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swanlinbar   Wednesday, 11/10/10 04:37:05 PM
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CCNI-Command Center Announces Third Quarter Net Profit in Excess of $1 Million
Command Center (BB) (OTCBB:CCNI)
Historical Stock Chart
1 Month : October 2010 to November 2010
Command Center, Inc. (OTCBB: CCNI), an emerging provider of on-demand, reliable labor solutions, today announced its results for the third quarter of 2010.

For the thirteen weeks ended September 24, 2010, Command Center reported total revenue of $19.70 million, an increase of 49% on revenue of $13.19 million for the thirteen weeks ended Sept. 25, 2009. For the period, the Company reported a net profit of $1.07 million, or $.02 per share, based on 51,558,983 weighted average common shares outstanding, compared to a net loss of $249,776, or ($.01) per share, based on 37,041,172 weighted average common shares outstanding in the like year-ago quarter.

“We are thrilled to announce back-to-back profitable quarters,” said Command Center Chairman and CEO, Glenn Welstad, “and we are especially excited about bringing more than $1 million to the bottom line. Despite the dramatic drop-off in oil clean-up activities in the Gulf coming into the third quarter, core business continued to improve and not only produced such excellent results, but also showed that Command’s revenue streams are broadly distributed and not dependent on single large jobs to accelerate growth.”

Mr. Welstad also noted that the balance sheet was vastly improved during the third quarter, resulting in significant gains in liquidity. “In addition to accumulating cash, the company reduced current liabilities by $1.8 million – to $5.7 million on September 24, 2010 from $7.5 million on June 25, 2010 – and improved shareholders' equity in the company.”

For the thirty-nine week (nine month) period ended September 24, 2010, Command Center reported revenue of $50.64 million, an increase of 32% on revenue of $38.40 million in the comparable year-ago period. Net loss for the nine months of 2010 was $302,826, or ($.01) per share, based on 45,484,621 weighted average common shares outstanding, compared to a net loss of $3.82 million, or ($.10) per share, based on 36,660,036 weighted average common shares outstanding for the same period last year.

Mr. Welstad said that the gross profit margin of 26.4% in the third quarter of 2010 was down from 28.2% in the third quarter of 2009. However, even with a 49% increase in sales, SG&A expenses of $3.99 million in Q3 ‘10 were only 6% higher than SG&A expenses of $3.77 million in Q3 ’09. “This once again demonstrates how management has been able to effectively manage costs without compromising its commitment and ability to deliver exceptional service to our growing customer base.

“We are confident, after reporting these two consecutive profitable quarters and evaluating the current status of our local and national accounts, that Command Center is well-positioned to build on these results and achieve even higher goals of revenue and profit going forward.”

About Command Center, Inc.

The Company provides on-demand employment solutions to businesses in the United States, primarily in the areas of light industrial, disaster relief, hospitality and event services. Additional information on Command Center is available at www.commandonline.com.

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, the severity and duration of the general economic downturn, the availability of worker's compensation insurance coverage, the availability of capital and suitable financing for the Company's activities, the ability to attract, develop and retain qualified store managers and other personnel, product and service demand and acceptance, changes in technology, the impact of competition and pricing, government regulation, and other risks set forth in the Form 10KSB filed with the Securities and Exchange Commission on April 9, 2010 and in other statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Command Center, Inc.

Balance Sheets

September 24, 2010 December 25, 2009
(Unaudited)
Assets
Current Assets:
Cash $ 584,331 $ 69,971
Restricted cash 150,000 —
Accounts receivable trade, net of allowance for bad debts of $370,000 at September 24, 2010 and $300,000 at December 25, 2009 3,234,536 5,025,113
Other receivables - current 37,036 37,059
Prepaid expenses, deposits, and other 503,949 213,409
Prepaid workers' compensation 492,685 224,074
Current portion of workers' compensation risk pool deposits 1,200,000 1,300,000
Total current assets 6,202,537 6,869,626

