Command Security Corporation Announces Results for Fiscal Year.Business Editors LAGRANGEVILLE, N.Y.--(BUSINESS WIRE)--June 20, 2001 -- Revenue Increases 20.4% -- Gross Profit Percentage 16.2% -- Operating Income Increases 4.1% -- Working Capital Increases $1 Million Command Security Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CMMD CMMD Ceramic Metal Matrix Diaphragm CMMD Command ) today announced results for its fiscal year ended March 31, 2001. For the year, revenue increased to $71.3 million, a 20.4% increase from the $59.2 million recorded in the fiscal year ended March 31, 2000. A large portion of this increase in revenue is attributable to additional accounts within the commercial aviation industry ($8.2 million) and servicing of its national ATM contracts ($1 million). Gross profit as a percentage of revenue was 16.2% for fiscal 2001 as compared to 16.9% in fiscal 2000. The gross profit percentage for fiscal 2001 was impacted by increased labor costs. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the year ended March 31, 2001 increase to $327,865 a 4.1% increased over the $315,016 reported for the prior fiscal year. During fiscal 2001, $431,445 of expenses related to the termination of the stockholder derivative suit stockholder derivative suit A lawsuit filed by one or more of a company's stockholders in the name of the company. A derivative suit is filed when the firm's management will not or cannot sue in the name of the company. and a $125,000 one time fee for termination of a previous line of credit were included in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . The net loss for the year ended March 31, 2001 was ($438,886) compared to ($309,710) reported for the prior fiscal year. Following preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends, the net loss applicable to common shareholders was ($479,560) or ($.08) per share compared to $(487,561) or ($.07) per share in the prior fiscal year. The Board deferred preferred stock dividends of $122,022, or $.02 per common share, during fiscal 2001. Working capital increased to $1,874,000 as of March 31, 2001 compared to $750,000 as of March 31, 2000. William C. Vassell, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Command said, "Fiscal 2001 was a very significant year for Command. We were able to terminate a stockholder derivative suit, which had significantly impacted the ability of management to grow and develop our business. We now have a major shareholder who is an industry expert and shares our vision for growth. We have secured additional financial backing from LaSalle Business Credit to fund this growth. We have some exciting developments within our ATM and retail businesses, including expansion into the UK". Mr. Vassell added, "We are all extremely excited about the progress made during fiscal 2001 and believe that we should be able to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. this progress, continue our growth and return to profitability in FY 2002.
COMMAND SECURITY CORPORATION
Fiscal Year Ended,
March 31
2001 2000
---- ----
Revenue $71,320,440 $59,245,927
Operating income $327,865 $315,016
Net loss $(438,886) $(309,710)
Preferred stock dividend (40,674) (177,851)
-------- ---------
Net loss applicable
to common stockholders $(479,560) $(487,561)
========== ==========
Loss per common shares $(.08) $(.07)
====== ======
Weighted average number
of common shares outstanding 6,287,343 6,535,581
========= =========
About Command Command Security Corporation 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 via independent security companies nationwide. Statements in this press release other than statements of historical fact are "forward-looking statements." 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion