Central Parking Finance Trust PFD TR CV SECS (CRLKP)
Filed: 2 Apr 04, 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
April 2, 2004
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.) |
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900 N. Michigan Avenue, Chicago, Illinois 60611 | ||
(Address of Principal Executive Offices) (Zip Code) | ||
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(312) 274-2000 | ||
(Registrant’s Telephone Number, Including Area Code) | ||
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Not Applicable | ||
(Former Name or Former Address, if Changed Since Last Report) | ||
Item 5. Other Events.
On April 2, 2004, the Registrant issued the following press release:
Standard Parking Corporation |
| 900 North Michigan Avenue |
Contact:
G. MARC BAUMANN
Chief Financial Officer
Standard Parking Corporation
(312) 274-2199
mbaumann@standardparking.com
FOR IMMEDIATE RELEASE
STANDARD PARKING CORPORATION ANNOUNCES
FOURTH QUARTER AND FULL YEAR 2003 RESULTS
CHICAGO, April 2, 2004 - Standard Parking Corporation, one of the nation’s largest operators of paid parking facilities, today announced fourth quarter and full year 2003 operating results.
Gross profit was $16.4 million for the fourth quarter and $60.7 million for the full year 2003, an increase of 3.9% and 7.8% as compared to the same periods in 2002. General and administrative expense was $8.3 million for the fourth quarter and $32.7 million for the full year 2003, an increase of 9.8% and 8.5% as compared to the same periods in 2002. Operating income was $2.2 million for the fourth quarter and $13.8 million for the full year 2003, a decrease of 47.4% for the quarter and an increase of 8.3% for the full year as compared to the same periods in 2002. Operating income in the fourth quarter of 2003 was impacted by a $2.7 million valuation allowance related to long-term receivables. Without that allowance, operating income would have been $4.8 million for the fourth quarter and $16.5 million for the full year 2003, an increase of 16.2% and 29.0% as compared to the same periods in 2002.
“Our results are indicative of our team’s continuing effort to focus on driving up our company’s operating income via the efficient and professional operation of our existing and newly added locations,” said James A. Wilhelm, Standard Parking’s President and Chief Executive Officer. “We have achieved six consecutive quarters of year-over-year gross profit growth and will continue to manage to a business model that maximizes revenues to our clients and parking services to our customers,” Wilhelm concluded.
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Standard Parking Corporation, with approximately 11,600 employees, is one of the largest operators of paid parking facilities in North America, managing approximately 1,870 airport and urban parking facilities in over 275 cities spanning 42 states and four Canadian provinces.
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More information about Standard Parking is available at www.standardparking.com. Standard Parking’s 2003 annual report filed on Form 10-K is 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 December 31, |
| Twelve Months Ended December 31, |
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| 2002 |
| 2003 |
| 2002 |
| 2003 |
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Parking services revenue: |
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Lease contracts |
| $ | 34,161 |
| $ | 35,127 |
| $ | 142,376 |
| $ | 138,681 |
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Management contracts |
| 19,300 |
| 21,024 |
| 78,029 |
| 76,613 |
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| 53,461 |
| 56,151 |
| 220,405 |
| 215,294 |
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Reimbursement of management contract expense |
| 53,879 |
| 84,948 |
| 326,146 |
| 330,243 |
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Total revenue |
| 107,340 |
| 141,099 |
| 546,551 |
| 545,537 |
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Cost of parking services: |
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Lease contracts |
| 30,652 |
| 31,631 |
| 128,871 |
| 125,153 |
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Management contracts |
| 7,044 |
| 8,146 |
| 35,201 |
| 29,439 |
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| 37,696 |
| 39,777 |
| 164,072 |
| 154,592 |
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Reimbursement of management contract expense |
| 53,879 |
| 84,948 |
| 326,146 |
| 330,243 |
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Total cost of parking services |
| 91,575 |
| 124,725 |
| 490,218 |
| 484,835 |
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Gross profit |
| 15,765 |
| 16,374 |
| 56,333 |
| 60,702 |
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General and administrative expense |
| 7,586 |
| 8,329 |
| 30,133 |
| 32,694 |
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Depreciation and amortization |
| 2,120 |
| 1,946 |
| 7,554 |
| 7,501 |
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Special charges |
| 1,143 |
| 507 |
| 2,897 |
| 1,055 |
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Management fee - parent company |
| 750 |
| 750 |
| 3,000 |
| 3,000 |
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Valuation allowance related to long-term reveivable |
| — |
| 2,650 |
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| 2,650 |
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Operating Income |
| $ | 4,166 |
| $ | 2,192 |
| $ | 12,749 |
| $ | 13,802 |
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Number of facilities: |
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Leased facilities |
| 294 |
| 295 |
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Managed facilities |
| 1,591 |
| 1,578 |
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Total facilities |
| 1,885 |
| 1,873 |
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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: April 2, 2004 | By: | /s/ G. Marc Baumann |
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| G. Marc Baumann, Executive Vice President, Chief Financial Officer and Treasurer |
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