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Command Security Corporation Reports Results For First Quarter Of Fiscal 2013

Command Security Corporation (NYSE MKT: MOC) announced today its financial results for its first fiscal quarter of 2013 ended June 30, 2012.

For the three months ended June 30, 2012, revenues increased 2.5% to $35,641,679, compared with revenues of $34,785,603 in the same period of the prior year. Operating income for the three months ended June 30, 2012 increased 7.7% to $513,782, compared with $476,861 in the same period of the prior year. Net income increased 10.8% to $231,268, or $0.02 per basic and diluted share, compared with $208,720, or $0.02 per basic and diluted share in the same period of the prior year.

The increase in revenues for three months ended June 30, 2012, as compared with the corresponding period of the prior year was due primarily to the following events:

  • Increased revenues associated with an expansion of services provided under a contract with a major transportation company;
  • Expansion of aviation services with an existing customer at a domestic airport location;
  • A new contract with a large municipal agency;
  • A new contract with an international air freight carrier at four domestic airport locations; and
  • A new contract with a community college.

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

  • The previously reported loss of security services contracts for a large technology company and a semiconductor equipment manufacturer’s facility;
  • Reductions in service hours and rates associated with the renewal of a contract with a major international carrier;
  • The absence in the current period of a large airport construction contract;
  • Reduction in service hours at a major hospital; and
  • Loss of a service contract with a large international carrier in the fourth quarter of the prior fiscal year.

The increase in operating and net income for the three months ended June 30, 2012 as compared with the corresponding period of the prior year was due primarily to the events described above.

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