Delaware | 16-1171179 | |
(State or Other Jurisdiction of | (I.R.S. Employer Identification No.) | |
Incorporation or Organization) |
Large accelerated filer o | Accelerated filer þ | Non-accelerated filer o (Do not check if a smaller reporting company) |
Smaller reporting company o |
2
Item 1. | Financial Statements |
September 30, 2011 | December 31, 2010 | |||||||
(Unaudited) | (see Note) | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 7,619 | $ | 7,305 | ||||
Notes and accounts receivable, net |
54,318 | 52,167 | ||||||
Prepaid expenses and supplies |
2,692 | 2,312 | ||||||
Deferred taxes |
2,314 | 2,314 | ||||||
Total current assets |
66,943 | 64,098 | ||||||
Leasehold improvements, equipment and construction in progress, net |
16,630 | 16,839 | ||||||
Advances and deposits |
5,205 | 5,172 | ||||||
Long-term receivables, net |
13,842 | 12,789 | ||||||
Intangible and other assets, net |
9,080 | 8,910 | ||||||
Cost of contracts, net |
14,332 | 15,628 | ||||||
Goodwill |
131,981 | 132,196 | ||||||
Total assets |
$ | 258,013 | $ | 255,632 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 41,750 | $ | 43,984 | ||||
Accrued and other current liabilities |
34,426 | 39,982 | ||||||
Current portion of long-term borrowings |
706 | 673 | ||||||
Total current liabilities |
76,882 | 84,639 | ||||||
Deferred taxes |
12,494 | 9,637 | ||||||
Long-term borrowings, excluding current portion |
93,445 | 97,229 | ||||||
Other long-term liabilities |
27,567 | 27,324 | ||||||
Standard Parking Corporations
stockholders equity: |
||||||||
Preferred stock, par value $.01 per share; 5,000,000 shares authorized and no shares issued |
| | ||||||
Common stock, par value $.001 per share; 50,000,000 shares authorized; 15,589,142 and
15,775,645 shares issued and outstanding as of September 30, 2011 and December 31, 2010,
respectively |
16 | 16 | ||||||
Treasury stock, at cost, 55,370 shares as of September 30, 2011 and no shares as of
December 31, 2010 |
(866 | ) | | |||||
Additional paid-in capital |
95,141 | 97,291 | ||||||
Accumulated other comprehensive (loss) income |
(362 | ) | 103 | |||||
Accumulated deficit |
(46,234 | ) | (60,532 | ) | ||||
Total Standard Parking Corporation stockholders equity |
47,695 | 36,878 | ||||||
Noncontrolling interest |
(70 | ) | (75 | ) | ||||
Total equity |
47,625 | 36,803 | ||||||
Total liabilities and stockholders equity |
$ | 258,013 | $ | 255,632 | ||||
Note: | The balance sheet at December 31, 2010 has been derived from the audited financial
statements at that date but does not include all of the information and footnotes required by
accounting principles generally accepted in the United States for complete financial
statements. |
3
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2011 | September 30, 2010 | September 30, 2011 | September 30, 2010 | |||||||||||||
Parking services revenue: |
||||||||||||||||
Lease contracts |
$ | 37,501 | $ | 35,713 | $ | 109,899 | $ | 102,991 | ||||||||
Management contracts |
43,259 | 43,713 | 131,556 | 125,869 | ||||||||||||
80,760 | 79,426 | 241,455 | 228,860 | |||||||||||||
Reimbursed management contract revenue |
106,365 | 101,500 | 307,615 | 308,312 | ||||||||||||
Total revenue |
187,125 | 180,926 | 549,070 | 537,172 | ||||||||||||
Cost of parking services: |
||||||||||||||||
Lease contracts |
34,049 | 32,714 | 101,834 | 95,702 | ||||||||||||
Management contracts |
22,489 | 24,357 | 73,196 | 68,899 | ||||||||||||
56,538 | 57,071 | 175,030 | 164,601 | |||||||||||||
Reimbursed management contract expense |
106,365 | 101,500 | 307,615 | 308,312 | ||||||||||||
Total cost of parking services |
162,903 | 158,571 | 482,645 | 472,913 | ||||||||||||
Gross profit: |
||||||||||||||||
Lease contracts |
3,452 | 2,999 | 8,065 | 7,289 | ||||||||||||
Management contracts |
20,770 | 19,356 | 58,360 | 56,970 | ||||||||||||
Total gross profit |
24,222 | 22,355 | 66,425 | 64,259 | ||||||||||||
General and administrative expenses (1) |
11,814 | 11,549 | 34,593 | 35,327 | ||||||||||||
Depreciation and amortization |
1,683 | 1,527 | 4,893 | 4,557 | ||||||||||||
Operating income |
10,725 | 9,279 | 26,939 | 24,375 | ||||||||||||
Other expenses (income): |
||||||||||||||||
Interest expense |
1,197 | 1,286 | 3,546 | 4,174 | ||||||||||||
Interest income |
(297 | ) | (56 | ) | (470 | ) | (161 | ) | ||||||||
900 | 1,230 | 3,076 | 4,013 | |||||||||||||
Income before income taxes |
9,825 | 8,049 | 23,863 | 20,362 | ||||||||||||
Income tax expense |
3,760 | 3,124 | 9,305 | 7,992 | ||||||||||||
Net income |
6,065 | 4,925 | 14,558 | 12,370 | ||||||||||||
Less: Net income attributable to noncontrolling interest |
89 | 89 | 260 | 181 | ||||||||||||
Net income attributable to Standard Parking Corporation |
$ | 5,976 | $ | 4,836 | $ | 14,298 | $ | 12,189 | ||||||||
Common stock data: |
||||||||||||||||
Net income per share: |
||||||||||||||||
Basic |
$ | 0.38 | $ | 0.31 | $ | 0.91 | $ | 0.79 | ||||||||
Diluted |
$ | 0.37 | $ | 0.30 | $ | 0.89 | $ | 0.77 | ||||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
15,704,837 | 15,651,586 | 15,776,833 | 15,526,061 | ||||||||||||
Diluted |
16,034,330 | 15,993,631 | 16,116,136 | 15,893,282 |
(1) | Non-cash stock based compensation expense of $411 and $1,724 for the three and nine months
ended September 30, 2011, respectively, and $533 and $1,770 for the three and nine months
ended September 30, 2010, respectively, is included in general and administrative expenses. |
4
Nine Months Ended | ||||||||
September 30, 2011 | September 30, 2010 | |||||||
Operating activities: |
||||||||
Net income |
$ | 14,558 | $ | 12,370 | ||||
Adjustments to reconcile net income to net cash provided by operations: |
||||||||
Depreciation and amortization |
4,935 | 4,545 | ||||||
(Gain) loss on sale and abandonment of assets |
(49 | ) | 50 | |||||
Amortization of debt issuance costs |
478 | 478 | ||||||
Non-cash stock-based compensation |
1,724 | 1,770 | ||||||
Excess tax benefit related to stock option exercises |
(148 | ) | (1,185 | ) | ||||
Provisions for losses on accounts receivable |
33 | 102 | ||||||
Deferred income taxes |
2,857 | 1,786 | ||||||
Change in operating assets and liabilities |
(11,339 | ) | (4,149 | ) | ||||
Net cash provided by operating activities |
13,049 | 15,767 | ||||||
Investing activities: |
||||||||
Purchase of leasehold improvements and equipment |
(2,907 | ) | (2,168 | ) | ||||
Cost of contracts purchased |
(395 | ) | (522 | ) | ||||
Proceeds from sale of assets |
82 | 3 | ||||||
Capitalized interest |
(40 | ) | (107 | ) | ||||
Contingent purchase payments |
(293 | ) | (104 | ) | ||||
Net cash used in investing activities |
(3,553 | ) | (2,898 | ) | ||||
Financing activities: |
||||||||
Proceeds from exercise of stock options |
143 | 1,450 | ||||||
Repurchase of common stock |
(5,031 | ) | | |||||
Tax benefit related to stock option exercises |
148 | 1,185 | ||||||
Earn-out payment |
| (529 | ) | |||||
Payments on senior credit facility |
(3,250 | ) | (15,200 | ) | ||||
Distribution to noncontrolling interest |
(255 | ) | (179 | ) | ||||
Payments on long-term borrowings |
(102 | ) | (95 | ) | ||||
Payments on debt issuance costs |
(30 | ) | (30 | ) | ||||
Payments on capital leases |
(399 | ) | (404 | ) | ||||
Net cash used in financing activities |
(8,776 | ) | (13,802 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents |
(406 | ) | 81 | |||||
Increase (decrease) in cash and cash equivalents |
314 | (852 | ) | |||||
Cash and cash equivalents at beginning of period |
7,305 | 8,256 | ||||||
Cash and cash equivalents at end of period |
$ | 7,619 | $ | 7,404 | ||||
Supplemental disclosures: |
||||||||
Cash paid during the period for: |
||||||||
Interest |
$ | 3,151 | $ | 3,975 | ||||
Income taxes |
4,975 | 4,925 |
5
6
7
Three Months Ended September 30 | Nine months Ended September 30 | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Weighted average common basic shares outstanding |
15,704,837 | 15,651,586 | 15,776,883 | 15,526,061 | ||||||||||||
Effect of dilutive stock options and restricted stock units |
329,493 | 342,045 | 339,253 | 367,221 | ||||||||||||
Weighted average common diluted shares outstanding |
16,034,330 | 15,993,631 | 16,116,136 | 15,893,282 | ||||||||||||
Net income per share: |
||||||||||||||||
Basic |
$ | 0.38 | $ | 0.31 | $ | 0.91 | $ | 0.79 | ||||||||
Diluted |
$ | 0.37 | $ | 0.30 | $ | 0.89 | $ | 0.77 |
8
Ranges of Estimated | ||||||||||
useful life | September 30, 2011 | December 31, 2010 | ||||||||
(Unaudited) | ||||||||||
Equipment |
2-10 years | $ | 36,211 | $ | 30,982 | |||||
Leasehold improvements |
Shorter of lease term or economic life up to 10 years | 9,935 | 9,642 | |||||||
Construction in progress |
1,985 | 6,025 | ||||||||
48,131 | 46,649 | |||||||||
Less accumulated depreciation and amortization |
(31,501 | ) | (29,810 | ) | ||||||
Leasehold improvements, equipment and construction in progress, net |
$ | 16,630 | $ | 16,839 | ||||||
9
September 30, 2011 | December 31, 2010 | |||||||
(Unaudited) | ||||||||
Cost of contracts |
$ | 23,666 | $ | 23,273 | ||||
Accumulated amortization |
(9,334 | ) | (7,645 | ) | ||||
Cost of contracts, net |
$ | 14,332 | $ | 15,628 | ||||
10
Region | Region | Region | Region | |||||||||||||||||
One | Two | Three | Four | Total | ||||||||||||||||
Balance as of January 1, 2011 |
$ | 65,664 | $ | 8,714 | $ | 35,241 | $ | 22,577 | $ | 132,196 | ||||||||||
Contingency payments related to acquisitions |
| | 32 | | 32 | |||||||||||||||
Foreign currency translation |
| (247 | ) | | | (247 | ) | |||||||||||||
Balance as of September 30, 2011 |
$ | 65,664 | $ | 8,467 | $ | 35,273 | $ | 22,577 | $ | 131,981 | ||||||||||
Amount Outstanding | ||||||||
September 30, 2011 | December 31, 2010 | |||||||
(Unaudited) | ||||||||
Bradley International Airport |
||||||||
Deficiency payments |
$ | 13,123 | $ | 12,070 | ||||
Other Bradley related, net |
3,203 | 3,203 | ||||||
Valuation allowance |
(2,484 | ) | (2,484 | ) | ||||
Total long-term receivables, net |
$ | 13,842 | $ | 12,789 | ||||
| Garage and surface operating expenses, |
| Principal and interest on the special facility revenue bonds, |
| Trustee expenses, |
| Major maintenance and capital improvement deposits, and |
| State Minimum Guarantee. |
11
September 30, 2011 | December 31, 2010 | |||||||
(Unaudited) | ||||||||
Deficiency payments: |
||||||||
Balance at beginning of period |
$ | 12,070 | $ | 9,606 | ||||
Deficiency payments made |
1,432 | 2,724 | ||||||
Deficiency repayment received |
(379 | ) | (260 | ) | ||||
Balance at end of period |
13,123 | 12,070 | ||||||
Other Bradley related |
3,203 | 3,203 | ||||||
Valuation allowance |
(2,484 | ) | (2,484 | ) | ||||
Total long-term receivables |
$ | 13,842 | $ | 12,789 | ||||
12
Amount Outstanding | ||||||||||||
Due Date | September 30, 2011 | December 31, 2010 | ||||||||||
(Unaudited) | ||||||||||||
Revolving senior credit facility |
June 2013 | $ | 91,950 | $ | 95,200 | |||||||
Capital lease obligations |
Various | 1,126 | 1,525 | |||||||||
Obligations on seller notes and other |
Various | 1,075 | 1,177 | |||||||||
94,151 | 97,902 | |||||||||||
Less current portion |
706 | 673 | ||||||||||
$ | 93,445 | $ | 97,229 | |||||||||
13
For the three months ended | For the nine months ended | |||||||||||||||||||||||||||||||
September 30, | Gross | September 30, | Gross | September 30, | Gross | September 30, | Gross | |||||||||||||||||||||||||
2011 | Margin | 2010 | Margin | 2011 | Margin | 2010 | Margin | |||||||||||||||||||||||||
Revenues: |
||||||||||||||||||||||||||||||||
Region One |
||||||||||||||||||||||||||||||||
Lease contracts |
$ | 21,118 | $ | 20,255 | $ | 60,709 | $ | 55,598 | ||||||||||||||||||||||||
Management contracts |
13,839 | 12,062 | 40,702 | 36,117 | ||||||||||||||||||||||||||||
Total Region One |
34,957 | 32,317 | 101,411 | 91,715 | ||||||||||||||||||||||||||||
Region Two |
||||||||||||||||||||||||||||||||
Lease contracts |
883 | 508 | 2,224 | 1,815 | ||||||||||||||||||||||||||||
Management contracts |
4,084 | 5,962 | 16,543 | 18,723 | ||||||||||||||||||||||||||||
Total Region Two |
4,967 | 6,470 | 18,767 | 20,538 | ||||||||||||||||||||||||||||
Region Three |
||||||||||||||||||||||||||||||||
Lease contracts |
5,885 | 5,638 | 17,383 | 15,764 | ||||||||||||||||||||||||||||
Management contracts |
13,254 | 13,169 | 38,482 | 38,605 | ||||||||||||||||||||||||||||
Total Region Three |
19,139 | 18,807 | 55,865 | 54,369 | ||||||||||||||||||||||||||||
Region Four |
||||||||||||||||||||||||||||||||
Lease contracts |
9,584 | 9,297 | 29,547 | 29,782 | ||||||||||||||||||||||||||||
Management contracts |
11,960 | 12,497 | 35,617 | 32,369 | ||||||||||||||||||||||||||||
Total Region Four |
21,544 | 21,794 | 65,164 | 62,151 | ||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||
Lease contracts |
31 | 15 | 36 | 32 | ||||||||||||||||||||||||||||
Management contracts |
122 | 23 | 212 | 55 | ||||||||||||||||||||||||||||
Total Other |
153 | 38 | 248 | 87 | ||||||||||||||||||||||||||||
Reimbursed revenue |
106,365 | 101,500 | 307,615 | 308,312 | ||||||||||||||||||||||||||||
Total revenues |
$ | 187,125 | $ | 180,926 | $ | 549,070 | $ | 537,172 | ||||||||||||||||||||||||
Gross Profit |
||||||||||||||||||||||||||||||||
Region One |
||||||||||||||||||||||||||||||||
Lease contracts |
$ | 1,898 | 9 | % | $ | 1,630 | 8 | % | $ | 4,193 | 7 | % | $ | 3,390 | 6 | % | ||||||||||||||||
Management contracts |
7,795 | 56 | % | 6,994 | 58 | % | 22,214 | 55 | % | 20,396 | 56 | % | ||||||||||||||||||||
Total Region One |
9,693 | 8,624 | 26,407 | 23,786 | ||||||||||||||||||||||||||||
Region Two |
||||||||||||||||||||||||||||||||
Lease contracts |
53 | 6 | % | 33 | 6 | % | 205 | 9 | % | 167 | 9 | % | ||||||||||||||||||||
Management contracts |
1,471 | 36 | % | 1,880 | 32 | % | 4,229 | 26 | % | 5,467 | 29 | % | ||||||||||||||||||||
Total Region Two |
1,524 | 1,913 | 4,434 | 5,634 | ||||||||||||||||||||||||||||
Region Three |
||||||||||||||||||||||||||||||||
Lease contracts |
571 | 10 | % | 540 | 10 | % | 1,730 | 10 | % | 1,340 | 9 | % | ||||||||||||||||||||
Management contracts |
5,876 | 44 | % | 6,027 | 46 | % | 18,001 | 47 | % | 18,376 | 48 | % | ||||||||||||||||||||
Total Region Three |
6,447 | 6,567 | 19,731 | 19,716 | ||||||||||||||||||||||||||||
Region Four |
||||||||||||||||||||||||||||||||
Lease contracts |
707 | 7 | % | 762 | 8 | % | 1,937 | 7 | % | 2,285 | 8 | % | ||||||||||||||||||||
Management contracts |
3,986 | 33 | % | 4,332 | 35 | % | 12,142 | 34 | % | 12,214 | 38 | % | ||||||||||||||||||||
Total Region Four |
4,693 | 5,094 | 14,079 | 14,499 | ||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||
Lease contracts |
223 | 719 | % | 34 | 227 | % | | 0 | % | 107 | 334 | % | ||||||||||||||||||||
Management contracts |
1,642 | 1,346 | % | 123 | 535 | % | 1,774 | 837 | % | 517 | 940 | % | ||||||||||||||||||||
Total Other |
1,865 | 157 | 1,774 | 624 | ||||||||||||||||||||||||||||
Total gross profit |
24,222 | 22,355 | 66,425 | 64,259 | ||||||||||||||||||||||||||||
General and administrative expenses |
11,814 | 11,549 | 34,593 | 35,327 | ||||||||||||||||||||||||||||
General and administrative expense percentage of gross profit |
49 | % | 52 | % | 52 | % | 55 | % | ||||||||||||||||||||||||
Depreciation and amortization |
1,683 | 1,527 | 4,893 | 4,557 | ||||||||||||||||||||||||||||
Operating income |
10,725 | 9,279 | 26,939 | 24,375 | ||||||||||||||||||||||||||||
Other expenses (income): |
||||||||||||||||||||||||||||||||
Interest expense |
1,197 | 1,286 | 3,546 | 4,174 | ||||||||||||||||||||||||||||
Interest income |
(297 | ) | (56 | ) | (470 | ) | (161 | ) | ||||||||||||||||||||||||
900 | 1,230 | 3,076 | 4,013 | |||||||||||||||||||||||||||||
Income before income taxes |
9,825 | 8,049 | 23,863 | 20,362 | ||||||||||||||||||||||||||||
Income tax expense |
3,760 | 3,124 | 9,305 | 7,992 | ||||||||||||||||||||||||||||
Net income |
6,065 | 4,925 | 14,558 | 12,370 | ||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest |
89 | 89 | 260 | 181 | ||||||||||||||||||||||||||||
Net income attributable to Standard Parking Corporation |
$ | 5,976 | $ | 4,836 | $ | 14,298 | $ | 12,189 | ||||||||||||||||||||||||
14
For the three months ended | For the nine months ended | |||||||||||||||
September 30, 2011 | September 30, 2010 | September 30, 2011 | September 30, 2010 | |||||||||||||
Net income |
$ | 6,065 | $ | 4,925 | $ | 14,558 | $ | 12,370 | ||||||||
Revaluation of interest rate cap |
9 | (71 | ) | (59 | ) | (431 | ) | |||||||||
Effect of foreign currency translation |
(452 | ) | 114 | (406 | ) | 81 | ||||||||||
Comprehensive income |
5,622 | 4,968 | 14,093 | 12,020 | ||||||||||||
Less: comprehensive income
attributable to noncontrolling
interest |
89 | 89 | 260 | 181 | ||||||||||||
Comprehensive income attributable to
Standard Parking Corporation |
$ | 5,533 | $ | 4,879 | $ | 13,833 | $ | 11,839 | ||||||||
2005 2010
|
United States federal income tax | |
2005 2010
|
United States state and local income tax | |
2007 2010
|
Canada |
15
| Level 1: Inputs are quoted prices in active markets for identical assets or liabilities. |
| Level 2: Inputs are quoted prices for similar assets or liabilities in an active market,
quoted prices for identical or similar assets or liabilities in markets that are not active,
and inputs other than quoted prices that are observable and market-corroborated inputs, which
are derived principally from or corroborated by observable market data. |
| Level 3: Inputs that are derived from valuation techniques in which one or more significant
inputs or value drivers are unobservable. |
Total Fair Value | ||||||||||||||||
Measurement | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: |
||||||||||||||||
Interest Rate Cap |
$ | 10 | $ | | $ | 10 | $ | | ||||||||
Liabilities: |
||||||||||||||||
Due to seller |
$ | 6,478 | $ | | $ | | $ | 6,478 |
Due to Seller | ||||
Balance at December 31, 2010 |
$ | 6,807 | ||
Contingent earn-out payments-payments made to seller |
| |||
Contingent earn-out payments-change in fair value |
(329 | ) | ||
Balance at September 30, 2011 |
$ | 6,478 | ||
16
Item 2. | Managements Discussion and Analysis of Financial Condition and Results of Operations |
17
September 30, 2011 | December 31, 2011 | September 30, 2010 | ||||||||||
Managed facilities |
1,970 | 1,907 | 1,959 | |||||||||
Leased facilities |
