Worse than first reported.
Command Systems Issues Correction to
1998 Earnings Per Share Calculation
FARMINGTON, Conn.--(BUSINESS WIRE)--March 5,
1999--Command Systems, Inc. (NASDAQ:CMND - news) today issued a correction to its earnings per
share calculation for the twelve months ended December 31, 1998, as previously reported by the
Company on February 16, 1999. Basic and diluted earnings per share for the period were a loss of $.29,
rather than the previously reported loss of $.25. There were no other changes to the information
previously reported.
Command Systems, whose main office is in Farmington, Connecticut, provides a wide range of
information technology solutions and services, consulting, training and outsourcing to financial services
organizations to support their evolving business processes and systems requirements. Its web site is
commandsys.com.
Statements contained in this document which are not historical fact are forward-looking statements
based upon management's current expectations that are subject to risks and uncertainties that could
cause actual results to differ materially from those set forth in or implied by forward-looking statements.
Command Systems, Inc.
Condensed Consolidated Statement of Income
(in thousands, except per share data)
Twelve Months Ended December 31,
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1998 1997
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Revenue $ 35,215 $ 25,057
Cost of revenue 24,528 16,973
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Gross profit 10,687 8,084
Selling, general and administrative
expense (1) 13,270 7,255
Amortization of goodwill 456 --
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(Loss) income from operations (3,039) 829
Other income (expense):
Foreign exchange gain 87 --
Interest income (expense), net 867 (277)
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(Loss) income before benefit (provision) for
income taxes and minority interest (2,085) 552
Benefit (provision) for income taxes 318 (598)
Minority interest -- (451)
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Net loss $ (1,767) $ (497)
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Preferred stock dividends and accretion $ (260) $ (80)
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Loss applicable to common stockholders $ (2,027) $ (577)
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Loss per share - Basic $ (0.29) $ (0.13)
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Loss per share - Diluted $ (0.29) $ (0.13)
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Weighted average number of shares
outstanding - Basic 7,018 4,275
Weighted average number of shares
outstanding - Diluted 7,018 4,275
(1) Includes for 1998 one time charges of $1.8 million for the
settlement of claims, and for payments of related legal fees and
expenses
Contact:
Command Systems, Inc.
Peter Duda, 212/445-8222 |
