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Command Security Corporation Announces Financial Results For Three Months And Fiscal Year Ended March 31, 2012

Command Security Corporation (NYSE MKT: MOC) announced today its financial results for the three months and the fiscal year ended March 31, 2012.

Revenues for the three months ended March 31, 2012 were $34,879,445, compared with revenues of $35,783,954 in the same period of the prior fiscal year, reflecting a decrease of 2.5%. Operating loss for the three months ended March 31, 2012 was $1,151,934, or 3.3% of revenue, compared with operating income of $352,154, or 1.0% of revenue, in the same period of the prior fiscal year. Net loss for the three months ended March 31, 2012 was $805,620, or $0.08 per basic and diluted share, compared with net income of $158,929, or $0.01 per basic and diluted share, in the same period of the prior fiscal year.

Revenues for the fiscal year ended March 31, 2012 were $141,558,169, compared with revenues of $146,490,159 in fiscal 2011, reflecting a decrease of 3.4%. Operating income for the fiscal year ended March 31, 2012 was $980,091, or 0.7%, compared with operating income of $3,321,518, or 2.3%, in fiscal 2011. Net income for the fiscal year ended March 31, 2012 was $140,760, or $0.01 per basic and diluted share, compared with $1,620,255, or $0.15 per basic and diluted share, in fiscal 2011.

The decrease in revenues for the fiscal year ended March 31, 2012, compared with fiscal 2011 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 one contract and loss of another contract with two major international air carriers 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 (loss) for the three months and fiscal year ended March 31, 2012, compared with the corresponding periods of fiscal 2011, was due primarily to: (i) the events described above; (ii) additional federal unemployment tax surcharges and (iii) professional and related fees principally associated with settlement of employment related claims. The decrease in operating and net income (loss) was partially offset by expansion of security services to a major transportation company and services to new and existing security and aviation services customers. Also, our net income (loss) included a loss on sale of investments of $167,958 and was subject to higher effective tax rates in the three months and fiscal year periods ended March 31, 2012, compared to the corresponding periods of fiscal 2011.

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