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Command Security Corporation Reports Results For Second Quarter Of Fiscal 2013

Our reported financial results for the three and six months ended September 30, 2012 include substantial non-recurring charges, primarily from 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. We believe that presentation of operating results and related per share amounts exclusive of these costs provides useful supplemental information to facilitate the analysis of our core operating results and comparison of operating results across reporting periods. The usefulness of adjusted operating income, adjusted net income and adjusted diluted earnings per common share as performance measures, however, is limited by the fact that they exclude the impact of certain charges and expenses. Therefore, these non-GAAP financial results should be considered as an addition to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP. Finally, other companies may define adjusted operating income, adjusted net income and adjusted diluted earnings per common share differently and, as a result, our measures of adjusted operating income, adjusted net income and adjusted diluted earnings per common share may not be directly comparable to adjusted operating income, adjusted net income and adjusted diluted earnings per common share measures of other companies.

Forward-Looking Statements

This announcement by Command Security Corporation (referred to herein as the “Company”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and within the meaning of the Private Securities Litigation Reform Act of 1995 about the Company that are based on management’s assumptions, expectations and projections about the Company. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that actual results of the Company could differ materially from those projected in the forward-looking statements as a result of various factors, including but not limited to the factors described under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2012, filed with the Securities and Exchange Commission, and such other risks disclosed from time to time in the Company’s periodic and other reports filed with the Securities and Exchange Commission. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with the Securities and Exchange Commission, which are publicly available at the Securities and Exchange Commission’s website at www.sec.gov/edgar.shtml.

 

COMMAND SECURITY CORPORATION

CONDENSED STATEMENTS OF INCOME

(Unaudited)

 
        Three Months Ended

September 30,

(Unaudited)

      Six Months Ended

September 30,

(Unaudited)

 

     

2012

     

2011

     

2012

     

2011

Revenues

      $38,164,921       $36,108,610       $73,806,600       $70,894,213

Operating income

      691,936       1,185,301       1,205,719       1,662,162

Other expense

      22,659       69,838       55,173       137,979

Provision for income taxes

      340,000       595,000       590,000       795,000

Net income

      $329,277       $520,463       $560,546       $729,183
Net income per common share                        
Basic $0.03 $0.05 $0.06 $0.07
Diluted       $0.03       $0.05       $0.06       $0.07
Weighted average number of common sharesoutstanding
Basic 9,666,498 10,878,098 9,666,498 10,878,098
Diluted       9,666,498       10,963,892       9,666,498       10,973,693
 
 

COMMAND SECURITY CORPORATION

CONDENSED BALANCE SHEETS

(Unaudited)

 
Balance Sheet Highlights       September 30, 2012       March 31, 2012
        (Unaudited)       (Audited)
                 
Cash       $ 9,456       $ 1,175,809
Accounts receivable         25,053,361         20,608,677
Total current assets         26,682,732         26,191,815
Total assets         33,183,024         33,041,683
Total current liabilities         14,335,675         15,235,721
Short-term debt         4,697,809         6,830,951
Total liabilities         15,236,410         15,812,063
Stockholders’ equity         17,946,614         17,229,620
Total liabilities and stockholders’ equity       $ 33,183,024       $ 33,041,683
           

COMMAND SECURITY CORPORATION

NON-GAAP FINANCIAL MEASURES

(Unaudited)

 

Reconciliation of Non-GAAP Financial Measures

 

Adjusted operating income, adjusted net income and adjusted diluted earnings per common share:

 

         
Three Months Ended

September 30,

      Six Months Ended

September 30,

2012

     

2011

     

2012

     

2011

                 
Operating income $ 691,936 $1,185,301 $1,205,719 $1,662,162
Relocation expenses 747,032       --       747,032       --
 
Adjusted operating income $1,438,968       $1,185,301       $1,952,751       $1,662,162
 
Net income $329,277 $520,463 $560,546 $729,183
Relocation expenses (net of taxes) 367,540       --       363,954       --
 
Adjusted net income $696,817       $520,463       $924,500       $729,183
 
Diluted earnings per common share

$0.03

$0.05

$0.06

$0.07

Relocation expenses 0.04       --       0.04       --
 

Adjusted diluted earnings percommon share

$0.07

     

$0.05

     

$0.10

     

$0.07

 




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