This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Command Security Corporation Reports Results For First Quarter Of Fiscal 2014

Stocks in this article: MOC

Command Security Corporation (NYSE MKT: MOC) announced today its financial results for its first fiscal quarter of 2014 ended June 30, 2013.

For the three months ended June 30, 2013, revenues increased 6.5% to $37,961,495, compared with revenues of $35,641,679 in the same period of the prior year. Operating income for the three months ended June 30, 2013 decreased to $238,843, compared with $513,782 in the same period of the prior year. Net income decreased to $33,233, or $0.00 per basic and diluted share, compared with $231,268, or $0.02 per basic and diluted share in the same period of the prior year.

The increase in revenues for the three months ended June 30, 2013, 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; and
  • Expansion of aviation related security services at LaGuardia Airport.

The decrease in operating and net income for the three months ended June 30, 2013 as compared to the corresponding period of the prior year was due primarily to approximately $450,000 in legal related costs. The legal issues include on-going litigation with a non-certified union in California seeking to be re-recognized by a work group that had previously voted to withdraw recognition and employment matters that occurred in 2010 and 2011. In addition, net income was adversely impacted by the tax consequences related to the expiration of stock options held by former employees and certain other permanent tax differences.

Craig P. Coy, Chief Executive Officer of Command Security, stated, “This was the first quarter for the new management and administrative team in Virginia which has resulted in improved coordination and reduced staff expenses. We continue to have several initiatives underway to further enhance our operating efficiencies, such as the deployment of new web-based employee management tools and a realignment of our operating offices. We are reenergizing our sales effort with new managers in our key markets. Importantly, sales growth is consistently challenged by strong competitive pricing pressures. Our operations were strong with improvements in delivering great service to our customers. In addition, our efforts to improve our working capital management have recently shown improvements. Overall, I continue to be pleased with the direction the Company is moving and progress we are making in building a solid platform for the future.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs