Central Parking 8-K Central Parking Corporation Reports Fiscal 2007 First Quarter Results

EXHIBIT 99.1

NEWS

2401 21^stAvenue South, Suite 200, Nashville, TN 37212 (615) 297-4255 Fax: (615) 297-6240

Investor Contact:	Jeff Heavrin
	Senior Vice President and Chief Financial Officer Central Parking Corporation (615) 297-4255 jheavrin@parking.com

CENTRAL PARKING CORPORATION REPORTS FISCAL
2007 FIRST QUARTER RESULTS

NASHVILLE, Tenn. — (February 9, 2007)— Central Parking Corporation (NYSE:CPC) today announced that operating earnings before property-related gains for its first fiscal quarter ended December 31, 2006, increased to $15.4 million compared with $7.7 million earned in the first quarter of the previous fiscal year. Earnings from continuing operations, which include property-related gains for the first quarter of fiscal 2007, totaled $8.4 million compared with $16.4 million in the year-earlier period. Pre-tax property-related gains totaled $0.4 million in the first quarter of fiscal 2007 compared with $22.9 million in the first quarter of last year.

     Net earnings, which include property-related gains and discontinued operations for the first quarter of fiscal 2007, were $9.3 million, or $0.28 per diluted share, compared with $18 million, or $0.54 per diluted share, in the year earlier period. Total revenues for the first fiscal quarter were $281.7 million compared with $272.5 million in the first quarter of fiscal 2006. Excluding reimbursed management expenses, revenues in the first quarter of fiscal 2007 were $160.8 million compared with $160.0 million in the prior year period.

     “The on-going execution of our strategic plan continues to drive improvements in operating results,” said Emanuel J. Eads, President and Chief Executive Officer. “The first quarter of fiscal 2007 marks the fourth consecutive quarter we have recorded substantial, year-over-year gains in operating earnings. Same store sales increases of 5.8 percent and reduced costs improved margins in our leased and owned segment to 11.4 percent, compared with 8.7 percent in the first quarter of last year. Management contract margins improved to 62.0 percent compared with 61.3 percent in the first quarter of 2006 while general and administrative costs decreased by $3.3 million, or 15.7 percent.

     “We continue to make good progress in executing other aspects of our strategic plan as well. Our Operational Excellence initiative, which is focused on increasing profits at the location level, gained momentum during the quarter as we expanded the program to Los Angeles and Washington, D.C., and initiated a “jumpstart” program to introduce Operational Excellence concepts company-wide. Our efforts to capitalize on the burgeoning downtown residential market were rewarded with three new contracts: a long-term lease to operate a 360 space garage serving the Millennium Center in Chicago and management agreements to operate a 400 space garage at 1500 Locust in Philadelphia and a 388 space garage in Wilmington, Delaware.

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CPC Reports First Quarter 2007 Results
Page 2
February 9, 2007

     “We also have had success across other market segments, as evidenced by the award of a multiple facility contract by Oregon Health & Science University in Portland, Oregon. This contract, which became effective October 1, includes a garage, two surface lots, two valet operations and a shuttle operation. We also continue to add profitable, new business in our international markets. The most significant recent example is the addition of a lease to operate a 900 space facility in Calgary, Alberta. Our focus on the high-end hospitality market continues to yield positive results as we signed leases to operate the Marriott San Diego and the Hyatt La Jolla. We also signed a contract to manage Phoenix Plaza, one of the largest office developments in Phoenix, Arizona,” Eads concluded.

     The Company has made the determination that due to the strategic review process it announced on November 28, 2006, it will not hold a conference call to discuss first quarter results.

     Central Parking Corporation, headquartered in Nashville, Tennessee, is a leading provider of parking and transportation-related services. As of December 31, 2006, the Company operated approximately 3,100 parking facilities containing approximately 1.5 million spaces at locations in 37 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, Chile, Colombia, Peru, Spain, Switzerland and Greece.

     This press release contains historical and forward-looking information. The words “potential,” promising,” “guidance,” “looking ahead,” “expectations,” “plan,” “assumptions,” “estimates,” “anticipates,” “goal,” “outlook,” “intend,” “continue to expect,” “should,” “believe,” “project,” “objective,” “outlook,” “forecast,” “will likely result,” or “will continue” and similar expressions identify forward-looking statements. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company believes the assumptions underlying these forward-looking statements are reasonable; however, any of the assumptions could be inaccurate, and therefore, actual results may differ materially from those projected in the forward-looking statements. The factors that may result in actual results differing from such forward-looking information include, but are not limited to: the Company’s ability to achieve the goals described in this release and other communications, including but not limited to, the Company’s ability to implement its strategic plan, maintain reduced operating costs, reduce indebtedness and sell real estate at projected values as well as continued improvement in same store sales, which is dependent on improvements in general economic conditions and office occupancy rates; the loss or renewal on less favorable terms, of management contracts and leases; the timing of pre-opening, start-up and break-in costs of parking facilities; the Company’s ability to cover the fixed costs of its leased and owned facilities and its overall ability to maintain adequate liquidity through its cash resources and credit facilities; the Company’s ability to comply with the terms of the Company’s credit facilities (or obtain waivers for non-compliance); interest rate fluctuations; acts of war or terrorism; changes in demand due to weather patterns and special events including sports events and strikes; higher premium and claims costs relating to the Company’s insurance programs, including medical, liability and workers’ compensation; the Company’s ability to renew and obtain performance and surety bonds on favorable terms; the impact of claims and litigation; and increased regulation or taxation of parking operations and real estate.

     Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release or to reflect the occurrence of unanticipated events. Additional information is provided in our Annual Report on Form 10-K for our fiscal year ended September 30, 2006, filed with the Securities and Exchange Commission and in other filings with the Securities and Exchange Commission, which readers are encouraged to review, concerning other factors that could cause actual results to differ materially from those indicated in the forward-looking statements.

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CPC Reports First Quarter 2007 Results
Page 3
February 9, 2007

Central Parking Corporation and Subsidiaries
Consolidated Statements of Operations
(Unaudited)

Amounts in thousands, except per share data

	Three months ended			Three months ended
	December 31,			December 31,
	2006			2005
Revenues:
Parking	$	131,660		$	132,147
Management contracts and other		29,119			27,886
		160,779			160,033
Reimbursement of management contract expenses		120,945			112,445
Total revenues		281,724			272,478
Costs and expenses:
Cost of parking		116,645			120,596
Cost of management contracts		11,069			10,804
General and administrative		17,639			20,922
		145,353			152,322
Reimbursed management contract expenses		120,945			112,445
Total costs and expenses		266,298			264,767
Property-related gains, net		402			22,914
Operating earnings		15,828			30,625
Other income (expenses):
Interest income		132			302
Interest expense		(2,877	)		(3,945	)
Loss on derivative instruments		(578	)		(71	)
Equity in partnership and joint venture income		366			421
Earnings from continuing operations before minority interest and income taxes		12,871			27,332
Minority interest		(204	)		(355	)
Earnings from continuing operations before income taxes		12,667			26,977
Income tax expense		(4,230	)		(10,566	)
Earnings from continuing operations		8,437			16,411
Discontinued operations, net of tax		828			1,544
Net earnings	$	9,265		$	17,955
Basic earnings per share:
Earnings from continuing operations	$	0.26		$	0.50
Discontinued operations, net of tax		0.03			0.05
Net earnings	$	0.29		$	0.55
Diluted earnings per share:
Earnings from continuing operations	$	0.26		$	0.50
Discontinued operations, net of tax		0.02			0.04
Net earnings	$	0.28		$	0.54
Weighted average shares used for basic per share data		32,141			32,908
Effect of dilutive common stock options		382			62
Weighted average shares used for dilutive per share data		32,523			32,970

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CPC Reports First Quarter 2007 Results
Page 4
February 9, 2007

Central Parking Corporation and Subsidiaries
Consolidated Balance Sheets
(Unaudited)

Amounts in thousands

	December 31,			September 30,
	2006			2006
ASSETS
Current assets:
Cash and cash equivalents	$	42,848		$	44,689
Management accounts receivable		50,221			47,747
Accounts receivable — other		15,567			13,406
Current portion of notes receivable		4,240			3,913
Prepaid expenses		14,756			12,306
Assets held for sale		420			6,682
Refundable income taxes		3,536			3,817
Deferred income taxes		10,788			10,003
Total current assets		142,376			142,563
Available for sale securities		4,933			4,909
Notes receivable, less current portion		9,607			10,569
Property, equipment and leasehold improvements, net		300,816			295,923
Contract and lease rights, net		70,011			71,995
Goodwill, net		232,056			232,056
Investment in and advances to partnerships and joint ventures		3,855			3,851
Other assets		25,385			26,504
Total Assets	$	789,039		$	788,370
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt and capital lease obligations	$	2,217		$	2,862
Trade accounts payable		85,605			88,672
Accrued payroll and related costs		12,324			16,095
Accrued expenses		32,949			33,937
Management accounts payable		24,041			26,450
Total current liabilities		157,136			168,016
Long-term debt and capital lease obligations, less current portion		89,505			87,625
Subordinated convertible debentures		78,085			78,085
Deferred rent		21,369			21,547
Deferred income taxes		6,952			6,184
Other liabilities		20,077			20,388
Total liabilities		373,124			381,845
Minority interest		367			297
Shareholders’ equity:
Common stock		322			322
Additional paid-in capital		180,661			180,091
Accumulated other comprehensive income, net		3,366			3,398
Retained earnings		231,904			223,122
Other		(705	)		(705	)
Total shareholders’ equity		415,548			406,228
Total Liabilities and Shareholders’ Equity	$	789,039		$	788,370

