Command Security Corporation Reports Second Fiscal Quarter Results.LAGRANGEVILLE, N.Y. -- Command Security Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CMMD CMMD Ceramic Metal Matrix Diaphragm CMMD Command ) announced today its results for the second fiscal quarter ended September 30, 2004. Revenues for the three months ended September 30, 2004 increased $1,471,735, or 7.8%, to $20,455,171, compared to revenues of $18,983,436 in the same period of the prior year. Revenues for the six months ended September 30, 2004 increased $4,066,657, or 11.4%, to $39,623,918, compared to revenues of $35,557,261 in the same period of the prior year. The increase in revenues was primarily due to an aviation services contract with Delta Airlines that commenced in August 2003. The company incurred a small operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the three months ended September 30, 2004 of $11,054, compared to operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $409,212 in the same period of the prior year. Operating losses for the six months ended September 30, 2004 were $355,371, compared to operating profits of $358,812 in the same period of the prior year. Operating losses include approximately $380,000 and $470,000 of costs incurred by the Company during the three and six months ended September 30, 2004, respectively, in connection with the change in the Company's management and Board of Directors in August 2004, including the resignation of the Company's former Chief Executive Officer, and related legal expenses. Net loss applicable to common stockholders for the three months ended September 30, 2004 was $112,862, compared to net income applicable to common stockholders of $206,533 in the same period of the prior year. However, the Company's net loss of $112,862 for the quarter ended September 30, 2004 is a substantial improvement from the net loss of $478,461 for the immediately preceding quarter ended June 30, 2004. Net loss applicable to common stockholders for the six months ended September 30, 2004 was $591,323, compared to net income applicable to common stockholders of $30,882 in the same period of the prior year. Net loss per common share for the three months ended September 30, 2004 was $.02, and net loss per common share for the six months ended September 30, 2004 was $.09. Command does not present diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. loss per common share for the three and six months ended September 30, 2004, because the effect of the assumed issuance of common shares upon the exercise of outstanding warrants and stock options was antidilutive antidilutive Of or relating to the conversion of convertible securities into common stock when such conversion would result in an increase in diluted earnings per share or a decrease in diluted loss per share. . Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $.03 and $.005 for the three and six months ended September 30, 2003, respectively. Commenting on the results, Barry Regenstein, the Company's Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and Chief Financial Officer, stated, "We are pleased with the significant reduction in the Company's net loss achieved during the current quarter and have instituted a cost reduction program in October 2004 which we expect to reduce the Company's expenses for both the remainder of fiscal 2005 and future periods. Additionally, we are encouraged by the smooth management transition effected during the current quarter and the ongoing contributions to our company by our dedicated and hard-working employees. We also believe that we have a significant opportunity to benefit from our ability to now bid on lucrative U.S. homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States contracts, which we were precluded from doing until the recent sale by our substantial U.K.-based shareholder of its entire ownership position in Command." Command Security Corporation provides aviation and security guard services 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, Connecticut, Florida, Massachusetts Florida is a town in Berkshire County, Massachusetts, United States. It is part of the Pittsfield, Massachusetts Metropolitan Statistical Area. The population was 676 at the 2000 census. , Pennsylvania, Maryland and Oregon. 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. 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.
COMMAND SECURITY CORPORATION
Three Months Ended Six Months Ended
September 30, September 30,
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2004 2003 2004 2003
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Revenue $20,455,171 $18,983,436 $39,623,918 $35,557,261
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Operating profit
(loss) (11,054) 409,212 (355,371) 358,812
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Net income (loss) (112,862) 247,207 (552,910) 112,230
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Preferred stock
dividends -- (40,674) (38,413) (81,348)
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Net income (loss)
applicable to common
stockholders $(112,862) $206,533 $(591,323) $30,882
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Net income (loss) per
common share
Basic ($0.02) $0.03 ($0.09) $0.005
Diluted n/a $0.03 n/a $0.005
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Weighted average
number of common
shares outstanding
Basic 7,519,878 6,287,343 6,944,695 6,287,343
Diluted n/a 6,336,400 n/a 6,339,376
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