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: August 11, 1997
(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)
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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 11, 1997
Item 8. Not applicable.
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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: August 13, 1997 COMMAND SECURITY CORPORATION
By: /s/ William C. Vassell
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William C. Vassell
Chairman of the Board of Directors
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COMMAND SECURITY
CORPORATION
[LOGO]
CORPORATE OFFICE
LEXINGTON PARK
PO BOX 340
LAGRANGEVILLE, NY 12540
TEL. 914-454-3703
FAX 914 454-0075
FOR IMMEDIATE RELEASE
COMMAND SECURITY CORPORATION REPORTS
FIRST QUARTER RESULTS
Lagrangeville, New York *** August 11, 1997 *** Command Security Corporation
(NASDAQ:CMMD) today reported the results for its first fiscal quarter, ended
June 30, 1997. Revenues for the quarter decreased slightly to $11,788,480 from
$12,000,789 reported for the same period last year. The net loss applicable to
common stockholders for the quarter increased to $(511,105) or $(.07) per share
from the $(122,174) or $(.02) per share recorded for the same quarter last year.
During the period there was an increase of $295,000 in the provision for self
insurance reserves (a non-cash charge). This provision is based upon actuarial
computations and the timing of reported claims and is not necessarily indicative
of a trend. Without this non-cash charge, gross profit as a percentage of sales
would have been 16.3% in both the current quarter as well as in the same quarter
last year.
Commenting on the results of the quarter, William C. Vassell, Chairman of the
Board said, "We are beginning to regain our momentum following our year of
consolidation in fiscal 1997. During the last quarter we began to provide guard
service connected with the maintenance of ATM machines. At present we have
obtained contracts which are expected to produce in excess of $500,000 in annual
revenue. We are aggressively pursuing additional contracts in this area which we
feel has substantial growth potential."
During the quarter revenues for employer of record service agreement clients,
which are not reflected on Command's financial statements increased to
$4,869,219 from the $3,754,033 generated in the same period last year. Revenue,
attributable to Command for the services performed for all services agreement
clients increased to $427,793 from the $327,772 recorded in the prior period.
Mr. Vassell added, "We are pleased to report this quarter that net cash provided
by operating activities increased to $1,283,261 from the $672,363 generated in
the same period last year."
Safe Harbor statement under the Private Securities Litigation Reform Act of
1995. When used in this release, the words "expect", "anticipate", "feel",
"indicate", and similar expressions are intended to identify forward looking
statements. Such statements are subject to certain risks and uncertainties,
including fluctuations in interest rates, changes in customer demand, and other
factors that cause actual results to differ materially from any forward looking
statements.
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CONDENSED STATEMENT OF OPERATIONS OF OPERATIONS
Three Months Ended
June 30, June 30,
1997 1996
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Revenue $ 11,788,480 $ 12,000,789
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Net Loss (476,234) $ (89,883)
Preferred Stock Dividends (34,871) (32,291)
Net Income Applicable
to Common Stockholders $ (511,105) $ (122,174)
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Net Loss Per Share $ (.07) $ (.02)
Command Security Corporation provides security services through Company owned
offices in New York, New Jersey, California, Illinois, Connecticut, Florida and
Pennsylvania and provides back-office service agreements to independent security
companies nationwide.
CONTACT:
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William C. Vassell, Chairman of the Board 914-454-3703
Donald Radcliffe, Radcliffe & Associates, Inc. 212-605-0174
