Command Security Corporation Reports Results For First Quarter Of Fiscal 2011
Command Security Corporation (NYSE Amex: MOC) announced today its financial results for its first fiscal quarter of 2011 ended June 30, 2010.
For the three months ended June 30, 2010, revenues increased 3.3% to $36,236,168, compared with revenues of $35,067,884 in the same period of the prior year. Operating income for the three months ended June 30, 2010 increased 129.2% to $917,709, compared with $400,369 in the same period of the prior year. Net income increased 177.7% to $442,175, or $0.04 per basic and diluted share, compared with $159,220, or $0.01 per basic and diluted share, in the same period of the prior year.
The increase in revenues for the three months ended June 30, 2010 was due primarily to the following events:
- A full three months of revenues during the current fiscal quarter under a contract that commenced at various dates during the prior year period to provide security services to a major transportation company; and
- Expansion of security services provided to new customers, including an electronic design company, a technology company, and a major New York City based hospital.
The increase in net income for the three months ended June 30, 2010 compared to the corresponding period of the prior fiscal year was due mainly to a full three months of operations under a contract that commenced at various dates during the prior year period to provide security services to a major transportation company and expanded security services provided to new customers as described above. The increase in net income was partially offset by the loss of a contract with Delta Air Lines to provide skycap, wheelchair, cargo, security and baggage handling services at John F. Kennedy International Airport and continued reductions of service hours for several of our airline customers, which we believe is primarily resulting from a downturn in their respective businesses.In commenting on results from the first fiscal quarter of 2010, Edward S. Fleury, Chief Executive Officer of Command Security, said, “We are proud of the fact that our long-term commitments to operational excellence have provided Command Security with a stable revenue base while we continue to make progress against our strategic goals of balance sheet strength, expense management and growth. Despite economic headwinds which include a competitive marketplace, an increased regulatory and compliance environment and escalating state budgetary issues-all of which affect our top line and earnings, the team was successful in winning key new business that will support our efforts to drive market share improvements. We look forward to the future as we remain focused on providing our clients with exceptional service.” Barry I. Regenstein, President of Command Security, stated, “We are very pleased to report strong year-over-year improvements across all our financial metrics. We believe our progress, particularly on the balance sheet and expense management, enables us to better withstand the effects of ongoing market volatility. In addition, we continue to be mindful that in order for us to be successful, we must continue to execute our plans, serve customers well, anticipate challenges and win in the marketplace every day.”
|COMMAND SECURITY CORPORATION|
|Three Months Ended|
|Provision for income taxes||385,000||125,000|
|Net income per common share|
|Weighted average number of common shares outstanding|
|Balance Sheet Highlights||June 30, 2010||March 31, 2010|
|Cash||$ 2,549,349||$ 1,211,948|
|Total current assets||27,600,992||28,540,443|
|Total current liabilities||17,685,616||19,116,985|
|Total liabilities and stockholders’ equity||$ 35,769,304||$ 36,715,081|
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