Command Center, Inc. today reported revenue of $28.38 million for the third quarter ended September
Command Center, Inc. a national provider of on-demand and temporary staffing solutions, today reported revenue of $28.38 million for the third quarter ended September 28, 2012. This represents an increase of 13.7% on revenue of $24.97 million for the third quarter ended September 30, 2011. Revenue in the third quarter of 2012 was derived from 58 company-owned stores, as compared with 53 stores in the like year-ago period.
For the quarter ended September 28, 2012, the company reported net income of $721,844, or $.01 per share, based on 62.80 million diluted weighted average shares outstanding. For the comparable year-ago period, the company reported net income of $1.42 million, or $.02 per share, based on 61.22 million diluted weighted average shares outstanding.
For the thirty-nine week (nine month) period ended September 28, 2012, Command Center reported revenue of $71.75 million, an increase of 16.4% on revenue of $61.65 million in the comparable period ended September 30, 2011. Net income for the first nine months of 2012 was $1.00 million, or $0.02 per share, based on 62.96 million diluted weighted average shares outstanding, compared with a net loss of $212,417, or $0.00 per share, based on 56.62 million basic and diluted weighted average shares outstanding in the same period last year.
The company said gross profit margin in the third quarter and first nine months of 2012 improved to 25.9% and 25.1%, respectively – versus 23.6% and 22.4% in the like year-ago periods. SG&A expenses were $6.28 million, or 22.1% of revenue, in the third quarter of 2012, versus $4.56 million, or 18.3% of revenue, in the previous year’s third quarter. For the nine-month period, SG&A expenses were $15.67 million, or 21.8% of revenue in 2012, versus $13.24 million, or 21.5% of revenue in 2011.
“We are pleased to report higher sales, stronger profit margins and continued profitability, despite the economy’s slow recovery,” said Command Center Chairman and CEO, Glenn Welstad. “Because of our commitment and ability to provide superior customer service across many different sectors, the company has been able to expand its customer base on both the local and national level.”
Mr. Welstad noted that the increase in SG&A expenses during the third quarter was related primarily to increases in compensation and travel activities, as well as additional costs associated with new branch office openings and expansion into high growth areas such as Bakken Staffing and restoration services.
CommandCenteris currently active with disaster relief and recovery efforts on the East Coast following Hurricane Sandy. According to Mr. Welstad, this work is expected to have a positive impact on fourth quarter operating results. “Command Center is uniquely qualified to mobilize large numbers of workers to service these types of opportunities, and they have become increasingly important as catalysts for our growth.”