Command Center, Inc. (OTCQB: CCNI)
(http://www.otcmarkets.com/stock/CCNI/quote), a national provider
of on-demand and temporary staffing solutions, today reported
revenue of $19.09 million for the thirteen-week period ended March
30, 2012. This represents an increase of 16.6% on revenue of $16.38
million for the thirteen-week period ended April 1, 2011.
For the first quarter of 2012, the company reported a net loss
of $561,496, or ($.01) per share, based on 59.04 million basic and
diluted weighted average common shares outstanding. For the
comparable year-ago period, the company reported a net loss of
$2.30 million, or ($.04) per share, based on 55.05 million basic
and diluted weighted average common shares outstanding.
The company said a noncash expense of $616,183 related to a
“change in fair value of warrant liability” was charged against
income from operations of $250,633 in the first quarter of 2012.
The company had reported a loss from operations of $1.31 million in
the first quarter of 2011.
According to Command Center Chairman and CEO Glenn Welstad,
“This is the first time we have reported a Q1 operating profit in
any year since the company’s inception. It has resulted from a
steady improvement in sales along with a significant increase in
operating margins and management’s ongoing efforts to maintain cost
controls. We are extremely pleased with these results, particularly
in light of first quarter historically being the weakest time of
year in the staffing industry. This is an excellent start to 2012
and, I believe, bodes well for the company’s performance in
subsequent quarters.”
Mr. Welstad noted that the gross profit margin in the first
quarter of 2012 was 24.3% versus 19.6% in the first quarter of 2011
and 22.8% for fiscal 2011. First quarter SG&A expenses were
$4.27 million, or 22.4% of revenue, versus $4.38 million, or 26.8%
of revenue, in the like year-ago quarter.
“Following the release of first quarter results last year,”
concluded Mr. Welstad, “I discussed several factors that had
negatively impacted margins, and I stated that management had begun
to make significant adjustments designed to move margins back to
earlier levels, including the need to focus on higher gross margin
contracts. As a result of the measures that were successfully
implemented, we have reinstated healthy margins that management
will strive to improve even further.”
Interested parties can access the company’s quarterly report on
Form 10-Q at www.sec.gov, or by visiting the investor relations
section of the Command Center website at www.commandonline.com.
About Command Center, Inc.
The company provides flexible on-demand employment solutions to
businesses in the United States, primarily in the areas of light
industrial, hospitality and event services, as well as other
assignments such as emergency and disaster relief projects.
Additional information on Command Center is available at
www.commandonline.com. Information on the company’s Bakken Staffing
division can be found at www.bakkenstaffing.com.
This news release contains forward-looking statements as defined
by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, the severity
and duration of the general economic downturn, the availability of
worker's compensation insurance coverage, the availability of
capital and suitable financing for the Company's activities, the
ability to attract, develop and retain qualified store managers and
other personnel, product and service demand and acceptance, changes
in technology, the impact of competition and pricing, government
regulation, and other risks set forth in the Form 10-K filed with
the Securities and Exchange Commission on April 9, 2012 and in
other statements filed from time to time with the Securities and
Exchange Commission. All such forward-looking statements, whether
written or oral, and whether made by or on behalf of the Company,
are expressly qualified by these cautionary statements and any
other cautionary statements which may accompany the forward-looking
statements. In addition, the Company disclaims any obligation to
update any forward-looking statements to reflect events or
circumstances after the date hereof.
Command Center, Inc. Balance Sheets
March 30, 2012 December 30,
Assets (unaudited) 2011 Current Assets
Cash $ 907,024 $ 1,131,296
Accounts receivable
3,196,350 2,160,072 Prepaid expenses, deposits and other 344,012
396,908 Prepaid workers' compensation 15,751 27,632 Other
receivables - current 11,596 11,028 Current portion of workers'
compensation deposits 601,000 798,000 Deferred tax asset
912,195 912,195
Total Current Assets
5,987,928 5,437,131 Property and Equipment
- Net 491,215 383,014 Other Assets
Workers' compensation risk pool deposit, less current portion
211,463 130,834 Goodwill 3,306,786 2,500,000 Intangible assets -
net 623,514 46,834
Total Assets
$ 10,620,906 $ 8,497,813
Liabilities and Stockholders' Equity Current
Liabilities Accounts payable $ 369,429 $ 900,174 Checks issued
and payable 445,389 169,738 Other current liabilities 459,624
558,821 Contingent liability 378,972 - Accrued wages and benefits
1,618,540 785,665 Current portion of notes payable, net 100,000 -
Common stock issuable 26,066 - Current portion of workers'
compensation claims liability 1,523,204
1,186,661
Total Current Liabilities 4,921,224
3,601,059 Long-Term Liabilities Warrant
liabilities 1,599,598 983,415 Contingent liability, less current
portion 446,689 - Workers' compensation claims liability, less
current portion 2,029,304 2,148,675
Total Liabilities 8,996,814
6,733,148 Stockholders' Equity
Common stock - 100,000,000 shares, $0.001
par value, authorized; and shares issued and outstanding,
respectively
59,142 57,606 Additional paid-in capital 55,372,190 54,952,802
Accumulated deficit (53,807,241 ) (53,245,744 )
Total Stockholders' Equity 1,624,091
1,764,664 Total Liabilities and
Stockholders' Equity $ 10,620,906 $
8,497,813
Command Center, Inc.
Statement of Operations (unaudited)
Thirteen Weeks Ended March 30, 2012 April 1,
2011 Revenue 19,093,681 16,379,823 Cost of staffing
services 14,452,123 13,174,044
Gross
Profit 4,641,558 3,205,779 Selling,
general and administrative expenses 4,270,462 4,382,348
Depreciation and amortization 120,463 131,276
Income (Loss) From Operations 250,633
(1,307,845 ) Interest expense and other
financing expense (195,946 ) (213,563 ) Change in fair value of
warrant liability (616,183 ) (780,029 )
Net
Loss (561,496 ) (2,301,437
) Net Loss per Share Basic $ (0.01 ) $ (0.04 )
Diluted $ (0.01 ) $ (0.04 )
Weighted average common
shares outstanding: Basic 59,044,786 55,045,863 Diluted
59,044,786 55,045,863
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