Command Reports Increased Second Quarter
Revenues and Earnings
Command Security Corporation (NYSE MKT: MOC) today reported
financial results for its second fiscal quarter ended September 30,
2013.
Revenues for the three months ended September 30, 2013, were
$40,147,092, compared with $38,164,921 in the same period of the
prior year, an increase of 5.2%. Operating income for the three
months ended September 30, 2013, increased 86% to $1,290,052,
compared with $691,936 in the same period of the prior year. Net
income for the three months ended September 30, 2013, increased 92%
to $633,221, or $0.07 per basic and diluted share, compared with
$329,277, or $0.03 per basic and diluted share in the same period
of the prior year.
Revenues for the six months ended September 30, 2013, were
$78,108,587, compared with $73,806,600 in the same period of the
prior year, an increase of 5.8%. Operating income for the six
months ended September 30, 2013, increased 27% to $1,528,895,
compared with $1,205,719 in the same period of the prior year. Net
income for the six months ended September 30, 2013, increased 19%
to $666,454, or $0.07 per basic and diluted share, compared with
$560,546, or $0.06 per basic and diluted share in the same period
of the prior year.
The increase in revenues for three and six months ended
September 30, 2013, compared with the corresponding periods of the
prior year was due primarily to the following:
- Increased revenues associated with an
expansion of services provided under a contract with a major
transportation company;
- Addition of new revenues from New York
based medical care facilities; and,
- Continued expansion of aviation related
security services at east and west coast airports.
The increase in operating income and net income for the three
and six months ended September 30, 2013, as compared to the
corresponding periods of the prior year was due primarily to the
increases in revenues and the absence of $750,000 of restructuring
and relocation costs incurred during the three months ended
September 30, 2012, in connection with the Company's consolidation
of its corporate headquarters personnel and functions to Herndon,
VA. This increase in operating income and net income was partially
offset by costs associated with ongoing legal issues including
continuing litigation with a non-certified union in California. The
non-certified union is seeking to be re-recognized by a work group
that had previously voted to withdraw recognition.
Craig P. Coy, Chief Executive Officer of Command Security,
stated, “The second quarter was an exciting and busy time for the
company. The addition of Mark Sullivan, former Director of the
United States Secret Service, has added tremendous value and
experience to our Board. Our initiatives to update and improve our
operating systems continue at full pace. The recent award of the
General Services Administration (GSA) contract which enables the
Company to respond to requests for proposals (RFP) and be awarded
new business directly with U.S. Federal Government agencies was a
major accomplishment toward achieving one of our strategic
objectives. New business awards demonstrate the quality of our
operations team and the importance of our invigorated sales team.
We recognize the on-going market challenges and are working to meet
them with continued process improvements and strengthened
management.”
About Command Security
Corporation
Command Security Corporation and its Aviation Safeguards
division provide physical security solutions through uniformed
security officers, aviation security services and support security
services to commercial, financial, industrial, aviation and
governmental customers throughout the United States. We safeguard
against theft, fraud, fire, intrusion, vandalism and the many other
threats that our customers are facing today. By partnering with
each customer, we design programs customized to meet their specific
security needs and address their particular concerns. We bring
years of expertise, including sophisticated systems for hiring,
training, supervision and oversight, backed by cutting-edge
technology, to every situation that our customers face involving
security. Our mission is to enable our customers to operate their
businesses without disruption or loss, and to create safe
environments for their employees. For more information concerning
our company, please refer to our website at
www.commandsecurity.com.
Forward-Looking Statements
This announcement by Command Security Corporation (referred to
herein as the “Company”) contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, Section
21E of the Securities Exchange Act of 1934, and within the meaning
of the Private Securities Litigation Reform Act of 1995 about the
Company that are based on management’s assumptions, expectations
and projections about the Company. Such forward-looking statements
by their nature involve a degree of risk and uncertainty. The
Company cautions that actual results of the Company could differ
materially from those projected in the forward-looking statements
as a result of various factors, including but not limited to the
factors described under the heading “Risk Factors” in the Company’s
most recent Annual Report on Form 10-K for the fiscal year ended
March 31, 2013, filed with the Securities and Exchange Commission,
and such other risks disclosed from time to time in the Company’s
periodic and other reports filed with the Securities and Exchange
Commission. You should consider the areas of risk described above
in connection with any forward-looking statements that may be made
by the Company. The Company undertakes no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future events or otherwise. You are advised, however,
to consult any additional disclosures the Company makes in proxy
statements, quarterly reports on Form 10-Q, annual reports on Form
10-K and current reports on Form 8-K filed with the Securities and
Exchange Commission, which are publicly available at the Securities
and Exchange Commission’s website at www.sec.gov/edgar.shtml.
COMMAND SECURITY CORPORATIONCONDENSED STATEMENTS
OF INCOME(Unaudited) Three
Months Ended Six Months Ended
September 30,
2013
September 30,
2012
September 30,
2013
September 30,
2012
Revenues $ 40,147,092 $ 38,164,921 $ 78,108,587 $ 73,806,600
Operating income 1,290,052 691,936 1,528,895 1,205,719 Income
before income taxes 1,243,221 669,277 1,426,454 1,150,546 Provision
for income taxes 610,000 340,000 760,000 590,000 Net income $
633,221 $ 329,277 $ 666,454 $ 560,546 Net income per common
share Basic $ 0.07 $ 0.03 $ 0.07
$ 0.06 Diluted $ 0.07 $ 0.03 $
0.07 $ 0.06 Weighted average number of common
shares outstanding Basic 9,179,531 9,666,498
9,136,565 9,666,498 Diluted 9,268,333
9,666,498 9,330,651 9,666,498
Balance Sheet Highlights
September 30,
2013
March 31,
2013
(Unaudited) (Audited) Cash and cash
equivalents $ 775,764 $ 8,504 Accounts receivable 27,100,877
28,460,654 Total current assets 29,805,267 32,401,930 Total assets
$ 35,692,412 $ 38,331,143 Short-term borrowings 7,540,693 8,482,331
Total current liabilities 17,233,610 20,768,032 Total liabilities
17,874,976 21,372,243 Stockholders’ equity 17,817,436 16,958,900
Total liabilities and stockholders’ equity $ 35,692,412 $
38,331,143
Command Security CorporationN. Paul Brost, 703-464-4735
Command Security Corp. (AMEX:MOC)
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