Unaudited Quarterly Results

12 Months Ended

Dec. 31, 2012

Unaudited Quarterly Results

Unaudited Quarterly Results

Note U. Unaudited Quarterly Results

        The following table sets forth our unaudited quarterly consolidated statement of income data for the years ended December 31, 2012 and December 31, 2011. The unaudited quarterly information has been prepared on the same basis as the annual financial information and, in management's opinion, includes all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the information for the quarters presented. Historically, our operating results have varied from quarter to quarter and are expected to continue to fluctuate in the future. These fluctuations have been due to a number of factors, including: general economic conditions in our markets; acquisitions; additions of contracts; expiration and termination of contracts; conversion of lease contracts to management contracts; conversion of management contracts to lease contracts and changes in terms of contracts that are retained and timing of general and administrative expenditures. The operating results for any historical quarter are not necessarily indicative of results for any future period.

	2012 Quarters Ended												2011 Quarters Ended
	March 31			June 30			September 30			December 31			March 31			June 30			September 30			December 31
	(Unaudited)												(Unaudited)
Parking services revenue:
Lease contracts	$	37,544		$	42,414		$	42,969		$	127,428		$	35,205		$	37,193		$	37,501		$	37,611
Management contracts		47,964			44,372			49,226			88,939			45,954			42,343			43,259			42,169
Reimbursed management contract revenue		103,937			104,160			100,958			164,027			101,124			100,126			106,365			100,812
Total revenue		189,445			190,946			193,153			380,394			182,283			179,662			187,125			180,592
Cost of parking services:
Lease contracts		35,387			38,000			40,108			118,286			33,499			34,286			34,049			34,660
Management contracts		29,271			24,071			30,713			57,894			28,042			22,781			23,116			23,247
Reimbursed management contract revenue		103,937			104,160			100,958			164,027			101,124			100,126			106,365			100,812
Total cost of parking services		168,595			166,231			171,779			340,207			162,665			157,193			165,530			158,719
Gross profit:
Lease contracts		2,157			4,414			2,861			9,142			1,706			2,907			3,452			2,951
Management contracts		18,693			20,301			18,513			31,045			17,912			19,562			20,143			18,922
Total gross profit		20,850			24,715			21,374			40,187			19,618			22,469			23,595			21,873
General and administrative expenses		15,045			14,868			13,846			42,781	(1)		11,182			11,597			11,814			13,704
Depreciation and amortization		1,728			1,807			1,723			8,255			1,533			1,677			1,683			1,725
Operating income		4,077			8,040			5,805			(10,849	)		6,903			9,195			10,098			6,444
Other expense (income):
Interest expense		1,130			1,132			1,093			5,261			1,169			1,180			1,197			1,145
Interest income		(70	)		(50	)		(61	)		(116	)		(60	)		(59	)		(41	)		(67	)
		1,060			1,082			1,032			5,145			1,109			1,121			1,156			1,078
Income before income taxes		3,017			6,958			4,773			(15,994	)		5,794			8,074			8,942			5,366
Income tax expense (benefit)		1,215			2,801			2,504			(10,140)	(2)		2,272			3,235			3,427			1,766
Net income		1,802			4,157			2,269			(5,854	)		3,522			4,839			5,515			3,600
Less: Net income (loss) attributable to noncontrolling interest		72			85			75			802			86			85			89			118
Net income attributable to Standard Parking Corporation	$	1,730		$	4,072		$	2,194		$	(6,656	)	$	3,436		$	4,754		$	5,426		$	3,482
Common stock data:
Common stock data:
Net income per share:
Basic	$	0.11		$	0.26		$	0.14		$	(0.30)	(2)	$	0.22		$	0.30		$	0.35		$	0.22
Diluted	$	0.11		$	0.26		$	0.14		$	(0.30)	(2)		0.21		$	0.29		$	0.34		$	0.22
Weighted average shares outstanding:
Basic		15,563,914			15,665,263			15,668,129			21,836,583			15,790,875			15,834,622			15,704,837			15,485,793
Diluted		15,820,118			15,900,659			15,928,685			21,836,583			16,146,106			16,164,114			16,034,330			15,845,173

(1)

Includes $26,783 in expenses related to the Central Merger.

(2)

Includes $8,104 benefit from FIN 48 reversal of provision for uncertain tax provisions.