EXHIBIT 99
Standard Parking Corporation Reports Strong Second Quarter and First
Half Results; Repays All 9.25% Debt; Raises Guidance for 2006
CHICAGO--(BUSINESS WIRE)--Aug. 2, 2006--Standard Parking
Corporation (NASDAQ:STAN), one of the nation's largest providers of
parking management services, today announced second quarter 2006
earnings per share of $0.43 as compared with $0.40 per share in the
second quarter of 2005. Revenue (excluding reimbursed management
contract expense) and gross profit for the 2006 second quarter grew 4%
and 7%, respectively. Pre-tax income increased by 15%.
Second Quarter Highlights
-- Revenue (excluding reimbursed management contract expense) and
gross profit growth of approximately 4% and 7%, respectively
-- Pre-tax income increased by more than 15% despite the
continuing effects of Hurricane Katrina
-- Free cash flow of $13.6 million or $1.33 per share
-- Location retention reached 92%, highest level since 1998
-- Repurchased 105,000 shares of common stock for $3.0 million
-- Amended senior credit facility to provide $45 million increase
in borrowing capacity, more favorable pricing and extension of
term through June 2011
-- Announced redemption of all remaining 9.25% senior
subordinated notes effective July 31, 2006
2006 Year Guidance Raised
-- EPS expectation of $1.60 - $1.70 (an increase of $0.10)
-- Pre-tax income per share expectation of $1.84 - $1.94 (an
increase of $0.10)
-- Free cash flow of $20 million or higher
James A. Wilhelm, President and Chief Executive Officer, said, "We
are obviously pleased to deliver yet another quarter of solid
operating results. Strong 15% growth in pre-tax income reflects the
Company's ongoing ability to provide consistent, predictable financial
results despite the continuing impact of Hurricane Katrina.
"We added 18 net new locations during the second quarter of 2006,
and our retention rate for existing business improved to 92% for the
twelve months ended June 30, 2006. Our improving retention rate speaks
to our product and our ability to deliver it, whether through
stringent internal auditing of our revenue controls, our
parker-oriented amenity programs or our technological solutions for
clients. The fact that we are winning more than we are losing provides
further evidence that our product is being well received in the
market."
Second Quarter Operating Results
Revenue for the second quarter of 2006, excluding reimbursed
management contract expense, increased by approximately 4% to $64.9
million from $62.5 million in the year ago period. Excluding New
Orleans, revenue from same locations (locations open more than one
year) increased by 6% as compared to the second quarter of 2005.
Gross profit in the quarter increased by more than 7% to $18.8
million from $17.5 million a year ago, despite the fact that gross
profit from the Company's New Orleans operations was $0.5 million less
than the year ago period due to Hurricane Katrina. While the recovery
in New Orleans continues, progress is slow and not all of the City's
operations are back to pre-Hurricane levels. During the second
quarter, however, the Company did resume collections from the City's
on-street meters, and now is collecting revenues from 3,800 parking
spaces. An insurance claim for the Company's Hurricane-related losses
has been filed, although no final determination is expected before the
end of 2006. Second quarter 2006 gross profit included $0.2 million
realized from the Sound Parking portfolio, which was partially offset
by a $0.1 million charge related to an operation in Minnesota. The
contract for the Minnesota location was terminated as of the end of
May 2006, and the Company does not expect any further financial
obligations related to that contract. Same location gross profit
increased by 6% during the second quarter, and would have been 8%
excluding New Orleans.
General and administrative expenses increased by approximately 9%
to $10.1 million from $9.2 million a year ago. The increase was due
partially to the January acquisition of the Sound Parking operations
of $0.1 million and stock compensation expense of $0.2 million
resulting from the adoption of FAS 123R. Also, audit and
Sarbanes-Oxley costs were incurred earlier in the year this year as
compared to last year contributing to $0.2 million of the increase in
G&A. The remainder of the increase was due to resource investments in
new initiatives that began in the latter part of 2005. Second quarter
2006 general and administrative expenses were down $0.6 million, or
almost 6% as compared to the 2006 first quarter, and the Company
expects that its underlying G&A run rate for the remainder of 2006
will be consistent with second quarter levels.
Second quarter 2006 operating income increased by almost 6% to
$7.2 million versus $6.8 million in the year ago quarter.
Free cash flow was used to reduce borrowings, resulting in reduced
leverage and borrowing rates. Therefore, despite a higher interest
rate environment, interest expense for the second quarter of 2006
decreased by almost 11% to $2.2 million from $2.5 million a year ago.
Pre-tax income for the second quarter increased by more than 15% to
$5.0 million, or $0.49 per share, from $4.4 million, or $0.41 per
share, in the second quarter of 2005. The Company expects its 2006
book tax provision to be approximately 15% in the absence of any
changes to the valuation allowance for its deferred tax assets. Given
the potential for significant fluctuation in GAAP tax expense, the
Company considers year-over-year growth in pre-tax income to be the
most meaningful measure of its overall earnings performance. The
Company continues to expect its cash tax expense to be under 5% for
2006.
Net income for the 2006 second quarter was $4.4 million, or $0.43
per share, versus $4.3 million, or $0.40 per share, a year ago.
Free cash flow for the second quarter was $13.6 million as
compared with $2.8 million a year ago. As noted in the first quarter
release, there was a permanent shift in the timing of approximately
$3.0 million in payments under the Company's performance-based
compensation program, from the 2005 second quarter to the first
quarter of 2006 (and subsequent years). Normal fluctuations in the
timing of payments, collections and certain accruals can impact free
cash flow significantly. In the first quarter of 2006, such
fluctuations resulted in negative cash flow. As expected, many of
these items reversed in the second quarter, resulting in the higher
free cash flow. Free cash flow was used to repay debt and repurchase
shares of the Company's stock in open market transactions totaling
$3.0 million. The Company repurchased approximately 105,000 shares at
an average price of $28.50. Through June 2006, the Company has
repurchased stock at a cost totaling $6.0 million of the $7.5 million
authorized by the Board.
Debt Refinancing
As previously announced, the Company has entered into an amended
and restated senior credit agreement. The $135 million revolving
facility, which matures in June 2011, represents a commitment increase
of $45 million. Key changes to the credit agreement consist of a
reduction in the pricing of the LIBOR Margin, Base Rate Margin and the
Letter of Credit Fee Rate of up to 50 basis points.
On July 31, the Company repaid the remaining principal balance of
$48.9 million, along with accrued interest, on all of its remaining
9.25% Notes with lower cost borrowings under its senior credit
agreement.
As a measure of protection against rising interest rates, on
August 1, 2006, the Company purchased a three-year interest rate cap
on $50 million of revolving borrowings, which will cap LIBOR at 5.75%.
Wilhelm commented, "Our debt refinancing represents the latest
step in our ongoing efforts to lower the cost of our debt financing
and overall cost of capital while maintaining a high degree of
financial flexibility. Our consistent performance from both an
earnings and cash flow perspective has enabled us to refinance our
debt and achieve an expected cost savings of $0.04 per share for the
remainder of 2006."
Recent Developments
Significant contract awards achieved during the second quarter
include:
-- A multi-year contract to manage over 15,000 parking spaces at
the Portland International Airport in Portland, Oregon. Four
other parking operators, including the incumbent, had competed
for this contract.
-- Expansion of the Company's contract with the Cincinnati
Airport to include shuttle bus services to transport employees
and customers from the terminals to remote parking lots.
-- A contract to manage 6,000 parking spaces serving the newly
constructed Toyota Park in Chicago, permanent home to Major
League Soccer's Chicago Fire. The 28,000 seat stadium will
also host concerts and other special events throughout the
year. With the award of this new contract, Standard Parking
now manages every major sports stadium parking facility in the
Chicago area.
-- A multi-year contract to manage parking at the Gateway East
and Gateway North garages in Cleveland, Ohio. The parking
garages serve the downtown Cleveland market as well as Jacobs
Field, home of Major League Baseball's Cleveland Indians, as
well as Quicken Loans Arena, home to the National Basketball
Association's Cleveland Cavaliers.
-- A contract to manage the parking serving the Pearl Harbor
Visitors Center in Honolulu. The parking lot provides visitor
parking for the Battleship USS Missouri Memorial and the USS
Bowfin Submarine Museum, as well as overflow parking for the
USS Arizona Memorial.
