Command Center Inc., a national provider of on-demand and temporary staffing solutions, today announced its 2010 financial results, reporting a 35 percent increase in revenue to $69.44 million for the 53-week period ended December 31, 2010, as compared to revenue of $51.56 million for the 52-week period ended December 25, 2009.
The company recorded an operating profit of $1.56 million, generated from its 50 branch stores in 2010, compared to a loss of $(3.19 million) from the operations of its 50 stores in 2009. Command’s reported net loss in 2010 of $(1.56 million), or $(.03) per basic and diluted weighted average common share outstanding, compared with a net loss of $(5.97 million), or $(0.16) per basic and diluted weighted average common shares outstanding, in the year prior.
Command’s chairman and CEO Glenn Welstad said the company’s strengthened performance reflects its efforts to specifically focus on targeted areas, which have positioned the company for continued growth.
“I am pleased to report that we have solidified the company’s financial position over the past year,” Welstad stated in the press release. “At the beginning of 2010, I stated that management’s focus would be to improve working capital, reduce debt and interest expense, and lower the company’s receivable financing costs. We have seen measurable results in each of these areas. Going forward, the company is now well-positioned to accelerate both sales and profitability through organic growth and strategic acquisitions. Further, I am proud that in doing our job, Command was able to employ 29,400 individuals in 2010. These employees worked 4,968,407 hours for nearly 3,000 of our clients.”
The company’s SG&A expenses in 2010 were reduced significantly as a percentage of revenue to 22.5 percent from 31.4 percent in 2009. The company also paid off a loan balance of $1.3 million in October; interest expense incurred in 2010 decreased 56 percent to $1.01 million from $2.31 million in the prior year.
“The strength of these numbers is further reflected in the decision of our auditors to eliminate the previously issued ‘going concern’ qualification on the company’s financial statements in the current Form 10-K,” Welstad stated.
For more information visit www.commandonline.com
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