APCOA/Standard Parking Announces Second Quarter 2001 Results

    CHICAGO--Aug. 15, 2001--APCOA/Standard Parking, Inc., one of the nation's largest operators of paid parking facilities, today announced second quarter 2001 operating results. Gross customer collections were $400 million for the quarter, an increase from the same period last year of $14 million or 3.6%. On a year-to-date basis, gross customer collections reached $796 million, an increase of 5.8% as compared to the first half of 2000. The company achieved EBITDA of $6.3 million for the quarter, which represents an increase of 1.9% as compared to the same quarter of 2000. For the first half of 2001, EBITDA was up $0.6 million or 5.1% to $11.8 million as compared to the first half of 2000. Gross profit decreased $1.0 million or 6.2% to $14.4 million for the quarter compared to the same period last year, while general and administrative expenses for the quarter decreased $1.1 million or 11.7% from the same quarter in 2000.
    The growth in gross customer collections was driven by the net addition of 154 contracts during the last twelve months. "Gross profit was affected by a slowdown in travel which reduced parking volumes at airport locations," said Myron C. Warshauer, APCOA/Standard Parking's Chief Executive Officer. "General and administrative expenses declined sharply as we benefit from cost savings and operating efficiencies implemented late last year," Mr. Warshauer continued. "In light of the slowdown in airport volumes, the Company has made further cuts in general and administrative expenses during the second quarter," Mr. Warshauer said.

 
                             APCOA/Standard Parking, Inc.
  

                      Three Months Ended           Six Months Ended
                ----------------------------   -----------------------    
                   June 30,         June 30,    June 30,      June 30,
                     2001             2000        2001          2000
                 --------------   ----------   ------------  ---------    

Gross customer
 collections        $400,047        $385,993    $795,524      $752,093
                    ========        ========    ========      =========

Parking 
 services
 revenue:
   Lease contracts  $ 41,815        $ 46,386    $ 83,088      $ 93,817
   Management
    contracts         20,742          15,681      41,149        31,341
                    --------        --------    --------      ---------
                      62,557          62,067     124,237       125,158
 
Cost of parking 
 services:
   Lease contracts    37,738          40,211      74,928        82,851
   Management
    contracts         10,393           6,480      20,844        12,768
                    --------        --------    --------      ---------
                      48,131          46,691      95,772        95,619

Gross profit          14,426          15,376      28,465        29,539

General and 
 administrative
 expenses              8,085           9,152      16,616        18,262
                      ------          ------     -------        ------

Operating income
 before interest,
 depreciation,
 amortization and
 other special 
 charges             $ 6,341         $ 6,224    $ 11,849      $ 11,277
                    ========        ========    ========      =========

 Number of  
  facilities:
    Leased 
     Locations           368             380
    Managed
     Locations         1,609           1,443
                      ------          ------
          Total        1,977           1,823