-- A contract awarded by the New York City Economic Development
Corporation to manage two parking facilities containing 850
parking spaces and shuttle busses that serve the Staten Island
Ferry.
-- A multi-year contract awarded to operate Market Place I & II
in Seattle, Washington. The award enhances the relationship
between Standard Parking and Tishman Speyer, one of the
world's leading owners, developers and operators of
first-class real estate.
-- Expansion of the Company's contract with New York Hospital
Queens to include a shuttle operation that transports
employees, physicians and visitors to and from area parking
facilities to the Medical Center.
Year-to-Date Results
Revenue for the first half of 2006, excluding reimbursed
management contract expense, increased by over 4% to $128.5 million
from $123.0 million in the first half of 2005.
Gross profit for the first half of 2006 increased over 12% to
$37.6 million from $33.5 million in the year ago period. The Sound
Parking portfolio in Seattle that the Company acquired in January 2006
generated $0.4 million of gross profit in 2006. Gross profit for 2006
was negatively affected, however, by $0.8 million due to the
continuing impact of Hurricane Katrina and by a $0.2 million charge
related to the terminated Minnesota operation.
General and administrative expenses for the first six months of
2006 increased 13% to $20.7 million from $18.3 million for the first
six months of 2005. Aside from the ongoing costs related to permanent
resource investment in growth initiatives, other contributing factors
include expenses associated with the acquired Sound Parking operations
of $0.3 million, stock compensation expense of $0.3 million, and
additional audit and Sarbanes-Oxley expenses of $0.2 million.
Operating income for the first half of 2006 increased almost 22%
to $13.9 million from $11.4 million in the first half of 2005.
Excluding the $0.9 million valuation allowance taken in the first
quarter of 2005, first half 2006 operating income would have increased
13% over first half 2005 results.
Interest expense decreased by $0.5 million to $4.4 million for the
first six months of 2006, due to a reduction in outstanding borrowings
and applicable rates.
Pre-tax income was $9.4 million, an increase of almost 46% over
the same period last year. After adjusting for last year's valuation
allowance, pre-tax income for the first six months of 2006 increased
28% as compared with the same period of 2005.
Income tax expense was $1.3 million for the first six months of
2006 as compared with $0.1 million for the six months of 2005 due to
the recording of $0.5 million of quarterly deferred tax expense. Net
income for the first half of 2006 was $8.2 million as compared with
$6.4 million in the same period of 2005, an increase of 29%. This
translates to earnings per share of $0.79 for the first half of 2006
as compared with $0.60 for the same period last year.
The Company generated $10.8 million of free cash flow during the
first half of 2006 as compared with $8.7 million during the first half
of 2005. With the elimination of semi-annual interest payments that
will result from the Company's July 2006 redemption of all of its
outstanding 9.25% Notes, the timing of free cash flow will change from
its historical patterns, even without the normal fluctuations in
working capital. The Company nevertheless continues to expect to
generate at least $20 million in 2006 free cash flow.
Wilhelm concluded, "Our pipeline for new business remains strong,
especially in our airport and hospital / university businesses. In the
Airport Division, we retained every contract that was up for bid
during the first two quarters and added some new inventory. We are on
track with what we have forecasted in terms of deals for the third and
fourth quarters.
"As expected, our recent acquisition of the Sound Parking
portfolio is providing benefits through its integration into our
operations in the Pacific Northwest. We are successfully leveraging
its relationships with our size to participate in major transactions
in that marketplace that neither Company would have been able to
accomplish on its own.
"Finally, due to our stock's performance and the resulting
increase in our market capitalization, Standard Parking recently was
added to the Russell 2000 Index. We look forward to the increased
visibility that this recognition will bring."
Financial Outlook
Based on the year-to-date results, the Company is raising its net
earnings guidance for the 2006 year by $0.10 to $1.60 - $1.70 per
share. The Company also is raising its pre-tax income per share
expectation by $0.10 to $1.84 - $1.94. The Company also reaffirms its
expectation that free cash flow will be $20 million or higher for the
year.
Conference Call
The Company's quarterly earnings conference call will be held at
10:00 am (CDT) on Thursday, August 3, 2006, and will be available live
and in replay to all analyst/investors through a webcast service. To
listen to the live call, individuals are directed to the Company's
investor relations page at www.standardparking.com or www.earnings.com
at least 15 minutes early to register, download and install any
necessary audio software. For those who cannot listen to the live
broadcast, replays will be available shortly after the call on either
website and can be accessed for 30 days after the call.
