Command Security Corporation announces second quarter results.LAGRANGEVILLE, N.Y.--(BUSINESS WIRE)--Nov. 21, 1995--Command Security Corporation (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 ) today announced its results for the second quarter ended September 30, 1995. -0-
Condensed Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1995 1994 1995 1994
Restated Restated
Revenue $14,228,641 $11,463,010 $29,131,094 $20,452,360
Net loss (522,993) (28,470) (709,329) (165,588) Preferred stock dividends (71,271) -0- (71,271) -0- Net loss applicable to common shareholders $ (594,264) $ (28,470) $ (780,600) $ (165,588) Net loss per share $ (.09) $ (.01) $ (.12) $ (.04) Revenue increased by approximately 24% over the quarter ended September 30, 1994 and gross profit increased to $1,926,219 or 13.5% of revenue compared to $1,480,404 or 12.9% of revenue for the comparable quarter in 1994. The net loss for the current period includes an additional charge against gross profit in the amount of $250,000 with respect to amounts claimed by a union for past health and welfare benefits. The company is continuing to negotiate with the union to resolve the matter. The net loss also includes an additional accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. of $168,000 as a result of an arbitration award An arbitration award (or arbitral award) is a determination on the merits by an arbitration tribunal in an arbitration, and is analogous to a judgment in a court of law. to a former employee. Exclusive of these two charges, the net loss for the quarter ended September 30, 1995 would have been $104,993 versus $186,336 for the first fiscal quarter ended June 30, 1995. William C. Vassell, chairman of the board, stated, "With the United acquisition now fully integrated, management continues to implement its plans to reduce its operating and administrative expense, through staff reductions, limitations on professional fees and more aggressive marketing activities. The majority of these actions have only recently been effected and the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact should be reflected in future periods." 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, Connecticut and Florida and provides back-office service agreements to independent security companies nationwide. CONTACT: Command Security Corporation, Lagrangeville William C. Vassell, 914/454-3703 or H. Richard Dickinson, 212/689-6565 |
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