Command Security Corp. Reports Results for First Fiscal Quarter.LAGRANGEVILLE, N.Y.--(BUSINESS WIRE)--Aug. 16, 1999-- Command Security Corp. (Nasdaq:CMMD CMMD Ceramic Metal Matrix Diaphragm CMMD Command ) -- Net income to common shareholder up 212% -- EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. $.02 versus $.01 in prior year -- EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become $.11 per share Command Security Corp. (Nasdaq:CMMD) Monday reported results for its first fiscal quarter ended June 30, 1999. Revenues for the quarter ended June 30, 1999 decreased by 6.6% to $13,402,632 from the $14,351,339 reported for the same period in the prior fiscal year. However, gross profit as a percentage of revenue increased to 18.4% for the quarter ended June 30, 1999, compared to the 16.6% reported in the quarter ended June 30, 1998. Net income applicable to common stock shareholders increased by 212% to $148,760 or $.02 per share from the $47,544 or $.01 per share recorded in the same period in the prior fiscal period. EBITDA (Earnings before interest, taxes, depreciation, and amortization Earnings before interest, taxes, depreciation, and amortization (EBITDA) A financial measure defined as revenues less cost of goods sold and selling, general, and administrative expenses. ) was $758,337 or $.11 per share in the quarter ended June 30, 1999, compared to $742,591 or $.11 per share in the same period in the prior fiscal year. As of June 30, 1999, working capital was $650,116, an increase of approximately $450,000 from the working capital balance as of March 31, 1999. William C. Vassell, chairman of the board, commenting on the results said: "The company has achieved profitability despite what we believe to be a temporary decrease in revenue compared to the same quarter in the previous year. Senior management continues to execute greater selectivity selectivity /se·lec·tiv·i·ty/ (se-lek-tiv´i-te) in pharmacology, the degree to which a dose of a drug produces the desired effect in relation to adverse effects. selectivity 1. with respect to improved margin contracts as well as cost control plans. These efforts have resulted in improved income and increased working capital as we focus on enhancing profitability." Statements in this press release other than statements of historical fact are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ." Such statements are subject to certain risks and uncertainties including the demand for the company's services, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience , and other risk factors identified from time to time in the company's filings with the Securities and Exchange Commission that could cause actual results to differ materially from any forward looking statements. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements. Command Security Corp. provides security services Security services are state institutions for the provision of intelligence, primarily of a strategic nature, but also including protective security intelligence. Examples include the Security Service (MI5) and the Secret Intelligence Service (MI6) in the United Kingdom, and the through company-owned offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New Jersey, California, Illinois, Connecticut, Florida, Georgia, Massachusetts and Pennsylvania and provides services to independent security companies nationwide. -0-
Command Security Corp.
Condensed Statements of Operation
(Unaudited)
Three Months Ended
June 30
1999 1998
Revenues $13,402,632 $14,351,339
Operating income $ 324,930 $ 311,154
Net income $ 189,434 $ 85,205
Preferred stock
dividends $ (40,674) $ (37,661)
Net income applicable
to common stockholders $ 148,760 $ 47,544
Income per share $ .02 $ .01
Weighted average number
of common and common
equivalent shares
outstanding 6,658,143 6,658,143
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