Command Center, Inc., www.commandonline.com – provider of on-demand personnel and staffing solutions to a variety businesses, in what is an increasingly hectic and complex job market, nevertheless clocked in double digit same store sales growth for March-April while simultaneously reducing operating losses. Outstanding performance considering the nature of the current global economy and job markets, leading the Company to report financial data for the 13-week period (ending March 26) today.
Revenue was down 7.2% ($923,547), to $11,899,756 for the period when compared to the previous year’s data; however, 1Q Operating Losses were 69% lower than the previous year, with roughly $1M of the total being attributable to noncash expenses related to loss on debt extinguishment and change in fair value of warrant liability.
Net Loss was reduced 18%, to $1.7M ($0.5/share based on weighted average), from the previous year’s approximately $2.1M ($0.6) figure, as Gross Profit Margins fell slightly, by 0.1%, on SG&A Expenses of $3.4M, or 28.8% of revenue, down 9.2% and reflecting operational efficiency improvements in the overall cost structure.
Chairman and CEO of CCNI, Glenn Welstad, noted that the Company has proven its mettle by successfully weathering one of the worst economic storms in the planet’s history and even managed to accelerate its forward momentum despite mounting force vectors from both job and ancillary markets.
Welstad took special care to note increased margins and sales in the quarter, and continued by citing proven viability in markets like Tennessee and the Gulf Coast, where CCNI has established a reputation as a steady and reliable contractor for a multiplicity of disaster and relief operational efforts, and more significantly overall national expansion of accounts, underwriting the projected goal of maintaining an even larger footprint in key sectors of the temporary labor market.
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