All-- More bad news for cmmd>>>>Monday August 11 11:16 AM EDT
And Andrew--2nd Thursday!!!!!!!!!!!!!!!!!!!!
Company Press Release
Command Security Corp. reports first quarter results
LAGRANGEVILLE, N.Y.--(BUSINESS WIRE)--Aug. 11, 1997--Command Security Corp.
(NASDAQ:CMMD) Monday reported the results for its first fiscal quarter, ended June 30, 1997.
Revenues for the quarter decreased slightly to $11,788,480 from the $12,000,789 reported for
the same period last year. The net loss applicable to common stockholders for the quarter
increased to $(511,105) or $(.07) per share from the $(122,174) or $(.02) per share recorded
for the same quarter last year.
During the period there was an increase of $295,000 in the provision for self insurance reserves (a
non-cash charge). This provision is based upon actuarial computations and the timing of reported
claims and is not necessarily indicative of a trend. Without this non-cash charge, gross profit as a
percentage of sales would have been 16.3% in both the current quarter as well as in the same
quarter last year.
Commenting on the results of the quarter, William C. Vassell, chairman of the board said: ``We
are beginning to regain our momentum following our year of consolidation in fiscal 1997. During
the last quarter we began to provide guard service connected with the maintenance of ATM
machines. At present we have obtained contracts which are expected to produce in excess of
$500,000 in annual revenue. We are aggressively pursuing additional contracts in this area which
we feel has substantial growth potential.''
During the quarter revenues for employer of record service agreement clients, which are not
reflected on Command's financial statements increased to $4,869,219 from the $3,754,033
generated in the same period last year. Revenue, attributable to Command for the services
performed for all services agreement clients increased to $427,793 from the $327,772 recorded in
the prior period.
Vassell added, ``We are pleased to report this quarter that net cash provided by operating
activities increased to $1,283,261 from the $672,363 generated in the same period last year.''
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995. When used in
this release, the words ``expect,'' ``anticipate,'' ``feel,'' ``indicate,'' and similar expressions are
intended to identify forward looking statements. Such statements are subject to certain risks and
uncertainties, including fluctuations in interest rates, changes in customer demand, and other factors
that cause actual results to differ materially from any forward looking statements.
COMMAND SECURITY CORP.
CONDENSED STATEMENT OF OPERATIONS
Three Months Ended
June 30, June 30,
1997 1996
Revenue $11,788,480 $12,000,789
Net Loss (476,234) (89,883)
Preferred Stock Dividends (34,871) (32,291)
Net Income Applicable
to Common Stockholders $ (511,105) $ (122,174)
Net Loss Per Share $(.07) $(.02)
Command Security Corp. provides security services through company owned offices in New
York, New Jersey, California, Illinois, Connecticut, Florida and Pennsylvania and provides
back-office service agreements to independent security companies nationwide.
Contact:
Command Security Corp.
William C. Vassell, Chairman of the Board
914/454-3703
or
Radcliffe & Associates Inc.
Donald Radcliffe, 212/605-0174 |