Property and Equipment, Net 456,253 877,827

Other Assets:
Workers' compensation risk pool deposits 1,562,693 2,318,805
Goodwill 2,500,000 2,500,000
Intangible assets - net 213,491 323,937
Total other assets 4,276,184 5,142,742
Total assets $ 10,934,974 $ 12,890,195
Liabilities and Stockholders' Equity (Deficit)
Current Liabilities:
Accounts payable $ 1,636,287 $ 2,174,504
Checks issued and payable 620,281 —
Line of credit facility — 2,907,521
Accrued wages and benefits 833,332 694,079
Other current liabilities — 224,491
Current portion of note payable — 9,520
Short-term note payable, net of discount 114,345 1,025,000
Capital leases 11,425 —
Short-term note liquidity redemption payable — 186,939
Stock warrant liability 1,177,904 413,026
Current portion of workers' compensation claims liability 1,295,369 1,801,423
Total current liabilities
5,688,943 9,436,503

Long-Term Liabilities
Note payable, less current portion — 71,447
Common stock to be issued 12,200 922,000
Workers' compensation claims liability, less current portion 3,315,188 2,800,000
Total long-term liabilities 3,327,388 3,793,447
Total liabilities 9,016,331 13,229,950


Stockholders' Equity (Deficit)
Preferred stock - 5,000,000 shares, $0.001 par value, authorized; no shares issued and outstanding — —
Common stock - 100,000,000 shares, $0.001 par value, authorized; 54,314,368 and 37,212,922 shares issued and outstanding, respectively 54,314 37,213
Additional paid-in capital 53,990,561 51,446,437
Accumulated deficit (52,126,232 ) (51,823,405 )
Total stockholders' equity (deficit) 1,918,643 (339,755 )
Total liabilities and stockholders' equity (deficit) $ 10,934,974 $ 12,890,195

Command Center, Inc.

Statements of Operations (Unaudited)

Thirteen Weeks Ended Thirty-nine Weeks Ended
September 24, September 25, September 24, September 25,
2010 2009 2010 2009
Operating Revenue:
Operating Revenue:
Revenue from staffing services $ 19,674,071 $ 13,173,084 $ 50,542,743 $ 38,331,742
Other income 26,815 13,855 97,099 69,874
Total operating revenue 19,700,886 13,186,939 50,639,842 38,401,616
Cost of Staffing Services:
Temporary worker costs 13,504,804 8,957,172 34,926,139 26,282,246
Workers' compensation costs 878,804 463,401 2,294,231 2,170,542
Other direct costs of services 109,496 47,620 262,218 131,254
Total cost of staffing services 14,493,104 9,468,193 37,482,588 28,584,042
Gross Profit 5,207,782 3,718,746 13,157,254 9,817,574

Selling, General, and Administrative Expenses:
Personnel costs 2,124,479 1,860,868 5,625,516 6,039,755
Selling and marketing expenses 52,838 11,976 182,054 81,787
Transportation and travel 433,985 202,789 972,120 772,131
Office expenses 188,327 149,020 555,591 661,784
Legal, professional and consulting 126,247 168,900 583,343 583,276
Depreciation and amortization 144,268 194,050 431,127 609,598
Rents and leases 379,389 476,140 1,164,929 1,701,119
Other expenses 538,433 619,408 1,463,145 1,940,982
Total selling, general, and administrative expenses 3,987,966 3,683,151 10,977,825 12,390,432

Income (Loss) from Operations 1,219,816 35,595 2,179,429 (2,572,858 )

Other Income (Expense):
Interest expense and other financing expense (430,507 ) (285,371 ) (1,037,900 ) (854,715 )
Gain (loss) on debt extinguishment 4,491 — (840,307 ) (518,251 )
Change in fair value of warrant liability 280,327 — (604,048 ) 126,000
(145,689 ) (285,371 ) (2,482,255 ) (1,246,966 )

Net Income (Loss) $ 1,074,127 $ (249,776 ) $ (302,826
) $ (3,819,824 )

Earnings (Loss) per Share:
Basic 0.02 (0.01 ) (0.01 ) (0.10 )
Diluted 0.02 (0.01 ) (0.01 ) (0.10 )
Weighted Average Common Shares Outstanding:



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