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Command Security Corporation Reports Results For Third Quarter Of Fiscal 2012

Command Security Corporation (NYSE Amex: MOC) announced today its financial results for its third fiscal quarter of 2012 ended December 31, 2011.

For the three months ended December 31, 2011, revenues were $35,784,511, compared with revenues of $37,525,639 in the same period of the prior year, reflecting a decrease of 4.6%. Operating income for the three months ended December 31, 2011 was $469,864, compared with operating income of $1,090,449 in the same period of the prior year, reflecting a decrease of 56.9%. Net income for the three months ended December 31, 2011 was $217,197, or $0.02 per basic and diluted share, compared with $551,366, or $0.05 per basic and diluted share in the same period of the prior year.

For the nine months ended December 31, 2011, revenues were $106,678,724, compared with revenues of $110,706,205 in the same period of the prior year, reflecting a decrease of 3.6%. Operating income for the nine months ended December 31, 2011 was $2,132,025, compared with operating income of $2,969,364 in the same period of the prior year, reflecting a decrease of 28.2%. Net income for the three months ended December 31, 2011 was $946,380, or $0.09 per basic and diluted share, compared with $1,461,326, or $0.13 per basic and diluted share in the same period of the prior year.

The decrease in revenues for the nine months ended December 31, 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;
  • Reductions in security services hours associated with a large banking and financial services organization and
  • Reductions in service hours and rates associated with the renewal of a contract with a major international carrier at John F. Kennedy International Airport in New York.

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 decrease in operating and net income for the three and nine months ended December 31, 2011, compared with the corresponding periods of the prior year, was due primarily to the events described above. The decrease in operating and net income was partially offset by lower costs associated with our workers’ compensation insurance program and by lower executive salaries resulting mainly from reorganizing our regional and local branch management in conjunction with cost reduction opportunities. Also, our net income was subject to higher effective tax rates in the three and nine month periods ended December 31, 2011, compared to the corresponding periods of the prior year.

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