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: June 30, 2000
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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) 454-3703
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(Registrant's Telephone Number)
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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 June 30, 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: June 30, 2000 COMMAND SECURITY CORPORATION
By: /s/ Nathan Nelson
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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 FISCAL YEAR END
o REVENUES UP 2.8% FROM PRIOR YEAR
o WORKING CAPITAL INCREASES BY $550,000
o EXPECTS PROFITABILITY IN FY2001
Lagrangeville, New York *** June 30, 2000 *** Command Security Corporation
(NASDAQ:CMMD) today reported results for its fiscal year ended March 31,
2000. For the year revenues increased by 2.8% to $59,245,927 from $57,642,041
reported for the prior fiscal year. Gross profit, as a percentage of
revenues, increased slightly to 16.88% of revenues for the fiscal year ended
March 31, 2000 from the 16.86% recorded in the prior fiscal year.
Net loss applicable to common stockholders for the fiscal year ended March
31, 2000 was $(487,561) or $(.07) per share compared to a loss of $(166,042)
or $(0.2) per share for the prior fiscal year. Included in the net loss for
fiscal 2000 was a charge for bad debts of $738,117 in connection with the
Tower Air, Inc. Chapter 11 bankruptcy, impacting earnings per share by
$(.11).
As of March 31, 2000 the Company had working capital of $749,710,
approximately $550,000 more than the $200,236 balance as of March 31, 1999.
During the fiscal year the Company repurchased 220,800 of its common shares
for $226,202.
William C. Vassell, Chairman of the Board said, "The Company has continued to
make substantial progress in Fiscal 2000. We are well positioned to continue
our revenue growth and expect margins to remain strong during fiscal 2001."
The Company's CFO Nathan Nelson, added, "Despite the impact of the Tower Air
bankruptcy EBITDA (Earnings before interest, taxes, depreciation, and
amortization) was $2,062,075 or $.32 per share. We are continuing with our
cost control programs and with the significantly lower amortization expense
for fiscal 2001 expect to return to profitability in fiscal 2001."
(more)
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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.
COMMAND SECURITY CORPORATION
Condensed Statements of Operations
Fiscal Year End
March 31,
2000 1999
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Revenues $59,245,927 $57,642,041
Operating income 330,705 877,434
Net loss (309,710) (15,399)
Preferred stock dividends (177,851) (150,643)
Net loss applicable to common stockholders $ (487,561) $ (166,042)
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Loss per share of common stock $ (.07) $ (.02)
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Weighted average number of
common shares outstanding 6,535,581 6,658,143
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