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Command Security Corporation Reports Financial Results for the Three Months and Fiscal Year Ended March 31, 2018
HERNDON, Va., June 11, 2018 (GLOBE NEWSWIRE) -- Command Security Corporation (NYSE:MOC) (the "Company," "we" or "us") today reported its financial results for the three months and fiscal year ended March 31, 2018.Highlights for the quarter include the following:Total revenues increased by 13.4% to $46.2 million compared to $40.8 million in the same quarter of the prior year.Gross profit increased by 6.4% to $4.1 million, or 8.9% of revenues compared to 9.5% of revenues in the prior year.Selling, general and administrative ("SG&A") costs were 10.0% of revenues, or $4.6 million, compared to 11.9% of revenues, or $4.8 million, in the prior year.Operating loss was $558,032, or 1.2% of revenues, compared to a loss of $871,666, or 2.1% of revenues, in the prior year.The income tax benefit decreased from $369,000 to $67,000.Highlights for the year include the following:Total revenues increased by 15.9% to $188.0 million compared to $162.2 million in the prior year.Gross profit increased by $1.9 million to $20.2 million, or 10.7% of revenues, compared to $18.3 million (11.3% of revenues) in the prior year.SG&A costs were 9.9% of revenues, or $18.7 million, compared to 11.3% of revenues, or $18.3 million, in the prior year.Operating income was $1.5 million, or 0.8% of revenues, compared to $0.1 million, or 0.1% of revenues, in the prior year.The income tax provision includes a $1.55 million charge related to the revaluation of our net deferred tax assets as a result of the Tax Cuts and Jobs Act of 2017. Excluding this charge, the income tax provision increased by $0.41 million to $0.36 million.The revenue growth in the quarter and fiscal year ended March 31, 2018 compared to the same quarter of the prior year and the prior fiscal year, respectively, were primarily driven by the addition of security services in June and July of 2017 for a large on-line retailer, its web services division, and the commencement of security services for the United States Postal Service ("USPS") in June 2016, partly offset by reductions in revenues from a major transportation company following the Company's decision to terminate services for this customer. The impact on operating income from the approximate $5.3 million decline in revenues for the quarter and $11.9 million for the year from this large transportation company was substantially offset by reductions in overhead and general and administrative costs related to these revenues.On May 1, 2018, the Company announced the loss of a portion of its revenues from the above-mentioned large on-line retailer. During the quarter ended March 31, 2018, revenues related to the lost portion of this customer's business were $9.0 million. For the year ended March 31, 2018, revenues related to such transportation company and the online retailer for which we no longer provide services totaled $43.4 million. The Company has been successful in securing several new business awards, the commencement of which is staggered throughout the first quarter of fiscal year 2019. These awards aggregate approximately $7.0 million of revenue annually. We have continued to strategically invest in new revenue growth, including the announcement to provide security services for the U.S. Department of State in Honduras. We have and will continue to pursue other appropriate new business opportunities in this business line.The availability of qualified personnel and rising labor costs, including the effects of employee turnover and overtime costs, continued to be the primary area of focus throughout this past fiscal year. The increasing cost of labor, including the effects of both legislated increases in wage rates and the increasing demand for personnel, requires timely and effective methods to recruit personnel, control costs and in some cases, increase pricing. In fiscal year 2018, the Company was successful in maintaining the ratio of direct labor to revenues at a slightly higher rate compared to the prior year. Rising labor costs and availability of qualified personnel will continue to remain a challenge for the Company as well as the entire industry. In total and relative to revenues, all other direct costs of sales in the fiscal year were consistent with the prior year.During a period of increasing revenues, we have continued to control, and in some cases reduce, workers' compensation, general liability costs and legal related costs while further leveraging our existing overhead and SG&A cost structure. This has resulted in a reduction of SG&A as a percent of revenues. SG&A as a percent of revenues was 9.9% of revenues in the fiscal year 2018 ...Full story available on Benzinga.com
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