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 22, 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)
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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) Not Applicable.
(c) Exhibits
(i) Press release dated August 21, 2000.
Item 8. 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
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 FIRST FISCAL QUARTER
o REVENUES UP 20.3%
o PROFITABLE QUARTER
Lagrangeville, New York *** August 21, 2000 *** Command Security Corporation
(NASDAQ:CMMD) today reported results for its first fiscal quarter ended June
30, 2000. For the quarter, revenue increased to $16,117,665, a 20.3% increase
from the $13,402,632 recorded in the same period in the prior fiscal year.
The majority of this revenue increase is as a result of the addition of new
accounts primarily within the commercial airline, general commercial, and
hospital related industries. In addition, there was a substantial increase in
revenues generated from the servicing of new ATM sites.
Gross profit, as a percentage of revenue, was 16.6% for the quarter ended
June 30, 2000, compared with 18.4% for the quarter ended June 30, 1999. This
decrease in gross profit percentage can be attributed to higher labor costs
and overtime which is partially due to tight labor markets. Gross profit, as
a percentage of revenues for the fiscal year ended March 31, 2000 was 16.9%.
William C. Vassell, Chairman of the Board commenting on the results said, "We
are extremely pleased with the increase in revenues achieved in our first
quarter which was achieved despite the loss of one of our larger clients,
Tower Air, due to bankruptcy. We believe that we will continue to show
revenue growth for the foreseeable future."
Net income applicable to common stockholders was $29,133 or $.005 per share
for the period ended June 30, 2000 compared to $148,760 or $.02 per share for
the same period in the prior fiscal year. Working capital increased by
$43,275 to $792,989 as of June 30, 2000.
Nathan Nelson the Company's CFO said "In addition to the reduced gross profit
margin due to tight labor markets, the Company's profit margin and general
and administrative expenses were impacted by new business start-up costs
associated with the substantial increase in revenue for the quarter."
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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
Quarter ended
June 30,
2000 1999
Revenues $16,117,665 $13,402,632
Operating profit 203,387 309,241
Net Income 70,107 189,434
Preferred stock dividends (40,674) (40,674)
Net income applicable to
common shareholders $ 29,433 $ 148,760
Net income per common $ .005 $ .02
share
Weighted average number of
common shares outstanding 6,287,343 6,658,143
