Command Center Inc. provides employment solutions for light industrial, disaster relief, hospitality and event services. The company yesterday announced its results for the third quarter of 2010, reflecting back-to-back profitable quarters.
For third quarter ended September 24, 2010, Command Center posted total revenue of $19.70 million, a 49 percent increase on revenue of $13.19 million for the comparable quarter of 2009.
Net profit was $1.07 million, or $.02 per share, compared to a net loss of $(249,776), or ($.01) per share, based on 37,041,172 weighted average common shares outstanding in comparable quarter of 2009.
Command Center chairman and CEO Glenn Welstad noted the company’s solid bottom line and said the company’s business is thriving despite Gulf spill concerns.
“We are thrilled to announce back-to-back profitable quarters,” Welstad stated in the press release, “and we are especially excited about bringing more than $1 million to the bottom line. Despite the dramatic drop-off in oil clean-up activities in the Gulf coming into the third quarter, core business continued to improve and not only produced such excellent results, but also showed that Command’s revenue streams are broadly distributed and not dependent on single large jobs to accelerate growth.”
The company improved its balance sheet during the third quarter, and reduced current liabilities by $1.8 million – to $5.7 million on September 24, 2010, from $7.5 million on June 25, 2010.
For the nine-month period ended September 24, 2010, Command Center reported revenue of $50.64 million, an increase of 32 percent on revenue of $38.40 million in the comparable year-ago period.
Net loss for the nine months of 2010 was $(302,826), or ($.01) per share, based on 45,484,621 weighted average common shares outstanding, compared to a net loss of $3.82 million, or ($.10) per share, based on 36,660,036 weighted average common shares outstanding for the same period last year.
The company reported gross profit margin of 26.4 percent in the third quarter of 2010, down from 28.2 percent reported in the third quarter of 2009. Despite a 49 percent increase in sales, SG&A expenses of $3.99 million in the third quarter of 2010 were 6 percent higher than SG&A expenses of $3.77 million in the third quarter of last year.
“This once again demonstrates how management has been able to effectively manage costs without compromising its commitment and ability to deliver exceptional service to our growing customer base,” Welstad stated. “We are confident, after reporting these two consecutive profitable quarters and evaluating the current status of our local and national accounts, that Command Center is well-positioned to build on these results and achieve even higher goals of revenue and profit going forward.”
For more information visit www.commandonline.com
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