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Exhibit 99.1

 

Contact:

Michael Wolf – Standard Parking Corp.

(312) 274-2070

mwolf@spplus.com

 

Press Release

 

Standard Parking Corporation Announces Third Quarter 2013 Results

Company Updates 2013 Guidance,

Announces Upcoming Corporate Name Change and Brand Launch;

Merger Integration Maintains Momentum

 

CHICAGO, November 18, 2013 — Standard Parking Corporation (Nasdaq:STAN), a leading national provider of parking management, ground transportation and other ancillary services, today announced its third quarter 2013 results, and issued restated historical operating results for fiscal 2012, the first two quarters of 2013 and other prior periods as a result of the completion of the previously announced accounting review of its Bradley Airport contract. The Company also announced that, as part of its long-term branding strategy, it will change its corporate name to SP Plus Corporation on December 2, 2013, though for the near term it will continue to conduct its parking operations under its Standard Parking and Central Parking brands.  The Company also announced that on December 2, 2013 its shares will begin trading under a new ticker symbol, SP.

 

Financial Summary

 

In millions except per share

 

Three Months Ended
September 30, 2013

 

Three Months Ended
June 30, 2013

 

Three Months Ended
September 30, 2012

 

data

 

Reported

 

Adjusted (1)

 

Reported (2),(3)

 

Adjusted (1)

 

Reported (3)

 

Adjusted (1)

 

Gross Profit

 

$

40.1

 

$

40.1

 

$

46.0

 

$

46.0

 

$

21.4

 

$

21.4

 

General and administrative expenses

 

$

20.5

 

$

18.6

 

$

26.9

 

$

23.8

 

$

13.8

 

$

10.9

 

EBITDA(4)

 

$

18.9

 

$

20.8

 

$

18.4

 

$

21.5

 

$

7.5

 

$

10.4

 

Income before income taxes

 

$

6.9

 

$

8.8

 

$

6.3

 

$

9.4

 

$

4.8

 

$

7.8

 

Net income attributable to Standard Parking

 

$

3.7

 

$

4.8

 

$

3.4

 

$

5.2

 

$

2.2

 

$

3.9

 

Earnings per share (EPS)

 

$

0.17

 

$

0.22

 

$

0.15

 

$

0.24

 

$

0.14

 

$

0.25

 

EPS dilution due to amortization of merger intangibles(2),(4)

 

 

 

$

0.10

 

 

 

$

0.10

 

 

 

 

Free Cash Flow(4)

 

$

(1.0

)

 

 

$

10.3

 

 

 

$

(0.3

)

 

 

 

 

 

Nine Months Ended
September 30, 2013

 

Nine Months Ended
September 30, 2012

 

In millions except per share data

 

Reported (2),(3)

 

Adjusted (1)

 

Reported (3)

 

Adjusted (1)

 

Gross Profit

 

$

126.4

 

$

126.4

 

$

66.9

 

$

66.9

 

General and administrative expenses

 

$

75.3

 

$

66.1

 

$

43.8

 

$

33.2

 

EBITDA(4)

 

$

49.1

 

$

58.3

 

$

22.9

 

$

33.5

 

Income before income taxes

 

$

13.4

 

$

22.6

 

$

14.7

 

$

25.3

 

Net income attributable to Standard Parking

 

$

6.9

 

$

12.3

 

$

8.0

 

$

14.1

 

Earnings per share (EPS)

 

$

0.31

 

$

0.55

 

$

0.50

 

$

0.89

 

EPS dilution due to amortization of merger intangibles(2),(4)

 

 

 

$

0.33

 

 

 

 

Free Cash Flow(4)

 

$

(4.0

)

 

 

$

7.1

 

 

 

 


(1) Adjusted to eliminate merger and integration related costs, including severance payments, professional fees, divestiture-related costs and amortization of restricted stock units granted in connection with the Company’s acquisition of Central Parking through a merger in October 2012 and related tax effects.

 

(2) The previously issued consolidated financial statements have been recast in this table to reflect the impact of the final purchase price allocation with respect to the Company’s Central Parking acquisition as if the final purchase price allocation was completed at the date of acquisition. The impact of the finalization of the purchase price allocation is reflected in the tables accompanying this release.

 

(3) The previously issued consolidated financial statements have been restated in this table primarily to reflect a change in the manner in which the Company has accounted for deficiency payments under the Company’s agreement with the State of Connecticut under which the Company operates the surface parking and 3,500 space parking garage at Bradley International Airport located in the Hartford, Connecticut metropolitan area (the “Bradley Agreement”).  Cumulative deficiency payments under the Bradley Agreement, net of reimbursements, previously had been recorded as a receivable by the Company.  Please see the more detailed discussion in the below section entitled “Update Regarding Accounting Review of Bradley Agreement.”

 

(4 ) Refer to accompanying financial tables for a reconciliation of this non-GAAP financial measure.

 



 

James A. Wilhelm, President and Chief Executive Officer, stated, “We’re pleased with another quarter of solid execution. While our underlying business performance exceeded our expectations, gross profit that otherwise would have been in line with second quarter results was adversely impacted on a sequential basis by insurance program fluctuations, volatility at some of our leased locations and fluctuations in the performance of the Bradley Airport contract that now flow through our operating results. Our third quarter results were the result of a continued focus on consistently executing against our strategic initiatives and driving operational efficiencies to strengthen our competitive position.

 

“As part of our long term branding strategy, we’ve set December 2, 2013 as the initial brand launch date on which we’ll officially change our corporate name to SP Plus Corporation and launch our new brand and website. For the time being, we’ll continue to conduct our parking operations under their original brands. Starting in 2014, we anticipate beginning a phased transition of those operations to a new SP+ Parking brand.”

 

Wilhelm concluded, “We have made excellent progress integrating the two businesses since the merger was completed one year ago. Our two organizations have blended seamlessly, and we continue to explore opportunities to leverage our shared expertise across the business and expand our service capabilities to customers to drive long term, profitable growth. Our staged integration continues its smooth execution and remains on track. We began to integrate locations in eight more states into our combined support office systems and processes at the start of the fourth quarter. We expect to continue converting additional states at an orderly pace and to have completed the integration of all locations by the end of 2014.”

