Central Parking Finance Trust PFD TR CV SECS (CRLKP)
Filed: 14 May 03, 12:00am
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section l3 and l5(d) of the
Securities Exchange Act of l934
May 14, 2003
Date of report (date of earliest event reported)
STANDARD PARKING CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
333-50437 |
| 16-1171179 |
(Commission File Number) |
| (IRS Employer Identification No.) |
900 N. Michigan Avenue, Chicago, Illinois 60611
(Address of Principal Executive Offices) (Zip Code)
(312) 274-2000
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
On May 14, 2003, the Registrant issued the following press release:
STANDARD PARKING CORPORATION ANNOUNCES
FIRST QUARTER 2003 RESULTS
CHICAGO, May 14, 2003 - Standard Parking Corporation, one of the nation’s largest operators of paid parking facilities, today announced first quarter 2003 operating results.
Gross profit was $14.1 million for the quarter, an increase of 11.0% as compared to the first quarter of 2002. General and administrative expenses were $8.1 million for the quarter, an increase of 5.1% as compared to the first quarter of 2002. Operating income was $3.3 million for the first quarter of 2003 as compared to $2.6 million for the first quarter of 2002, an increase of 24.2%.
“We were generally pleased with the year-over-year first quarter operating income results and with the company’s ability to introduce its new corporate identity under the backdrop of continued financial improvement,” said James A. Wilhelm, Standard Parking’s President and Chief Executive Officer. “Our formal name change to Standard Parking Corporation marks the successful integration of eight terrific parking companies. Although some of our airport locations are still struggling with the effects of lower traffic, we are hopeful that an improvement in the domestic economy and the resolution of the Iraqi conflict will lead to increased U.S. enplanement figures,” Mr. Wilhelm concluded.
Standard Parking Corporation, with approximately 11,900 employees, is one of the largest operators of paid parking facilities in North America, managing over 1,900 airport and urban parking facilities in 273 cities spanning 43 states and four Canadian provinces.
Standard Parking Corporation
|
| Three Months Ended March 31, |
| ||||
|
| 2003 |
| 2002 |
| ||
Parking services revenue: |
|
|
|
|
| ||
Lease contracts |
| $ | 35,674 |
| $ | 34,839 |
|
Management contracts |
| 17,969 |
| 20,377 |
| ||
|
| 53,643 |
| 55,216 |
| ||
Reimbursement of management contract expense |
| 76,813 |
| 81,779 |
| ||
Total Revenue |
| 130,456 |
| 136,995 |
| ||
|
|
|
|
|
| ||
Cost of parking services: |
|
|
|
|
| ||
Lease contracts |
| 32,818 |
| 31,528 |
| ||
Management contracts |
| 6,696 |
| 10,960 |
| ||
|
| 39,514 |
| 42,488 |
| ||
Reimbursed management contract expense |
| 76,813 |
| 81,779 |
| ||
Total cost of parking services |
| 116,327 |
| 124,267 |
| ||
|
|
|
|
|
| ||
Gross profit |
| 14,129 |
| 12,728 |
| ||
|
|
|
|
|
| ||
General and administrative expenses |
| 8,111 |
| 7,720 |
| ||
Special charges |
| 97 |
| 208 |
| ||
Depreciation and amortization |
| 1,890 |
| 1,409 |
| ||
Management fee - parent company |
| 750 |
| 750 |
| ||
|
|
|
|
|
| ||
Operating Income |
| $ | 3,281 |
| $ | 2,641 |
|
|
|
|
|
|
| ||
Number of facilities: |
|
|
|
|
| ||
Leased facilities |
| 296 |
| 327 |
| ||
Managed facilities |
| 1,605 |
| 1,641 |
| ||
Total facilities |
| 1,901 |
| 1,968 |
| ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| STANDARD PARKING CORPORATION | |
|
|
|
|
|
|
Date: May 14, 2003 | By: | /s/ JAMES A. WILHELM |
|
| James A. Wilhelm, Director, President and Chief Executive Officer |