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): October 15, 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 October 15, 2001, the Registrant announced its forecasted operating results
for the fourth fiscal quarter 2001.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
Exhibit No. 99.1 Text of press release dated October 15, 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: October 23, 2001 By: Hiram A. Cox
Chief Financial Officer
EXHIBIT 99.1
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FOR IMMEDIATE RELEASE
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Investor Contacts: 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
Media Contact: Richard Jonardi
Communications Manager
(615) 297-4255
rjonardi@parking.com
CENTRAL PARKING CORPORATION EXPECTS LOWER EARNINGS
IN FISCAL FOURTH QUARTER DUE TO SEPTEMBER 11 ATTACKS
CONTINUING TO ASSESS OUTLOOK FOR FISCAL 2002
NASHVILLE, TENN. (OCT. 15, 2001) -- Central Parking Corporation (NYSE: CPC)
today announced that it expects earnings for its fiscal fourth quarter ended
September 30, 2001, to be $0.10 - $0.14 per share, before property-related
activities, non-recurring charges and extraordinary items, versus an earlier
estimate of $0.18 - $0.23 per share. The Company earned $0.16 per share on the
same basis in the September quarter of fiscal 2000. The Company indicated that
it expects to report results as scheduled in mid-November for the fourth quarter
and full fiscal 2001 year.
William J. Vareschi, Jr., Vice Chairman and Chief Executive Officer, said,
"Our results for July and August indicated that we were well on track to meet
our earlier estimate for a solid year over year improvement in earnings for the
fourth fiscal quarter. We are encouraged by that performance which affirmed the
initiatives we are taking to improve our internal processes and restore our
growth momentum. The attacks of September 11th, however, impacted our business
especially in New York City, Washington, D.C., and in parking services for
airports and hotels. The lost revenue during the last 19 days of September was
approximately $4 to $5 million. The impact on revenue was, of course, most
severe immediately following the attacks due to the closure of a number of
locations in New York City and the closure of airports around the country. As
locations have reopened and travel has rebounded, we have begun to experience a
recovery in revenue and are hopeful that this trend will continue throughout
fiscal 2002. We are aggressively reducing operating expenses by adjusting
staffing levels and renegotiating leases to reflect the prevailing level of
demand. While the full impact of these developments on our fiscal 2002 results
remains difficult to assess, we expect to remain solidly profitable for the
year. We also remain convinced of the Central Parking franchise's longer term
potential as evidenced by the resumption of our share repurchase program."
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.
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