Command Center Inc. provides on-demand labor solutions primarily in the areas of light industrial, disaster relief, hospitality and event services. The company today posted its financial results for the second quarter and half year ended June 25, 2010.
Command Center reported total revenue at $19.04 million, a 54 percent increase over the $12.39 million reported for the same period last year.
Net profit was $336,123, or $0.01 per share, compared to a net loss of $1.48 million, or ($0.04) per share, for the second quarter of last year.
The company posted second-quarter income from operations of $1.51 million compared to a loss from operations of $964,642 in the second quarter of 2009. The company attributes a non-cash charge of $726,906 recorded in the second quarter of 2010 to a change in fair value of warrant liability.
“Obviously, we are extremely pleased,” Command Center chairman and CEO Glenn Welstad stated in the press release. “In this uncertain economy, our strict attention to cost management, growth of core business and expansion into new areas, particularly event services and disaster relief, has been critical to producing such strong quarterly results. Of course, attainment of these goals would not have been possible without the support and hard work of all our workers throughout the system, both in the office and out in the field.”
For the six months ended June 25, 2010, Command Center posted total revenue of $30.94 million, up 23 percent from revenue of $25.21 million reported in the comparable year-ago period. Net loss for the six months ended June 25, 2010, was $1.40 million, or ($0.03) per share, as compared to a net loss of $3.57 million, or ($0.10) per share reported for the comparable six months of 2009.
Command Center reported income from operations of $959,612 in the first half of 2010 versus a loss from operations of $2,608,452 in the first half of 2009. Non-cash charges totaling $1,729,173 were recorded in the first half of 2010, attributable to loss on debt extinguishment and a change in fair value of warrant liability.
Welstad also noted significant improvements in key operating areas, including a 23.5-percent increase in core business revenue for the quarter; and a gross profit margin of 26.7 percent in the second quarter of 2010 versus 23.3 percent in the second quarter of 2009.
For more information visit www.commandonline.com