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10-Q - COMMAND SECURITY CORP | v193283_10q.htm |
EX-32.1 - COMMAND SECURITY CORP | v193283_ex32-1.htm |
EX-31.2 - COMMAND SECURITY CORP | v193283_ex31-2.htm |
EX-31.1 - COMMAND SECURITY CORP | v193283_ex31-1.htm |
EX-32.2 - COMMAND SECURITY CORP | v193283_ex32-2.htm |
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NEWS
RELEASE
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Company
Contact:
Barry
Regenstein, President
Command
Security Corporation
845-454-3703
COMMAND
SECURITY CORPORATION REPORTS
RESULTS
FOR FIRST QUARTER OF FISCAL 2011
Operating
Income Increases 129% and Net Income Increases 178%
For
First Quarter Fiscal 2011
Lagrangeville,
New York***August 11, 2010***Command Security Corporation
(NYSE Amex: MOC) announced today its financial results for its first fiscal
quarter of 2011 ended June 30, 2010.
For the
three months ended June 30, 2010, revenues increased 3.3% to $36,236,168,
compared with revenues of $35,067,884 in the same period of the prior
year. Operating income for the three months ended June 30, 2010
increased 129.2% to $917,709, compared with $400,369 in the same period of the
prior year. Net income increased 177.7% to $442,175, or $0.04 per
basic and diluted share, compared with $159,220, or $0.01 per basic and diluted
share, in the same period of the prior year.
The
increase in revenues for the three months ended June 30, 2010 was due primarily
to the following events:
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·
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A
full three months of revenues during the current fiscal quarter under a
contract that commenced at various dates during the prior year period to
provide security services to a major transportation company;
and
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·
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Expansion
of security services provided to new customers, including an electronic
design company, a technology company, and a major New York City based
hospital.
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The
increase in net income for the three months ended June 30, 2010 compared to the
corresponding period of the prior fiscal year was due mainly to a full three
months of operations under a contract that commenced at various dates during the
prior year period to provide security services to a major transportation company
and expanded security services provided to new customers as described
above. The increase in net income was partially offset by the loss of
a contract with Delta Air Lines to provide skycap, wheelchair, cargo, security
and baggage handling services at John F. Kennedy International Airport and
continued reductions of service hours for several of our airline customers,
which we believe is primarily resulting from a downturn in their respective
businesses.
In
commenting on results from the first fiscal quarter of 2010, Edward S. Fleury,
Chief Executive Officer of Command Security, said, “We are proud of the fact
that our long-term commitments to operational excellence have provided Command
Security with a stable revenue base while we continue to make progress against
our strategic goals of balance sheet strength, expense management and growth.
Despite economic headwinds which include a competitive marketplace, an increased
regulatory and compliance environment and escalating state budgetary issues-all
of which affect our top line and earnings, the team was successful in winning
key new business that will support our efforts to drive market share
improvements. We look forward to the future as we remain focused on
providing our clients with exceptional service.”
Barry I.
Regenstein, President of Command Security, stated, “We are very pleased to
report strong year-over-year improvements across all our financial
metrics. We believe our progress, particularly on the balance sheet
and expense management, enables us to better withstand the effects of ongoing
market volatility. In addition, we continue to be mindful that in
order for us to be successful, we must continue to execute our plans, serve
customers well, anticipate challenges and win in the marketplace every
day.”
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
June 30,
(Unaudited)
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2010
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2009
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Revenues
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$ | 36,236,168 | $ | 35,067,884 | ||||
Operating
income
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917,709 | 400,369 | ||||||
Other
expense
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90,534 | 116,149 | ||||||
Provision
for income taxes
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385,000 | 125,000 | ||||||
Net
income
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$ | 442,175 | $ | 159,220 | ||||
Net
income per common share
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||||||||
Basic
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$ | 0.04 | $ | 0.01 | ||||
Diluted
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$ | 0.04 | $ | 0.01 | ||||
Weighted
average number of common shares outstanding
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||||||||
Basic
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10,872,098 | 10,804,683 | ||||||
Diluted
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11,154,435 | 11,258,041 |
Balance Sheet Highlights
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June 30, 2010
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March 31, 2010
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||||||
(Unaudited)
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(Audited)
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|||||||
Cash
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$ | 2,549,349 | $ | 1,211,948 | ||||
Accounts
receivable
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22,303,463 | 23,131,801 | ||||||
Total
current assets
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27,600,992 | 28,540,443 | ||||||
Total
assets
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35,769,304 | 36,715,081 | ||||||
Total
current liabilities
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17,685,616 | 19,116,985 | ||||||
Short-term
debt
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9,497,872 | 10,995,744 | ||||||
Total
liabilities
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18,340,750 | 19,931,846 | ||||||
Stockholders’
equity
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17,428,554 | 16,783,235 | ||||||
Total
liabilities and stockholders’ equity
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$ | 35,769,304 | $ | 36,715,081 |