SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 9, 2001
Exact name of Registrant as specified in its charter: Central Parking
Corporation
State or other jurisdiction of incorporation: Tennessee
Commission File Number: 001-13950
IRS Employer Identification Number: 62-1052916
Address of principal executive offices: 2401 21st Avenue South
Suite 200
Nashville, TN 37212
Registrant's telephone number, including area code: (615) 297-4255
Former name or former address, if changed since
last report: Not applicable
ITEM 5. OTHER EVENTS
On August 9, 2001, the Registrant operating results for the third fiscal quarter
2001.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
Exhibit No. 99.1 Text of press release dated August 9, 2001
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Central Parking Corporation
/s/ Hiram A.Cox
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Date: August 13, 2001 By: Hiram A. Cox
Chief Financial Officer
EXHIBIT 99.1
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FOR IMMEDIATE RELEASE
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Investor Contact: William J. Vareschi, Jr. or Hiram A. Cox
Vice Chairman and Senior Vice President and
Chief Executive Officer Chief Financial Officer
(615) 297-4255 (615) 297-4255
bvareschi@parking.com hcox@parking.com
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Media Contact: Richard Jonardi
Communications Manager
(615) 297-4255
rjonardi@parking.com
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CENTRAL PARKING CORPORATION REPORTS THIRD QUARTER EARNINGS
NASHVILLE, TENN. (AUG. 9, 2001) -- Central Parking Corporation (NYSE: CPC) today
announced earnings for the third fiscal quarter ended June 30, 2001 that were
directly in line with the guidance offered by the Company last month. Earnings
before property-related activities totaled $8.6 million, or $0.24 per diluted
share, compared with $12.5 million, or $0.34 per diluted share, in the
year-earlier period excluding property-related activities and merger and
integration-related expenses.
Net earnings for the three months ended June 30, 2001 totaled $6.7 million,
or $0.19 per diluted share. Net earnings for the year-earlier period totaled
$14.8 million, or $0.40 per diluted share. Revenues for the third quarter of
2001 were $179.1 million versus $186.4 million in the year-earlier period.
Earnings for the nine months ended June 30, 2001 totaled $27.0 million, or
$0.75 per diluted share, before a change in accounting principle and
property-related activities, compared with $33.4 million, or $0.91 per diluted
share in the year-earlier period, excluding merger and integration-related
expenses, property-related activities and extraordinary items. Net earnings for
the nine months ended June 30, 2001 totaled $25.1 million, or $0.70 per diluted
share, before a change in accounting principle, versus $30.6 million, or $0.83
per diluted share, before an extraordinary item, in the year-earlier period.
Revenues for the first nine months of fiscal 2001 totaled $530.7 million versus
$554.4 million in the year-earlier period.
William J. Vareschi, Jr., Vice Chairman and Chief Executive Officer, said
"Although we have the advantage of a generally stable business base, our revenue
related to discretionary activities such as parking for entertainment has been
impacted by the general economic slowdown. Our cost-reduction programs are
producing their targeted savings, and we are very encouraged by the trend that
is emerging from our marketing efforts to secure new business. The ratio of
new/lost business was positive for the third quarter, and we are on track for a
positive ratio in the final quarter of fiscal 2001. Assuming economic conditions
do not become more challenging, we continue to estimate that earnings per
diluted share for the full year, before property-related activities and
extraordinary items, will likely be in the range of $0.93 to $0.98."
Vareschi added, "We have continued to have the advantage this year of
significant cash flow in excess of our normal operational needs. This allowed
us to effect a $26.4 million reduction in our total outstanding debt including a
$21.4 million reduction in borrowings under our credit facility through the
first nine months. The Company's strong financial resources provide us with
considerable flexibility in acquisitions such as the USA Parking Systems
agreement, which we announced earlier this week."
Central Parking Corporation, headquartered in Nashville, Tennessee, is a
leading provider of parking and transportation management services. The Company
operates approximately 4,100 parking facilities containing approximately 1.5
million spaces at locations in 40 states, the District of Columbia, Canada,
Puerto Rico, the United Kingdom, the Republic of Ireland, Chile, Germany,
Mexico, Poland, Spain, Venezuela and Greece.
This press release contains projections and other forward-looking
statements within the meaning of Section 21E of the Securities Exchange Act of
1934. These projections and statements reflect the Company's current views with
respect to future events and financial performance. No assurance can be given,
however, that these events will occur or that these projections will be achieved
and actual results could differ materially from those projected as a result of
certain factors. A discussion of these factors is included in the Company's
periodic reports filed with the Securities and Exchange Commission.
CENTRAL PARKING CORPORATION
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FINANCIAL HIGHLIGHTS
(IN THOUSANDS)
(UNAUDITED)
Third Quarter Ended
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June 30, June 30,
2001(a) 2000
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Total revenues $179,145 $186,366
Total cost and expenses 160,078 161,644
Property-related activities (3,058) (918)
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Operating earnings 16,009 23,804
Other income (expense), net (909) 4,287
Interest (expense), net (3,356) (4,990)
Income taxes (5,007) (8,320)
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Earnings before extraordinary item
and change in accounting principle $ 6,737 $ 14,781
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Earnings before extraordinary item
and change in accounting principle per share
Basic $ 0.19 $ 0.41
Diluted $ 0.19 $ 0.40
Weighted average common shares:
Basic 35,740 36,260
Diluted 35,900 36,774
Pro forma earnings per share
Basic $ 0.24 $ 0.34
Diluted $ 0.24 $ 0.34
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CENTRAL PARKING CORPORATION
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FINANCIAL HIGHLIGHTS
(IN THOUSANDS)
(UNAUDITED)
Nine Months Ended
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June 30, June 30,
2001(a) 2000(b)
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Total revenues $530,744 $554,350
Total cost and expenses 470,461 483,755
Merger/integration 0 (10,609)
Property-related activities (2,577) 2,171
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Operating earnings 57,706 62,157
Other income (expense), net (2,674) 2,082
Interest (expense), net (12,168) (14,754)
Income taxes (17,711) (18,878)
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Earnings before extraordinary item
and change in accounting principle $ 25,153 $ 30,607
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Earnings before extraordinary item
and change in accounting principle per share
Basic $ 0.70 $ 0.84
Diluted $ 0.70 $ 0.83
Weighted average common shares:
Basic 35,818 36,418
Diluted 36,046 36,923
Pro forma earnings per share
Basic $ 0.75 $ 0.92
Diluted $ 0.75 $ 0.91
(a) Pro forma earnings per share exclude net gains (losses) on property-related
activities. Results for the nine months ended June 30, 2001 exclude a change in
accounting principle loss of $258,000 after taxes.
(b) Pro forma earnings per share exclude merger and integrations costs related
to the merger in March 1999 of Allright Holdings, Inc., and net gains from
property-related activities. Results for nine months ended June 30, 2000 exclude
an extraordinary loss of $195,000 after taxes.
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