212 | 212 | 211 | |||||||||
Total facilities |
2,182 | 2,119 | 2,170 | |||||||||
| Parking services revenuelease contracts. Parking services revenue related to lease
contracts consist of all revenue received at a leased facility, including parking receipts
(net of parking tax), consulting and real estate development fees, gains on sales of
contracts and payments for exercising termination rights. |
| Parking services revenuemanagement contracts. Management contract revenue consists of
management fees, including both fixed and performance-based fees, and amounts attributable
to ancillary services such as accounting, equipment leasing, payments received for
exercising termination rights, consulting, developmental fees, gains on sales of contracts,
as well as insurance and other value-added services with respect to managed locations. We
believe we generally purchase required insurance at lower rates than our clients can obtain
on their own because we effectively self-insure for all liability and workers compensation
claims by maintaining a large per-claim deductible. As a result, we have generated operating
income on the insurance provided under our management contracts by focusing on our risk
management efforts and controlling losses. Management contract revenue does not include
gross customer collections at the managed locations as this revenue belongs to the property
owner rather than to us. Management contracts generally provide us with a management fee
regardless of the operating performance of the underlying facility. |
18
| Cost of parking serviceslease contracts. The cost of parking services under a lease
arrangement consists of contractual rental fees paid to the facility owner and all operating
expenses incurred in connection with operating the leased facility. Contractual fees paid to
the facility owner are generally based on either a fixed contractual amount or a percentage
of gross revenue or a combination thereof. Generally, under a lease arrangement we are not
responsible for major capital expenditures or real estate taxes. |
| Cost of parking servicesmanagement contracts. The cost of parking services under a
management contract is generally the responsibility of the facility owner. As a result,
these costs are not included in our results of operations. However, our reverse management
contracts, which typically provide for larger management fees, do require us to pay for
certain costs. |
19
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Region One | Region Two | Region Three | Region Four | Other | Total | Variance | ||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease contract revenue: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New location |
$ | 1.6 | $ | | $ | 0.3 | $ | | $ | 0.2 | $ | | $ | | $ | | $ | | $ | | $ | 2.1 | $ | | $ | 2.1 | 100.0 | |||||||||||||||||||||||||||||
Contract expirations |
| 0.8 | | | | 0.2 | | | | | | 1.0 | (1.0 | ) | (100.0 | ) | ||||||||||||||||||||||||||||||||||||||||
Same location |
19.5 | 19.1 | 0.6 | 0.5 | 5.7 | 5.5 | 9.6 | 9.3 | | | 35.4 | 34.4 | 1.0 | 2.9 | ||||||||||||||||||||||||||||||||||||||||||
Conversions |
| 0.3 | | | | | | | | | | 0.3 | (0.3 | ) | (100.0 | ) | ||||||||||||||||||||||||||||||||||||||||
Total lease contract revenue |
$ | 21.1 | $ | 20.2 | $ | 0.9 | $ | 0.5 | $ | 5.9 | $ | 5.7 | $ | 9.6 | $ | 9.3 | $ | | $ | | $ | 37.5 | $ | 35.7 | $ | 1.8 | 5.0 | |||||||||||||||||||||||||||||
Management contract revenue: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New location |
$ | 1.6 | $ | | $ | 0.4 | $ | 0.1 | $ | 1.1 | $ | | $ | 0.2 | $ | | $ | | $ | | $ | 3.3 | $ | 0.1 | $ | 3.2 | 3200.0 | |||||||||||||||||||||||||||||
Contract expirations |
0.1 | 1.4 | | 2.7 | 0.1 | 1.1 | | 0.2 | | | 0.2 | 5.4 | (5.2 | ) | (96.3 | ) | ||||||||||||||||||||||||||||||||||||||||
Same location |
12.1 | 10.6 | 3.7 | 3.2 | 12.2 | 12.1 | 11.7 | 12.3 | 0.1 | | 39.8 | 38.2 | 1.6 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||
Conversions |
| | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
Total management contract revenue |
$ | 13.8 | $ | 12.0 | $ | 4.1 | $ | 6.0 | $ | 13.4 | $ | 13.2 | $ | 11.9 | $ | 12.5 | $ | 0.1 | $ | | $ | 43.3 | $ | 43.7 | $ | (0.4 | ) | (0.9 | ) | |||||||||||||||||||||||||||
20
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Region One | Region Two | Region Three | Region Four | Other | Total | Variance | ||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of parking services lease contracts: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New location |
$ | 1.4 | $ | | $ | 0.3 | $ | | $ | 0.2 | $ | | $ | | $ | | $ | | $ | | $ | 1.9 | $ | | $ | 1.9 | 100.0 | |||||||||||||||||||||||||||||
Contract expirations |
| 0.7 | | | | 0.1 | | | | | | 0.8 | (0.8 | ) | (100.0 | ) | ||||||||||||||||||||||||||||||||||||||||
Same location |
17.8 | 17.6 | 0.5 | 0.5 | 5.1 | 5.0 | 8.9 | 8.5 | (0.2 | ) | | 32.1 | 31.6 | 0.5 | 1.6 | |||||||||||||||||||||||||||||||||||||||||
Conversions |
| 0.3 | | | | | | | | | 0.3 | (0.3 | ) | (100.0 | ) | |||||||||||||||||||||||||||||||||||||||||
Total cost of parking services lease contracts |
$ | 19.2 | $ | 18.6 | $ | 0.8 | $ | 0.5 | $ | 5.3 | $ | 5.1 | $ | 8.9 | $ | 8.5 | $ | (0.2 | ) | $ | | $ | 34.0 | $ | 32.7 | $ | 1.3 | 4.0 | ||||||||||||||||||||||||||||
Cost of parking services management contracts: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New location |
$ | 0.7 | $ | | $ | 0.3 | $ | 0.1 | $ | 0.8 | $ | | $ | 0.6 | $ | | $ | | $ | | $ | 2.4 | $ | 0.1 | $ | 2.3 | 2300.0 | |||||||||||||||||||||||||||||
Contract expirations |
| 0.8 | | 2.1 | | 0.4 | | 0.1 | | | | 3.4 | (3.4 | ) | (100.0 | ) | ||||||||||||||||||||||||||||||||||||||||
Same location |
5.3 | 4.3 | 2.3 | 1.9 | 6.6 | 6.8 | 7.4 | 8.0 | (1.5 | ) | (0.1 | ) | 20.1 | 20.9 | (0.8 | ) | (3.8 | ) | ||||||||||||||||||||||||||||||||||||||
Conversions |
| | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
Total cost of parking services management contracts |
$ | 6.0 | $ | 5.1 | $ | 2.6 | $ | 4.1 | $ | 7.4 | $ | 7.2 | $ | 8.0 | $ | 8.1 | $ | (1.5 | ) | $ | (0.1 | ) | $ | 22.5 | $ | 24.4 | $ | (1.9 | ) | (7.8 | ) | |||||||||||||||||||||||||
21
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Region One | Region Two | Region Three | Region Four | Other | Total | Variance | ||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit lease contracts: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New location |
$ | 0.2 | $ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | 0.2 | $ | | $ | 0.2 | 100.0 | |||||||||||||||||||||||||||||
Contract expirations |
| 0.1 | | | | 0.1 | | | | | | 0.2 | (0.2 | ) | (100.0 | ) | ||||||||||||||||||||||||||||||||||||||||
Same location |
1.7 | 1.5 | 0.1 | | 0.6 | 0.5 | 0.7 | 0.8 | 0.2 | | 3.3 | 2.8 | 0.5 | 17.9 | ||||||||||||||||||||||||||||||||||||||||||
Conversions |
| | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
Total gross profit lease contracts |
$ | 1.9 | $ | 1.6 | $ | 0.1 | $ | | $ | 0.6 | $ | 0.6 | $ | 0.7 | $ | 0.8 | $ | 0.2 | $ | | $ | 3.5 | $ | 3.0 | $ | 0.5 | 16.7 | |||||||||||||||||||||||||||||
(percentages) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit percentage lease contracts: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New location |
12.5 | | | | | | | | | | 9.5 | | ||||||||||||||||||||||||||||||||||||||||||||
Contract expirations |
| 12.5 | | | | 50.0 | | | | | | 20.0 | ||||||||||||||||||||||||||||||||||||||||||||
Same location |
8.7 | 7.9 | 16.7 | | 10.5 | 9.1 | 7.3 | 8.6 | | | 9.3 | 8.1 | ||||||||||||||||||||||||||||||||||||||||||||
Conversions |
| | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||
Total gross profit percentage |
9.0 | 7.9 | 11.1 | | 10.2 | 10.5 | 7.3 | 8.6 | | | 9.3 | 8.4 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit management contracts: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New location |
$ | 0.9 | $ | | $ | 0.1 | $ | | $ | 0.3 | $ | | $ | (0.4 | ) | | $ | | $ | | $ | 0.9 | $ | | $ | 0.9 | 100.0 | |||||||||||||||||||||||||||||
Contract expirations |
0.1 | 0.6 | | 0.6 | 0.1 | 0.7 | | 0.1 | | | 0.2 | 2.0 | (1.8 | ) | (90.0 | ) | ||||||||||||||||||||||||||||||||||||||||
Same location |
6.8 | 6.3 | 1.4 | 1.3 | 5.6 | 5.3 | 4.3 | 4.3 | 1.6 | 0.1 | 19.7 | 17.3 | 2.4 | 13.9 | ||||||||||||||||||||||||||||||||||||||||||
Conversions |
| | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
Total gross profit management contracts |
$ | 7.8 | $ | 6.9 | $ | 1.5 | $ | 1.9 | $ | 6.0 | $ | 6.0 | $ | 3.9 | $ | 4.4 | $ | 1.6 | $ | 0.1 | $ | 20.8 | $ | 19.3 | $ | 1.5 | 7.8 | |||||||||||||||||||||||||||||
(percentages) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit percentage management contracts: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New location |
56.3 | | 25.0 | | 27.3 | | (200.0 | ) | | | | 27.3 | | |||||||||||||||||||||||||||||||||||||||||||
Contract expirations |
100.0 | 42.9 | | 22.2 | 100.0 | 63.6 | | 50.0 | | | 100.0 | 37.0 | ||||||||||||||||||||||||||||||||||||||||||||
Same location |
56.2 | 59.4 | 37.8 | 40.6 | 45.9 | 43.8 | 36.8 | 35.0 | 1600.0 | | 49.5 | 45.3 | ||||||||||||||||||||||||||||||||||||||||||||
Conversions |
| | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||
Total gross profit percentage |
56.6 | 57.5 | $ | 36.6 | $ | 31.7 | $ | 44.8 | $ | 45.5 | $ | 32.8 | $ | 35.2 | $ | 1600.0 | $ | | 48.0 | 44.2 | ||||||||||||||||||||||||||||||||||||
22
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Region One | Region Two | Region Three | Region Four | Other | Total | Variance | ||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease contract revenue: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New location |
$ | 8.5 | $ | 1.6 | $ | 0.3 | $ | | $ | 2.3 | $ | 0.6 | $ | | $ | | $ | | $ | | $ | 11.1 | $ | 2.2 | $ | 8.9 | 404.5 | |||||||||||||||||||||||||||||
Contract expirations |
0.5 | 2.8 | | 0.2 | 0.1 | 0.5 | | 0.8 | | | 0.6 | 4.3 | (3.7 | ) | (86.0 | ) | ||||||||||||||||||||||||||||||||||||||||
Same location |
51.7 | 50.2 | 1.9 | 1.6 | 15.0 | 14.7 | 29.6 | 28.7 | | | 98.2 | 95.2 | 3.0 | 3.2 | ||||||||||||||||||||||||||||||||||||||||||
Conversions |
| 1.0 | | | | | | 0.3 | | | | 1.3 | (1.3 | ) | (100.0 | ) | ||||||||||||||||||||||||||||||||||||||||
Total lease contract revenue |
$ | 60.7 | $ | 55.6 | $ | 2.2 | $ | 1.8 | $ | 17.4 | $ | 15.8 | $ | 29.6 | $ | 29.8 | $ | | $ | | $ | 109.9 | $ | 103.0 | $ | 6.9 | 6.7 | |||||||||||||||||||||||||||||
Management contract revenue: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New location |
$ | 4.8 | $ | 0.6 | $ | 1.8 | $ | 0.3 | $ | 3.3 | $ | 0.7 | $ | 14.7 | $ | 9.2 | $ | | $ | | $ | 24.6 | $ | 10.8 | $ | 13.8 | 127.8 | |||||||||||||||||||||||||||||
Contract expirations |
1.2 | 5.3 | 0.1 | 9.5 | 0.7 | 3.9 | 0.1 | 0.5 | | | 2.1 | 19.2 | (17.1 | ) | (89.1 | ) | ||||||||||||||||||||||||||||||||||||||||
Same location |
34.7 | 30.3 | 14.7 | 9.0 | 34.4 | 34.0 | 20.7 | 22.6 | 0.2 | | 104.7 | 95.9 | 8.8 | 9.2 | ||||||||||||||||||||||||||||||||||||||||||
Conversions |
0.1 | | | | | | 0.1 | | | | 0.2 | | 0.2 | | ||||||||||||||||||||||||||||||||||||||||||
Total management contract revenue |
$ | 40.8 | $ | 36.2 | $ | 16.6 | $ | 18.8 | $ | 38.4 | $ | 38.6 | $ | 35.6 | $ | 32.3 | $ | 0.2 | $ | | $ | 131.6 | $ | 125.9 | $ | 5.7 | 4.5 | |||||||||||||||||||||||||||||
23
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Region One | Region Two | Region Three | Region Four | Other | Total | Variance | ||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of parking services lease contracts: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New location |
$ | 8.0 | $ | 1.4 | $ | 0.4 | $ | | $ | 2.1 | $ | 0.7 | $ | | $ | | $ | | $ | | $ | 10.5 | $ | 2.1 | $ | 8.4 | 400.0 | |||||||||||||||||||||||||||||
Contract expirations |
0.5 | 2.8 | | 0.2 | 0.1 | 0.4 | 0.2 | 0.5 | | | 0.8 | 3.9 | (3.1 | ) | (79.5 | ) | ||||||||||||||||||||||||||||||||||||||||
Same location |
48.0 | 46.9 | 1.6 | 1.5 | 13.4 | 13.4 | 27.5 | 26.4 | | (0.1 | ) | 90.5 | 88.1 | 2.4 | 2.7 | |||||||||||||||||||||||||||||||||||||||||
Conversions |
| 1.1 | | | | | | 0.5 | | | | 1.6 | (1.6 | ) | (100.0 | ) | ||||||||||||||||||||||||||||||||||||||||
Total cost of parking services lease contracts |
$ | 56.5 | $ | 52.2 | $ | 2.0 | $ | 1.7 | $ | 15.6 | $ | 14.5 | $ | 27.7 | $ | 27.4 | $ | | $ | (0.1 | ) | $ | 101.8 | $ | 95.7 | $ | 6.1 | 6.4 | ||||||||||||||||||||||||||||
Cost of parking services management contracts: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New location |
$ | 1.9 | $ | 0.1 | $ | 1.3 | $ | 0.2 | $ | 1.9 | $ | 0.3 | $ | 14.1 | $ | 8.4 | $ | | $ | | $ | 19.2 | $ | 9.0 | $ | 10.2 | 113.3 | |||||||||||||||||||||||||||||
Contract expirations |
1.0 | 2.7 | 0.1 | 7.8 | 0.2 | 1.1 | | 0.3 | | | 1.3 | 11.9 | (10.6 | ) | (89.1 | ) | ||||||||||||||||||||||||||||||||||||||||
Same location |
15.7 | 12.9 | 10.9 | 5.3 | 18.3 | 18.8 | 9.1 | 11.3 | (1.5 | ) | (0.4 | ) | 52.5 | 47.9 | 4.6 | 9.6 | ||||||||||||||||||||||||||||||||||||||||
Conversions |
| | | | | | 0.2 | 0.1 | | | 0.2 | 0.1 | 0.1 | 100.0 | ||||||||||||||||||||||||||||||||||||||||||
Total cost of parking services management contracts |
$ | 18.6 | $ | 15.7 | $ | 12.3 | $ | 13.3 | $ | 20.4 | $ | 20.2 | $ | 23.4 | $ | 20.1 | $ | (1.5 | ) | $ | (0.4 | ) | $ | 73.2 | $ | 68.9 | $ | 4.3 | 6.2 | |||||||||||||||||||||||||||
24
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Region One | Region Two | Region Three | Region Four | Other | Total | Variance | ||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit lease contracts: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New location |
$ | 0.5 | $ | 0.2 | $ | (0.1 | ) | $ | | $ | 0.2 | $ | (0.1 | ) | $ | | $ | | $ | | $ | | $ | 0.6 | $ | 0.1 | $ | 0.5 | 500.0 | |||||||||||||||||||||||||||
Contract expirations |
| | | | | 0.1 | (0.2 | ) | 0.3 | | | (0.2 | ) | 0.4 | (0.6 | ) | (150.0 | ) | ||||||||||||||||||||||||||||||||||||||
Same location |
3.7 | 3.3 | 0.3 | 0.1 | 1.6 | 1.3 | 2.1 | 2.3 | | 0.1 | 7.7 | 7.1 | 0.6 | 8.5 | ||||||||||||||||||||||||||||||||||||||||||
Conversions |
| (0.1 | ) | | | | | | (0.2 | ) | | | | (0.3 | ) | 0.3 | (100.0 | ) | ||||||||||||||||||||||||||||||||||||||
Total gross profit lease contracts |
$ | 4.2 | $ | 3.4 | $ | 0.2 | $ | 0.1 | $ | 1.8 | $ | 1.3 | $ | 1.9 | $ | 2.4 | $ | | $ | 0.1 | $ | 8.1 | $ | 7.3 | $ | 0.8 | 11.0 | |||||||||||||||||||||||||||||
(percentages) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit percentage lease contracts: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New location |
5.9 | 12.5 | (33.3 | ) | | 8.7 | (16.7 | ) | | | | | 5.4 | 4.5 | ||||||||||||||||||||||||||||||||||||||||||
Contract expirations |
| | | | | 20.0 | | 37.5 | | | (33.3 | ) | 9.3 | |||||||||||||||||||||||||||||||||||||||||||
Same location |
7.2 | 6.6 | 15.8 | 6.3 | 10.7 | 8.8 | 7.1 | 8.0 | | | 7.8 | 7.5 | ||||||||||||||||||||||||||||||||||||||||||||
Conversions |
| (10.0 | ) | | | | | | (66.7 | ) | | | | (23.1 | ) | |||||||||||||||||||||||||||||||||||||||||
Total gross profit percentage |
6.9 | 6.1 | 9.1 | 5.6 | 10.3 | 8.2 | 6.4 | 8.1 | | | 7.4 | 7.1 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit management contracts: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New location |
$ | 2.9 | $ | 0.5 | $ | 0.5 | $ | 0.1 | $ | 1.4 | $ | 0.4 | $ | 0.6 | 0.8 | $ | | $ | | $ | 5.4 | $ | 1.8 | $ | 3.6 | 200.0 | ||||||||||||||||||||||||||||||
Contract expirations |
0.2 | 2.6 | | 1.7 | 0.5 | 2.8 | 0.1 | 0.2 | | | 0.8 | 7.3 | (6.5 | ) | (89.0 | ) | ||||||||||||||||||||||||||||||||||||||||
Same location |
19.0 | 17.4 | 3.8 | 3.7 | 16.1 | 15.2 | 11.6 | 11.3 | 1.7 | 0.4 | 52.2 | 48.0 | 4.2 | 8.8 | ||||||||||||||||||||||||||||||||||||||||||
Conversions |
0.1 | | | | | | (0.1 | ) | (0.1 | ) | | | | (0.1 | ) | 0.1 | (100.0 | ) | ||||||||||||||||||||||||||||||||||||||
Total gross profit management contracts |
$ | 22.2 | $ | 20.5 | $ | 4.3 | $ | 5.5 | $ | 18.0 | $ | 18.4 | $ | 12.2 | $ | 12.2 | $ | 1.7 | $ | 0.4 | $ | 58.4 | $ | 57.0 | $ | 1.4 | 2.5 | |||||||||||||||||||||||||||||
(percentages) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit percentage management contracts: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New location |
60.4 | 83.3 | 27.8 | 33.3 | 42.4 | 57.1 | 4.1 | 8.7 | | | 22.0 | 16.7 | ||||||||||||||||||||||||||||||||||||||||||||
Contract expirations |
16.7 | 49.1 | | 17.9 | 71.4 | 71.8 | 100.0 | 40.0 | | | 38.1 | 38.0 | ||||||||||||||||||||||||||||||||||||||||||||
Same location |
54.8 | 57.4 | 25.9 | 41.1 | 46.8 | 44.7 | 56.0 | 50.0 | 850.0 | | 49.9 | 50.1 | ||||||||||||||||||||||||||||||||||||||||||||
Conversions |
100.0 | | | | | | (100.0 | ) | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Total gross profit percentage |
54.4 | 56.6 | 25.9 | 29.3 | 46.9 | 47.7 | 34.3 | 37.8 | 850.0 | | 44.4 | 45.3 | ||||||||||||||||||||||||||||||||||||||||||||
25
| $92.0 million under our senior credit facility; and |
| $2.2 million of other debt including capital lease obligations and obligations on seller
notes and other indebtedness. |
26
27
28
Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
29
Item 4. | Controls and Procedures |
30
Item 1. | Legal Proceedings |
Item 2. | Unregistered Sales of Equity and Use of Proceeds |
Maximum | ||||||||||||||||
Dollar Value of | ||||||||||||||||
Total Number of | Shares that May | |||||||||||||||
Total | Shares Purchased | Yet Be | ||||||||||||||
Number | as Part of Publicly | Purchased | ||||||||||||||
of Shares | Average Price | Announced Plans | Under the Plan | |||||||||||||
Quarter Ended September 30, 2011 | Purchased | Paid per Share | or Programs | or Program | ||||||||||||
From July 1 to July 31 |
106,227 | $ | 16.60 | 106,227 | $ | 17,805 | ||||||||||
From August 1 to August 31 |
124,512 | 15.83 | 124,512 | 15,835 | ||||||||||||
From September 1 to September 30 |
55,370 | 15.64 | 55,370 | 14,969 | ||||||||||||
Total for the quarter ended September 30 |
286,109 | $ | 16.08 | 286,109 | $ | 14,969 | ||||||||||
31
Item 6. | Exhibits |
Exhibit | ||||
Number | Description | |||
10.1 | Second Amendment to Form of Standard Parking
Corporation Restricted Stock Unit Agreement dated
May 27, 2011 (incorporated by reference to exhibit
10.1 of the Companys Current Report on Form 8-K
filed on June 2, 2011). |
|||
10.2 | Third Amendment to Amended and Restated Employment
Agreement between Standard Parking Corporation G.
Marc Baumann dated June 10, 2011 (incorporated by
reference to exhibit 10.1 of the Companys Current
Report on Form 8-K filed on June 13, 2011). |
|||
10.3 | * | Second Amendment to Executive Employment Agreement
between Standard Parking Corporation and Gerard M.
Klaisle dated July 28, 2011. |
||
31.1 | * | Section 302 Certification dated November 7, 2011
for James A. Wilhelm, Director, President and
Chief Executive Officer (Principal Executive
Officer). |
||
31.2 | * | Section 302 Certification dated November 7, 2011
for G. Marc Baumann, Executive Vice President,
Chief Financial Officer and Treasurer (Principal
Financial Officer). |
||
31.3 | * | Section 302 Certification dated November 7, 2011
for Daniel R. Meyer, Senior Vice President,
Corporate Controller and Assistant Treasurer
(Principal Accounting Officer). |
||
32.1 | * | Certification pursuant to 18 USC Section 1350, as
adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, dated November 7,
2011. |
* | Filed herewith |
32
STANDARD PARKING CORPORATION |
||||
Dated: November 7, 2011 | By: | /s/ JAMES A. WILHELM | ||
James A. Wilhelm | ||||
Director, President and Chief Executive Officer
(Principal Executive Officer) |
||||
Dated: November 7, 2011 | By: | /s/ G. MARC BAUMANN | ||
G. Marc Baumann | ||||
Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
||||
Dated: November 7, 2011 | By: | /s/ DANIEL R. MEYER | ||
Daniel R. Meyer | ||||
Senior Vice President, Corporate Controller and Assistant Treasurer (Principal Accounting Officer and Duly Authorized Officer) |
33
Exhibit | ||||
Number | Description | |||
10.1 | Second Amendment to Form of Standard Parking
Corporation Restricted Stock Unit Agreement dated
May 27, 2011 (incorporated by reference to exhibit
10.1 of the Companys Current Report on Form 8-K
filed on June 2, 2011). |
|||
10.2 | Third Amendment to Amended and Restated Employment
Agreement between Standard Parking Corporation G.
Marc Baumann dated June 10, 2011 (incorporated by
reference to exhibit 10.1 of the Companys Current
Report on Form 8-K filed on June 13, 2011). |
|||
10.3 | * | Second Amendment to Executive Employment Agreement
between Standard Parking Corporation and Gerard M.
Klaisle dated July 28, 2011. |
||
31.1 | * | Section 302 Certification dated November 7, 2011
for James A. Wilhelm, Director, President and
Chief Executive Officer (Principal Executive
Officer). |
||
31.2 | * | Section 302 Certification dated November 7, 2011
for G. Marc Baumann, Executive Vice President,
Chief Financial Officer and Treasurer (Principal
Financial Officer). |
||
31.3 | * | Section 302 Certification dated November 7, 2011
for Daniel R. Meyer, Senior Vice President,
Corporate Controller and Assistant Treasurer
(Principal Accounting Officer). |
||
32.1 | * | Certification pursuant to 18 USC Section 1350, as
adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, dated November 7,
2011. |
* | Filed herewith |
34
1. | Paragraph 3(a) of the Agreement is hereby amended to add a third sentence as follows:
At no time during the Employment Period shall the Annual Base Salary be reduced below
the Base Salary in effect as of the date hereof (the Base Salary Minimum) unless
Executives duties and responsibilities have been reduced at Executives request. |
2. | The third sentence of paragraph 3(b) of the Agreement is hereby amended by changing
the period to a semi-colon, and adding the following thereafter: |
3. | Paragraph 4(b)(ii) of the Agreement is hereby amended by inserting the word gross
immediately preceding the word misconduct.
|
4. | Paragraph 4(c) of the Agreement is hereby amended to read, in its entirety, as
follows: |
5. | Paragraph 5(a)(ii) of the Agreement is hereby amended to read, in its entirety, as
follows: |
6. | Paragraph 5(d) of the Agreement is hereby amended by inserting the words (other than
for Good Reason) immediately after the words as provided in paragraph 4(c) above. |
7. | Paragraph 6(f) of the Agreement is hereby amended by substituting the words
twenty-four (24) in lieu of the words twelve (12) appearing therein. |
8. | The first and third sentences of paragraph 6(g) of the Agreement are hereby amended
by substituting the words twenty-four (24) in lieu of the words twelve (12) appearing
therein. |
9. | Paragraph 6(i) of the Agreement is hereby deemed relocated in its entirety and
renumbered as paragraph 18 of the Agreement. |
10. | Except as expressly modified above, all of the remaining terms and provisions of the
Agreement are hereby ratified and confirmed in all respects, and shall remain in full
force and effect in accordance with their terms. |
COMPANY: | EXECUTIVE: | |||||
STANDARD PARKING CORPORATION, | ||||||
a Delaware corporation | ||||||
/s/ GERARD M. KLAISLE
Gerard M. Klaisle
|
||||||
By: |
||||||
/s/ JAMES A. WILHELM
James A. Wilhelm
|
||||||
President and Chief Executive Officer |
1. | I have reviewed this Form 10-Q of Standard Parking Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f) ) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles; |
c. | Evaluated the effectiveness of the registrants disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such evaluation;
and |
d. | Disclosed in this report any change in the registrants internal control over financial
reporting that occurred during the registrants most recent fiscal quarter (the registrants
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrants internal control over financial
reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrants auditors and the
audit committee of the registrants board of directors (or persons performing the equivalent
functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrants ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrants internal control over financial reporting. |
Date: November 7, 2011 | By: | /s/ JAMES A. WILHELM | ||
James A. Wilhelm, | ||||
Director, President and Chief Executive Officer
(Principal Executive Officer) |
1. | I have reviewed this Form 10-Q of Standard Parking Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles; |
c. | Evaluated the effectiveness of the registrants disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such evaluation;
and |
d. | Disclosed in this report any change in the registrants internal control over financial
reporting that occurred during the registrants most recent fiscal quarter (the registrants
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrants internal control over financial
reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrants auditors and the
audit committee of the registrants board of directors (or persons performing the equivalent
functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrants ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrants internal control over financial reporting. |
Date: November 7, 2011 | By: | /s/ G. MARC BAUMANN | ||
G. Marc Baumann, | ||||
Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
1. | I have reviewed this Form 10-Q of Standard Parking Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles; |
c. | Evaluated the effectiveness of the registrants disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such evaluation;
and |
d. | Disclosed in this report any change in the registrants internal control over financial
reporting that occurred during the registrants most recent fiscal quarter (the registrants
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrants internal control over financial
reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrants auditors and the
audit committee of the registrants board of directors (or persons performing the equivalent
functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrants ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrants internal control over financial reporting. |
Date: November 7, 2011 | By: | /s/ DANIEL R. MEYER | ||
Daniel R. Meyer, | ||||
Senior Vice President Corporate Controller and Assistant Treasurer (Principal Accounting Officer and Duly Authorized Officer) |
Date: November 7, 2011 | By: | /s/ JAMES A. WILHELM | ||
Name: | James A. Wilhelm | |||
Title: | Director, President and Chief Executive Officer (Principal Executive Officer) |
|||
Date: November 7, 2011 | By: | /s/ G. MARC BAUMANN | ||
Name: | G. Marc Baumann | |||
Title: | Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
|||
Date: November 7, 2011 | By: | /s/ DANIEL R. MEYER | ||
Name: | Daniel R. Meyer | |||
Title: | Senior Vice President, Corporate Controller and Assistant Treasurer (Principal Accounting Officer and Duly Authorized Officer) |
|||
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Standard Parking Corporation's stockholders' equity: | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 15,589,142 | 15,775,645 |
Common stock, shares outstanding | 15,589,142 | 15,775,645 |
Treasury stock, at cost | 55,370 | 0 |
Condensed Consolidated Statements of Income (Unaudited) (USD $) In Thousands, except Share data | 3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |||||||
Parking services revenue: | ||||||||||
Lease contracts | $ 37,501 | $ 35,713 | $ 109,899 | $ 102,991 | ||||||
Management contracts | 43,259 | 43,713 | 131,556 | 125,869 | ||||||
Total parking services revenue | 80,760 | 79,426 | 241,455 | 228,860 | ||||||
Reimbursed management contract revenue | 106,365 | 101,500 | 307,615 | 308,312 | ||||||
Total revenue | 187,125 | 180,926 | 549,070 | 537,172 | ||||||
Cost of parking services: | ||||||||||
Lease contracts | 34,049 | 32,714 | 101,834 | 95,702 | ||||||
Management contracts | 22,489 | 24,357 | 73,196 | 68,899 | ||||||
Total cost of parking services | 56,538 | 57,071 | 175,030 | 164,601 | ||||||
Reimbursed management contract expense | 106,365 | 101,500 | 307,615 | 308,312 | ||||||
Total cost of parking services | 162,903 | 158,571 | 482,645 | 472,913 | ||||||
Gross profit: | ||||||||||
Lease contracts | 3,452 | 2,999 | 8,065 | 7,289 | ||||||
Management contracts | 20,770 | 19,356 | 58,360 | 56,970 | ||||||
Total gross profit | 24,222 | 22,355 | 66,425 | 64,259 | ||||||
General and administrative expenses (1) | 11,814 | [1] | 11,549 | [1] | 34,593 | [1] | 35,327 | [1] | ||
Depreciation and amortization | 1,683 | 1,527 | 4,893 | 4,557 | ||||||
Operating income | 10,725 | 9,279 | 26,939 | 24,375 | ||||||
Other expenses (income): | ||||||||||
Interest expense | 1,197 | 1,286 | 3,546 | 4,174 | ||||||
Interest income | (297) | (56) | (470) | (161) | ||||||
Total other expenses (income) | 900 | 1,230 | 3,076 | 4,013 | ||||||
Income before income taxes | 9,825 | 8,049 | 23,863 | 20,362 | ||||||
Income tax expense | 3,760 | 3,124 | 9,305 | 7,992 | ||||||
Net income | 6,065 | 4,925 | 14,558 | 12,370 | ||||||
Less: Net income attributable to noncontrolling interest | 89 | 89 | 260 | 181 | ||||||
Net income attributable to Standard Parking Corporation | $ 5,976 | $ 4,836 | $ 14,298 | $ 12,189 | ||||||
Net income per share: | ||||||||||
Basic | $ 0.38 | $ 0.31 | $ 0.91 | $ 0.79 | ||||||
Diluted | $ 0.37 | $ 0.30 | $ 0.89 | $ 0.77 | ||||||
Weighted average shares outstanding: | ||||||||||
Basic | 15,704,837 | 15,651,586 | 15,776,833 | 15,526,061 | ||||||
Diluted | 16,034,330 | 15,993,631 | 16,116,136 | 15,893,282 | ||||||
|
Document and Entity Information (USD $) In Millions, except Share data | 9 Months Ended | ||
---|---|---|---|
Sep. 30, 2011 | Oct. 28, 2011 | Jun. 30, 2010 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | STANDARD PARKING CORP | ||
Entity Central Index Key | 0001059262 | ||
Document Type | 10-Q | ||
Document Period End Date | Sep. 30, 2011 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2011 | ||
Document Fiscal Period Focus | Q3 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 247.3 | ||
Entity Common Stock, Shares Outstanding | 15,598,042 |
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Leasehold Improvements, Equipment and Construction in Progress, Net | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasehold Improvements, Equipment and Construction in Progress, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasehold Improvements, Equipment and Construction in Progress, Net |
6. Leasehold Improvements, Equipment and Construction in Progress, Net
A summary of leasehold improvements, equipment, and construction in progress and related
accumulated depreciation and amortization is as follows:
Depreciation expense was $1,066 and $3,013 for the three and nine months ended September
30, 2011, respectively, and $932 and $2,797 for the three and nine months ended September 30, 2010,
respectively. Depreciation includes gains on sale and abandonment of leasehold improvements and
equipment of $13 and $49 for the three and nine months ended September 30, 2011, respectively, and
losses on the sale and abandonment of leasehold improvements and equipment of $13 and $50 for the
three and nine months ended September 30, 2010, respectively.
|
Business Unit Segment Information | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Unit Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Unit Segment Information |
11. Business Unit Segment Information
An operating segment is defined as a component of an enterprise that engages in business
activities from which it may earn revenue and incur expenses, and about which separate financial
information is regularly evaluated by our chief operating decision maker, in deciding how to
allocate resources. Our chief operating decision maker is the Company’s President and Chief
Executive Officer.
Each of the operating segments is directly responsible for revenue and expenses related to
their operations including direct regional administrative costs. Finance, information technology,
human resources, and legal are shared functions that are not allocated back to the four operating
segments. The CODM assesses the performance of each operating segment using information about its
revenue and operating income (loss) before interest, taxes, and depreciation and amortization, but
does not evaluate segments using discrete asset information. There are no inter-segment
transactions and the Company does not allocate interest and other income, interest expense,
depreciation and amortization or taxes to operating segments. The accounting policies for segment
reporting are the same as for the Company as a whole.
Our business is managed based on regions administered by executive vice presidents. The
following is a summary of revenues (excluding reimbursed management contract revenue) and gross
profit by regions for the three and nine months ended September 30, 2011 and 2010. Information
related to prior periods has been recast to conform to the current region alignment.
The Company has provided this business unit segment information for all comparable prior
periods. Segment information is summarized as follows (in thousands):
Region One encompasses operations in Alabama, Arkansas, Connecticut, Delaware, District
of Columbia, Florida, Georgia, Iowa, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine,
Maryland, Massachusetts, Minnesota, Mississippi, Missouri, New Jersey, New York, North Carolina,
Nebraska, New Hampshire, North Dakota, Ohio, Ontario, Pennsylvania, Rhode Island, Tennessee, Texas,
Vermont, Virginia, Vancouver and Wisconsin.
Region Two encompasses our Canadian operations, event planning and transportation, and our
technology-based parking and traffic management systems.
Region Three encompasses operations in Arizona, California, Colorado, Hawaii, Nevada, Utah,
Washington, and Wyoming.
Region Four encompasses all major airport and transportation operations nationwide.
Other consists of ancillary revenue that is not specifically identifiable to a region and
insurance reserve adjustments related to prior years.
The CODM does not evaluate segments using discrete asset information.
|
Stock-Based Compensation | 9 Months Ended |
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Sep. 30, 2011 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation |
2. Stock-Based Compensation
We measure share-based compensation expense at the grant date, based on the fair value of the
award, and the expense is recognized over the requisite employee service period (the vesting
period) for awards expected to vest (considering estimated forfeitures).
The Company has an amended and restated Long-Term Incentive Plan that was adopted in
conjunction with our initial public offering. On April 22, 2008, our shareholders approved an
amendment to our Long-Term Incentive Plan that increased the maximum number of shares of common
stock available for awards under the Long-Term Incentive Plan from 2,000,000 to 2,175,000 and
extended the Plan’s termination date. The Plan now terminates twenty years from the date of such
approval, or April 22, 2028. Forfeited and expired options under the Plan become generally
available for reissuance. At September 30, 2011, 121,493 shares remained available for award under
the Plan.
Stock Options and Grants
We use the Black-Scholes option pricing model to estimate the fair value of each option grant
as of the date of grant. The volatilities are based on the 90-day historical volatility of our
common stock as of the grant date. The risk free interest rate is based on zero-coupon U.S.
government issues with a remaining term equal to the expected life of the option. For options
granted prior to 2008, the expected life for options was calculated using the simplified method.
The simplified method was calculated as the vesting term plus the contractual term divided by two.
There were no options granted during the nine months ended September 30, 2011 and 2010.
The Company recognized no stock-based compensation expense related to stock options for the
nine months ended September 30, 2011 and 2010, as all options previously granted were fully vested.
As of September 30, 2011, there were no unrecognized compensation costs related to unvested
options.
On April 29, 2011, we authorized vested stock grants to certain directors totaling 14,009
shares. The total value of the grant was $245 and is included in general and administrative
expenses.
Restricted Stock Units
In March 2008, the Company’s Compensation Committee and the Board of Directors authorized a
one-time grant of 750,000 restricted stock units that subsequently were awarded to members of our
senior management team on July 1, 2008. In November 2008, an additional 5,000 restricted stock
units were awarded. The restricted stock units vest primarily in one-third installments on each of
the tenth, eleventh and twelfth year anniversaries of the grant date. The restricted stock unit
agreements provide for accelerated vesting upon the recipient reaching their retirement age.
The fair value of restricted stock units is determined using the fair value of our common
stock on the date of the grant, and compensation expense is recognized over the vesting period. In
accordance with the guidance related to share-based payments, we estimated forfeitures at the time
of the grant and revise those estimates in subsequent periods if actual forfeitures differ from
those estimates. We use historical data to estimate pre-vesting forfeitures and record stock-based
compensation expense only for those awards that are expected to vest.
During the first nine months of 2011, 68,400 restricted stock units vested and 17,600
restricted stock units were forfeited. The forfeited units were returned to the pool of shares
generally available for future use under the Long-Term Incentive Plan as of September 30, 2011.
The Company recognized $411 and $1,479 of stock-based compensation expense related to the
restricted stock units for the three and nine months ended September 30, 2011, respectively, which
is included in general and administrative expenses. The Company recognized $508 and $1,525 of stock
based compensation expense related to the restricted stock units for the three and nine months
ended September 30, 2010, respectively, which is included in general and administrative expenses.
As of September 30, 2011, there was $6,156 of unrecognized stock-based compensation costs, net of
estimated forfeitures, related to the restricted stock units that are expected to be recognized
over a weighted average remaining period of approximately 6.7 years.
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Goodwill | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Cost of Contracts, Net and Goodwill [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill |
8. Goodwill
Goodwill is assigned to reporting units based upon the specific Region where the assets are
acquired and associate goodwill resided.
The following table reflects the changes in the carrying amounts of goodwill by reported
segment for the nine months ended September 30, 2011 (unaudited).
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Income Taxes | 9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Income Taxes |
13. Income Taxes
For the three months ended September 30, 2011, the Company recognized income tax expense of
$3,760 on pre-tax earnings of $9,825 compared to $3,124 income tax expense on pre-tax earnings of
$8,049 for the three months ended September 30, 2010. For the nine months ended September 30, 2011,
the Company recognized income tax expense of $9,305 on pre-tax earnings of $23,863 compared to
$7,992 income tax expense on pre-tax earnings of $20,362 for the nine months ended September 30,
2010. Income tax expense is based on a projected effective tax rate of approximately 39.0% for the
nine months ended September 30, 2011 compared to approximately 39.2% for the nine months ended
September 30, 2010. The Company’s effective tax rate did not change significantly compared to the
nine months ended September 30, 2010.
As of September 30, 2011, the Company has not identified any uncertain tax positions that
would have a material impact on the Company’s financial position. The Company recognizes potential
interest and penalties related to uncertain tax positions, if any, in income tax expense.
The tax years that remain subject to examination for the Company’s major tax jurisdictions at
September 30, 2011 are shown below:
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Long-Term Receivables, Net | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Long-Term Receivables, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Receivables, Net |
9. Long-Term Receivables, Net
Agreement
We entered into a 25-year agreement with the State of Connecticut that expires on April 6,
2025, under which we operate the surface parking and 3,500 garage parking spaces at Bradley
International Airport located in the Hartford, Connecticut metropolitan area. The Company manages
the facility for which it is expected to receive a management fee.
The parking garage was financed on April 6, 2000 through the issuance of $53,800 of State of
Connecticut special facility revenue bonds, representing $47,700 non-taxable Series A bonds and a
separate taxable issuance of $6,100 Series B bonds. The Series B bonds were retired on July 1, 2006
according to the terms of the indenture. The Bradley agreement provides that we deposit with a
trustee for the bondholders all gross revenues collected from operations of the surface and garage
parking, and from these gross revenues, the trustee pays debt service on the special facility
revenue bonds outstanding, operating and capital maintenance expenses of the surface and garage
parking facilities excluding our management fee discussed below, and specific annual guaranteed
minimum payments to the State. Principal and interest on the Bradley special facility revenue bonds
increase from approximately $3,600 in lease year 2002 to approximately $4,500 in lease year 2025.
Annual guaranteed minimum payments to the State will increase from approximately $8,300 in lease
year 2002 to approximately $13,200 in lease year 2024. The annual minimum guaranteed payment to the
State by the trustee for the nine months ended September 30, 2011 and 2010 was $7,595 and $7,439,
respectively.
All of the cash flow from the parking facilities is pledged to the security of the special
facility revenue bonds and is collected and deposited with the bond trustee. Each month the bond
trustee makes certain required monthly distributions, which are characterized as “Guaranteed
Payments.” To the extent the monthly gross receipts generated by the parking facilities are not
sufficient for the trustee to make the required Guaranteed Payments, we are obligated to deliver
the deficiency amount to the trustee. Additionally, the Guaranteed Payments are required to be paid
before we are reimbursed for deficiency payments or management fees.
The following is the list of Guaranteed Payments:
However, to the extent there is a cash surplus in any month during the term of the lease, we
have the right to be repaid the principal amount of any and all deficiency payments previously
made, together with actual interest expenses and a premium, not to exceed 10% of the initial
deficiency payment. We calculate and record interest income and premium income in the period the
associated deficiency payment is received from the trustee.
Deficiency Payments
To the extent that monthly gross receipts are not sufficient for the trustee to make the
required payments, we are obligated pursuant to our agreement to deliver the deficiency amount to
the trustee within three business days of being notified. We are responsible for these deficiency
payments regardless of the amount of utilization for the Bradley parking facilities. The deficiency
payments represent contingent interest bearing advances to the trustee to cover operating cash flow
requirements. To the extent sufficient funds are available in the appropriate fund, the trustee is
then directed by the State to reimburse us for deficiency payments up to the amount of the
calculated surplus.
In the nine months ended September 30, 2011, we made deficiency payments (net of repayments
received) of $1,053. In addition we received $54 in premium income and $256 in interest income on
deficiency payments from the trustee. In the nine months ended September 30, 2010, we made
deficiency payments of $2,657 and we did not record or receive any interest and premium income
related to deficiency repayments from the trustee. The receivable from the trustee for interest and
premium income related to deficiency repayments was $0 as of September 30, 2011 and September 30,
2010.
The deficiency payments, if any, are recorded as a receivable by us for which we are
reimbursed from time to time as provided in the trust agreement. As of September 30, 2011 and
December 31, 2010, we have a receivable of $13,123 and $12,070, respectively, compromised of
cumulative deficiency payments to the trustee, net of reimbursements. We believe these advances to
be fully recoverable and therefore have not recorded a valuation allowance for them. We do not
guarantee the payment of any principal or interest on any debt obligations of the State of
Connecticut or the trustee.
The Construction, Financing and Operating Special Facility Lease Agreement, which governs
reimbursement of Guarantor Payments, places no time restriction or limits on our right to
reimbursement.
The following table reconciles the beginning and ending balance of the receivable for each
period presented:
Compensation
In addition to the recovery of certain general and administrative expenses incurred, our
agreement provides for an annual management fee payment that is based on three operating profit
tiers calculated for each year during the term of the agreement. The management fee is further
apportioned 60% to us and 40% to an un-affiliated entity. To the extent that funds are available
for the trustee to make a distribution, the annual management fee is paid when sufficient cash is
paid after the Guaranteed Payments (as defined in our agreement), and after the repayment of all
deficiency payments, including accrued interest and premium. However, our right to the management
fee accrues each year during the term of the agreement and is paid when sufficient cash is
available for the trustee to make a distribution.
The annual management fee is paid after the repayment of all deficiency payments, including
accrued interest and premium. Therefore, due to the existence and length of time for repayment of
the deficiency amounts to the Company, no management fees have been recognized. Management fees
will be recognized in accordance with SAB 104 when “collectability is reasonably assured.”
Cumulative management fees of $5,250 have not been recognized as of September 30, 2011 and no
management fee income was recognized during the nine months ending September 30, 2011 and 2010.
|
Cost of Contracts, Net | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Contracts, Net and Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Contracts, Net |
7. Cost of Contracts, Net
Cost of contracts represents the contractual rights associated with providing parking services
at a managed or leased facility. Cost consists of either capitalized payments made to third parties
or the value ascribed to contracts acquired through acquisition. Cost of contracts is amortized
over the estimated life of the contracts, including anticipated renewals and terminations.
The balance of cost of contracts is comprised of the following:
Amortization expense related to cost of contracts was $555 and $1,691 for the three and nine
months ended September 30, 2011, respectively, and $546 and $1,349 for the three and nine months
ended September 30, 2010 respectively. The weighted average useful life is 9.5 years for 2011 and
2010.
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Net Income Per Common Share | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Common Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Common Share |
3. Net Income Per Common Share
Companies are required to present basic and diluted earnings per share. Basic net income per
share is computed by dividing net income by the weighted daily average number of shares of common
stock outstanding during the period. Diluted net income per share is based upon the weighted daily
average number of shares of common stock outstanding for the period plus dilutive potential common
shares, including stock options and restricted stock units using the treasury-stock method.
A reconciliation of the weighted average basic common shares outstanding to the weighted
average diluted common shares outstanding is as follows (unaudited):
There were 9,534 anti-dilutive options excluded in the computation of diluted earnings per
share for the three and nine months ended September 30, 2011 and 2010, respectively, because the
options’ exercise prices were greater than the average market price of the common stock.
There are no additional securities that could dilute basic earnings per share in the future
that were not included in the computation of diluted earnings per share, other than those
disclosed.
|
Recently Issued Accounting Pronouncements | 9 Months Ended |
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Sep. 30, 2011 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements |
4. Recently Issued Accounting Pronouncements
Accounting Standards Net Yet Adopted
In December 2010, the Financial Accounting Standards Board (“FASB”) issued updated accounting
guidance related to the disclosure of supplementary pro forma information for business combinations
to specify that if a company presents comparative financial statements, it should disclose revenue
and earnings of the combined entity as though the business combination that occurred during the
current period, occurred at the beginning of the comparable prior annual reporting period. This
guidance is effective prospectively for business combinations for which the acquisition date is, on
or after the beginning of the first annual reporting period beginning on or after December 15,
2010. The Company does not expect the provisions of this update to have a material effect on its
consolidated financial statements.
In May 2011, the FASB issued updated accounting guidance related to amendments to achieve
common fair value measurement and disclosure requirements. This guidance is effective for fiscal
years beginning after December 15, 2011. Early adoption is not permitted. We are currently
evaluating how we will adopt this new guidance and the impact, if any, the adoption will have on
our future results of operations and financial condition.
In June 2011, the FASB issued updated accounting guidance related to the presentation of
comprehensive income, requiring companies to replace the statement of net income with a statement
of comprehensive income. This guidance is effective for fiscal years beginning after December 15,
2011. Early adoption is not permitted. The adoption of this update will impact the presentation and
disclosure of the Company’s financial statements but will not impact the Company’s results of
operations, financial position, or cash flows.
In September 2011, the FASB issued updated accounting guidance related to testing goodwill for
impairment. The amendments provide entities with the option of performing a qualitative assessment
before performing the first step of the two-step impairment test. If entities determine, on the
basis of qualitative factors, it is not more likely than not that the fair value of the reporting
unit is less than the carrying amount, then performing the two-step impairment test would be
unnecessary. However, if an entity concludes
otherwise, then it is required to perform the first step of the two-step impairment test by
calculating the fair value of the reporting unit and comparing the fair value with the carrying
amount of the reporting unit. If the carrying amount of a reporting unit exceeds its fair value,
then the entity is required to perform the second step of the goodwill impairment test to measure
the amount of the impairment loss, if any. The amendment also provides entities with the option to
bypass the qualitative assessment for any reporting unit in any period and proceed directly to the
first step of the two-step impairment test. This guidance is effective for interim and annual
periods beginning after December 15, 2011, but early adoption is permitted. We are currently
evaluating how we will adopt this new guidance and the impact, if any, the adoption will have on
our future results of operations and financial condition.
In September 2011, the FASB issued updated accounting guidance related to compensation
retirement benefits for multiemployer plans. The amendments are intended to provide more
information about an employer’s financial obligations to multiemployer pension plans and
multiemployer other postretirement benefits plans and, therefore, help financial statement users
better understand the financial health of all of the significant plans in which the employer participates. This
guidance is effective for annual periods ending after December 15, 2011. The Company will provide
increased disclosures related to its participation in multi-employer pension plans upon adoption.
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Comprehensive Income | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income and Stock Repurchases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income |
12. Comprehensive Income
Comprehensive income consists of the following components, net of tax (unaudited):
|
Acquisitions | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Acquisitions [Abstract] | |
Acquisitions |
5. Acquisitions
2010 Acquisitions
On December 8, 2010, the Company acquired Expert Parking, Inc. and Expert Parking Management,
Inc. in a stock purchase transaction for a purchase price in the amount of $5,977 net of cash
acquired, of which $3,597 was paid in cash, and $2,380 of estimated earn-out payments to be paid
over five years, which are contingent upon achieving certain financial performance targets. Expert
Parking, based in Philadelphia, Pennsylvania, operates and manages garages in Pennsylvania and New
Jersey.
The net cash paid at the time of the acquisition of $3,597 consisted of accounts receivable of
$569, intangible assets with finite lives of $3,150 and goodwill of $3,489, offset by accounts
payable of $580, accrued expenses of $757 and long-term liabilities of $2,274.
The acquisition represents an acquisition of a business and was accounted for using the
purchase method of accounting. The purchase price allocation is based on preliminary estimates of
goodwill. These estimates are subject to revision after the Company completes its fair value
analysis. The Company financed the acquisition through additional term borrowings under the senior
credit facility and existing cash. The results of operations of this acquisition are included in
the Company’s consolidated statement of income from the date of acquisition.
The Company expensed acquisition related costs of $10 in 2011 and $207 in 2010. These costs
are included in general and administrative expenses in the income statement. The amount of goodwill
that is expected to be deductible for tax purposes is $1,396.
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Fair Value Measurement | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement |
15. Fair Value Measurement
The Company applies the accounting standards for fair value measurements and disclosures for
its financial assets and financial liabilities. The guidance requires disclosures about assets and
liabilities measured at fair value. The Company’s financial assets relate to the interest rate cap
of $10 and the Company’s financial liabilities relate to contingent earn-out payments of $6,478 as
of September 30, 2011.
The accounting guidance for fair value measurements and disclosures includes a fair value
hierarchy that is intended to increase consistency and comparability in fair value measurements and
related disclosures. The fair value hierarchy is based on observable or unobservable inputs to
valuation techniques that are used to measure fair value. Observable inputs reflect assumptions
market participants would use in pricing an asset or liability based on market data obtained from
independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its
own market assumptions. The fair value hierarchy consists of the following three levels:
The significant inputs used to derive the fair value of the amounts due to seller include
financial forecasts of future operating results, the probability of reaching the forecast and the
associated discount rate. The probability of the contingent consideration ranges from 20% to 95%,
with a weighted average discount rate of 13%. The following table sets forth the Company’s
financial assets and liabilities measured at fair value on a recurring basis and the basis of
measurement at September 30, 2011:
The following table provides a reconciliation of the beginning and ending balances for the
liabilities measured at fair value using significant unobservable inputs (Level 3):
For the nine months ended September 30, 2011, the Company recorded adjustments to the original
contingent consideration obligation recorded upon the acquisition of Gameday Management Group U.S
and Expert Parking. The adjustments were the result of using revised forecasts and updated fair value measurements that adjusted the Company’s
potential earn-out payments related to the purchase of this business.
For the three and nine months ended September 30, 2011, the Company recognized a benefit
of $0 and $329, respectively, which is included in general and administrative expenses in the
statement of income due to the change in fair value measurements using level three valuation
techniques.
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Condensed Consolidated Statements of Income (Unaudited) (Parenthetical) (USD $) In Thousands | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
Gross profit: | ||||
Non-cash stock-based compensation | $ 411 | $ 533 | $ 1,724 | $ 1,770 |
Stock Repurchases | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Comprehensive Income and Stock Repurchases [Abstract] | |
Stock Repurchases |
16. Stock Repurchases
2011 Stock Repurchases
In June 2011, our Board of Directors authorized us to repurchase shares of our common stock,
on the open market, up to $20,000 in aggregate and cancelled a prior authorization from 2008.
During the second quarter of 2011, we repurchased 27,803 shares from third party shareholders
at an average price of $15.52 per share, including average commissions of $0.03 per share, on the
open market. The total value of the second quarter transactions was $431. At June 30, 2011, 27,803
shares were held as treasury stock. In July 2011 we returned the shares to authorized and unissued.
During the third quarter of 2011, we repurchased 286,109 shares from third party shareholders
at an average price of $16.08 per share, including average commissions of $0.03 per share, on the
open market. The total value of the third quarter transactions was $4,600. At September 30, 2011,
55,370 shares were held as treasury stock. In October 2011 we returned the shares to authorized and
unissued.
As of September 30, 2011, $14,969 remained available for stock repurchases under the June 2011
authorization by the Board of Directors.
|
Basis of Presentation | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Basis of Presentation [Abstract] | |
Basis of Presentation |
1. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of Standard Parking
Corporation have been prepared in accordance with accounting principles generally accepted in the
United States for interim financial information and with the instructions to Form 10-Q and Article
10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by
accounting principles generally accepted in the United States for complete financial statements.
In the opinion of management, all adjustments (consisting only of adjustments of a normal and
recurring nature) considered necessary for a fair presentation of the financial position and
results of operations have been included. Operating results for the nine month period ended
September 30, 2011 are not necessarily indicative of the results that might be expected for any
other interim period or the fiscal year ending December 31, 2011. The financial statements
presented in this report should be read in conjunction with the consolidated financial statements
and footnotes thereto included in our 2010 Annual Report on Form 10-K filed March 11, 2011, as
amended on March 22, 2011.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company, its wholly owned
subsidiaries, and variable interest entities in which the Company is the primary beneficiary.
Noncontrolling interest recorded in the consolidated statement of income is the interest in
consolidated VIEs which are not controlled by the Company. We have interests in twelve joint
ventures and one limited liability company. The twelve joint ventures each operate between one and
thirty-three parking facilities. The limited liability company was formed to collect and distribute
parking facility data for a fee. Of the thirteen variable interest entities, seven are consolidated
into our financial statements, and six are single purpose entities where the Company is not the
primary beneficiary as power is shared. Investments in variable interest entities where the Company
is not the primary beneficiary are accounted for under the equity method. All significant
intercompany profits, transactions and balances have been eliminated in consolidation.
Financial Instruments
The carrying values of cash and cash equivalents, notes and accounts receivable and accounts
payable are reasonable estimates of their fair value due to the short-term nature of these
financial instruments. Long-term debt, including capital lease obligations, has a carrying value
that approximates fair value because these instruments bear interest at market rates.
Interest Rate Caps
We do not enter into derivative instruments for any purpose other than cash flow hedging
purposes.
On February 22, 2010, we entered into interest rate cap agreements with Wells Fargo Bank N.A.
(“Wells Fargo”) and Fifth Third Bank (“Fifth Third”), allowing us to limit our exposure on a
portion of our borrowings under our senior credit facility (“Rate Cap Transactions”). Pursuant to
two separate letter agreements between the Company and Wells Fargo and Fifth Third, respectively,
we will receive payments from Wells Fargo and Fifth Third each quarterly period to the extent that
the prevailing three month LIBOR during that period exceeds our cap rate of 3.25%. The Rate Cap
Transactions became effective March 31, 2010, and settle each quarter on a date that is intended to
coincide with our quarterly interest payment dates under our senior credit facility. The Rate Cap
Transactions cap our LIBOR interest rate on a notional amount of $50,000 at 3.25% for a total of 39
months. These Rate Cap Transactions are classified as a cash flow hedge, and we calculate the
effectiveness of the hedge on a quarterly basis. The ineffective portion of the cash flow hedge is
recognized in current period earnings as an increase of interest expense. The fair value of the
interest rate cap at September 30, 2011 is $10 and is included in prepaid expenses.
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Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing Arrangements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing Arrangements |
10. Borrowing Arrangements
Long-term borrowings, in order of preference, consist of:
Senior Credit Facility
On July 15, 2008, we amended and restated our credit facility.
The $210,000 revolving senior credit facility will expire June 29, 2013. In addition, the
revolving senior credit facility includes a letter of credit sub-facility with a sublimit of
$50,000 and a swing line sub-facility with a sublimit of $10,000. The $50,000 letter of credit
sub-facility does not limit the maximum actual borrowings on the revolving senior credit facility.
This revolving senior credit facility bears interest, at our option, at either (1) LIBOR plus
an applicable LIBOR margin of between 2.00% and 3.50% depending on the ratio of our total funded
indebtedness to our EBITDA from time to time (“Total Debt Ratio”) or (2) the Base Rate (as defined
below) plus an applicable Base Rate Margin of between 0.50% and 2.00% depending on our Total Debt
Ratio. We may elect interest periods of one, two, three or nine months for LIBOR based borrowings.
The Base Rate is the greater of (i) the rate publicly announced from time to time by Bank of
America, N.A. as its “prime rate”, or (ii) the overnight federal funds rate plus 0.50%.
Certain financial covenants limit the Company’s capacity to fully draw on its $210,000
revolving credit facility. Our senior credit facility includes a fixed charge ratio covenant, a
total debt to EBITDA ratio covenant, a limit on our ability to incur additional indebtedness, issue
preferred stock or pay dividends, and certain other restrictions on our activities. We are required
to repay borrowings under our senior credit facility out of the proceeds of future issuances of
debt or equity securities and asset sales, subject to certain customary exceptions. Our senior
credit facility is secured by substantially all of our assets and all assets acquired in the future
(including a pledge of 100% of the stock of our existing and future domestic guarantor subsidiaries
and 65% of the stock of our existing and future foreign subsidiaries).
We are in compliance with all of our financial covenants as of September 30, 2011.
The weighted average interest rate on our senior credit facility at September 30, 2011 and
December 31, 2010 was 2.2% and 2.6%, respectively. The rate includes all outstanding LIBOR
contracts, interest rate cap effect and letters of credit. The weighted average interest rate on
outstanding borrowings, not including letters of credit, was 2.2% and 2.6% at September 30, 2011
and December 31, 2010, respectively.
At September 30, 2011, we had $16,823 of letters of credit outstanding under the senior credit
facility, borrowings against the senior credit facility aggregated $91,950, and we had $55,705
available under the senior credit facility.
|
Legal Proceedings | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Legal Proceedings [Abstract] | |
Legal Proceedings |
14. Legal Proceedings
We are subject to litigation in the normal course of our business. The outcomes of legal
proceedings and claims brought against us and other loss contingencies are subject to significant
uncertainty. We accrue a charge against income when our management determines that it is probable
that an asset has been impaired or a liability has been incurred and the amount of loss can be
reasonably estimated. In addition, we accrue for the authoritative judgments or assertions made
against us by government agencies at the time of their rendering regardless of our intent to
appeal. In determining the appropriate accounting for loss contingencies, we consider the
likelihood of loss or impairment of an asset or the incurrence of a liability, as well as our
ability to reasonably estimate the amount of loss. We regularly evaluate current information
available to us to determine whether an accrual should be established or adjusted. Estimating the
probability that a loss will occur and estimating the amount of a loss or a range of loss involves
significant judgment.
|
Condensed Consolidated Balance Sheets (USD $) In Thousands | Sep. 30, 2011 | Dec. 31, 2010 | |||
---|---|---|---|---|---|
Current assets: | |||||
Cash and cash equivalents | $ 7,619 | $ 7,305 | [1] | ||
Notes and accounts receivable, net | 54,318 | 52,167 | [1] | ||
Prepaid expenses and supplies | 2,692 | 2,312 | [1] | ||
Deferred taxes | 2,314 | 2,314 | [1] | ||
Total current assets | 66,943 | 64,098 | [1] | ||
Leasehold improvements, equipment and construction in progress, net | 16,630 | 16,839 | [1] | ||
Advances and deposits | 5,205 | 5,172 | [1] | ||
Long-term receivables, net | 13,842 | 12,789 | [1] | ||
Intangible and other assets, net | 9,080 | 8,910 | [1] | ||
Cost of contracts, net | 14,332 | 15,628 | [1] | ||
Goodwill | 131,981 | 132,196 | [1] | ||
Total assets | 258,013 | 255,632 | [1] | ||
Current liabilities: | |||||
Accounts payable | 41,750 | 43,984 | [1] | ||
Accrued and other current liabilities | 34,426 | 39,982 | [1] | ||
Current portion of long-term borrowings | 706 | 673 | [1] | ||
Total current liabilities | 76,882 | 84,639 | [1] | ||
Deferred taxes | 12,494 | 9,637 | [1] | ||
Long-term borrowings, excluding current portion | 93,445 | 97,229 | [1] | ||
Other long-term liabilities | 27,567 | 27,324 | [1] | ||
Standard Parking Corporation's stockholders' equity: | |||||
Preferred stock, par value $.01 per share; 5,000,000 shares authorized and no shares issued | [1] | ||||
Common stock, par value $.001 per share; 50,000,000 shares authorized; 15,589,142 and 15,775,645 shares issued and outstanding as of September 30, 2011 and December 31, 2010, respectively | 16 | 16 | [1] | ||
Treasury stock, at cost, 55,370 shares as of September 30, 2011 and no shares as of December 31, 2010 | (866) | 0 | [1] | ||
Additional paid-in capital | 95,141 | 97,291 | [1] | ||
Accumulated other comprehensive (loss) income | (362) | 103 | [1] | ||
Accumulated deficit | (46,234) | (60,532) | [1] | ||
Total Standard Parking Corporation stockholders' equity | 47,695 | 36,878 | [1] | ||
Noncontrolling interest | (70) | (75) | [1] | ||
Total equity | 47,625 | 36,803 | [1] | ||
Total liabilities and stockholders' equity | $ 258,013 | $ 255,632 | [1] | ||
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