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EXHIBIT 99.1
NEWS
FOR IMMEDIATE RELEASE
Contact: Stephen Tisdell
Chief Financial Officer
(615) 297-4255 X265
stisdell@parking.com
CENTRAL PARKING CORPORATION ANNOUNCES
RECORD FISCAL 1998 RESULTS
OPERATING EARNINGS UP 68% FOR YEAR
NASHVILLE, Tenn. (Dec. 4, 1998) - Central Parking Corporation (NYSE:CPC) today
announced record fourth-quarter and full-year results for the periods ended
September 30, 1998.
Total revenues for the fourth quarter ended September 30, 1998, totaled
$112.0 million, up 73% compared with $64.8 million in the year-earlier period.
Operating earnings for the quarter increased 54% to $12.2 million versus $7.9
million a year ago. Net earnings for the fourth quarter totaled $6.7 million, or
$0.23 per diluted share, on 29.7 million weighted average common shares.
Earnings for the year-earlier period totaled $6.6 million, or $0.25 per diluted
share, on 26.4 million weighted average common shares. Excluding a gain on the
sale of property of $1.7 million, or $0.06 per diluted share, after taxes,
earnings for the fourth quarter of 1997 amounted to $4.9 million, or $0.19 per
diluted share.
Total revenues for the fiscal year ended September 30, 1998 amounted to
$383.2 million, up 74% compared with $220.5 million for fiscal 1997. Operating
earnings for fiscal 1998 rose 68% to $46.9 million versus $27.9 million in
fiscal 1997. Net earnings for fiscal 1998 totaled $26.6 million, or $0.94 per
diluted share, on 28.3 million weighted average common shares. Earnings for
fiscal 1997 amounted to $20.2 million, or $0.77 per diluted share, on 26.4
million weighted average common shares. Excluding gains on the sale of property
of $1.7 million, or $0.06 per share, after taxes, earnings for fiscal 1997
amounted to $18.5 million, or $0.71 per diluted share.
The increased number of shares outstanding for the fourth quarter and
fiscal year ended September 30, 1998 is due to the public offering of 2.1
million common shares by the Company in March 1998 and the issuance of 954,000
shares in conjunction with three acquisitions. All share and per share results
for the year-earlier periods have been adjusted to reflect the 3-for-2 stock
split distributed in December 1997.
"These figures are in line with the announcement we made last week
concerning preliminary results for fiscal 1998," remarked Monroe Carell, Jr.,
Chairman and Chief Executive Officer. "Although we had expected to close fiscal
1998 on a stronger note, we achieved a 32% increase in earnings per share for
the year as a whole versus fiscal 1997, excluding real estate transactions. Our
progress during the year included year-to-year gains in revenues and operating
income in each quarter. Internal growth and acquisitions contributed to a solid
46% increase in the number of parking spaces operated from 699,000 a year ago to
1,023,000. Surpassing the mark of one million spaces was a significant milestone
for Central Parking Corporation. That importantly reflects an extension of our
long-term record of growth.
"For the second year in a row, strategic acquisitions played a key role
in the our corporate gains. These transactions were headlined by the purchase of
Kinney System in February 1998 that added 169,000 spaces and enhanced our
competitive position in New York City and several other major cities in the
Northeast. Other acquisitions during the year included parking operators in
Atlanta, Dallas, San Francisco and Washington, D.C. Our goal continues to be
considering additional acquisitions that can broaden our geographic scope both
in the United States and internationally.
"Although parking services continue to account for the majority of our
revenues, we are aggressively pursuing the development of other
transportation-related services. During fiscal 1999 we will be installing an
on-street parking enforcement system in Richmond, Va. similar to the successful
program that became operational during fiscal 1998 in Charlotte, N.C. Our
international base of on-street parking services has recently expanded to
include Dublin, Ireland."
Carell concluded, "We believe the prospects are excellent for continued
growth in fiscal 1999. The continued integration
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of Kinney Systems and the other operations acquired over the past year offers
sound potential for incremental gains over the next several quarters. We also
expect to maintain an active marketing effort to expand our operating base.
"We are committed to closing our pending merger transaction with
Allright Holdings, Inc. as expeditiously as possible. As part of this process,
we are collecting the information that has been requested by the Department of
Justice about this business combination."
Central Parking Corporation, headquartered in Nashville, Tennessee, is
a leading provider of parking services. The Company operates approximately 2,440
parking facilities containing more than 1,023,000 spaces at locations in 35
states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the
Republic of Ireland, Spain, Germany, Malaysia, Chile and Mexico. Central Parking
Corporation has a business development office in Amsterdam.
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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CENTRAL PARKING CORPORATION
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
FOURTH QUARTER ENDED
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SEPTEMBER 30, SEPTEMBER 30,
1998 1997
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Total revenues $ 112,049 $ 64,760
Operating earnings 12,188 7,908
Other income, net 1,479 4,278
Interest income (expense), net (305) (1,009)
Dividend on convertible preferred securities (1,476) --
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Earnings before income taxes 11,886 11,177
Income taxes 5,194 4,562
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Net earnings $ 6,692 $ 6,615
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Net earnings per share:
Basic $ 0.23 $ 0.25
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Diluted $ 0.23 $ 0.25
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Sales of property and equipment:
Net gain after taxes $ 40 $ 1,662
Net gain per diluted share after taxes $ -- $ 0.06
Weighted average common shares:
Basic 29,294 26,033
Diluted 29,734 26,372
YEAR ENDED
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SEPTEMBER 30, SEPTEMBER 30,
1998 1997
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Total revenues $ 383,175 $ 220,454
Operating earnings 46,881 27,852
Other income, net 5,157 7,300
Interest income (expense), net (4,654) (2,740)
Dividend on convertible preferred securities (3,160) --
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Earnings before income taxes 44,224 32,412
Income taxes 17,614 12,207
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Net earnings $ 26,610 $ 20,205
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Net earnings per share:
Basic $ 0.96 $ 0.78
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Diluted $ 0.94 $ 0.77
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Sales of property and equipment:
Net gain after taxes $ 40 $ 1,666
Net gain per diluted share after taxes $ -- $ 0.06
Weighted average common shares:
Basic 27,857 25,991
Diluted 28,326 26,330
* All share and per share results for the three months and year ended September
30, 1997 have been adjusted to reflect the 3-for-2 stock split distributed in
December 1997.
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