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 17, 1998
(Date of Earliest Event Reported)
COMMAND SECURITY CORPORATION
(Exact name of Registrant as Specified in its Charter)
New York
(State of Incorporation)
0-18684
(Commission File Number)
14-1626307
(IRS Employer Identification No.)
Lexington Park, Lagrangeville, New York 12540
(Address of Principal Executive Offices)
(914) 454-3703
(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 17, 1998
Item 8 Not Applicable.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchanges Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: September 14, 1998 COMMAND SECURITY CORPORATION
By: /s/ Franklyn H. Snitow
Franklyn H. Snitow
Acting President and
Chief Executive Officer
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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 RESULTS FOR FIRST FISCAL QUATER
- Revenues up 21.7%
- Income per share $.01 versus $(.07)
per share loss in prior year quarter
Lagrangeville, New York *** August 17, 1998 *** Command Security Corporation
(NASDAQ: CMMD) today reported results for its first fiscal quarter ended
June 30, 1998. These results are contained in the Company's form 10-Q filed
with the Securities and Exchange Commission.
Revenues for the quarter ended June 30, 1998 increased by 21.7% to
$14,351,339 from the $11,788,480 reported for the same quarter in the last
fiscal year. Gross profit as a percent of revenues increased to 16.6% for the
quarter ended June 30, 1998 compared to the 13.8% reported in the quarter ended
June 30, 1997.
During the quarter ending June 30, 1998, operating profit increased by almost
$650,000 to an operating profit of $311,154 compared to an operating loss of
$(331,262) reported in the quarter ending June 30, 1997. Net income increased
by more than $550,000 to $47,544 or $.01 per share compared to a loss of
$(511,105) or $(.07) per share in the same quarter last year.
Commenting on the results William C. Vassell, Chairman of the Board said "We
are gratified that our efforts during the last year are beginning to show
positive results. We are particularly pleased with the increase in revenues,
which comes to a large extent from internal growth of existing and new clients,
and the improvement in operating margins. I think it is important to note that
during the quarter the Company incurred $432,637 in depreciation and
amortization (non-cash charges) which when added to our earnings demonstrates
our strong cash earning potential."
Statements in this press release other than statements of historical
fact are "forward-looking statements." Such statements are subject to certain
risks and uncertainties including demand for the company's services,
litigation, labor market, and other risk factors identified from time to time
in the Company's filings with the Securities and Exchange Commission that
could cause actual results to differ materially from any forward-looking
statements. These forward-looking statements represent the Company's judgment
as of the date of this release. The Company disclaims, however, any intent or
obligation to update these forward-looking statements.
Command Security Corporation provides security services to company-owned
offices in New York, New Jersey, California, Illinois, Connecticut, Florida,
Georgia and Pennsylvania and provides services to independent security
companies nationwide.
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COMMAND SECURITY CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
<CAPTION>
Three Months Ended
June 30,
1998 1997
<S> <C> <C>
Revenue $14,351,339 $11,788,480
Operating profit/(loss) $ 311,154 $ (331,262)
Net income/(loss) $ 85,205 $ (476,234)
Preferred stock dividends (37,661) (34,871)
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Net income/(loss) applicable to
Common shareholders $ 47,544 $ (511,105)
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Income/(loss) per common share $ .01 $ (.07)
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Weighted average number of common and
Common equivalent shares outstanding 6,658,143 6,859,578
----------- -----------
</TABLE>