 

Update Regarding Accounting Review of Bradley Agreement

 

The Company has completed its previously announced accounting review of its Bradley Agreement. The review was isolated to this one agreement, which has been in place for the last 13 years and centered around the application of technical accounting principles to various aspects of the agreement.  At the inception of the Bradley Agreement in March 2000, the Company determined, after consultation with and concurrence by Ernst & Young, LLP, that any deficiency payments under the Bradley Agreement should be accounted for as a receivable on the Company’s consolidated balance sheet. Based in part on its ongoing consultation with and concurrence by Ernst & Young, LLP throughout the entire contract period to date, the Company believed this to be the proper accounting treatment, and consistently maintained such treatment over the past thirteen years. The Company believed that it would, and continues to believe that it will, ultimately recover the deficiency payments; however, after consultation with and concurrence by Ernst & Young, LLP, the Company now has concluded that the deficiency payments should not have been recognized as a receivable, but rather should have been, and should continue to be, recorded as cost of parking services in the reporting periods in which such payments were made, and that the repayments to the Company of any deficiency payment should have been, and should continue to be, recognized as reimbursements of such cost of parking services in the reporting periods in which such payments were received. This change in accounting does not impact the economics of the Bradley Agreement, including related cash flows as disclosed in the Company’s quarterly reports, but may cause increased fluctuations in the Company’s future quarterly results of operations. The impact of the restatement on the Company’s operating results for the periods presented in this release is reflected in the tables accompanying this release. For further information, see the Company’s Current Report on Form 8-K, Quarterly Report on Form 10-Q for the period ended September 30, 2013 and amendments to prior reports filed by the Company contemporaneously with this release.

 

Third Quarter Operating Results

 

Gross profit in the third quarter of 2013 was $40.1 million, compared to second quarter 2013 gross profit of $46.0 million, a decrease of 13%. The decrease in sequential quarter gross profit was primarily attributable to the timing of a health insurance dividend that was recorded in the second quarter of 2013, an unfavorable swing in insurance reserve estimates related to prior years, volatility at some of the Company’s leased locations and an unfavorable sequential quarter fluctuation in deficiency payments at Bradley Airport as a result of a large repayment to the Company in the second quarter and a large payment by the Company in the third quarter. The $18.7 million year-over-year increase in gross profit was primarily attributable to the addition of Central Parking operations.

 

2



 

Third quarter 2013 general and administrative (G&A) expenses were $20.5 million, including $1.9 million of merger and integration related costs, as compared to $26.9 million in the second quarter of 2013, which included $3.1 million of merger and integration related costs. The sequential quarter decrease of $5.2 million in adjusted G&A, excluding merger and integration related costs, was due primarily to decreases in compensation related costs. Adjusted G&A as a percentage of gross profit improved to 46.4% in the 2013 third quarter as compared to 51.6% in the 2013 second quarter.

 

Income before income taxes for the third quarter of 2013 was $6.9 million. On a year-over-year basis, excluding the impact of the amortization of merger-related intangible assets of $3.8 million for the third quarter of 2013, adjusted income before income taxes would have increased 62% over the same period of 2012.

 

The Company generated negative free cash flow of $1.0 million during the third quarter of 2013 and negative $4.0 million for the first nine months of 2013. Free cash flow has been impacted by higher than normal receivables outstanding from some of our large airport clients, and though the Company fully expects to collect on all outstanding balances, the timing of those collections is expected to result in lower than expected free cash flow for 2013. In addition, the Company has paid out approximately $5 million more than expected for merger and integration related costs and capital investments.

 

Recent Developments

 

AXS Digital, LLC (AEG Worldwide’s ticketing platform) and Standard Parking Corporation executed a multi-year agreement to use the Company’s Click and Park® online reservation and payment engine to provide online parking reservation and routing services for parking facilities surrounding AEG venues across the United States. Initially, 21 venues throughout the United States will begin using Click and Park’s patented travel demand management system.

 

Porter Airlines awarded SP Plus® Airport Services a contract to implement shuttle bus operations between Billy Bishop Toronto City Airport and off-site parking locations. As part of its services, the Company will implement its Click and Park® online reservation system to process pre-paid parking reservations for Porter Airlines passengers. This agreement represents the first direct contract between SP Plus® Airport Services and a commercial airline.

 

Xerox State and Local Solutions, Inc., a contractor to the Texas Department of Transportation, awarded Standard Parking a multi-year subcontract to provide certain Toll Operations and Courtesy Patrol services for a portion of the Texas toll road system serving Austin, TX.  The contract includes the remote monitoring of seven toll plazas, coordination of maintenance functions for those toll plazas, and the operation of Courtesy Patrols that provide roadside assistance to stranded or disabled motorists.

 

2013 Full-Year Outlook

 

Based on results from the first nine months of 2013, the Company reaffirms its 2013 full-year adjusted earnings per share guidance in the range of $0.75 to $0.85, excluding both merger and integration costs and professional and related fees incurred in connection with the restatement, and in the range of $0.60 - $0.70, excluding only the professional and related fees incurred in connection with the restatement . The change in accounting for deficiency payments under the Bradley Agreement is not expected to have a material impact on full year 2013 earnings per share before professional and related fees incurred in connection with the restatement. The Company is not yet able to estimate the total amount of professional and related fees it will incur in connection with the restatement.

 

The Company also reduced its full-year 2013 free cash flow expectation by $10 million, to approximately $20 million. As noted in the Third Quarter Operating Results section, free cash flow has been impacted by the combination of higher than normal receivables outstanding from some of the Company’s large airport clients and approximately $5 million in additional merger and integration related costs and capital investments.

 

3



 

Conference Call

 

The Company’s quarterly earnings conference call will be held at 10:00 a.m. (Central Time) on November 19, 2013 and will be available live and in replay to all analysts and investors through a webcast service. To listen to the live call, individuals are directed to the Company’s Investor Relations page at ir.standardparking.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 the Standard Parking website and can be accessed for 30 days after the call.

 

About Standard Parking

 

Standard Parking is a leading national provider of parking facility management, ground transportation and other ancillary services. The Company has approximately 23,000 employees and manages approximately 4,300 facilities with more than 2.1 million parking spaces in hundreds of cities across North America. The operations include parking-related and shuttle bus operations serving 75 airports. USA Parking System, a Company subsidiary, is one of the premier valet operators in the nation, with more four and five diamond luxury properties, including hotels and resorts, than any other valet competitor.

 

More information about Standard Parking is available at www.standardparking.com. You should not construe the information on that website to be a part of this release. Standard Parking’s annual reports filed on Form 10-K, as amended, its quarterly reports on Form 10-Q, as amended, and its current reports on Form 8-K are available on the Internet at www.sec.gov and can also be accessed through the Investor Relations section of the Company’s website.

 

Cautionary Note Regarding Forward-Looking Statements

 

This release and the attached tables contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including the statements under the caption “ 2013 Full-Year Outlook” and other statements regarding expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “expect,” “intend,” “may,” “plan,” “guidance,” “will,” “are to be” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. These forward-looking statements are made based on management’s expectations and beliefs concerning future events affecting the Company and are subject to uncertainties and factors relating to operations and the business environment, all of which are difficult to predict and many of which are beyond management’s control. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: risks related to the Company’s restatement of its historical financial statements discussed in this release (including, without limitation, the time, costs and expenses associated with the restatement, potential inquiries from the SEC and/or Nasdaq, the potential material adverse effect on the price of the Company’s common stock and possible stockholder lawsuits); the Company’s ability to integrate Central Parking into the business of the Company successfully and the amount of time and expense spent and incurred in connection with the integration; the risk that the economic benefits, cost savings and other synergies that the Company anticipates as a result of the Central Parking merger are not fully realized or take longer to realize than expected; the Company’s substantially increased indebtedness incurred in connection with the Central Parking merger, which may reduce available cash flow, increase vulnerability to adverse economic conditions, and limit flexibility in planning for, or reacting to, changes in or challenges related to the Company’s business; unanticipated Central Parking merger and integration expenses; the loss of customers, clients or strategic alliances as a result of the Central Parking merger; the impact of the divestitures of management contracts and leases required by the agreement entered into by the Company with the Department of Justice in connection with the Central Parking merger; other losses, or renewals on less favorable terms, of management contracts and leases; adverse litigation judgments or settlements; adverse economic impact to the Company in areas damaged by Hurricane Sandy; changes in general economic and business conditions or demographic trends; the effect on the Company’s strategy and operations due to changes to the Board of Directors that occurred upon the completion of the merger; the impact of public and private regulations; financial difficulties or bankruptcy of major clients; intense competition; insurance losses that are worse than expected or adverse events not covered by insurance; labor disputes; extraordinary events affecting parking at facilities that the Company manages, including emergency safety measures, military or terrorist attacks, cyber terrorism and natural disasters; the risk that state and municipal government clients sell or enter into long-term leases of parking-related assets to competitors or clients of our competitors; uncertainty in the credit markets; availability, terms and deployment of capital; the Company’s ability to obtain performance bonds on acceptable terms; and the impact of Federal health care reform.

 

For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no

 

4



 

obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

 

Use of Non-GAAP Financial Measures

 

To supplement its consolidated financial statements presented in accordance with GAAP, the Company considers certain financial measures that are not prepared in accordance with GAAP, including G&A excluding merger and integration related costs (also referred to as adjusted G&A), income before income taxes excluding merger and integration related costs (also referred to as adjusted income before income taxes), net income excluding merger and integration related costs (also referred to as adjusted net income), net income per share excluding merger and integration related costs (also referred to as adjusted EPS), EBITDA and EBITDA excluding merger and integration related costs (also referred to as adjusted EBITDA), and free cash flow.

 

The Company uses these non-GAAP financial measures, in addition to GAAP financial measures, to evaluate its operating and financial performance and to compare such performance to that of prior periods and to the performance of its competitors. Additionally, the Company uses these non-GAAP financial measures in making operational and financial decisions and in the Company’s budgeting and planning process. The Company believes that providing these non-GAAP financial measures to investors helps investors evaluate the Company’s operating performance, profitability and business trends in a way that is consistent with how management evaluates such performance and consistent with guidance previously provided by the Company. Adjusted G&A, EBITDA and adjusted EBITDA, adjusted income before income taxes, adjusted net income and adjusted EPS, and free cash flow should not be considered as alternatives to, or more meaningful indicators of the Company’s operating performance or liquidity than, G&A, income before income taxes, net income, EPS or net cash provided by operating activities, as determined in accordance with GAAP. In addition, the Company’s calculation of such non-GAAP measures may not be comparable to similarly titled measures of another company.

 

Adjusted G&A and adjusted income before income taxes are non-GAAP financial measures of G&A expenses and income before income taxes, respectively, excluding merger and integration related costs.  The Company believes these financial measures provide useful information regarding the underlying operating performance of the Company and improve comparability of financial results. Adjusted net income and adjusted EPS are non-GAAP financial measures of net income and EPS excluding merger and integration related costs.  In providing EPS guidance, the Company also excludes from adjusted EPS the professional and related fees incurred in connection with the restatement of its financial statements discussed in this release, and the Company also presents adjusted EPS excluding only such professional and related fees.  The Company believes its presentation of these financial measures improves comparability of financial results.

 

EBITDA is a non-GAAP financial measure that represents GAAP net income attributable to the Company before (i) interest expense net of interest income, (ii) provision for income taxes, and (iii) depreciation and amortization.  Adjusted EBITDA further adjusts EBITDA by excluding merger and integration related costs.

 

The Company defines free cash flow as net cash from operating activities, less cash used for investing activities (exclusive of acquisitions), less distribution to noncontrolling interest, plus the effect of exchange rate changes on cash and cash equivalents. The Company believes that the presentation of free cash flow provides useful information regarding its recurring cash provided by operating activities after certain expenditures. It also demonstrates the Company’s ability to execute its financial strategy. The Company’s presentation of free cash flow has material limitations. The Company’s free cash flow does not represent its cash flow available for discretionary expenditures because it excludes certain expenditures that are required or to which the Company has committed, such as debt service requirements. The Company’s definition of free cash flow may not be comparable to similarly-titled measures presented by other companies.

 

For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see the accompanying tables to this release.

 

5



 

STANDARD PARKING CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except for share and per share data)

 

 

 

September 30,

 

December 31,

 

 

 

2013

 

2012

 

 

 

(Unaudited)

 

 

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

22,275

 

$

28,450

 

Notes and accounts receivable, net

 

122,353

 

111,498

 

Prepaid expenses and supplies

 

13,873

 

27,823

 

Deferred taxes

 

15,265

 

15,265

 

Total current assets

 

173,766

 

183,036

 

Leasehold improvements, equipment, land and construction in progress, net

 

45,120

 

40,402

 

Other assets:

 

 

 

 

 

Advances and deposits

 

7,132

 

8,540

 

Intangible assets, net

 

173,869

 

197,344

 

Other assets, net

 

23,731

 

22,260

 

Cost of contracts, net

 

11,836

 

14,215

 

Goodwill

 

439,382

 

439,486

 

 

 

655,950

 

681,845

 

Total assets

 

$

874,836

 

905,283

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

110,560

 

$

129,034

 

Accrued and other current liabilities

 

98,200

 

109,300

 

Current portion of unfavorable lease contracts

 

13,592

 

17,467

 

Current portion of long-term debt obligations

 

21,590

 

21,837

 

Total current liabilities

 

243,942

 

277,638

 

Deferred taxes

 

15,333

 

19,079

 

Long-term borrowings, excluding current portion:

 

 

 

 

 

Obligations under senior credit facility

 

286,075

 

286,727

 

Other long-term debt obligations

 

1,872

 

1,995

 

 

 

287,947

 

288,722

 

Unfavorable lease contracts

 

66,034

 

74,758

 

Other long-term liabilities

 

63,738

 

58,086

 

Stockholders’ equity:

 

 

 

 

 

Preferred Stock, par value $0.01 per share; 5,000,000 shares authorized as of September 30, 2013 and December 31, 2012; no shares issued

 

 

 

Common stock, par value $.001 per share; 50,000,000 shares authorized as of September 30, 2013 and December 31, 2012; 21,906,254 and 21,870,770 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively

 

22

 

22

 

Additional paid-in capital

 

239,767

 

236,375

 

Accumulated other comprehensive (loss) income

 

228

 

(381

)

Accumulated deficit

 

(42,841

)

(49,768

)

Total Standard Parking Corporation stockholders’ equity

 

197,176

 

186,248

 

Noncontrolling interest

 

666

 

752

 

Total equity

 

197,842

 

187,000

 

Total liabilities and stockholders’ equity

 

$

874,836

 

$

905,283

 

 

6



 

STANDARD PARKING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except for share and per share data, unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 2013

 

September 30, 2012

 

September 30, 2013

 

September 30, 2012

 

Parking services revenue:

 

 

 

 

 

 

 

 

 

Lease contracts

 

$

122,771

 

$

42,969

 

$

367,088

 

$

122,927

 

Management contracts

 

77,681

 

49,226

 

256,435

 

141,562

 

 

 

200,452

 

92,195

 

623,523

 

264,489

 

Reimbursed management contract revenue

 

154,858

 

100,958

 

472,737

 

309,055

 

Total revenue

 

355,310

 

193,153

 

1,096,260

 

573,544

 

Cost of parking services:

 

 

 

 

 

 

 

 

 

Lease contracts

 

115,696

 

40,108

 

339,828

 

113,495

 

Management contracts

 

44,680

 

30,713

 

157,250

 

84,055

 

 

 

160,376

 

70,821

 

497,078

 

197,550

 

Reimbursed management contract expense

 

154,858

 

100,958

 

472,737

 

309,055

 

Total cost of parking services

 

315,234

 

171,779

 

969,815

 

506,605

 

Gross profit:

 

 

 

 

 

 

 

 

 

Lease contracts

 

7,075

 

2,861

 

27,260

 

9,432

 

Management contracts

 

33,001

 

18,513

 

99,185

 

57,507

 

Total gross profit

 

40,076

 

21,374

 

126,445

 

66,939

 

General and administrative expenses

 

20,494

 

13,846

 

75,310

 

43,759

 

Depreciation and amortization

 

7,959

 

1,723

 

23,704

 

5,258

 

Operating income

 

11,623

 

5,805

 

27,431

 

17,922

 

Other expenses (income):

 

 

 

 

 

 

 

 

 

Interest expense

 

4,818

 

1,093

 

14,421

 

3,355

 

Interest income

 

(108

)

(61

)

(347

)

(181

)

 

 

4,710

 

1,032

 

14,074

 

3,174

 

Income before income taxes

 

6,913

 

4,773

 

13,357

 

14,748

 

Income tax expense

 

2,448

 

2,504

 

4,359

 

6,520

 

Net income

 

4,465

 

2,269

 

8,998

 

8,228

 

Less: Net income attributable to noncontrolling interest

 

721

 

75

 

2,070

 

232

 

Net income attributable to Standard Parking Corporation

 

$

3,744

 

$

2,194

 

$

6,928

 

$

7,996

 

Common stock data:

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.17

 

$

0.14

 

$

0.32

 

$

0.51

 

Diluted

 

$

0.17

 

$

0.14

 

$

0.31

 

$

0.50

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

21,911,574

 

15,668,129

 

21,890,861

 

15,632,817

 

Diluted

 

22,285,723

 

15,928,685

 

22,226,030

 

15,883,535

 

 

7



 

STANDARD PARKING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except for share and per share data, unaudited)

 

 

 

Nine Months Ended

 

 

 

September 30, 2013

 

September 30, 2012

 

Operating activities:

 

 

 

 

 

Net income

 

$

8,998

 

$

8,228

 

Adjustments to reconcile net income to net cash provided by operations:

 

 

 

 

 

Depreciation and amortization

 

22,335

 

5,215

 

Net accretion of acquired lease contracts

 

(2,526

)

 

Loss on sale and abandonment of assets

 

1,431

 

56

 

Amortization of debt issuance costs and original issue discount on borrowings

 

2,105

 

446

 

Non-cash stock-based compensation

 

3,472

 

1,114

 

Excess tax benefit related to stock option exercises

 

 

(221

)

Provisions for losses on accounts receivable

 

232

 

229

 

Deferred income taxes

 

(1,675

)

3,021

 

Net change in operating assets and liabilities

 

(24,181

)

(7,097

)

Net cash provided by operating activities

 

10,191

 

10,991

 

Investing activities:

 

 

 

 

 

Purchase of leasehold improvements and equipment

 

(11,529

)

(3,114

)

Cost of contracts purchased

 

(365

)

(572

)

Proceeds from sale of assets

 

143

 

15

 

Capitalized interest

 

 

(12

)

Contingent payments for businesses acquired

 

(87

)

(93

)

Net cash used in investing activities

 

(11,838

)

(3,776

)

Financing activities:

 

 

 

 

 

Proceeds from exercise of stock options

 

 

154

 

Earn-out payments made

 

(142

)

(1,525

)

Tax benefit related to stock option exercises

 

 

221

 

Payments on senior credit facility

 

(1,525

)

(8,200

)

Distribution to noncontrolling interest

 

(2,156

)

(202

)

Payment for debt issuance costs

 

 

(30

)

Payments on long-term borrowings

 

(465

)

(522

)

Net cash used in financing activities

 

(4,288

)

(10,104

)

Effect of exchange rate changes on cash and cash equivalents

 

(240

)

55

 

Decrease in cash and cash equivalents

 

(6,175

)

(2,834

)

Cash and cash equivalents at beginning of period

 

28,450

 

13,220

 

Cash and cash equivalents at end of period

 

$

22,275

 

$

10,386

 

Supplemental disclosures:

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

Interest

 

$

12,465

 

2,415

 

Income taxes

 

1,128

 

3,179

 

 

8



 

STANDARD PARKING CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION - RECONCILIATION OF ADJUSTED G&A, ADJUSTED INCOME BEFORE INCOME TAXES, ADJUSTED NET INCOME AND ADJUSTED EPS

(in thousands, except for share and per share data, unaudited)

 

 

 

Three months ended

 

Nine months ended

 

 

 

September
30, 2013

 

June 30,
2013

 

September
30, 2012

 

September
30, 2013

 

September
30, 2012

 

General and administrative expenses, as reported

 

$

20,494

 

$

26,869

 

$

13,846

 

$

75,310

 

$

43,759

 

Subtract: Merger and integration related costs

 

(1,893

)

(3,093

)

(2,978

)

(9,210

)

(10,537

)

Adjusted G&A

 

$

18,601

 

$

23,776

 

$

10,868

 

$

66,100

 

$

33,222

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes, as reported

 

$

6,913

 

$

6,288

 

$

4,773

 

$

13,357

 

$

14,748

 

Add: Merger and integration related costs

 

1,893

 

3,093

 

2,978

 

9,210

 

10,537

 

Adjusted income before income taxes

 

$

8,806

 

$

9,381

 

$

7,751

 

$

22,567

 

$

25,285

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Standard Parking, as reported

 

$

3,744

 

$

3,442

 

$

2,194

 

$

6,928

 

$

7,996

 

Add: Merger and integration related costs, after tax (1)

 

1,098

 

1,794

 

1,727

 

5,342

 

6,111

 

Adjusted net income

 

$

4,842

 

$

5,236

 

$

3,921

 

$

12,270

 

$

14,107

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share, as reported

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.17

 

$

0.16

 

$

0.14

 

$

0.32

 

$

0.51

 

Diluted

 

$

0.17

 

$

0.15

 

$

0.14

 

$

0.31

 

$

0.50

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income per share

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.22

 

$

0.24

 

$

0.25

 

$

0.56

 

$

0.90

 

Diluted

 

$

0.22

 

$

0.24

 

$

0.25

 

$

0.55

 

$

0.89

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

Basic

 

21,911,574

 

21,889,777

 

15,668,129

 

21,890,861

 

15,632,817

 

Diluted

 

22,285,723

 

22,221,102

 

15,928,685

 

22,226,030

 

15,883,535

 

 


(1) Total merger and integration related costs

 

$

1,893

 

$

3,093

 

$

2,978

 

$

9,210

 

$

10,537

 

Statutory tax rate

 

42.0

%

42.0

%

42.0

%

42.0

%

42.0

%

Total merger and integration related costs, after tax

 

$

1,098

 

$

1,794

 

$

1,727

 

$

5,342

 

$

6,111

 

 

9



 

STANDARD PARKING CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION - RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA

(in thousands, unaudited)

 

 

 

Three months ended

 

Nine months ended

 

 

 

September 
30, 2013

 

June 30, 
2013

 

September 
30, 2012

 

September 
30, 2013

 

September 
30, 2012

 

Net income attributable to Standard Parking, as reported

 

$

3,744

 

$

3,442

 

$

2,194

 

$

6,928

 

$

7,996

 

Add:

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

2,448

 

2,066

 

2,504

 

4,359

 

6,520

 

Interest expense, net

 

4,710

 

4,635

 

1,032

 

14,074

 

3,174

 

Depreciation and amortization expense

 

7,959

 

8,252

 

1,723

 

23,704

 

5,258

 

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)

 

$

18,861

 

$

18,395

 

$

7,453

 

$

49,065

 

$

22,948

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Merger and integration related costs

 

1,893

 

3,093

 

2,978

 

9,210

 

10,537

 

Adjusted EBITDA

 

$

20,754

 

$

21,488

 

$

10,431

 

$

58,275

 

$

33,485

 

 

STANDARD PARKING CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION - CALCULATION OF EPS DILUTION DUE TO AMORTIZATION OF MERGER-RELATED INTANGIBLES

(in thousands, except for share and per share data, unaudited)

 

 

 

Three months ended

 

Nine months 
ended

 

 

 

September 
30, 2013

 

June 30, 
2013

 

September 
30, 2013

 

Amortization of merger-related intangibles

 

$

3,777

 

$

3,857

 

$

12,553

 

Statutory tax rate

 

42

%

42

%

42

%

Amortization of merger-related intangibles, after tax

 

$

2,191

 

$

2,237

 

$

7,281

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, diluted

 

22,285,723

 

22,221,102

 

22,226,030

 

Amortization of merger-related intangibles, after tax, per share

 

$

0.10

 

$

0.10

 

$

0.33

 

 

10



 

STANDARD PARKING CORPORATION

FREE CASH FLOW

(in thousands, unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 
30, 2013

 

September 
30, 2012

 

September 
30, 2013

 

September 
30, 2012

 

Operating income

 

$

11,623

 

$

5,805

 

$

27,431

 

$

17,922

 

Depreciation and amortization expense

 

7,959

 

1,723

 

23,704

 

5,258

 

Non-cash compensation

 

1,004

 

251

 

3,472

 

1,114

 

Income tax paid

 

(66

)

(366

)

(1,128

)

(3,179

)

Income attributable to noncontrolling interest

 

(721

)

(75

)

(2,070

)

(232

)

Change in assets and liabilities

 

(12,750

)

(5,357

)

(31,006

)

(7,639

)

Purchase of leaseholds, equipment and cost of contracts and contingent purchase payments

 

(3,738

)

(1,637

)

(11,981

)

(3,791

)

Operating cash flow

 

$

3,311

 

$

344

 

$

8,422

 

$

9,453

 

Cash interest paid (before payment of debt issuance costs)

 

(4,286

)

(606

)

(12,465

)

(2,385

)

 

 

 

 

 

 

 

 

 

 

Free cash flow (1)

 

$

(975

)

$

(262

)

$

(4,043

)

$

7,068

 

Decrease (increase) in cash and cash equivalents

 

(1,818

)

(1,331

)

6,175

 

2,834

 

Free cash flow, net of change in cash

 

$

(2,793

)

$

(1,593

)

$

2,132

 

$

9,902

 

 

 

 

 

 

 

 

 

 

 

Sources (Uses) of cash:

 

 

 

 

 

 

 

 

 

Proceeds from (Payments) on senior credit facility

 

$

2,875

 

$

1,800

 

$

(1,525

)

$

(8,200

)

(Payments) on other borrowings

 

(82

)

(177

)

(465

)

(522

)

(Payments) on debt issuance

 

 

(30

)

 

(30

)

Proceeds from exercise of stock options

 

 

 

 

154

 

Tax benefit related to stock option exercises

 

 

 

 

221

 

(Payments) on earn-out

 

 

 

(142

)

(1,525

)

 

 

 

 

 

 

 

 

 

 

Total sources (uses) of cash

 

$

2,793

 

$

1,593

 

$

(2,132

)

$

(9,902

)

 


(1)  Reconciliation of Free Cash Flow to Consolidated Statements of Cash Flow

 

 

 

Nine Months 
Ended

 

Six Months 
Ended

 

Three Months 
Ended

 

 

 

September 30, 
2013

 

June 30, 
2013

 

September 30, 
2013

 

Net cash provided by operating activities

 

$

10,191

 

$

7,007

 

$

3,184

 

Net cash (used in) investing activities

 

(11,838

)

(8,191

)

(3,647

)

Acquisitions

 

 

 

 

Distribution to noncontrolling interest

 

(2,156

)

(1,612

)

(544

)

Effect of exchange rate changes on cash and cash equivalents

 

(240

)

(272

)

32

 

Free cash flow

 

$

(4,043

)

$

(3,068

)

$

(975

)

 

 

 

Nine Months 
Ended

 

Six Months 
Ended

 

Three Months 
Ended

 

 

 

September 30, 
2012

 

June 30, 
2012

 

September 30, 
2012

 

Net cash provided by operating activities

 

$

10,991

 

$

9,680

 

$

1,311

 

Net cash (used in) investing activities

 

(3,776

)

(2,139

)

(1,637

)

Acquisitions

 

 

 

 

Distribution to noncontrolling interest

 

(202

)

(128

)

(74

)

Effect of exchange rate changes on cash and cash equivalents

 

55

 

(83

)

138

 

Free cash flow

 

$

7,068

 

$

7,330

 

$

(262

)

 

11



 

STANDARD PARKING CORPORATION

LOCATION COUNT

 

 

 

September 30, 2013

 

December 31, 2012

 

September 30, 2012

 

Managed facilities

 

3,420

 

3,325

 

1,962

 

Leased facilities

 

857

 

939

 

199

 

Total facilities

 

4,277

 

4,264

 

2,161

 

 

12



 

STANDARD PARKING CORPORATION

ORIGINALLY REPORTED, AS RECAST AND AS REVISED INCOME STATEMENT

(in thousands, except for share and per share data, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2012

 

Three months ended June 30, 2012

 

Three months ended September 30, 2012

 

Three months ended December 31, 2012

 

 

 

Originally
 Reported

 

Impact of 
Restatement

 

As Revised

 

Originally 
Reported

 

Impact of 
Restatement

 

As Revised

 

Originally 
Reported

 

Impact of 
Restatement

 

As Revised

 

Originally 
Reported

 

Impact of 
Purchase 
Price 
Accounting
Finalization

 

As Recast for
Purchase 
Price 
Accounting
Finalization

 

Impact of 
Restatement

 

As Revised

 

Parking services revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease contracts

 

37,544

 

 

37,544

 

42,414

 

 

42,414

 

42,969

 

 

42,969

 

127,428

 

 

127,428

 

 

127,428

 

Management contracts

 

47,964

 

 

47,964

 

44,372

 

 

44,372

 

49,226

 

 

49,226

 

88,939

 

 

88,939

 

 

88,939

 

Reimbursed revenue

 

103,937

 

 

103,937

 

104,160

 

 

104,160

 

100,958

 

 

100,958

 

164,027

 

 

164,027

 

 

164,027

 

Total revenue

 

189,445

 

 

189,445

 

190,946

 

 

190,946

 

193,153

 

 

193,153

 

380,394

 

 

380,394

 

 

380,394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of parking services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease contracts

 

35,387

 

 

35,387

 

38,000

 

 

38,000

 

40,108

 

 

40,108

 

116,767

 

1,519

 

118,286

 

 

118,286

 

Management contracts

 

28,492

 

779

 

29,271

 

24,018

 

53

 

24,071

 

30,409

 

304

 

30,713

 

57,924

 

 

57,924

 

(30

)

57,894

 

Reimbursed expenses

 

103,937

 

 

103,937

 

104,160

 

 

104,160

 

100,958

 

 

100,958

 

164,027

 

 

164,027

 

 

164,027

 

Total cost of parking service

 

167,816

 

779

 

168,595

 

166,178

 

53

 

166,231

 

171,475

 

304

 

171,779

 

338,718

 

1,519

 

340,237

 

(30

)

340,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit- Lease Contracts

 

2,157

 

 

2,157

 

4,414

 

 

4,414

 

2,861

 

 

2,861

 

10,661

 

(1,519

)

9,142

 

 

9,142

 

Gross Profit- Mgmt Contracts

 

19,472

 

(779

)

18,693

 

20,354

 

(53

)

20,301

 

18,817

 

(304

)

18,513

 

31,015

 

 

31,015

 

30

 

31,045

 

Total gross profit

 

21,629

 

(779

)

20,850

 

24,768

 

(53

)

24,715

 

21,678

 

(304

)

21,374

 

41,676

 

(1,519

)

40,157

 

30

 

40,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and adminstrative

 

15,045

 

 

15,045

 

14,868

 

 

14,868

 

13,846

 

 

13,846

 

42,904

 

 

42,904

 

(123

)

42,781

 

Depreciation & amortization

 

1,728

 

 

1,728

 

1,807

 

 

1,807

 

1,723

 

 

1,723

 

7,983

 

272

 

8,255

 

 

8,255

 

Operating income

 

4,856

 

(779

)

4,077

 

8,093

 

(53

)

8,040

 

6,109

 

(304

)

5,805

 

(9,211

)

(1,791

)

(11,002

)

153

 

(10,849

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

1,130

 

 

1,130

 

1,132

 

 

1,132

 

1,093

 

 

1,093

 

5,094

 

 

5,094

 

167

 

5,261

 

Interest income

 

(70

)

 

(70

)

(135

)

85

 

(50

)

(61

)

 

(61

)

(116

)

 

(116

)

 

(116

)

 

 

1,060

 

 

1,060

 

997

 

85

 

1,082

 

1,032

 

 

1,032

 

4,978

 

 

4,978

 

167

 

5,145

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

3,796

 

(779

)

3,017

 

7,096

 

(138

)

6,958

 

5,077

 

(304

)

4,773

 

(14,189

)

(1,791

)

(15,980

)

(14

)

(15,994

)

Income tax expense (benefit)

 

1,528

 

(313

)

1,215

 

2,856

 

(55

)

2,801

 

2,623

 

(119

)

2,504

 

(9,381

)

(752

)

(10,133

)

(7

)

(10,140

)

Net income (loss)

 

2,268

 

(466

)

1,802

 

4,240

 

(83

)

4,157

 

2,454

 

(185

)

2,269

 

(4,808

)

(1,039

)

(5,847

)

(7

)

(5,854

)

Less: Net income attributable to noncontrolling interest

 

72

 

 

72

 

85

 

 

85

 

75

 

 

75

 

802

 

 

802

 

 

802

 

Net income attributable to Standard Parking

 

2,196

 

(466

)

1,730

 

4,155

 

(83

)

4,072

 

2,379

 

(185

)

2,194

 

(5,610

)

(1,039

)

(6,649

)

(7

)

(6,656

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.14

 

$

(0.03

)

$

0.11

 

$

0.27

 

$

(0.01

)

$

0.26

 

$

0.15

 

$

(0.01

)

$

0.14

 

$

(0.26

)

$

(0.04

)

$

(0.30

)

$

0.00

 

$

(0.30

)

Diluted

 

$

0.14

 

$

(0.03

)

$

0.11

 

$

0.26

 

$

0.00

 

$

0.26

 

$

0.15

 

$

(0.01

)

$

0.14

 

$

(0.26

)

$

(0.04

)

$

(0.30

)

$

0.00

 

$

(0.30

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

15,563,914

 

 

 

15,563,914

 

15,665,263

 

 

 

15,665,263

 

15,668,129

 

 

 

15,668,129

 

21,836,583

 

 

 

21,836,583

 

 

 

21,836,583

 

Diluted

 

15,820,118

 

 

 

15,820,118

 

15,900,659

 

 

 

15,900,659

 

15,928,685

 

 

 

15,928,685

 

22,357,602

 

 

 

22,357,602

 

 

 

22,357,602

 

 

13



 

STANDARD PARKING CORPORATION

ORIGINALLY REPORTED, AS RECAST AND AS REVISED INCOME STATEMENT

(in thousands, except for share and per share data, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2013

 

Three months ended June 30, 2013

 

Six months ended June 30, 2013

 

 

 

Originally
Reported

 

Impact of
Purchase
Price
Accounting
Finalization

 

As Recast
for Purchase
Price
Accounting
Finalization

 

Impact of
Restatement

 

As Revised

 

Originally
Reported

 

Impact of
Purchase
Price
Accounting
Finalization

 

