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Economy, closures hurt Command Center revenue

April 10, 2009

Full-year 2008 revenue fell 19.9% at Command Center Inc. (OTCBB: CCNI.OB) to $78.8 million. The Post Falls ID-based commercial staffing firm said revenue fell because of the slow economy and the closure of 24 offices during the year.

Chairman and CEO Glenn Welstad said the company's cost-cutting actions lagged revenue declines until recently when revenue stabilized. The company expects the benefits of the restructuring to be fully reflected in the second quarter of 2009.

Command Center's full-year 2008 gross margin narrowed to 24.8% from 27.0% in the previous year.

Full-year 2008 net loss was $17.6 million compared with a net loss of $26.0 million in 2007. The company took a noncash goodwill impairment charge of $11.8 million in 2008 and another noncash goodwill impairment charge of $18.3 million in 2007.

Command Center Inc. (OTCBB: CCNI.OB)
For full-year 2008 ended Dec. 26, 2008, compared with the previous year.
Revenue: $78.8 million, -19.9%
Net loss: $17.6 million vs. net loss of $26.0 million