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: February 15, 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 February 15, 2000.
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: February 15, 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
REPORTS RESULTS FOR THIRD FISCAL QUARTER
- Revenue Increases 5.4%
- EPS Improves by $0.02 per share
- EBITDA $.10 per share
- Repurchases 220,800 shares
Lagrangeville, New York *** February 15, 2000 *** Command Security
Corporation (NASDAQ:CMMD) today released results for its third fiscal quarter
ended December 31, 1999.
Revenues for the quarter ending December 31, 1999 increased by 5.4% to
$15,322,437 from the $14,537,004 recorded in the same period in prior fiscal
year. For the nine months revenues were $43,942,966 a decrease of 1.2% from
the $44,467,583 recorded in the period of the prior fiscal year.
Net income applicable to common stockholders rose to $9,171 or $.001 per
share compared to the loss of ($101,975) or ($.02) per share in the same
period of the prior fiscal year. For the nine months, net income applicable
to common stockholders increased to $653,070 or $.10 per share compared to
$36,311 or $.01 per share recorded in the prior fiscal year nine month
period.
EBITDA (Earnings before interest, taxes, depreciation and amortization) was
$646,715 or $.10 per share in the quarter ended December 31, 1999, compared
to $562,078 or $.08 per share in the same period of the prior fiscal year.
For the nine month period ended December 31, 1999 EBITDA was $2,543,486 or
$.38 per share compared to $2,110,793 or $.32 per share for the same period
in the prior fiscal year.
As of December 31, 1999 working capital was $1,532,748, an increase of more
than $1.3 million from the working capital balance as of March 31, 1999.
During the period from October 1999 through February 10, 2000 the Company
with Board approval purchased 220,800 shares of its own Company's stock for
$226,202.
William C. Vassell, Chairman of Command said, "Third quarter revenue
increased as a result of adding new clientele. Net income increased by over
$100,000 compared with last year's fiscal quarter and working capital
increased by more than $1.3 million since the beginning of the fiscal year."
The Company's CFO, Nathan Nelson, added, "We are continuing our cost
reduction efforts and planning implementation of our new computer system,
Comguard 2000, within six months. These efforts are expected to further
strengthen the Company's fundamentals and improve performance in the coming
fiscal year."
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.
<PAGE>
<TABLE>
COMMAND SECURITY CORPORATION
Condensed Statements of Operations
<CAPTION>
Three Months Ended Nine Months Ended
December 31 December 31
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues $15,322,437 $14,537,004 $43,942,966 $44,467,583
Operating Profit $ 218,830 $ 145,688 $ 1,222,157 $ 819,725
Net Income $ 49,846 $ (64,314) $ 790,249 $ 149,294
Preferred Stock Dividend $ (40,675) $ (37,661) $ (137,179) $ (112,983)
----------- ----------- ----------- -----------
Net income applicable to
common stockholders $ 9,171 $ (101,975) $ 653,070 $ 36,311
=========== =========== =========== ===========
Income per share
of common stock $ .001 $ (.02) $ .10 $ .01
=========== =========== =========== ===========
Weighted average number of
common and common equivalent
shares outstanding 6,574,800 6,658,143 6,630,261 6,658,143
=========== =========== =========== ===========
</TABLE>
