UNITED STATES
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): November 2, 2009
STANDARD PARKING
CORPORATION
(Exact name of registrant as
specified in its charter)
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| Delaware |
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000-50796 |
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16-1171179 |
| (State or other Jurisdiction of Incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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900 N. Michigan Avenue, Suite
1600, Chicago, Illinois
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60611 |
| (Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s telephone number,
including area code: (312) 274-2000
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Not
Applicable
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| (Former name or former address if changed since last report.) |
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
1
ITEM 8.01 OTHER EVENTS.
Standard Parking Corporation (the “Company”) is filing this
Current Report on Form 8-K with the SEC to update the Company’s audited financial statements
included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 filed
with the SEC on March 13, 2009 (the “2008 Form 10-K”) to reflect, for all periods presented, the
retrospective adoption, effective January 1, 2009, of Financial Accounting Standards Board
Statement No. 160, Noncontrolling Interests in Consolidated Financial Statements, an Amendment of
ARB No. 51 (“FAS 160”). FAS 160 establishes accounting and reporting standards for the
noncontrolling interest in a subsidiary, previously referred to as minority interest. Among other
matters, FAS 160 requires that noncontrolling interests be reported within the equity section of
the balance sheet and that the amounts of consolidated net income or loss and consolidated
comprehensive income or loss attributable to the parent company and the noncontrolling interests be
clearly presented separately in the consolidated financial statements. Also, pursuant to FAS 160,
where appropriate, losses will be allocated to noncontrolling interests even when that allocation
may result in a deficit equity balance. While the accounting provisions of FAS 160 are being
applied prospectively beginning January 1, 2009, the presentation and disclosure requirements have
been applied retrospectively. Upon adoption of FAS 160, the Company reclassified minority interests
in its consolidated balance sheet from accrued expenses to noncontrolling interest in the equity
section. Additionally, the Company changed the way noncontrolling interests are presented within
the consolidated statement of income such that the statement of income reflects results
attributable to both the Company’s interests and noncontrolling interests. The results attributable
to the Company’s interests did not change upon the adoption of FAS 160. On May 7, 2009 and August
7, 2009, the Company filed Quarterly Reports on Form 10-Q for the periods ended March 31, 2009 and
June 30, 2009, respectively (collectively, the “2009 Form 10-Qs”), which reflected the adoption of
FAS 160 as further described in the notes to the interim consolidated financial statements included
in those filings. The following sections of the 2008 Form 10-K are being updated in this Current
Report on Form 8-K to reflect the retrospective adoption of FAS 160 (such sections are filed as Exhibit 99.1 hereto and incorporated by reference herein):
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Part II —Item 6. Selected Financial Data |
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Part II—Item 7. Management’s Discussion and Analysis of Financial Condition and
Results of Operations. |
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Part IV—Item 15. Exhibits and Financial Statement Schedules |
The Company has included the entire text of the affected sections. No sections of the 2008 Form
10-K other than as identified above are being revised by this filing. Information in the 2008 Form
10-K is generally stated as of December 31, 2008 and this filing does not reflect any subsequent
information or events other than the adoption of the accounting pronouncements and the
reclassification of certain prior year amounts to conform to current presentation. Without limitation of the foregoing, this filing does not
purport to update the Management’s Discussion and Analysis of Financial Condition and Results of
Operations contained in the 2008 Form 10-K for any information, uncertainties,
transactions, risks, events or trends occurring, or known to management. More current information
is included in the Company’s other filings with the SEC. This Current Report on Form 8-K should be
read in conjunction with the 2008 Form 10-K, the 2009 Form 10-Qs and the Company’s other filings
with the SEC. Other filings contain important information regarding events, developments and
updates to certain events and expectations of the Company that have occurred since the filing of
the 2008 Form 10-K and the 2009 Form 10-Qs.
