Exhibit 99
Standard Parking Announces Expanded
Share Repurchase Authorization
CHICAGO--(BUSINESS WIRE)--Oct. 12, 2006--Standard Parking
Corporation (NASDAQ:STAN), one of the nation's largest providers of
parking management services, today announced that its Board of
Directors has increased the authorization to repurchase shares of the
Company's outstanding common stock during 2006 to $20 million from
$7.5 million through a combination of open market purchases and
private purchases from Steamboat Industries, LLC.
The Company reiterated its plans to use its free cash flow to:
-- Fund additional growth
-- Return value to shareholders
-- Reduce financial leverage
The Company indicated, however, that it has reached its previously
reported leverage targets, and is comfortable with its current
leverage levels. Therefore, while the Company will continue to return
additional value to shareholders, the Company's leverage is not
expected to decline significantly from current levels.
Going forward, the Company will focus on aggressively pursuing
various growth avenues, including acquisitions, although the Company
will continue to apply its disciplined analysis in evaluating such
opportunities. The Company noted that while its leverage may
temporarily increase from time to time, particularly in connection
with an acquisition or other attractive business opportunity, the
Company's ability to consistently generate free cash flow enables it
to support additional leverage. During the first half of 2006, the
Company generated $10.8 million of free cash flow, and the Company
continues to expect to generate at least $20 million of free cash flow
(after capital expenditures) for the full year 2006.
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
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 October 12, 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).
CONTACT: Standard Parking Corporation
G. Marc Baumann
Executive Vice President and
Chief Financial Officer
312-274-2199
mbaumann@standardparking.com