Standard Parking is a leading national provider of parking
facility management services. The Company provides on-site management
services at multi-level and surface parking facilities for all major
markets of the parking industry. The Company manages over 1,900
parking facilities, containing over one million parking spaces in more
than 300 cities across the United States and Canada, including
parking-related and shuttle bus operations serving more than 60
airports.
More information about Standard Parking is available at
www.standardparking.com. You should not construe the information on
this website to be a part of this report. Standard Parking's 2005
annual report filed on Form 10-K, its periodic reports on Form 10-Q
and 8-K and its Registration Statement on Form S-1 (333-112652) are
available on the Internet at www.sec.gov and can also be accessed
through the Investor Relations section of the Company's website.
DISCLOSURE NOTICE: The information contained in this document is
as of August 2, 2006. The Company assumes no obligation to update any
forward-looking statements contained in this document as a result of
new information or future events or developments.
This document and the attachments contain forward-looking
information about the Company's financial results that involve
substantial risks and uncertainties. You can identify these statements
by the fact that they use words such as "anticipate," "estimate,"
"expect," "project," "intend," "plan," "believe," "outlook," and other
words and terms of similar meaning in connection with any discussion
of future operating or financial performance. Among the factors that
could cause actual results to differ materially are the following: an
increase in owner-operated parking facilities; changes in patterns of
air travel or automobile usage, including effects of changes in gas
and airplane fuel prices, effects of weather on travel and
transportation patterns or other events affecting local, national and
international economic conditions; implementation of the Company's
operating and growth strategy, including possible strategic
acquisitions; the loss, or renewal on less favorable terms, of
management contracts and leases; player strikes or other events
affecting major league sports; changes in general economic and
business conditions or demographic trends; ongoing integration of past
and future acquisitions in light of challenges in retaining key
employees, synchronizing business processes and efficiently
integrating facilities, marketing and operations; changes in current
pricing; development of new, competitive parking-related services;
changes in federal and state regulations including those affecting
airports, parking lots at airports and automobile use; extraordinary
events affecting parking at facilities that we manage, including
emergency safety measures, military or terrorist attacks and natural
disasters; the Company's ability to renew the Company's insurance
policies on acceptable terms, the extent to which the Company's
clients purchase insurance through us and the Company's ability to
successfully manage self-insured losses; the Company's ability to form
and maintain relationships with large real estate owners, managers and
developers; the Company's ability to provide performance bonds on
acceptable terms to guarantee the Company's performance under certain
contracts; the loss of key employees; the Company's ability to
develop, deploy and utilize information technology; the Company's
ability to refinance the Company's indebtedness; the Company's ability
to consummate transactions and integrate newly acquired contracts into
the Company's operations; availability, terms and deployment of
capital; the amount of net operating losses, if any, the Company may
utilize in any year; and the ability of Steamboat Industries LLC and
its subsidiary to control the Company's major corporate decisions. A
further list and description of these risks, uncertainties, and other
matters can be found in the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 2005, in its periodic reports on
Forms 10-Q and 8-K, and in its Registration Statement on Form S-1
(333-112652).
