Industrial staffing provider Command Center Inc. (OTCMKTS: CCNI) reported fourth-quarter revenue fell 6.0%. However, the company said revenue was up 1.2% after normalizing for an extra week in 2016. The Lakewood, Colo.-based company had announced last month that CEO Bubba Sandford would step down effective April 1, but will remain as a director. Sandford was appointed president and CEO in February 2013 and first elected as a director in 2013.

Gross margin narrowed to 24.5% from 25.7%, which the Lakewood, Colo.-based company attributed to increased workers’ compensation expense compared to the year-ago quarter.

Command Center reported it will not hold an earnings call with investors on the fourth-quarter and full-year 2017 results due to the transition in management, but expects to resume quarterly earnings calls with the filing of first-quarter results.

The company has 67 field offices in 23 states.

During the fourth quarter, Command Center implemented a one-for-12 reverse stock split of common and preferred stock, effective Dec. 7. Approximately 60.6 million shares of common stock were exchanged for approximately 5.1 million newly issued shares.

Quote

“For Command Center, 2017 was a positive year,” Sandford said. “For the year, all crucial metrics were up — most notably, revenue, cash, net income and adjusted EBITDA. Adding to the positive operational and financial aspects, we were able to institute a reverse split of our stock and we intend to complete our uplisting to the Nasdaq market soon. The company is in a good position, and the board of directors is focused on transitioning the CEO position to add strong talent in order to maintain momentum. An announcement regarding the new CEO should come very soon.”

Full-year results

Share price and market cap

Shares in Command Center were unchanged at $5.70 at the close of trading yesterday. The company had a market cap of $28.79 million.