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: September 10, 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 August 19, 1996
(II) Press release dated September 5, 1996
(III)Press release dated September 9, 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: September 10, 1996 COMMAND SECURITY CORPORATION
by: /s/ H. Richard Dickinson
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H. Richard Dickinson
Chief Financial Officer
FOR IMMEDIATE RELEASE
COMMAND SECURITY CORPORATION REPORTS FIRST QUARTER RESULTS
- Operating Profit Increases by almost 200%
- Demand increases in Aviation Safeguards Division
- Retains Investor Relations Firm
Lagrangeville, New York - August 19, 1996 - Command Security Corporation
(NASDAQ:CMMD) reported its results for its first fiscal quarter ending June 30,
1996. Revenues for the period were $12,000,789, a reduction of approximately
$2.9 million from the $14,902,453 reported for the same period last year. The
net loss for the period after provsiion for preferred dividends was $122,174 or
$.02 per share compared to a loss of $186,331 or $.03 per share in the same
period of last year.
Operating profit for the quarter ended June 30, 1996 increased to $144,204, an
increase of 199% from the $48,257 recorded in the same period of 1995. This
increase was achieved despite a $141,205 increase in a non-cash charge for
amortization of intangibles of $445,791 in 1996 from $304,586 in 1995. During
the quarter, management re-evaluated the useful lives of the customer lists
acquired from ISS in October 1993. Based on the review, the Company has reduced
the useful life of these lists from 15 to 5 years. This resulted in $144,900 of
additional amortization charges for the period. EBITDA increased by $220,261 to
$664,169 in the quarter ended June 30, 1996 from $443,905 recorded in the same
period last year.
Commenting on the results, William C. Vassell, Chairman of the Board, stated
"During the period we focused on improving long term profitability from our
existing operations. This resulted in a reduction of revenues, as we eliminated
unprofitable accounts. We also made progress reducing our general and
administrative expenses."
Mr. Vassell added, "We have recently seen increased demand for services in our
Aviation Safeguards Division which has significant operations at Kennedy and Los
Angeles International Airports. We see substantial potential growth in this
area."
In early July, Command retained Radcliffe & Associates, Inc. to provide investor
relations and financial public relations services to the Company. Mr. Vassell
stated, "In light of the improved operating results and our prospects for
continued growth, we believe that it is time to make the financial community
more aware of the developments and potential for the Company. We selected
Radcliffe & Associates based upon their background working primarily with
growing small-cap NASDAQ Companies."
Command Security Corporation provides security services through Company-owned
offices in New York, New Jersey, California, Illinois, Connecticut and Florida
and provides back-offices service agreements to independent security companies
nationwide.
Table to follow . . .
<PAGE>
Condensed Statements of Operations
For the Quarter ended
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June 30, 1996 June 30, 1995
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Revenue $ 12,000,789 $ 14,902,453
Cost of revenue 10,040,157 12,745,017
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Gross profit $ 1,960,632 $ 2,157,436
Service contract revenue 327,772 307,887
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2,288,404 2,465,323
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Operating expenses
General and administrative 1,635,323 2,023,609
Amortization of intangible 445,791 304,586
Provision for doubtful accounts 63,086 88,871
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2,144,200 2,417,066
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Operating profit 144,204 48,257
Interest income 59,801 29,603
Interest expense (281,920) (260,949)
Equipment dispositions (11,968) (3,247)
Loss before income taxes (89,883) (186,336)
Provision for income taxes -0- -0-
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Net Loss (89,883) (186,336)
Preferred stock dividends (32,291) -0-
Net loss applicable to
common stockholders $ (122,174) $ (186,336)
Net Income/(Loss) per Share $ (0.02) $ (0.03)
Contact:
William C. Vassell, Chairman of the Board 914-454-3703
H. Richard Dickinson, Chief Financial Officer 212-689-6565
Donald Radcliffe, Radcliffe & Associates, Inc. 212-605-0174
FOR IMMEDIATE RELEASE
COMMAND SECURITY CORPORATION ANNOUNCES ACQUISTION OF
SECURITY MANAGEMENT SERVICES OF STAMFORD, CT
Lagrangeville, New York - September 5, 1996 - Command Security Corporation
(NASDAQ:CMMD) today announced it has acquired the assets of Security Management
Services, Inc. (SMS) based in Stamford, Connecticut. Terms of the transaction
were not disclosed.
SMS, with annual revenue of $2.7 million, provides a full range of security
services to corporate and commercial clients throughout the State of
Connecticut.
William C. Vassell, Chairman of the Board of Command said "We are excited about
this acquisition which will fold in nicely with our already strong operational
presence in this market."
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 Fiscal Officer 212-689-6565
Donald Radcliffe, Radcliffe & Associates, Inc. 212-605-0174
FOR IMMEDIATE RELEASE
COMMAND SECURITY CORPORATION ANNOUNCES ADDITION OF
KEY EXECUTIVE AT INDUSTRY CONFERENCE
Lagrangeville, New York - September 9, 1996 - Command Security Corporation
(NASDAQ:CMMD) announced today at the American Society of Industrial Security's
Annual Trade Conference in Atlanta, the appointment of Mr. Robert R. Iuzzolino
as Vice President Sales and Marketing. This conference is attended by over 5,000
security industry professionals.
Prior to joining Command, Mr. Iuzzolino has had over two decades of experience
in the security industry where he has served as a Client Development/Marketing
Executive with two national industry leaders. He was a Senior Vice President at
C.P.P. Security Services where he was instrumental in building sales,
implementing a national accounts program and developing a sales team. He also
was Vice President of Sales and Marketing for Wells Fargo where he had full
responsibility for increasing the sales force, as well as the development of
materials, campaigns and national account programs. During the first full year,
these efforts resulted in 170,000 weekly hours of permanent guard work being
sold.
William C. Vassell, Chairman of the Board of Command said "We are very pleased
to be able to add an individual with Bob's talent and experience to our
management team. He should be able to assist us greatly in building our sales
force and attracting new business for the solid foundation that we have
established."
Command Security Corporation provides security guard 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
Donald Radcliffe, Radcliffe & Associates, Inc. 212-605-0174
