Command Systems, Inc. Reports Third Quarter Results.Business/Technology Editors FARMINGTON Farmington. 1 Town (1990 pop. 20,608), Hartford co., central Conn., on the Farmington River; inc. 1645. It is mainly residential with some light industries. The town has a private girls' school and the Univ. , Conn.--(BUSINESS WIRE)--Oct. 24, 2000 Command Systems, Inc. (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 :CMND CMND Command CMND Chung Minh Nhan Dan (Vietnamese Identity Card) ), an Information Systems and Technology Solutions company focused on providing a wide range of cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. , strategic solutions and services to help customers fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. their Information Technology requirements, today reported financial results for its third quarter and nine months ended September September: see month. 30, 2000. Revenue in the third quarter ended September 30, 2000 was $6.3 million, $700,000 higher than the $5.6 million recorded in the second quarter of 2000. Revenue in the third quarter of 1999 was $6.6 million. Revenue for the first nine months of 2000 was $17.5 million, compared to $20.6 million for the first nine months of 1999. Net loss for the third quarter of 2000 was $429,000, or ($0.06) per share, compared to a net loss of $839,000, or ($0.11) per share, for the second quarter of 2000 and $628,000, or ($0.08) per share, in the third quarter of 1999. Net loss for the first nine months of 2000 was $2.1 million, or ($0.27) per share, compared to a net loss of $2.7 million, or ($0.35) per share, for the first nine months of 1999. Commenting on the Company's third quarter results, Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide G. Caputo, President and 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. , said, "As our 3rd quarter results indicate, we believe that we are making progress in our efforts to return the company to profitability. Many of the projects that we sold in the 1st half of the year, are starting to have a positive impact during the second half of the year. In addition to increasing our revenue, we also took additional steps toward cutting costs and increasing utilization in the 3rd quarter, which should have a positive impact in future quarters." Mr. Caputo went on to say, "Our recent win of the Web Enablement Project at MassMutual, combined with the continued success of our Multi-Site Integrated Solution Strategy, are building positive momentum, as our customers search for solutions to lower operating costs operating costs npl → gastos mpl operacionales and satisfy technology requirements, in an era of increasing competition and scarce technology resources. Our Offshore Technology Resource Center is an important source for the high quality technical resources our customers need to maintain their existing book of business and build new products for the future." "Recent legislation, increasing the immigration immigration, entrance of a person (an alien) into a new country for the purpose of establishing permanent residence. Motives for immigration, like those for migration generally, are often economic, although religious or political factors may be very important. level for information technology resources to 600,000 people over the next three years, underscores the need for high tech talent. Command Systems, through its Bangalore, India subsidiary, is well positioned to provide talented resources in a wide variety of skill sets, ranging from Java to Oracle." About Command Systems Command Systems, whose main office is in Farmington, Connecticut Farmington is a town located in Hartford County in central Connecticut in the United States. The population was 23,641 at the 2000 census. It is home to the world headquarters of several large corporations including Carrier Corporation, Otis Elevator Company, and Carvel. , was founded in 1985 and provides a wide range of information technology solutions and services. The Command Systems' Multi-Site Integrated Solution Strategy provides multi-site, ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 certified See certification. application development and maintenance services to customers, in support of evolving e-business processes and information technology requirements, including: project management, design and architecture, e-business development, database services, consulting and application outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. . Command Systems maintains 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 , Boston, Hartford, and Stamford and an Offshore Technology Resource Center in Bangalore, India. CommandPRO, CommandWEB, CommandNET, CommandDATA, CommandAPPS, CommandSOURCE, CommandSTAFF and TAME, are all registered trademarks of Command Systems, Inc. Command Systems, Inc.: 76 Batterson Park Road, Farmington, CT 06032 Tel. (860) 409-2000 or 877-COMMAND Web sites: http://www.CommandeSolutions.com http://www.Commandsys.com "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statements contained in this document which are not 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. based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements.
Command Systems, Inc.
Condensed Consolidated Statements of Income
(in thousands, except per share data)
Three Months Ended September 30,
2000 1999
Revenue $ 6,342 $ 6,623
Cost of revenue 4,355 4,629
Gross profit 1,987 1,994
Selling, general and
administrative expense 2,557 2,786
Amortization of goodwill 126 121
Loss from operations (696) (913)
Other income, net 303 285
Loss before income taxes (393) (628)
Income taxes (36) --
Net loss $ (429) $ (628)
Loss per share - basic and diluted $ (0.06) $ (0.08)
Weighted average number of
shares outstanding -
basic and diluted 7,657 7,657
Condensed Consolidated Balance Sheets
(in thousands)
September 30, December 31,
2000 1999
Current assets
Cash, cash equivalents and
marketable securities $16,325 $18,248
Accounts receivable, net 3,866 3,491
Other current assets 312 600
Total current assets 20,503 22,339
Property and equipment, net 1,194 1,569
Goodwill and other assets 6,218 6,560
Total assets $27,915 $30,468
Liabilities $ 2,710 $ 3,113
Stockholders' equity 25,205 27,355
Total liabilities and
stockholders' equity $27,915 $30,468
Command Systems, Inc.
Condensed Consolidated Statements of Income
(in thousands, except per share data)
Nine Months Ended September 30,
2000 1999
Revenue $ 17,467 $ 20,553
Cost of revenue 12,460 15,152
Gross profit 5,007 5,401
Selling, general and
administrative expense 7,478 8,519
Amortization of goodwill 378 350
Loss from operations (2,849) (3,468)
Other income, net 806 785
Loss before income taxes (2,043) (2,683)
Income taxes (56) --
Net loss $ (2,099) $ (2,683)
Loss per share - basic and diluted $ (0.27) $ (0.35)
Weighted average number of
shares outstanding -
basic and diluted 7,657 7,657
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