Command Security Corporation (NYSE Amex: MOC) announced today its financial results for its first fiscal quarter of 2011 ended June 30, 2010. For the three months ended June 30, 2010, revenues increased 3.3% to $36,236,168, compared with revenues of $35,067,884 in the same period of the prior year. Operating income for the three months ended June 30, 2010 increased 129.2% to $917,709, compared with $400,369 in the same period of the prior year. Net income increased 177.7% to $442,175, or $0.04 per basic and diluted share, compared with $159,220, or $0.01 per basic and diluted share, in the same period of the prior year. The increase in revenues for the three months ended June 30, 2010 was due primarily to the following events:
About Command Security Corporation Command Security Corporation provides uniformed security officers , aviation security services and support security services to commercial, financial, industrial, aviation and governmental customers throughout the United States. We safeguard against theft, fraud, fire, intrusion, vandalism and the many other threats that our customers are facing today. By partnering with each customer, we design programs customized to meet their specific security needs and address their particular concerns. We bring years of expertise, including sophisticated systems for hiring, training, supervision and oversight, backed by cutting-edge technology, to every situation that our customers face involving security. Our mission is to enable our customers to operate their businesses without disruption or loss, and to create safe environments for their employees. For more information concerning our company, please refer to our website at www.commandsecurity.com . 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, 2010, 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 .
- A full three months of revenues during the current fiscal quarter under a contract that commenced at various dates during the prior year period to provide security services to a major transportation company; and
- Expansion of security services provided to new customers, including an electronic design company, a technology company, and a major New York City based hospital.
|COMMAND SECURITY CORPORATION|
|Three Months Ended|
|Provision for income taxes||385,000||125,000|
|Net income per common share|
|Weighted average number of common shares outstanding|
|Balance Sheet Highlights||June 30, 2010||March 31, 2010|
|Cash||$ 2,549,349||$ 1,211,948|
|Total current assets||27,600,992||28,540,443|
|Total current liabilities||17,685,616||19,116,985|
|Total liabilities and stockholders’ equity||$ 35,769,304||$ 36,715,081|