Command Security Reports Third Quarter Results.Business Editors LAGRANGEVILLE, N.Y.--(BUSINESS WIRE)--Feb. 14, 2003 Command Security Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CMMD CMMD Ceramic Metal Matrix Diaphragm CMMD Command ): -- Revenue decreases 4.2% for quarter, up 29.4% year to date -- Gross Profit -- 17.24% versus 15.82% for quarter -- 21.74% versus 15.58% year to date -- Basic EPS -- $0.03 versus $0.07 for quarter -- $0.50 versus $0.00 year-to-date Command Security Corporation (OTCBB: CMMD) today reported results for its third fiscal quarter ending December 31, 2002. Revenue for the quarter decreased by 4.2% to $20,969,586 from the $21,890,743 reported in the same period of the prior fiscal year. Gross profit for the three months ended December 31, 2002 increased to $3,615,618 (17.24% of revenue) from $3,462,374 (15.82% of revenue) for the quarter ended December 31, 2001. Commenting on the revenue and gross profit for the quarter, William C. Vassell, Command's Chairman and President said, "I am pleased with the results of the quarter which we achieved despite the completion of our pre-board screening contract with the FAA in November 2002. During the quarter we continued to see growth in non pre-board screening services in our Aviation division. I believe that we are now positioned post federalization of pre-board screening services to generate further revenue increases above our current run rate of around $75-80 million in annual revenue, with stronger margins than we achieved pre September 11." Net income applicable to common stockholders for the three months ended December 31, 2002 was $191,502 or $0.03 per basic common share compared to $457,994 or $0.07 per basic common share for the same period in the prior fiscal year. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased to $7,219,269 or $1.15 per basic common share as of December 31, 2002 and has a 1.47 current ratio. Mr. Vassell added, "During this quarter general and administrative expenses increased to 14.95% of revenue compared to 12.08% recorded in the same period last year primarily as a result of costs associated with the FAA contract that continued post completion of the FAA work. These expenses were reduced in December. We believe that we are now well positioned both financially and operationally to take advantage of the increased interest in security." For the nine months ended December 31, 2002 revenue increased by 29.4% to $76,710,839 from the $59,289,308 recorded for the same period of the prior fiscal year. Gross profit increased to $16,676,128 (21.74% of revenue) for the nine months ending December 31, 2002 from the $9,239,099 (15.58% of revenue) for the same period in the prior fiscal year. Net income applicable to common shares was $3,131,778 or $0.50 per basic common share for the nine months ended December 31,2002 compared to $29,363 or $0.00 per basic share for the nine months ended December 31, 2001.
Three Months Ended Nine Months Ended
December 31, December 31,
-------------------------------------------- -------------------------
2002 2001 2002 2001
------------ ------------ ------------ ------------
Revenue $20,969,586 $21,890,743 $76,710,839 $59,289,308
Operating profit 316,847 604,747 5,236,371 522,896
Income before
income taxes 234,392 457,994 4,871,808 29,363
Provision for
income taxes (2,216) 0 (1,333,288) 0
------------ ------------ ------------ ------------
Net income 232,176 457,994 3,538,520 29,363
Preferred stock
dividends (40,674) 0 (406,742) 0
Net income
applicable
to common
stockholders $191,502 $457,994 $3,131,778 $29,363
============ ============ ============ ============
Net income
per common share
Basic $0.03 $0.07 $0.50 $0.00
============ ============ ============ ============
Diluted $0.03 $0.06 $0.46 $0.00
============ ============ ============ ============
Weighted average
number
of common shares
outstanding
Basic 6,287,343 6,287,343 6,287,343 6,287,343
============ ============ ============ ============
Diluted 7,601,970 7,519,878 7,749,783 7,519,878
============= =========== ============ ============
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 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. , 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). , 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 Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York , Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). 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. |
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