Central Parking Finance Trust PFD TR CV SECS (CRLKP)
Filed: 11 Aug 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
August 8, 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)
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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 August 8, 2003, the Registrant issued the following press release:
STANDARD PARKING CORPORATION ANNOUNCES
SECOND QUARTER 2003 RESULTS
CHICAGO, August 8, 2003 - Standard Parking Corporation, one of the nation’s largest operators of paid parking facilities, today announced second quarter 2003 operating results.
Gross profit was $14.8 million for the quarter and $28.9 million for the first half of 2003, an increase of 9.2% and 10.1% as compared to the same periods in 2002. General and administrative expenses were $8.0 million for the quarter and $16.1 million for the first half of 2003, an increase of 6.9% and 5.9% as compared to the same periods in 2002. Operating income was $4.0 million for the second quarter and $7.3 million for the first half of 2003, an increase of 96.5% and 55.6% over the comparable periods in 2002.
“I am obviously pleased with the terrific operating performance of our team during the second quarter and year-to-date, especially in light of the continued overall economic conditions in the United States and in the airport sector in particular,” said James A. Wilhelm, Standard Parking’s President and Chief Executive Officer. “I am also encouraged by our unprecedented growth compared to the activity reported by our industry competitors over the same period. I credit this success to the 12,000 parking professionals on our team who have executed a focused, disciplined business model designed to guide our firm safely, efficiently and successfully through this extremely difficult period,” Mr. Wilhelm continued.
Standard Parking Corporation, with approximately 12,000 employees, is one of the largest operators of paid parking facilities in North America, managing approximately 1,900 airport and urban parking facilities in 273 cities spanning 43 states and four Canadian provinces.
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More information about Standard Parking is available at www.standardparking.com. Standard Parking’s second 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.
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Standard Parking Corporation
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| Three Months Ended June 30, |
| Six Months Ended June 30, |
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| 2003 |
| 2002 |
| 2003 |
| 2002 |
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Parking services revenue: |
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Lease contracts |
| $ | 35,891 |
| $ | 36,877 |
| $ | 71,565 |
| $ | 71,716 |
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Management contracts |
| 19,129 |
| 19,888 |
| 37,098 |
| 40,265 |
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| 55,020 |
| 56,765 |
| 108,663 |
| 111,981 |
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Reimbursement of management contract expense |
| 84,322 |
| 88,552 |
| 161,135 |
| 175,455 |
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Total revenue |
| 139,342 |
| 145,317 |
| 269,798 |
| 287,436 |
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Cost of parking services: |
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Lease contracts . |
| 32,703 |
| 32,936 |
| 65,521 |
| 64,464 |
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Management contracts |
| 7,500 |
| 10,262 |
| 14,196 |
| 21,222 |
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| 40,203 |
| 43,198 |
| 79,717 |
| 85,686 |
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Reimbursed management contract expense |
| 84,322 |
| 88,552 |
| 161,135 |
| 175,455 |
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Total cost of parking services |
| 124,525 |
| 131,750 |
| 240,852 |
| 261,141 |
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Gross profit |
| 14,817 |
| 13,567 |
| 28,946 |
| 26,295 |
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General and administrative expenses |
| 7,989 |
| 7,476 |
| 16,100 |
| 15,196 |
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Special charges |
| 248 |
| 1,243 |
| 345 |
| 1,451 |
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Depreciation and amortization |
| 1,850 |
| 2,073 |
| 3,740 |
| 3,482 |
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Management fee — parent company |
| 750 |
| 750 |
| 1,500 |
| 1,500 |
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Operating Income |
| $ | 3,980 |
| $ | 2,025 |
| $ | 7,261 |
| $ | 4,666 |
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Number of facilities: |
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Leased facilities |
| 294 |
| 323 |
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Managed facilities |
| 1,596 |
| 1,609 |
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Total facilities |
| 1,890 |
| 1,932 |
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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 | |
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Date: August 11, 2003 | By: | /s/ JAMES A. WILHELM |
| James A. Wilhelm, Director, President and | |
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