Command Security Corp. revenues, gross profit and net income increase.LAGRANGEVILLE, N.Y.--(BUSINESS WIRE)--Feb. 10, 1997--Command Security Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CMMD CMMD Ceramic Metal Matrix Diaphragm CMMD Command ) Monday reported results for the third quarter ended Dec. 31, 1996. Revenues for the quarter increased to $12,904,267 from $12,857,564. For the nine months ended Dec. 31, 1996, revenues decreased to $37,626,131 from $41,988,568 reported for the same period last year. Gross profit for the quarter ended December 1996 increased by $303,061 to $2,254,379 or 17.5% of revenue, compared to $1,951,318 or 15.2% of revenue for the same period last year. For the nine months, gross profit increased $536,425 to $6,571,398 or 17.5% of revenue compared to $6,034,973 or 14.4% of revenue for the same period last year. -0-
COMMAND SECURITY CORP.
Condensed Statements of Operation (Unaudited)
Three Months Ended Nine Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1996 1995
Revenue $12,904,267 $12,857,564 $37,626,131 $41,988,658
Net Income/(Loss) 669,691 662,412 650,195 (46,917)
Preferred Stock
Dividends (32,291) (29,901) (96,873) (101,172)
Net Income/(Loss)
Applicable to Common
Shareholders $ 637,400 $ 632,511 $ 553,322 $ (148,089)
Net Income/(Loss)
per Share $0.09 $0.10 $0.08 $(0.02)
Net income for the three months ended Dec. 31, 1996 increased to $637,400 from the $632,511 reported for the same period last year. For the nine months, net income increased to $553,322 from a loss of ($148,089) reported in the same period last year. Earnings per share for the three months ended Dec. 31, 1996 were $.09 per share compared to $.10 per share in the prior period due to a larger number of shares outstanding. For the nine months, earnings per share were $.08 compared to a loss of ($.02) per share in the same period last year. Following the end of the quarter, Command will be receiving 390,774 or approximately 5% of the outstanding shares of common stock back, which were securing notes, and will be retiring these shares. Commenting on the results of the quarter William C. Vassell, chairman of the board said: "We are extremely pleased with the results achieved during the quarter. Despite the pruning pruning, the horticultural practice of cutting away an unwanted, unnecessary, or undesirable plant part, used most often on trees, shrubs, hedges, and woody vines. of unprofitable accounts we were able to report an increase in revenues for the quarter." Vassell added: "As a consolidator in the industry where acquisitions consist of mostly intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. written off over a relatively short period, we feel that an important measure of our financial results is earnings before depreciation and amortization, which represents operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. . For the quarter earnings before depreciation and amortization increased by 14% to $1,173,361 from $1,028,228 in the same period in the prior year. For the nine months earnings before depreciation and amortization increased by 108% to $2,149,999 from the $1,033,919 recorded in the prior year." 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 California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. and Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). and provides back-office service agreements to independent security companies nationwide. CONTACT: William C. Vassell, Chairman of the Board 914/454-3703 or H. Richard Dickinson, Chief Financial Officer 212/689-6565 or Radcliffe & Associates Inc. Donald Radcliffe, 212/605-0174 |
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