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CPC Reports First Quarter 2007 Results
Page 5
February 9, 2007

Central Parking Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)

Amounts in thousands

	Three months ended			Three months ended
	December 31,			December 31,
	2006			2005 (Revised) (a)
Cash flows from operating activities:
Net earnings	$	9,265		$	17,955
Earnings from discontinued operations		(828	)		(1,544	)
Earnings from continuing operations		8,437			16,411
Adjustments to reconcile earnings from continuing operations to net cash (used) provided by operating activities:
Depreciation and amortization		6,929			7,754
Equity in partnership and joint venture (income) loss		(366	)		(421	)
Distributions from partnerships and joint ventures		345			1,111
Property-related gains, net		(402	)		(22,914	)
Loss on derivative instruments		578			71
Stock-based compensation		180			111
Excess tax benefit related to stock option exercises		(72	)		(44	)
Deferred income taxes		(17	)		(1,054	)
Minority interest		204			355
Changes in operating assets and liabilities:
Management accounts receivable		(2,048	)		2,440
Accounts receivable — other		(2,047	)		(2,496	)
Prepaid expenses		(2,392	)		(3,830	)
Other assets		(617	)		1,652
Trade accounts payable, accrued expenses and other liabilities		(8,557	)		1,874
Management accounts payable		(2,427	)		(953	)
Deferred rent		(178	)		(339	)
Refundable income taxes		280			—
Income taxes payable		37			(3,042	)
Net cash used by operating activities — continuing operations		(2,133	)		(3,314	)
Net cash provided (used) by operating activities — discontinued operations		124			(95	)
Net cash used by operating activities		(2,009	)		(3,409	)
Cash flows from investing activities:
Proceeds from disposition of property and equipment		3,048			39,070
Purchase of equipment and leasehold improvements		(3,303	)		(3,890	)
Other investing activities		662			46
Net cash provided by investing activities — continuing operations		407			35,226
Net cash provided by investing activities — discontinued operations		1,680			1,660
Net cash provided by investing activities		2,087			36,886
Cash flows from financing activities:
Dividends paid		(483	)		(479	)
Net borrowings under revolving credit agreement		—			49,438
Proceed from issuance of notes payable, net of issuance costs		244			433
Principal repayments on long-term debt and capital lease obligations		(1,890	)		(360	)
Payment to minority interest partners		(381	)		(95	)
Repurchase of common stock		—			(75,324	)
Excess tax benefit related to stock option exercises		72			44
Proceeds from issuance of common stock and exercise of stock options		390			504
Net cash used by financing activities — continuing operations		(2,048	)		(25,839	)
Net cash used by financing activities — discontinued operations		—			—
Net cash used by financing activities		(2,048	)		(25,839	)
Foreign currency translation		129			(132	)
Net (decrease) increase in cash and cash equivalents		(1,841	)		7,506
Cash and cash equivalents at beginning of period		44,689			26,055
Cash and cash equivalents at end of period	$	42,848		$	33,561

(a) The Company has disclosed in the consolidated statements of cash flows the operating, investing and financing portions of the cash flows attributable to its discontinued operations which prior periods were reported on a combined basis in a single amount. As a result, the December 2005 consolidated cash flow statement has been labeled as revised.

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CPC Reports First Quarter 2007 Results
Page 6
February 9, 2007

Key Financial Metrics
(Includes continuing and discontinued operations)
(In thousands)

	Three months ended		Three months ended
	December 31,		December 31,
	2006		2005
Net earnings	$	9,265	$	17,955
Interest expense (includes loss on derivative instruments)		3,455		4,028
Income tax expense		4,251		11,276
Depreciation/amortization		6,391		7,130
Minority interest		204		355
EBITDA	$	23,566	$	40,744

In addition to disclosing financial results prepared in accordance with U.S. generally accepted accounting principles, the Company discloses information regarding EBITDA. EBITDA is a non-GAAP financial measure defined as earnings before interest, taxes, depreciation/amortization and minority interest. The Securities and Exchange Commission (“SEC”) adopted new rules concerning the use of non-GAAP financial measures. As required by the SEC, the Company provides the above reconciliation to net earnings which is the most directly comparable GAAP measure. The Company presents EBITDA as it is a common alternative measure of performance which is used by management as well as investors when analyzing the financial position and operating performance of the Company. As EBITDA is a non-GAAP financial measure, it should not be considered in isolation or as a substitute for net earnings or any other GAAP measure. Because EBITDA is not calculated in the same manner by all companies, the Company’s definition of EBITDA may not be consistent with that of other companies.

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