Standard Parking Corporation Announces Third Quarter 2003 Results
CHICAGO--Nov. 7, 2003--Standard Parking Corporation, one of the nation's largest operators of paid parking facilities, today announced third quarter 2003 operating results.Gross profit was $15.4 million for the quarter and $44.3 million for the first nine months of 2003, an increase of 7.8% and 9.3% as compared to the same periods in 2002. Operating income was $4.3 million for the third quarter and $11.6 million for the first nine months of 2003, an increase of 11.0% and 35.3% over the comparable periods in 2002.
"The third quarter's results continue the trend of year-over-year improvement, and when coupled with the renegotiation of our Senior Credit Facility and the improvement of our Standard and Poor's ratings, are clearly reflective of our efforts to exceed expectations," said James A. Wilhelm, Standard Parking's President and Chief Executive Officer. "We are very focused on identifying and maintaining flexibility while executing our business model in a manner consistent with our core values of excellence, innovation and integrity," Wilhelm concluded.
Standard Parking Corporation, with approximately 11,500 employees, is one of the largest operators of paid parking facilities in North America, managing approximately 1,900 airport and urban parking facilities in 277 cities spanning 43 states and four Canadian provinces.
More information about Standard Parking is available at www.standardparking.com. Standard Parking's third quarter 2003 10-Q and 2002 annual report filed on Form 10-K are available on the Internet at www.sec.gov and can also be accessed through the Investor Relations section of the company's website. Follow the links under "About Us."
Certain statements contained herein may be forward-looking statements under the federal securities laws. Such statements can be identified by the use of words such as "anticipates," "intends," "seeks," "believes," "estimates," "plans," and "expects." These statements discuss expectations for the future, contain projections concerning the results of our operations or our future financial condition or state other forward-looking information. Such statements are subject to a number of risks and uncertainties. Our actual results, performance or achievements could differ substantially from the results expressed in, or implied by, those statements. We assume no responsibility for revising forward-looking statements in light of future events or circumstances.
Standard Parking Corporation
Three Months Ended Nine Months Ended
September 30, September 30,
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2003 2002 2003 2002
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Parking services revenue:
Lease contracts $31,989 $36,499 $103,554 $108,215
Management contracts 18,491 18,464 55,589 58,729
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50,480 54,963 159,143 166,944
Reimbursement of
management contract
expense 84,160 101,936 245,295 277,391
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Total revenue 134,640 156,899 404,438 444,335
Cost of parking services:
Lease contracts 28,001 33,755 93,522 98,219
Management contracts 7,097 6,935 21,293 28,157
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35,098 40,690 114,815 126,376
Reimbursed management
contract expense 84,160 101,936 245,295 277,391
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Total cost of parking services 119,258 142,626 360,110 403,767
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Gross profit 15,382 14,273 44,328 40,568
General and administrative
expenses 8,265 7,351 24,365 22,547
Special charges 203 303 548 1,754
Depreciation and amortization 1,815 1,952 5,555 5,434
Management fee - parent company 750 750 2,250 2,250
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Operating Income $4,349 $3,917 $11,610 $8,583
Number of facilities:
Leased facilities 292 309
Managed facilities 1,576 1,586
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Total facilities 1,868 1,895