Correcting first table of release to include figures for Three Months Ended June 30, 2010. The corrected release reads: COMMAND SECURITY CORPORATION REPORTS RESULTS FOR FIRST QUARTER OF FISCAL 2012 Command Security Corporation (NYSE Amex: MOC) announced today its financial results for its first fiscal quarter of 2012 ended June 30, 2011. For the three months ended June 30, 2011, revenues decreased 4.0% to $34,785,603, compared with revenues of $36,236,168 in the same period of the prior year. Operating income for the three months ended June 30, 2011 decreased 48.0% to $476,861, compared with $917,709 in the same period of the prior year. Net income decreased 52.8% to $208,720, or $0.02 per basic and diluted share, compared with $442,175, or $0.04 per basic and diluted share in the same period of the prior year. The decrease in revenues for three months ended June 30, 2011, as compared with the corresponding period of the prior year was due primarily to the following events:
- The previously reported loss of a major domestic carrier’s aviation services business at six domestic airport locations during the latter half of fiscal 2011;
- The loss of a security services contract for a large Silicon Valley technology company; and
- Reductions in security services hours associated with a large banking and financial services organization.
- Increased revenues associated with an expansion of services provided under a contract with a major transportation company;
- A new aviation services contract with a municipal airport authority; and
- Expansion of services to new and existing security customers.
|COMMAND SECURITY CORPORATION|
|Three Months Ended|
|Provision for income taxes||200,000||385,000|
|Net income per common share|
|Weighted average number of common sharesoutstanding|
|Balance Sheet Highlights||June 30, 2011(Unaudited)||March 31, 2011(Audited)|
|Total current assets||27,254,067||30,034,507|
|Total current liabilities||14,821,733||18,069,361|
|Total liabilities and stockholders’ equity||$||34,568,878||$||37,542,059|