This Day On The Street
Continue to site
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

Command Security Corporation Reports Results For Second Quarter Of Fiscal 2013

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

Revenues for the three months ended September 30, 2012 were $38,164,921, compared with revenues of $36,108,610 in the same period of the prior fiscal year, reflecting an increase of 5.7%. Operating income for the three months ended September 30, 2012 was $691,936, or 1.8% of revenue, compared with operating income of $1,185,301, or 3.3% of revenue, in the same period of the prior fiscal year. Net income for the three months ended September 30, 2012 was $329,277, or $0.03 per basic and diluted share, compared with net income of $520,463, or $0.05 per basic and diluted share, in the same period of the prior fiscal year.

Revenues for the six months ended September 30, 2012 were $73,806,600, compared with revenues of $70,894,213 in the same period of the prior fiscal year, reflecting an increase of 4.1%. Operating income for the six months ended September 30, 2012 was $1,205,719, or 1.6% of revenue, compared with operating income of $1,662,162, or 2.3% of revenue, in the same period of the prior fiscal year. Net income for the six months ended September 30, 2012 was $560,546, or $0.06 per basic and diluted share, compared with $729,183, or $.07 per basic and diluted share, in the same period of the prior fiscal year.

The increase in revenues for the six months ended September 30, 2012, compared with the same period of the prior fiscal 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 services with Delta Air Lines at LaGuardia Airport;
  • A new contract with a large municipal agency located in Southern California;
  • A new contract with an international air freight carrier at four domestic airport locations;
  • A new contract with a community college located in Pennsylvania;
  • A new contract with an airport located in upstate New York; and
  • Services provide to a major construction project located at a New York City metropolitan area airport.

The increase in revenues was partially offset by the following events:
  • The previously reported loss of a security services contract for a large Silicon Valley semiconductor equipment manufacturer’s facility in New York;
  • Reductions in service hours and rates associated with the renewal of a contract with a major international carrier at John F. Kennedy International Airport (“JFK”);
  • The absence in the current period of a large construction contract at Los Angeles International Airport;
  • Reduction in service hours at a major New York City hospital; and
  • Loss of a service contract with a large international carrier at JFK in the fourth quarter of the prior fiscal year.

The decrease in operating income and net income for the three months and six months ended September 30, 2012 as compared with the corresponding periods of the prior year was due primarily to $747,032 of additional accrued labor (mainly employee severance) and other related expenses associated with our previously disclosed plan to consolidate and relocate our corporate headquarters to Herndon, Virginia. Adjusting for these expenses, our adjusted operating income for the three and six months ended September 30, 2012 was $1,438,968, or 3.8% of revenue, and $1,952,751, or 2.6% of revenue, respectively, and adjusted net income for the three and six months ended September 30, 2012 was $696,817, or an adjusted $.07 per basic and diluted share, and $924,500, or an adjusted $.10 per basic and diluted share, respectively. Adjusted operating income, adjusted net income and adjusted earnings per share are non-GAAP financial measures; please see “Non-GAAP Financial Measures” below for more information and the accompanying financial tables for a reconciliation of these financial measures to related GAAP metrics.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs