Command Center, Inc has announced results for the second quarter
Command Center Inc. : Command Center Reports Second Quarter 2013 Results
Command Center, Inc has announced results for the second quarter ended June 28, 2013.
The company reported second quarter revenue of $23.3 million, a decrease of 4.0% compared to revenue of $24.3 million for the thirteen-week period ended June 29, 2012. Gross margins as a percent of revenue increased to 25.3% from 24.8% reported in the second quarter a year ago. Gross profit for the quarter was $5.9 million-compared to $6.0 million for the second quarter last year. Net income for the quarter was $473,000, or $.01 per share, based upon 59.6 million basic and 62.5 million diluted weighted average shares. For the comparable year-ago period, the company reported net income of $843,000, or $.01 per share, based upon 59.1 million basic and 64.0 million diluted weighted average shares.
For the twenty-six week period ended June 28, 2013, Command Center reported revenue of $43.2 million, compared to $43.4 million in the first six months of last year. Net income for the first six months of 2013 was $485,000, or $0.01 per share, compared with net income of $281,000, or $.00 per share, in the same period last year. Gross profit improved to $11.1 million, or 25.7% of revenue in the current year, compared to $10.7 million or 24.6% of revenue in the comparable twenty-six week period of 2012.
Bubba Sandford, Command Center's President and CEO, commented on the results by stating, "Since my appointment as President and CEO five months ago, our primary focus has been on having relationships with quality customers, with increased gross margins and risk-appropriate work. As a result, we are evaluating the profitability and quality of both existing business relationships and potential new customers. As anticipated, this has resulted in loss of some lower-margin work that otherwise would have contributed to overall revenue for the quarter but that would have also decreased gross margins and profitability."
Mr. Sandford stressed that the company is dedicated to increasing margins, enhancing the quality of services provided to customers, controlling costs, and reducing the overall number of subpar accounts. Mr. Sandford went on to say, "The company has placed greater emphasis on obtaining and retaining better business with better margins. We fully intend to maintain and increase revenue once our initiatives are fully implemented, but we anticipate doing so with increased control of costs and gross margins."
Viewing the present results as a whole, Mr. Sandford stated, "The Company is moving in a new and positive direction, but with that comes some initial sacrifices regarding certain areas within the business and a shift in what we include in our view of success. In the end, we are confident that our assessments, and the changes based upon those assessments, are going to greatly increase the quality of business that we do, which will in turn increase both revenue and profitability, ultimately leading to greater shareholder value."