APCOA/Standard Parking Announces First Quarter 2001 Results

    CHICAGO--May 11, 2001--APCOA/Standard Parking, Inc., one of the nation's largest operators of paid parking facilities, today announced first quarter 2001 operating results. Gross customer collections were $395 million for the quarter, an increase from the same period last year of $29 million or 8.0%. The company achieved EBITDA of $5.5 million for the quarter, which represents an increase of 9% as compared to the same quarter of 2000. Gross profit decreased $0.1 million or 0.9% to $14.0 million during the first quarter of 2001.
    The growth in gross customer collections was driven by the net addition of 137 locations compared with the prior year. "Gross profit was affected by the severe winter, which reduced parking volumes at some leased locations and resulted in significantly higher snow removal costs," said Myron C. Warshauer, APCOA/Standard Parking's Chief Executive Officer. "Growth in EBITDA was the direct result of the continued control of general and administrative expenses," Mr. Warshauer continued.
    APCOA/Standard Parking, Inc., with 13,700 employees, is one of the largest operators of paid parking facilities in North America, managing over 1,950 airport and urban parking facilities in 265 cities in 40 states and three Canadian provinces.

                     APCOA/Standard Parking, Inc.

                                            Three Months Ended
                                       ---------------------------
                                        March 31,         March 31, 
                                          2001              2000
                                       ---------         ---------

Gross customer collections             $ 395,477         $ 366,100
                                       =========         =========

Parking services revenue:
   Lease contracts                     $  41,273         $  47,431
   Management contracts                   20,407            15,660
                                       ---------         ---------
                                          61,680            63,091

Cost of parking services:
   Lease contracts                        37,190            42,640
   Management contracts                   10,451             6,288
                                       ---------         ---------
                                          47,641            48,928
                                       ---------         ---------

Gross profit                              14,039            14,163

General and administrative expenses        8,531             9,110
                                       ---------         ---------

Operating income before interest,
 depreciation, amortization and
 restructuring charges                 $   5,508         $   5,053
                                       =========         =========

   Number of facilities:
      Leased Locations                       366               393
      Managed Locations                    1,593             1,429
                                       ---------         ---------
      Total                                1,959             1,822