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: March 3, 2000
(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 March 3, 2000.
Item 8. Not applicable.
Item 9. 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: March 7, 2000 COMMAND SECURITY CORPORATION
By: /s/ Nathan Nelson
_______________________
Nathan Nelson
Chief Financial Officer
<PAGE>
FOR IMMEDIATE RELEASE
CONTACT: William C. Vassell Donald Radcliffe
Chairman Radcliffe & Associates, Inc.
Tel: (914) 454-3703 Tel: (212) 605-0174
COMMAND SECURITY CORPORATION COMMENTS
ON CLIENT FILING CHAPTER 11
Lagrangeville, New York *** March 3, 2000 *** Command Security Corporation
(NASDAQ:CMMD) commented on the recent bankruptcy filing by one of the
Company's clients, Tower Air, Inc. At the time of the Chapter 11 filing,
Tower owed Command $750,000 or 6.1% of the Company's accounts receivable. It
is not known at this time how much of this amount may be recovered. Command
is continuing to service Tower on a prepaid basis. Revenue from Tower has
represented approximately 5% of the Company's revenue.
Nathan Nelson, the Company's CFO said, "Command's core business remains
fundamentally sound with improved sales reported by regional offices. We do
not anticipate a significant cash flow problem as a result of the Tower
filing. The Company's borrowing availability under its line of credit remains
adequate. We will do everything in our power to recover as much of this debt
as possible. We anticipate a significant adverse impact on the Company's
earnings for the fourth quarter and for the fiscal year-ending March 31,
2000."
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 via independent
security companies nationwide.