STANDARD PARKING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for share and per share data)
June 30, 2006 December 31, 2005
----------------- -----------------
ASSETS
Current assets:
Cash and cash equivalents $ 6,825 $ 10,777
Notes and accounts receivable,
net 37,097 40,707
Prepaid expenses and supplies 2,521 2,217
Deferred income taxes 1,961 1,961
----------------- -----------------
Total current assets 48,404 55,662
Leaseholds and equipment, net 16,814 17,416
Long-term receivables, net 5,280 4,953
Advances and deposits 1,153 1,330
Goodwill 119,136 118,781
Other assets, net 3,362 3,211
----------------- -----------------
Total assets $ 194,149 $ 201,353
================= =================
LIABILITIES AND COMMON STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 29,895 $ 31,174
Accrued and other current
liabilities 25,568 30,153
Current portion of long-term
borrowings 3,121 3,763
----------------- -----------------
Total current liabilities 58,584 65,090
Deferred income taxes 2,523 1,561
Long-term borrowings, excluding
current portion 82,075 88,345
Other long-term liabilities 23,920 21,944
Convertible redeemable preferred
stock, series D 18%, par value
$100 per share, 10 shares issued
and outstanding 1 1
Common stockholders' equity:
Common stock, par value $.001
per share; 12,100,000 shares
authorized; 10,052,462 shares
issued and outstanding as of
June 30, 2006 and common stock,
par value $.001 per share,
12,100,000 shares authorized;
10,126,482 shares issued and
outstanding as of December 31,
2005 10 10
Additional paid-in capital 185,269 187,616
Accumulated other comprehensive
income 229 419
Accumulated deficit (155,464) (163,633)
Treasury stock, at cost, 104,969
shares (2,998) --
----------------- -----------------
Total common stockholders'
equity 27,046 24,412
----------------- -----------------
Total liabilities and common
stockholders' equity $ 194,149 $ 201,353
================= =================
STANDARD PARKING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands, except for share and per share data, unaudited)
Three Months Ended Six Months Ended
----------------------- -----------------------
June 30, June 30, June 30, June 30,
2006 2005 2006 2005
----------- ----------- ----------- -----------
Parking services
revenue:
Lease contracts $ 38,677 $ 39,140 $ 77,031 $ 77,867
Management contracts 26,220 23,315 51,457 45,132
----------- ----------- ----------- -----------
64,897 62,455 128,488 122,999
Reimbursement of
management contract
expense 82,897 84,903 170,937 167,435
----------- ----------- ----------- -----------
Total revenue 147,794 147,358 299,425 290,434
Cost of parking
services:
Lease contracts 34,862 35,330 69,666 70,701
Management contracts 11,212 9,578 21,235 18,757
----------- ----------- ----------- -----------
46,074 44,908 90,901 89,458
Reimbursed
management contract
expense 82,897 84,903 170,937 167,435
----------- ----------- ----------- -----------
Total cost of
parking services 128,971 129,811 261,838 256,893
Gross profit:
Lease contracts 3,815 3,810 7,365 7,166
Management contracts 15,008 13,737 30,222 26,375
----------- ----------- ----------- -----------
Total gross profit 18,823 17,547 37,587 33,541
General and
administrative
expenses 10,053 9,210 20,734 18,304
Depreciation and
amortization 1,525 1,493 2,970 2,957
Valuation allowance
related to long-term
receivables -- -- -- 900
----------- ----------- ----------- -----------
Operating income 7,245 6,844 13,883 11,380
Other expenses
(income):
Interest expense 2,194 2,463 4,380 4,847
Interest income (70) (77) (144) (154)
----------- ----------- ----------- -----------
2,124 2,386 4,236 4,693
Income before minority
interest and income
taxes 5,121 4,458 9,647 6,687
Minority interest 74 87 198 208
Income tax expense 682 108 1,280 125
----------- ----------- ----------- -----------
Net income $ 4,365 $ 4,263 $ 8,169 $ 6,354
=========== =========== =========== ===========
Common Stock Data:
Net income per common
share:
Basic $ 0.44 $ 0.41 $ 0.81 $ 0.61
Diluted $ 0.43 $ 0.40 $ 0.79 $ 0.60
Weighted average
common shares
outstanding:
Basic 10,006,370 10,288,457 10,064,119 10,372,806
Diluted 10,267,312 10,567,468 10,322,185 10,647,256
STANDARD PARKING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, except for share and per share data, unaudited)
Six Months Ended
----------------------------
June 30, 2006 June 30, 2005
------------- -------------
Operating activities:
Net income $ 8,169 $ 6,354
Adjustments to reconcile net loss to net
