Command Security Corporation Reports Fourth Quarter and Year-End Results.Annual Revenues Increase 10 Percent - Returns to Profitability LAGRANGEVILLE, N.Y. -- Command Security Corporation (AMEX AMEX See: American Stock Exchange :MOC MOC See Market on Close. ) announced today results for the fourth quarter and year ended March 31, 2007. Revenues for the three months ended March 31, 2007 increased $2,549,630, or 12.2%, to $23,513,197, compared with revenues of $20,963,567 in the same period of the prior year. Net income applicable to common stockholders increased $1,008,035 to $635,585, or $0.06 per share, compared with a net loss of $372,450, or $0.04 per share, in the same period of the prior year. Revenues for the year ended March 31, 2007 increased $8,613,931, or 10.1%, to $93,822,546, compared with revenues of $85,208,615 in the same period of the prior year. Net income applicable to common stockholders increased $1,339,634 to $1,240,039, or $0.12 per share, as compared with a net loss of $99,595, or $0.01 per share, in the same period of the prior year. The increase in revenues for the three and twelve month periods was primarily due to expanded services to both new and existing airline customers including new airport locations in Pittsburgh, Pennsylvania “Pittsburgh” redirects here. For the region, see Pittsburgh Metropolitan Area. Pittsburgh (pronounced IPA: /ˈpɪtsbɚg/) is the second largest city in the Commonwealth of Pennsylvania. , Oakland, California “Oakland” redirects here. For other uses, see Oakland (disambiguation). Oakland (IPA: /ˈoʊklənd/), founded in 1852, is the eighth-largest city in the U.S. , and Seattle, Washington The reason for its protection is listed on the protection policy page. ; and the purchase of a non-airline related 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 business in Florida. Net income for both the three months and year ended March 31, 2007 include a tax benefit of $450,000 related to the Company's recognition of a portion of its deferred tax assets. Barry I. Regenstein, President, stated "We are extremely pleased that we have met our stated goals of continuing growth and returning Command Security to profitability. Our plan is to continue, if not accelerate, our growth in both segments of our business while enhancing profitability. The key elements of our plan include organic growth through the expansion of services and service offerings; strategic acquisitions that are accretive in both new and existing markets; expanding our cost-reduction programs; and continuing our efforts to improve the quality of service provided to our loyal customers and business partners. We believe that the quality of our service is our distinguishing characteristic Noun 1. distinguishing characteristic - an odd or unusual characteristic distinctive feature, peculiarity characteristic, feature - a prominent attribute or aspect of something; "the map showed roads and other features"; "generosity is one of his best in the security marketplace. The emphasis on quality and the recognition of our quality will be important to both our growth and improved profitability." Command Security Corporation provides aviation and security officer services through over thirty company-owned offices in California, Connecticut, Delaware, Florida, Illinois, Maine, Maryland, Massachusetts, Nevada, New Jersey, 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 , Oregon, Pennsylvania and Washington. This announcement 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors including the ability of the Company to successfully commercialize its new technologies as well as risk factors set forth under "Risk Factors" in the Company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended March 31, 2006, and such other risks detailed from time to time in the Company's periodic and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For more information concerning the Company, please refer to its website at www.commandsecurity.com and to the Edgar website www.sec.gov/edgar.shtml. [TABLE OMITTED] [TABLE OMITTED] |
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