SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: November 18, 1996
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(Date of Earliest Event Reported)
COMMAND SECURITY CORPORATION
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(Exact name of Registrant as Specified in its Charter)
New York
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(State of Incorporation)
0-18684
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(Commission File Number)
14-1626307
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(IRS Employer Identification No.)
Lexington Park, Lagrangeville, New York 12540
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(Address of Principal Executive Offices)
(914) 454-3703
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(Registrant's Telephone Number)
<PAGE>
Item 1-Item 4 Not Applicable.
Item 5 Not Applicable.
Item 6 Not Applicable.
Item 7 Financial Statements and Exhibits.
(a), (b) Not Applicable.
(c) Exhibits
(I) Press release dated November 13, 1996
Item 8. Not applicable.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: November 18, 1996 COMMAND SECURITY CORPORATION
by:/s/ H. Richard Dickinson
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H. Richard Dickinson
Chief Financial Officer
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Command Security Corporation
Corporate Office
Lexington Park
PO Box 340
Lagrangeville, NY 12540
Tel. 914 454-3703
Fax 914 454-0075
FOR IMMEDIATE RELEASE
COMMAND SECURITY CORPORATION ANNOUNCES NET INCOME OF $.01 PER SHARE
FOR SECOND QUARTER COMPARED TO NET LOSS OF $.09
Lagrangeville, NY - November 13, 1996 - Command Security Corporation
(NASDAQ:CMMD) today announced net income of $38,096 or $.01 per share for the
quarter ended September 30, 1996 compared to a net loss of $594,264 or $.09 per
share for the same period last year. The Company also reported that revenue in
the second quarter increased $720,286 or 6.0% over the first quarter of this
year.
<TABLE>
<CAPTION>
Condensed Statement of Operation (Unaudited)
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Three Months Ended Six Months Ended
September 30, September 30, September 30, September 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Revenue $12,721,075 $14,228,641 $24,721,864 $29,131,094
=========== =========== =========== ===========
Net Income/(Loss) 70,387 (522,993) (19,496) (709,329)
Preferred Stock Dividends (32,291) (71,271) (64,582) (71,271)
Net Income/(Loss) Applicable
to Common Shareholders $ 38,096 $ (594,264) $ (84,078) $ (780,600)
============ ============ ============ ============
Net Income/(Loss) per Share $ 0.01 $ (0.09) $ (0.01) $ (0.12)
============ ============ ============ ============
</TABLE>
Despite lower revenue compared to the second quarter of last fiscal year, gross
profit for the quarter ended September, 1996 increased by $430,168 to $2,356,387
or 18.5% of revenue; as compared to $1,926,219 or 13.5% of revenue. The decrease
in revenue of $1,507,566 from the quarter ended September, 1995 to the quarter
just ended is primarily the result of contracts not renewed during the year due
to low margins ($960,000) and the sale of the Company's Boston operation in
October, 1995 ($213,374).
William C. Vassell, Chairman of the Board, stated "the trimming of our low
margin contracts has been successful. That and other cost saving measures have
improved our gross profits dramatically. We have achieved net revenue growth in
this quarter as compared to the first quarter of fiscal year 1997 from internal
sales of new contracts as well as acquisitions and expect the current trend to
continue".
Command Security Corporation provides security services through Company-owned
offices in New York, New Jersey, California, Illinois, Connecticut and Florida,
and provides back-office service agreements to independent security companies
nationwide.
CONTACT:
William C. Vassell, Chairman of the Board 914-454-3703
H. Richard Dickinson, Chief Financial Officer 212-689-6565
