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 1, 1999
(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)
<PAGE>
Item 1-Item 4 Not Applicable.
Item 5 : Other Events. Not Applicable.
Item 6 Not Applicable.
Item 7 Financial Statements and Exhibits.
(a),(b)
(c) Exhibits
(i) Press release dated November 1, 1999.
Item 8. Not applicable.
Item 9. Not applicable.
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 2, 1999 COMMAND SECURITY CORPORATION
By:/s/ Nathan Nelson
___________________________
Nathan Nelson
Chief Financial 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 SECOND FISCAL QUARTER
* Net income to common shareholders up 5 fold
* Gross profit percentage 18.8% compared to 17% in prior year
* EPS $.07 versus $.01 in prior year
* EBITDA $.17 per share
Lagrangeville, New York *** November 1, 1999 *** Command Security Corporation
(NASDAQ:CMMD) today released preliminary results for its second fiscal
quarter ended September 30, 1999 in advance of the filing next week of its
10Q.
Quarterly and year-to-date revenue was down by approximately 2.3% and 4.4%
compared to the prior year periods. However, gross profit as a percentage of
revenue for the period ended September 30, 1999 increased to 18.8% for the
quarter compared to 17% in the prior fiscal year quarter and 18.6% for the
six months compared to 16.8% in the comparable period of the prior year.
Net income attributable to common shares increased more than five times to
$495,139 or $.07 per share for the quarter ended September 30, 1999 from
$90,742 or $.01 per share in the same quarter of the prior fiscal year. For
the six month period ended September 30, 1999, net income attributable to
common shareholders increased more than four times to $643,899 or $.10 per
share from the $138,286 or $.02 per share recorded for the same period in the
prior fiscal year.
EBITDA (Earnings before interest taxes depreciation and amortization) was
$1,138,434 or $.17 per share in the quarter ended September 30, 1999,
compared to $806,124 or $.12 per share in the same period of the prior fiscal
year. For the six month period ended September 30, 1999 EBITDA was $1,896,771
or $.28 per share, compared to $1,548,715 or $.23 per share for the same
period in the prior fiscal. As of September 30, 1999 working capital was
$1,338,155, an increase of approximately $688,000 from the working capital
balance as of June 30, 1999.
<PAGE>
William C. Vassell, Chairman of Command said, "We are very pleased to report
the results of our second quarter which demonstrate that our fundamentals are
strengthening. Demand for security guard and related services continues to
grow and we expect to increase our share within selective markets. Management
has made significant progress implementing cost controls and will now add to
its focus increasing revenues and profitability." Nathan Nelson, Chief
Financial Officer added, "During the period we were able to continue to
improve our gross profit margins through our cost control plans. This has
resulted in substantially improved financial results and increased working
capital."
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 the 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 through company-owned
offices in New York, New Jersey, California, Illinois, Connecticut, Florida,
Georgia, Massachusetts and Pennsylvania and provides services to independent
security companies nationwide.
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<TABLE>
COMMAND SECURITY CORPORATION
Condensed Statements of Operations
<CAPTION>
Three Months Ended Six Months Ended
September 30 September 30
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues $15,217,897 $15,579,240 $28,620,529 $29,930,579
Operating Profit $ 678,397 $ 362,883 $ 1,003,327 $ 674,037
Net Income $ 550,969 $ 128,403 $ 740,403 $ 213,608
Preferred Stock Dividends $ (55,830) $ (37,661) $ (96,504) $ (75,322)
----------- ----------- ----------- -----------
Net income applicable $ 495,139 $ 90,742 $ 643,899 $ 138,286
To common stockholders ----------- ----------- ----------- -----------
Income per share of common stock $ .07 $ .01 $ .10 $ .02
=========== =========== =========== ===========
Weighted average number of common and 6,658,143 6,658,143 6,658,143 6,658,143
common equivalent shares outstanding =========== =========== =========== ===========
</TABLE>
