Attached files
| file | filename |
|---|---|
| 10-K - COMMAND SECURITY CORP | v189015_10k.htm |
| EX-3.4 - COMMAND SECURITY CORP | v189015_ex3-4.htm |
| EX-31.2 - COMMAND SECURITY CORP | v189015_ex31-2.htm |
| EX-31.1 - COMMAND SECURITY CORP | v189015_ex31-1.htm |
| EX-32.1 - COMMAND SECURITY CORP | v189015_ex32-1.htm |
NEWS
RELEASE
 |
 |
Company
Contact:
Barry
Regenstein, President
Command
Security Corporation
845-454-3703
COMMAND
SECURITY CORPORATION ANNOUNCES FINANCIAL RESULTS
Annual
Revenues Increase 11% and Net Income Increases 27%
For
Fiscal 2010
Lagrangeville,
NY, June 23, 2010 — Command Security Corporation
(NYSE Amex: MOC) announced today its financial and operating results for the
fourth quarter and fiscal year ended March 31, 2010.
Revenues
for the three months ended March 31, 2010 increased 9.8% to $35,559,206,
compared with revenues of $32,397,674 in the same period of the prior
year. Net income was $181,192, or $.02 per basic and diluted share
compared with a net loss of $123,326, or $.01 per basic and diluted share,
respectively, in the same period of the prior year. Operating income was
$677,176, or 1.9%, compared to $205,745, or .6% in the same period of the prior
year.
Revenues
for the fiscal year ended March 31, 2010 increased 11.4% to $145,694,630,
compared with revenues of $130,813,244 for the fiscal year ended March 31,
2009. Net income increased to $1,631,639, or $.15 per basic and diluted
share compared with $1,281,883, or $.12 and $.11 per basic and diluted share,
respectively, for the fiscal year ended March 31, 2009. Operating income
was $3,704,251, or 2.5%, compared to $3,007,641, or 2.3% for the fiscal year
ended March 31, 2009.
Revenue
growth during the three months and fiscal year ended March 31, 2010 was
primarily attributable to the following events:
|
|
·
|
The
commencement of security services during the first quarter of fiscal 2010
under a new contract to provide such services to a major transportation
company at approximately 120 locations in twenty-one states throughout the
eastern and western regions of the United
States;
|
|
|
·
|
Expansion
of security services provided to new and existing customers, including
several of the nation’s largest banks, a large grocery market distribution
center in California, a company that provides merchandising and
distribution services to a major grocery retailer in New Jersey, a world
leader in electronic design automation and a worldwide innovative
technology company; and
|
|
|
·
|
The
acquisition of two security services
businesses in Florida.
|
Commenting
on the fiscal 2010 results, Edward S. Fleury, Chief Executive Officer of Command
Security, stated “We are encouraged with recent trends as reflected in our
financial results in the fourth quarter, which included positive comparable
sales, effective cost management and earnings growth. We continue to focus
on strategically positioning the Company for growth and additional market
penetration expected to result from prudently investing in sales &
marketing, technology and acquisitions. Heading into fiscal 2011, we
remain focused on investing across our business to better serve our customers
which, in turn, will drive superior financial performance over the long
term.”
Barry I.
Regenstein, President of Command Security, stated, “As we move into fiscal 2011,
we are better positioned to respond to market opportunities and move the Company
towards reaching higher profitability. We remain focused on carefully
managing our costs, achieving gross margin improvement and maintaining adequate
liquidity to effectively manage our business regardless of the market
direction.”
About Command Security
Corporation
Command
Security Corporation provides 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, 2010, 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 CORPORATION
|
Three Months Ended
March 31,
(Audited)
|
Fiscal Year Ended
March 31,
(Audited)
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Revenues
|
$ | 35,559,206 | $ | 32,397,674 | $ | 145,694,630 | $ | 130,813,244 | ||||||||
|
Operating
income
|
677,176 | 205,745 | 3,704,251 | 3,007,641 | ||||||||||||
|
Other
expense
|
96,984 | 124,932 | 446,912 | 461,619 | ||||||||||||
|
Provision
for income taxes
|
399,000 | 204,139 | 1,625,700 | 1,264,139 | ||||||||||||
|
Net
income (loss)
|
$ | 181,192 | $ | (123,326 | ) | $ | 1,631,639 | $ | 1,281,883 | |||||||
|
Net
income (loss) per common share
|
||||||||||||||||
|
Basic
|
$ | 0.02 | $ | (0.01 | ) | $ | 0.15 | $ | 0.12 | |||||||
|
Diluted
|
$ | 0.02 | $ | (0.01 | ) | $ | 0.15 | $ | 0.11 | |||||||
|
Weighted
average number of common shares outstanding
|
||||||||||||||||
|
Basic
|
10,872,098 | 10,772,613 | 10,848,375 | 10,772,613 | ||||||||||||
|
Diluted
|
11,183,393 | 11,364,821 | 11,210,831 | 11,391,047 | ||||||||||||
|
Balance Sheet Highlights
|
March 31, 2010
|
March 31, 2009
|
||||||
|
(Audited)
|
(Audited)
|
|||||||
|
Cash
|
$ | 1,211,948 | $ | 177,011 | ||||
|
Accounts
receivable
|
23,131,801 | 21,603,826 | ||||||
|
Total
current assets
|
28,540,443 | 25,898,164 | ||||||
|
Total
assets
|
36,715,081 | 34,265,035 | ||||||
|
Total
current liabilities
|
19,116,985 | 18,792,120 | ||||||
|
Short-term
debt
|
10,995,744 | 11,006,134 | ||||||
|
Total
liabilities
|
19,931,846 | 19,543,467 | ||||||
|
Stockholders’
equity
|
16,783,235 | 14,721,568 | ||||||
|
Total
liabilities and stockholders’ equity
|
$ | 36,715,081 | $ | 34,265,035 | ||||