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 19, 1997
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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) 454-1703
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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 19, 1997
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 __,1997 COMMAND SECURITY CORPORATION
By: /s/
---------------------------------
William C. Vassell
Chairman of the Board of Directors
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[LETTERHEAD OF COMMAND SECURITY CORPORATION]
FOR IMMEDIATE RELEASE CONTACT: William C. Vassell Donald Radcliffe
Chairman Radcliffe & Associates, Inc.
Tel: (914) 454-3703 Tel: (212) 605-0174
COMMAND SECURITY CORPORATION REPORTS
SECOND QUARTER RESULTS
Lagrangeville, New York *** November 19, 1997 *** Command Security Corporation
(NASDAQ: CMMD) today reported its results for the second fiscal quarter ended
September 30, 1997. For the quarter ending September 30, 1997 revenues increased
by 2% to $12,980,183 from the $12,721,075 recorded in the same period last year.
For the six months ending September 30, 1997 revenues increased slightly to
$24,768,661 from the $24,721,864 recorded in the same period last year.
For the quarter the net loss applicable to common shareholders was $(1,355,182)
or $(.20) per share compared to a profit of $38,096 or $.01 per share for the
same period last year. For the six months the loss applicable to common
shareholders increased to $(1,866,289) or $(.28) per share from the loss of
$(84,078) or $(.01) per share recorded in the same period last year.
The results of the quarter reflect two material items. The company recorded an
increase of $764,000 in reserves for estimated uncollectable accounts and notes
receivable in connection with the Chapter 7 filing under the Bankruptcy Code by
one of its service company clients located in Boston. In addition, the Company
experienced a $180,000 expense in connection with the settlement of a labor
claim.
William C. Vassell, Chairman of the Board commenting on the results said,
"Although we are not pleased with the results of the quarter we believe that
Command has significant value and we are working diligently to reduce our
operating expenses and to increase revenues and margins."
Safe Harbor statement under this Private Securities Litigation Reform Act of
1995. When used in this release, the words "expect", "anticipate", "feel",
"believe", 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.
<PAGE>
CONDENSED STATEMENTS OF OPERATION
<TABLE>
<CAPTION>
Three Months Ended Six Months End
September 30, September 30,
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues $ 12,980,183 $12,721,075 $ 24,768,661 $24,721,864
============ =========== ============ ===========
Net Income/(Loss) (1,320,311) 70,387 (1,796,547) (19,496)
Preferred Stock
Dividends (34,871) (32,291) (69,742) (64,582)
------------ ----------- ------------ -----------
Net Income/(Loss)
Applicable to Common
Stockholders $ (1,355,182) $ 38,096 $ (1,866,289) $ (84,078)
============ =========== ============ ===========
Net Income/(Loss)
per common share $ (.20) $ (.01) $ (.28) $ (.01)
------------ ----------- ------------ -----------
Weighted average number
of common and common
equivalent shares
outstanding 6,649,618 6,814,749 6,730,203 6,789,897
============ =========== ============ ===========
</TABLE>
Command Security Corporation provides security services to company-owned offices
in New York, New Jersey, California, Illinois, Connecticut, Florida and
Pennsylvania and provides back-office services agreements to independent
security companies nationwide.
