:
Net (loss) income attributed to common shares                                               $             (2,966)            5,088
- ------------------------------------------------------------------------------------------------------------------------------------

Net (loss) income per common share:
   Basic                                                                                    $               (.15)              .26
   Diluted                                                                                                  (.15)              .26
- ------------------------------------------------------------------------------------------------------------------------------------

Weighted average common shares outstanding:
   Basic                                                                                                  19,477            19,406
   Diluted                                                                                                19,477            19,820
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------

PITTSTON MINERALS GROUP:
Net (loss) income attributed to common shares                                               $             (2,107)               46
- ------------------------------------------------------------------------------------------------------------------------------------

Net (loss) income per common share:
   Basic                                                                                    $               (.26)              .01
   Diluted                                                                                                  (.26)              .01
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------


Weighted average common shares outstanding:
   Basic                                                                                                   8,225             8,002
   Diluted                                                                                                 8,225             8,059
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
See accompanying notes.



<PAGE>
 
<PAGE>



                      THE PITTSTON COMPANY AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS



</TABLE>
<TABLE>
<CAPTION>

                                                                                     March 31        December 31  
(IN THOUSANDS)                                                                           1998               1997
- ---------------------------------------------------------------------------------------------------------------------
                                                                                   (Unaudited)
<S>                                                                      <C>                        <C>
ASSETS

Current assets:
Cash and cash equivalents                                                   $          72,615             69,878
Accounts receivable, net of estimated
   amounts uncollectible                                                              617,433            531,317
Inventories and other current assets                                                  134,220            125,610
- ---------------------------------------------------------------------------------------------------------------------
Total current assets                                                                  824,268            726,805

Property, plant and equipment, at cost, net of
   accumulated depreciation, depletion
   and amortization                                                                   718,673            647,642
Intangibles, net of accumulated amortization                                          328,443            301,395
Other assets                                                                          306,971            320,102
- ---------------------------------------------------------------------------------------------------------------------

Total assets                                                                $       2,178,355          1,995,944
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------


LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities                                                         $         716,287            643,673
Long-term debt, less current maturities                                               299,476            191,812
Postretirement benefits other than pensions                                           233,399            231,451
Workers' compensation and other claims                                                101,979            106,378
Other liabilities                                                                     130,697            137,012
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
Total liabilities                                                                   1,481,838          1,310,326

Shareholders' equity                                                                  696,517            685,618
- ---------------------------------------------------------------------------------------------------------------------

Total liabilities and shareholders' equity                                  $       2,178,355          1,995,944
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>


See accompanying notes.



<PAGE>
 
<PAGE>

                      THE PITTSTON COMPANY AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


<TABLE>
<CAPTION>

                                                                                          Quarter Ended March 31  
(IN THOUSANDS)                                                                            1998              1997
- ----------------------------------------------------------------------------------------------------------------------
<S>                                                                          <C>                          <C>   
Cash flows from operating activities:
Net income                                                                   $         12,828             21,341
Adjustments to reconcile net income to net cash
   provided by operating activities:
   Depreciation, depletion and amortization                                            33,878             30,139
   Provision for aircraft heavy maintenance                                             8,733              8,186
   Provision for deferred income taxes                                                  2,115              2,328
   Other, net                                                                           7,519              5,309
   Changes in operating assets and liabilities
     net of effects of acquisitions and dispositions:
     Increase in receivables                                                          (12,381)           (10,471)
     Increase in inventories and
       other current assets                                                            (2,798)           (17,107)
     Decrease in current liabilities                                                  (17,399)            (7,897)
     Other, net                                                                       (10,789)            (8,033)
- ----------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities                                              21,706             23,795
- ----------------------------------------------------------------------------------------------------------------------

Cash flows from investing activities:
Additions to property, plant and equipment                                            (60,705)           (40,032)
Proceeds from disposal of property,
   plant and equipment                                                                    421              3,940
Aircraft heavy maintenance                                                             (9,659)            (9,473)
Acquisitions and related contingent payments,
   net of cash acquired                                                                   224            (54,094)
Other, net                                                                             (4,182)            13,901
- ----------------------------------------------------------------------------------------------------------------------
Net cash used by investing activities                                                 (73,901)           (85,758)
- ----------------------------------------------------------------------------------------------------------------------

Cash flows from financing activities:
Net additions to debt                                                                  61,265             80,834
Share and other equity activity, net                                                   (6,333)            (9,261)
- ----------------------------------------------------------------------------------------------------------------------
Net cash provided by financing activities                                              54,932             71,573
- ----------------------------------------------------------------------------------------------------------------------

Net increase in cash and cash equivalents                                               2,737              9,610
Cash and cash equivalents at beginning of period                                       69,878             41,217
- ----------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at end of period                                   $         72,615             50,827
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>


See accompanying notes.




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