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Technology Stocks : Command Systems, Inc. (CMND) -- Ignore unavailable to you. Want to Upgrade?

To: JDN who wrote (1839)	3/7/1999 8:40:00 AM
From: Starfish*	Read Replies (1) \| Respond to of 1956

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, -------------------- -------------------- 1998 1997 -------- -------- -------- -------- Revenue $ 35,215 $ 25,057 Cost of revenue 24,528 16,973 -------- -------- -------- -------- Gross profit 10,687 8,084 Selling, general and administrative expense (1) 13,270 7,255 Amortization of goodwill 456 -- -------- -------- -------- -------- (Loss) income from operations (3,039) 829 Other income (expense): Foreign exchange gain 87 -- Interest income (expense), net 867 (277) -------- -------- -------- -------- (Loss) income before benefit (provision) for income taxes and minority interest (2,085) 552 Benefit (provision) for income taxes 318 (598) Minority interest -- (451) -------- -------- ======== ======== Net loss $ (1,767) $ (497) ======== ======== ======== ======== Preferred stock dividends and accretion $ (260) $ (80) ======== ======== ======== ======== Loss applicable to common stockholders $ (2,027) $ (577) ======== ======== ======== ======== Loss per share - Basic $ (0.29) $ (0.13) ======== ======== ======== ======== Loss per share - Diluted $ (0.29) $ (0.13) ======== ======== ======== ======== 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