This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Command Security Corporation Reports Results For Second Quarter Of Fiscal 2012

Stocks in this article: MOC

Command Security Corporation (NYSE Amex: MOC) announced today its financial results for its second fiscal quarter of 2012 ended September 30, 2011.

For the three months ended September 30, 2011, revenues decreased 2.3% to $36,108,610, compared with revenues of $36,944,398 in the same period of the prior year. Operating income for the three months ended September 30, 2011 increased 23.3% to $1,185,301, compared with $961,206 in the same period of the prior year. Net income increased 11.3% to $520,463, or $0.05 per basic and diluted share, compared with $467,785, or $0.04 per basic and diluted share in the same period of the prior year.

For the six months ended September 30, 2011, revenues decreased 3.1% to $70,894,213, compared with revenues of $73,180,566 in the same period of the prior year. Operating income for the six months ended September 30, 2011 decreased 11.5% to $1,662,162, compared with $1,878,915 in the same period of the prior year. Net income decreased 19.9% to $729,183, or $0.07 per basic and diluted share, compared with $909,960, or $0.08 per basic and diluted share in the same period of the prior year.

The decrease in revenues for the six months ended September 30, 2011, compared with the corresponding period of the prior year was due primarily to the following events:

  • The previously reported loss of a major domestic carrier’s aviation services business at six domestic airport locations during the latter half of fiscal 2011;
  • The loss of security services contracts for a technology company, a semiconductor equipment manufacturer’s facility and a company that provides distribution services to a grocery retailer; and
  • Reductions in security services hours associated with a large banking and financial services organization.

The decrease in revenues was partially offset by the following events:

  • Increased revenues associated with an expansion of services provided under a contract with a major transportation company;
  • A new aviation services contract with a municipal airport authority; and
  • Expansion of services to new and existing security and aviation customers.

The increase in operating and net income for the three months ended September 30, 2011, compared with the corresponding period of the prior year, was due primarily to lower executive salaries resulting mainly from reorganizing our regional and local branch management in conjunction with cost reduction opportunities that were identified and implemented during the latter part of our first quarter of fiscal 2012. The effective tax rate was 53.4 percent, compared to 46.4 percent in the prior year period due primarily to the loss of deferred tax assets resulting from the cancellation of stock options previously held by former employees and directors.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,439.00 +51.79 0.30%
S&P 500 2,029.39 -0.16 -0.01%
NASDAQ 4,692.5240 +11.0270 0.24%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs