-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OKY/es+VfhrXdlFTJspQfLWh5AiZCaGc86zzAsuew26x6JJcMIP8SwXkToyTZPPy NvfolhaYzricmlzaChIwfg== 0001104659-03-017462.txt : 20030811 0001104659-03-017462.hdr.sgml : 20030811 20030811150620 ACCESSION NUMBER: 0001104659-03-017462 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030808 ITEM INFORMATION: Other events FILED AS OF DATE: 20030811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STANDARD PARKING CORP CENTRAL INDEX KEY: 0001059262 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510] IRS NUMBER: 161171179 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-50437 FILM NUMBER: 03834328 BUSINESS ADDRESS: STREET 1: 900 N. MICHIGAN AVENUE CITY: CHICAGO STATE: IL ZIP: 60611-1542 BUSINESS PHONE: 2185220700 FORMER COMPANY: FORMER CONFORMED NAME: APCOA STANDARD PARKING INC /DE/ DATE OF NAME CHANGE: 20011126 FORMER COMPANY: FORMER CONFORMED NAME: APCOA INC DATE OF NAME CHANGE: 19980407 8-K 1 a03-2422_18k.htm 8-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

 

 

 

FORM 8-K

CURRENT REPORT

Pursuant to Section l3 and l5(d) of the

Securities Exchange Act of l934

 

 

August 8, 2003

Date of report (date of earliest event reported)

 

 

 

STANDARD PARKING CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

(State or Other Jurisdiction of Incorporation)

 

 

 

 

333-50437

 

16-1171179

(Commission File Number)

 

(IRS Employer Identification No.)

 

 

900 N. Michigan Avenue, Chicago, Illinois    60611

(Address of Principal Executive Offices)  (Zip Code)

 

(312) 274-2000

(Registrant’s Telephone Number, Including Area Code)

 

 

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 



Item 5.  Other Events.

On August 8, 2003, the Registrant issued the following press release:

 

STANDARD PARKING CORPORATION ANNOUNCES
SECOND QUARTER 2003 RESULTS

 

CHICAGO, August 8, 2003 - Standard Parking Corporation, one of the nation’s largest operators of paid parking facilities, today announced second quarter 2003 operating results.

 

Gross profit was $14.8 million for the quarter and $28.9 million for the first half of 2003, an increase of 9.2% and 10.1% as compared to the same periods in 2002.  General and administrative expenses were $8.0 million for the quarter and $16.1 million for the first half of 2003, an increase of 6.9% and 5.9% as compared to the same periods in 2002.  Operating income was $4.0 million for the second quarter and $7.3 million for the first half of 2003, an increase of 96.5% and 55.6% over the comparable periods in 2002.

 

“I am obviously pleased with the terrific operating performance of our team during the second quarter and year-to-date, especially in light of the continued overall economic conditions in the United States and in the airport sector in particular,” said James A. Wilhelm, Standard Parking’s President and Chief Executive Officer.  “I am also encouraged by our unprecedented growth compared to the activity reported by our industry competitors over the same period.  I credit this success to the 12,000 parking professionals on our team who have executed a focused, disciplined business model designed to guide our firm safely, efficiently and successfully through this extremely difficult period,” Mr. Wilhelm continued.

 

Standard Parking Corporation, with approximately 12,000 employees, is one of the largest operators of paid parking facilities in North America, managing approximately 1,900 airport and urban parking facilities in 273 cities spanning 43 states and four Canadian provinces.

 

 

* * * * *

 

More information about Standard Parking is available at www.standardparking.com.  Standard Parking’s second quarter 2003 10-Q and 2002 annual report filed on Form 10-K are available on the Internet at www.sec.gov and can also be accessed through the Investor Relations section of the company’s website.  Follow the links under “About Us.”

 

Certain statements contained herein may be forward-looking statements under the federal securities laws.  Such statements can be identified by the use of words such as “anticipates,” “intends,” “seeks,” “believes,” “estimates,” “plans,” and “expects.”   These statements discuss expectations for the future, contain projections concerning the results of our operations or our future financial condition or state other forward-looking information.  Such statements are subject to a number of risks and uncertainties.  Our actual results, performance or achievements could differ substantially from the results expressed in, or implied by, those statements.  We assume no responsibility for revising forward-looking statements in light of future events or circumstances.

 

2



 

 

Standard Parking Corporation

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2003

 

2002

 

2003

 

2002

 

 

 

 

 

 

 

 

 

 

 

Parking services revenue:

 

 

 

 

 

 

 

 

 

Lease contracts

 

$

35,891

 

$

36,877

 

$

71,565

 

$

71,716

 

Management contracts

 

19,129

 

19,888

 

37,098

 

40,265

 

 

 

55,020

 

56,765

 

108,663

 

111,981

 

Reimbursement of management contract expense

 

84,322

 

88,552

 

161,135

 

175,455

 

Total revenue

 

139,342

 

145,317

 

269,798

 

287,436

 

 

 

 

 

 

 

 

 

 

 

Cost of parking services:

 

 

 

 

 

 

 

 

 

Lease contracts .

 

32,703

 

32,936

 

65,521

 

64,464

 

Management contracts

 

7,500

 

10,262

 

14,196

 

21,222

 

 

 

40,203

 

43,198

 

79,717

 

85,686

 

Reimbursed management contract expense

 

84,322

 

88,552

 

161,135

 

175,455

 

Total cost of parking services

 

124,525

 

131,750

 

240,852

 

261,141

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

14,817

 

13,567

 

28,946

 

26,295

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

7,989

 

7,476

 

16,100

 

15,196

 

Special charges

 

248

 

1,243

 

345

 

1,451

 

Depreciation and amortization

 

1,850

 

2,073

 

3,740

 

3,482

 

Management fee — parent company

 

750

 

750

 

1,500

 

1,500

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

3,980

 

$

2,025

 

$

7,261

 

$

4,666

 

 

 

 

 

 

 

 

 

 

 

Number of facilities:

 

 

 

 

 

 

 

 

 

Leased facilities

 

294

 

323

 

 

 

 

 

Managed facilities

 

1,596

 

1,609

 

 

 

 

 

Total facilities

 

1,890

 

1,932

 

 

 

 

 

 

 

 

3



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

STANDARD PARKING CORPORATION

 

 

 

 

Date:  August 11, 2003

By:

/s/  JAMES A. WILHELM

 

James A. Wilhelm, Director, President and
Chief Executive Officer

 

 

 

4


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