cash provided by (used in) operations:
Depreciation and amortization 2,712 2,881
Loss on sale of assets 258 76
Amortization of deferred financing costs 358 368
Amortization of carrying value in excess
of principal (96) (88)
Non-cash stock option compensation
expense 325 --
(Reversal) provision for losses on
accounts receivable (280) 147
Deferred income taxes 962 --
Valuation allowance related to long-term
receivables -- 900
Change in operating assets and
liabilities (306) (1,156)
------------- -------------
Net cash provided by operating activities 12,102 9,482
Investing activities:
Purchase of leaseholds and equipment (678) (408)
Contingent purchase payments (150) (171)
------------- -------------
Net cash used in investing activities (828) (579)
Financing activities:
Repurchase of common stock (5,997) (4,299)
Proceeds from exercise of stock options 327 14
Payments on senior credit facility (6,650) (3,800)
Payments on long-term borrowings (229) (126)
Payments on joint venture borrowings (369) (301)
Payments of debt issuance costs (617) (118)
Payments on capital leases (1,246) (1,670)
------------- -------------
Net cash used in financing activities (14,781) (10,300)
Effect of exchange rate changes on cash
and cash equivalents (445) (245)
------------- -------------
Decrease in cash and cash equivalents (3,952) (1,642)
Cash and cash equivalents at beginning of
period 10,777 10,360
------------- -------------
Cash and cash equivalents at end of period $ 6,825 $ 8,718
============= =============
Supplemental disclosures:
Cash paid during the period for:
Interest $ 4,694 $ 4,535
Income taxes 199 268
Supplemental disclosures of non-cash
activity:
Debt issued for capital lease obligation $ 2,050 $ 1,405
STANDARD PARKING CORPORATION
FREE CASH FLOW
(in thousands)
Three months ended Six months ended
------------------- -------------------
June 30, June 30, June 30, June 30,
2006 2005 2006 2005
--------- --------- --------- ---------
Operating income $7,245 $6,844 $13,883 $11,380
Depreciation and
amortization 1,525 1,493 2,970 2,957
Valuation allowance related
to long-term receivable - - - 900
Income tax paid (114) (93) (199) (268)
Minority interest (74) (87) (198) (208)
Change in assets and
liabilities 6,762 (3,920) (105) (989)
Capital expenditures and
contingent purchase
payments (356) (235) (828) (579)
--------- --------- --------- ---------
Operating cash flow $14,988 $4,002 $15,523 $13,193
Cash interest paid (1,340) (1,163) (4,694) (4,535)
--------- --------- --------- ---------
Free Cash Flow (1) $13,648 $2,839 $10,829 $8,658
Decrease (Increase) in cash
and cash equivalents (27) (821) 3,952 1,642
--------- --------- --------- ---------
Free cash flow, net of change
in cash $13,621 $2,018 $14,781 $10,300
(Uses)/Sources of cash:
(Payments) on senior credit
facility $(9,100) $400 $(6,650) $(3,800)
(Payments) on long-term
borrowings (1,025) (1,100) (1,844) (2,097)
(Payments) of debt issuance
costs (539) (36) (617) (118)
Proceeds from exercise of
stock options 41 14 327 14
(Repurchase) of common
stock (2,998) (1,296) (5,997) (4,299)
--------- --------- --------- ---------
Total (uses) of cash $(13,621) $(2,018) $(14,781) $(10,300)
- ----------------------------------------------------------------------
(1) Reconciliation of Free Cash Flow to Consolidated Statements of
Cash Flow
Six months Three months Three months
ended ended ended
June 30, March 31, June 30,
2006 2006 2006
------------ ------------ ------------
Net cash provided by
operating activities $12,102 $(1,879) $13,981
Net cash (used in)
investing activities (828) (472) (356)
Effect of exchange rate
changes on cash and cash
equivalents (445) (468) 23
------------ ------------ ------------
Free cash flow $10,829 $(2,819) $13,648
Six months Three months Three months
ended ended ended
June 30, March 31, June 30,
2005 2005 2005
------------ ------------ ------------
Net cash provided by
operating activities $9,482 $6,198 $3,284
Net cash (used in)
investing activities (579) (344) (235)
Effect of exchange rate
changes on cash and cash
equivalents (245) (35) (210)
------------ ------------ ------------
Free cash flow $8,658 $5,819 $2,839
STANDARD PARKING CORPORATION
LOCATION COUNT
June 30, 2006 December 31, 2005 June 30, 2005
--------------- ----------------- ---------------
Managed facilities 1,718 1,643 1,615
Leased facilities 263 263 289
--------------- ----------------- ---------------
Total facilities 1,981 1,906 1,904
CONTACT: Standard Parking Corporation
G. Marc Baumann, 312-274-2199
mbaumann@standardparking.com