Command Center Chairman and Chief Executive Officer Mr. Glenn Welstad said he believes the Company “has not only weathered the current economic storm, but also has positioned itself for accelerated growth going forward. We are seeing improved margins in the current quarter along with a significant increase in sales.”
For the thirteen weeks ended March 26, 2010, they reported a net loss of $1,713,078, or ($.05) per share. They based this on 37,465,878 weighted average common shares outstanding. For the same period in 2009, they reported a net loss of $2,087,781, or ($0.06) per share, based on 36,328,844 weighted average common shares outstanding.
The operating loss of $551,077 in the first quarter was 69 percent lower than the operating loss of $1,769,020 in the same quarter a year prior. Approximately $1 million of the reported loss for the first quarter of 2010 resulted from noncash expenses. These noncash expenses were related to “loss on debt extinguishment” and “change in fair value of warrant liability.”
In addition, Command Center, Inc. said that gross profit margin was 24.1 percent in the first quarter of 2010 versus 24.2 percent in the first quarter of 2009. SG&A expenses were $3,424,561, or 28.8 percent of revenue, in the first quarter of 2010, compared to $4,877,088, or 38.0 percent of revenue, in the same quarter the previous year.
Command Center, Inc. is an emerging provider of on-demand, reliable labor solutions. They provide these on-demand employment solutions to businesses in the United States, mainly in the areas of light industrial, hospitality and event services, as well as other assignments.
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