LAGRANGEVILLE, N.Y., Feb. 13, 2007 (PRIME NEWSWIRE) -- Command Security Corporation (OTCBB:CMMD) announced today its results for the third quarter and nine-month periods ended December 31, 2006.
Revenues for the three months increased $2,689,203, or 12.6%, to $24,092,767, compared with revenues of $21,403,564 in the same period of the prior year. Operating income for the quarter was $339,048, compared with $357,450 in the same period of the prior year. Net income for the quarter was $225,341, or $0.02 per share, as compared with $301,147, or $0.03 per share, in the same period of the prior year.
Revenues for the nine months increased $6,064,301, or 9.4%, to $70,309,349, compared with revenues of $64,245,048 in the same period of the prior year. Operating income for the nine months was $796,194 compared with $426,479 in the same period of the prior year. Net income for the nine months was $604,454, or $0.06 per share, as compared with $272,855, or $0.03 per share, in the same period of the prior year.
The increase in revenues for the three and nine month periods was primarily due to expanded services to new and existing airline customers including new airport locations in Pittsburgh, Pennsylvania, Oakland, California, and Seattle, Washington; and the purchase of a security services business in Florida. Operating income for the three and nine months ended December 31, 2006 includes expenses for professional fees of approximately $547,000 and $1,635,000, respectively, related primarily to the Company's one-year consulting agreement with Giuliani Security & Safety, a leading security consulting firm.
Commenting on the results, Barry I. Regenstein, Command's President, said, "We are pleased with continuing improvements in our financial performance and the dedication of our employees in delivering consistent service quality to our valued customers and business partners. Our recent sales and marketing efforts have resulted in a number of new aviation and security services contracts which have commenced or will commence during our 2007 third and fourth fiscal quarters. In addition to our customer gains, we have been successful in recruiting new management talent to join our team and expect their contributions to have a positive influence throughout our organization. We're certainly excited about our prospects for the future and look forward to continued growth and profitability."
Command Security Corporation (www.commandsecurity.com) provides aviation and security services through company-owned offices in California, Connecticut, Delaware, Florida, Illinois, Maine, Maryland, Massachusetts, Nevada, New Jersey, New York, Oregon, Pennsylvania and Washington.
This announcement 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. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors including the ability of the Company to successfully commercialize its new technologies as well as risk factors set forth under "Risk Factors" in the Company's annual report on Form 10-K for the year ended March 31, 2006, and such other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For more information concerning the Company, please refer to its website at www.commandsecurity.com and to the Edgar website www.sec.gov/edgar.shtml.
COMMAND SECURITY CORPORATION
Three Months Ended Nine Months Ended
December 31, December 31,
------------------------ ------------------------
2006 2005 2006 2005
---- ---- ---- ----
Revenues $24,092,767 $21,403,564 $70,309,349 $64,245,048
Operating income 339,048 357,450 796,194 426,479
Net income $ 225,341 $ 301,147 $ 604,454 $ 272,855
Net income per
common share
Basic $ 0.02 $ 0.03 $ 0.06 $ 0.03
Diluted $ 0.02 $ 0.03 $ 0.06 $ 0.03
Weighted average
number of
common shares
outstanding
Basic 10,137,970 9,022,694 10,137,970 8,401,501
Diluted 10,636,968 9,696,159 10,590,394 9,348,788
Balance Sheet Highlights December 31, March 31,
2006 2006
----------- -----------
(Unaudited) (Audited)
Cash $ 155,471 $ 32,243
Accounts receivable 17,361,454 13,804,100
Total current assets 20,709,562 16,848,929
Total assets 22,867,611 18,113,299
Total current liabilities 13,935,366 10,011,184
Short-term debt 8,095,549 3,436,354
Long-term debt 10,440 27,957
Stockholders' equity 8,434,091 7,624,697
Total liabilities and stockholders'
equity $22,867,611 $18,113,299