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Command Center Inc. (OTCBB: CCNI), a Post Falls, Idaho-based industrial staffing firm, reported third-quarter revenue rose 13.7 percent to $28.4 million from $25.0 million in the year-ago quarter. The increase is the result of increased activity in North Dakota, recent restoration projects and its acquisition of DRS LLC in January 2012, according to a filing with the U.S. Securities and Exchange Commission.
Third-quarter gross margin improved to 25.9 percent from 23.6 percent in the same quarter last year.
Net income fell 49.1 percent in the third quarter to $721,844 from $1.42 million in the third quarter of last year.
Command Center is involved with disaster relief and recovery work on the East Coast following Hurricane Sandy, and it expects the work will have a positive impact on fourth-quarter operating results.
“Command Center is uniquely qualified to mobilize large numbers of workers to service these types of opportunities, and they have become increasingly important as catalysts for our growth,” said Chairman and CEO Glenn Welstad.
The company also reported in an SEC filing that in September it settled a lawsuit with its former CFO Jeff Mitchell that had alleged breach of contract. The company agreed to settle by paying $100,000 to Mitchell, according to the filing.
Command Center (OTCBB: CCNI)
Results for the third quarter ended Sept. 28, 2012, compared with the same period last year.
Revenue: $28.4 million, +13.7 percent
Net income: $721,844, -49.1percent