19.06.2017 14:00:00

Command Security Corporation Reports Financial Results for the Three Months and Fiscal Year Ended March 31, 2017

HERNDON, Va., June 19, 2017 (GLOBE NEWSWIRE) -- Command Security Corporation (NYSE MKT: MOC) today reported its financial results for its fiscal year ended March 31, 2017.Revenues for the three months ended March 31, 2017 increased by $9.3 million or 29.6% to $40.8 million as compared with $31.4 million for the three months ended March 31, 2016. Gross profit for the three months ended March 31, 2017 was $3.9 million (9.5% of revenues) compared with $2.1 million (6.8% of revenues) for the three months ended March 31, 2016. Operating loss for the three months ended March 31, 2017 was $0.9 million (2.1% of revenues) compared with operating loss of $2.1 million (6.7% of revenues) for the three months ended March 31, 2016. Net loss for the three months ended March 31, 2017, including the $2.1 million after-tax, non-cash impairment charge was $2.7 million, or $0.28 per basic and diluted share outstanding, compared with net loss of $1.4 million, or $0.14 per basic and diluted share outstanding for the three months ended March 31, 2016.Revenues for the fiscal year ended March 31, 2017 increased by $29.1 million or 21.8% to $162.2 million as compared with $133.1 million for the fiscal year ended March 31, 2016. Gross profit for the fiscal year ended March 31, 2017 was $18.3 million (11.3% of revenues) compared with $14.9 million (11.2% of revenues) for the fiscal year ended March 31, 2016. Operating income for the fiscal year ended March 31, 2017 was $0.1 million (0.1% of revenues) compared with an operating loss of $4.2 million (3.2% of revenues) for the fiscal year ended March 31, 2016. Net loss for the fiscal year ended March 31, 2017, including the $2.1 million after-tax, non-cash impairment charge, was $2.3 million, or $0.24 per basic and diluted share outstanding, compared with a net loss of $2.7 million, or $0.27 per basic and diluted share outstanding for the fiscal year ended March 31, 2016.The increases in revenues for the three months and fiscal year ended March 31, 2017, as compared with the corresponding periods of the prior year were primarily driven by the commencement of work under the contracts with the U.S. Postal Service ("USPS") in June 2016 and under a new multi-state security services contract with a large online retailer in April 2016. In addition, revenues from a major transportation company, New York based healthcare facilities, and financial institutions increased. These increases were partly offset by reductions in revenues from temporary airport construction related services, residential and retail customers and California based technology companies.The increase in gross profits for the three months ended March 31, 2017, as compared with the corresponding period of the prior year was primarily the result of a $0.9 million reduction in workers' compensation expense and the commencement of work on the above-mentioned new contracts with the USPS and the large online retailer. In addition, gross profits increased as a result of the increased revenues from certain New York based healthcare facilities, equipment sales and financial institutions. These increases were partly offset by increasing labor costs in certain markets, the effect of reductions in temporary airport construction related security services, reductions in revenues from various residential and retail customers and California based technology companies.The increase in gross profits for the fiscal year ended March 31, 2017, as compared with the corresponding period of the prior year was the result of a $1.5 million reduction in workers' compensation expense and the commencement of work on the above-mentioned new contracts with the USPS and the large online retailer. The decrease in workers' compensation costs was primarily driven by improved claims management processes during the past two and one-half policy years partly offset by increases in certain legacy claims from the 2013 policy year. In addition, gross profits increased at certain New York based healthcare facilities, equipment sales, and financial institutions. These increases were partly offset by reductions in temporary airport construction related security services, various residential and retail customers and California based technology companies.While revenues increased nearly 30% for the three months ended March 31, 2017, general and administrative expenses increased by 13.4% or $0.6 million, to $4.8 million (11.9% of revenues) as compared to $4.3 million (13.6% of revenues) in the corresponding period of the prior year. The increase in general and administrative expenses was driven primarily by higher employee compensation and related costs. While we were otherwise able to leverage our existing cost structure with relatively small increases in employee compensation and benefit costs, we incurred increased information technology and communications costs in support of the increased revenues.Similarly, while revenues increased nearly 22% for the fiscal year ended March 31, 2017, general and administrative expenses decreased by 2.0% or $0.4 million, to $18.3 million (11.3% of revenues) as compared to $18.7 million (14.0% of revenues) for the corresponding period of the prior year. The decrease in general and administrative expenses was driven primarily by lower legal and labor settlement costs, partly offset by higher employee compensation and related costs. As noted above, the offsetting increases were in support of the increased revenues.The increase in net loss for the three months ended March 31, 2017, as compared with the corresponding period of the prior year was due mainly to the $2.1 million after tax, non-cash impairment charge related to the Company's minority investment in OPS Acquisitions Limited and Ocean Protection Services Limited ("OPS") and the above-mentioned increase in employee compensation and related expenses incurred in support of new revenue growth, partly offset by increases in gross profits including the reduction in worker's compensation expense.The decrease in net loss for the fiscal year ended March 31, 2017 as compared with the corresponding period of the prior ...Full story available on Benzinga.com
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