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Command Security Corporation Reports Results For Third Quarter Of Fiscal 2013

Stocks in this article: MOC

Command Security Corporation (NYSE MKT: MOC) announced today its financial results for its third fiscal quarter of 2013 ended December 31, 2012.

Revenues for the three months ended December 31, 2012 were $38,930,273, compared with revenues of $35,784,511 in the same period of the prior fiscal year, reflecting an increase of 8.8%. Operating income for the three months ended December 31, 2012 was $745,301, or 1.9% of revenue, compared with operating income of $469,864, or 1.3% of revenue, in the same period of the prior fiscal year. Net income for the three months ended December 31, 2012 was $353,648, or $0.04 per basic and diluted share, compared with net income of $217,197 or $0.02 per basic and diluted share, in the same period of the prior fiscal year.

Revenues for the nine months ended December 31, 2012 were $112,736,873, compared with revenues of $106,678,724 in the same period of the prior fiscal year, reflecting an increase of 5.7%. Operating income for the nine months ended December 31, 2012 was $1,951,020, or 1.7% of revenue, compared with operating income of $2,132,025, or 2.0% of revenue, in the same period of the prior fiscal year. Net income for the nine months ended December 31, 2012 was $914,194, or $0.10 per basic and diluted share, compared with $946,380, or $.09 per basic and diluted share, in the same period of the prior fiscal year.

The increase in revenues for the nine months ended December 31, 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 on the west coast;
  • 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 two large construction contracts 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 nine months ended December 31, 2012 as compared with the corresponding periods of the prior year was due primarily to $1,048,818 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 nine months ended December 31, 2012 was $1,047,087, or 2.7% of revenue, and $2,999,838, or 2.7% of revenue, respectively, and adjusted net income for the three and nine months ended December 31, 2012 was $504,239, or an adjusted $.05 per basic and diluted share, and $1,430,212, or an adjusted $.15 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.

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