As Recast
for Purchase
Price
Accounting
Finalization

 

Impact of
Restatement

 

As Revised

 

Originally
Reported

 

Impact of
Purchase
Price
Accounting
Finalization

 

As Recast
for Purchase
Price
Accounting
Finalization

 

Impact of
Restatement

 

As Revised

 

Parking services revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease contracts

 

123,136

 

(2,051

)

121,085

 

 

121,085

 

123,232

 

 

123,232

 

 

123,232

 

246,368

 

(2,051

)

244,317

 

 

244,317

 

Management contracts

 

87,395

 

2,700

 

90,095

 

 

90,095

 

88,659

 

 

88,659

 

 

88,659

 

176,054

 

2,700

 

178,754

 

 

178,754

 

Reimbursed revenue

 

159,477

 

 

159,477

 

 

159,477

 

158,402

 

 

158,402

 

 

158,402

 

317,879

 

 

317,879

 

 

317,879

 

Total revenue

 

370,008

 

649

 

370,657

 

 

370,657

 

370,293

 

 

370,293

 

 

370,293

 

740,301

 

649

 

740,950

 

 

740,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of parking services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease contracts

 

111,500

 

618

 

112,118

 

 

112,118

 

111,566

 

448

 

112,014

 

 

112,014

 

223,066

 

1,066

 

224,132

 

 

224,132

 

Management contracts

 

58,334

 

 

58,334

 

403

 

58,737

 

54,653

 

 

54,653

 

(820

)

53,833

 

112,987

 

 

112,987

 

(417

)

112,570

 

Reimbursed expenses

 

159,477

 

 

159,477

 

 

159,477

 

158,402

 

 

158,402

 

 

158,402

 

317,879

 

 

317,879

 

 

317,879

 

Total cost of parking service

 

329,311

 

618

 

329,929

 

403

 

330,332

 

324,621

 

448

 

325,069

 

(820

)

324,249

 

653,932

 

1,066

 

654,998

 

(417

)

654,581

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit- Lease Contracts

 

11,636

 

(2,669

)

8,967

 

 

8,967

 

11,666

 

(448

)

11,218

 

 

11,218

 

23,302

 

(3,117

)

20,185

 

 

20,185

 

Gross Profit- Mgmt Contracts

 

29,061

 

2,700

 

31,761

 

(403

)

31,358

 

34,006

 

 

34,006

 

820

 

34,826

 

63,067

 

2,700

 

65,767

 

417

 

66,184

 

Total gross profit

 

40,697

 

31

 

40,728

 

(403

)

40,325

 

45,672

 

(448

)

45,224

 

820

 

46,044

 

86,369

 

(417

)

85,952

 

417

 

86,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and adminstrative

 

27,825

 

 

27,825

 

123

 

27,948

 

26,869

 

 

26,869

 

 

26,869

 

54,694

 

 

54,694

 

122

 

54,816

 

Depreciation & amortization

 

7,308

 

185

 

7,493

 

 

7,493

 

8,074

 

178

 

8,252

 

 

8,252

 

15,382

 

363

 

15,745

 

 

15,745

 

Operating income

 

5,564

 

(154

)

5,410

 

(526

)

4,884

 

10,729

 

(626

)

10,103

 

820

 

10,923

 

16,293

 

(780

)

15,513

 

295

 

15,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

5,007

 

 

5,007

 

(167

)

4,840

 

4,763

 

 

4,763

 

 

4,763

 

9,770

 

 

9,770

 

(167

)

9,603

 

Interest income

 

(111

)

 

(111

)

 

(111

)

(188

)

 

(188

)

60

 

(128

)

(299

)

 

(299

)

60

 

(239

)

 

 

4,896

 

 

4,896

 

(167

)

4,729

 

4,575

 

 

4,575

 

60

 

4,635

 

9,471

 

 

9,471

 

(107

)

9,364

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

668

 

(154

)

514

 

(359

)

155

 

6,154

 

(626

)

5,528

 

760

 

6,288

 

6,822

 

(780

)

6,042

 

402

 

6,444

 

Income tax expense (benefit)

 

46

 

(65

)

(19

)

(135

)

(154

)

2,049

 

(262

)

1,787

 

279

 

2,066

 

2,095

 

(327

)

1,768

 

143

 

1,911

 

Net income (loss)

 

622

 

(89

)

533

 

(224

)

309

 

4,105

 

(364

)

3,741

 

481

 

4,222

 

4,727

 

(453

)

4,274

 

259

 

4,533

 

Less: Net income attributable to noncontrolling interest

 

569

 

 

569

 

 

569

 

780

 

 

780

 

 

780

 

1,349

 

 

1,349

 

 

1,349

 

Net income attributable to Standard Parking

 

53

 

(89

)

(36

)

(224

)

(260

)

3,325

 

(364

)

2,961

 

481

 

3,442

 

3,378

 

(453

)

2,925

 

259

 

3,184

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.00

 

$

0.00

 

$

0.00

 

$

(0.01

)

$

(0.01

)

$

0.15

 

$

(0.01

)

$

0.14

 

$

0.02

 

$

0.16

 

$

0.15

 

$

(0.02

)

$

0.13

 

$

0.02

 

$

0.15

 

Diluted

 

$

0.00

 

$

0.00

 

$

0.00

 

$

(0.01

)

$

(0.01

)

$

0.15

 

$

(0.02

)

$

0.13

 

$

0.02

 

$

0.15

 

$

0.15

 

$

(0.02

)

$

0.13

 

$

0.01

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

21,870,771

 

 

 

21,870,771

 

 

 

21,870,771

 

21,889,777

 

 

 

21,889,777

 

 

 

21,889,777

 

21,880,274

 

 

 

21,880,274

 

 

 

21,880,274

 

Diluted

 

22,170,804

 

 

 

22,170,804

 

 

 

22,170,804

 

22,221,102

 

 

 

22,221,102

 

 

 

22,221,102

 

22,195,953

 

 

 

22,195,953

 

 

 

22,195,953

 

 

14