EXHIBIT 99.1
(CENTRAL PARKING CORPORATION LOGO)
NEWS
2401 21st Avenue South, Suite 200, Nashville, TN 37212
(615) 297-4255 Fax: (615) 297-6240
Investor Contact: Mark Shapiro Media Contact: Richard Jonardi
Senior Vice President and Communications Manager
Chief Financial Officer (615) 297-4255
(615) 297-4255 rjonardi@parking.com
mshapiro@parking.com
CENTRAL PARKING REVISES OUTLOOK FOR FISCAL 2004
NASHVILLE, TN - September 28, 2004 - Central Parking Corporation (NYSE:CPC)
today announced that based on preliminary results for the first two months of
its fourth fiscal quarter and revised expectations for September, the Company
now expects earnings from continuing operations, for the year ending September
30, 2004, excluding property-related gains or losses, to be in the range of
$0.40 to $0.45 per share. This revised forecast for earnings does not include an
anticipated $0.11 per share of property-related gains for the full year.
Commenting on the Company's revised forecast, Monroe J. Carell,
Chairman and Chief Executive Officer, stated, "We expect earnings to be lower
than previously anticipated due to lower revenues and higher-than-forecasted
operating costs in the fourth quarter. Revenues were impacted by the recent
political conventions in New York and Boston, hurricanes and storms throughout
the Southern and Eastern corridors and an overall softness in the economy.
"While we are disappointed in our revised earnings outlook, we are
pleased that we have been able to continually generate free cash flow to reduce
debt throughout the year. We expect to reduce debt by more than $80 million
during fiscal 2004," Carell concluded.
The Company expects to release fiscal 2004 earnings after the market
close on Wednesday, November 3 with a conference call on Thursday, November 4.
Central Parking Corporation, headquartered in Nashville, Tennessee, is
a leading provider of parking and transportation-related services. The Company
operates approximately 3,600 parking facilities containing more than 1.6 million
spaces at locations in 38 states, the District of Columbia, Canada, Puerto Rico,
the United Kingdom, the Republic of Ireland, Chile, Colombia, Germany, Mexico,
Peru, Poland, Spain, Switzerland, Venezuela and Greece.
This press release contains historical and forward-looking information.
The words "expect," "continue to expect," "remain optimistic," "should,"
"believe," "anticipate," "project," "plan," "estimate," "objective," "outlook,"
"assumptions," "guidance," "forecast," "revised forecast," "revised
expectations," "goal," "intend," "will likely result," or "will continue" and
similar expressions identify forward-looking statements. The forward-looking
statements are
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Central Parking Revises Outlook for Fiscal 2004
Page 3
September 28, 2004
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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, continued
efforts to maintain reduced operating costs and further reductions in the
Company's indebtedness, 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; temporary
changes in demand due to sports and other special events and weather patterns;
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; and the impact
of litigation, including but not limited to, the securities class action lawsuit
pending against the Company; and increased regulation or taxation of parking
operations.
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. We have provided additional information in our Annual
Report on Form 10-K for our fiscal year ended September 30, 2003 and in our
Quarterly Reports on Form 10-Q for our fiscal quarters ended December 31, 2003,
March 31, 2004 and June 30, 2004 filed 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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