8-K 1 a03-5039_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

 

November 7, 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 November 7, 2003, the Registrant issued the following press release:

 

STANDARD PARKING CORPORATION ANNOUNCES
THIRD QUARTER 2003 RESULTS

 

CHICAGO, November 7, 2003 - Standard Parking Corporation, one of the nation’s largest operators of paid parking facilities, today announced third quarter 2003 operating results.

 

Gross profit was $15.4 million for the quarter and $44.3 million for the first nine months of 2003, an increase of 7.8% and 9.3% as compared to the same periods in 2002.  Operating income was $4.3 million for the third quarter and $11.6 million for the first nine months of 2003, an increase of 11.0% and 35.3% over the comparable periods in 2002.

 

“The third quarter’s results continue the trend of year-over-year improvement, and when coupled with the renegotiation of our Senior Credit Facility and the improvement of our Standard and Poor’s ratings, are clearly reflective of our efforts to exceed expectations,” said James A. Wilhelm, Standard Parking’s President and Chief Executive Officer.  “We are very focused on identifying and maintaining flexibility while executing our business model in a manner consistent with our core values of excellence, innovation and integrity,” Wilhelm concluded.

 

Standard Parking Corporation, with approximately 11,500 employees, is one of the largest operators of paid parking facilities in North America, managing approximately 1,900 airport and urban parking facilities in 277 cities spanning 43 states and four Canadian provinces.

 

 

* * * * *

 

More information about Standard Parking is available at www.standardparking.com.  Standard Parking’s third 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.

 

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Standard Parking Corporation

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2003

 

2002

 

2003

 

2002

 

 

 

 

 

 

 

 

 

 

 

Parking services revenue:

 

 

 

 

 

 

 

 

 

Lease contracts

 

$

31,989

 

$

36,499

 

$

103,554

 

$

108,215

 

Management contracts

 

18,491

 

18,464

 

55,589

 

58,729

 

 

 

50,480

 

54,963

 

159,143

 

166,944

 

Reimbursement of management contract expense

 

84,160

 

101,936

 

245,295

 

277,391

 

Total revenue

 

134,640

 

156,899

 

404,438

 

444,335

 

 

 

 

 

 

 

 

 

 

 

Cost of parking services:

 

 

 

 

 

 

 

 

 

Lease contracts

 

28,001

 

33,755

 

93,522

 

98,219

 

Management contracts

 

7,097

 

6,935

 

21,293

 

28,157

 

 

 

35,098

 

40,690

 

114,815

 

126,376

 

Reimbursed management contract expense

 

84,160

 

101,936

 

245,295

 

277,391

 

Total cost of parking services

 

119,258

 

142,626

 

360,110

 

403,767

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

15,382

 

14,273

 

44,328

 

40,568

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

8,265

 

7,351

 

24,365

 

22,547

 

Special charges

 

203

 

303

 

548

 

1,754

 

Depreciation and amortization

 

1,815

 

1,952

 

5,555

 

5,434

 

Management fee - parent company

 

750

 

750

 

2,250

 

2,250

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

4,349

 

$

3,917

 

$

11,610

 

$

8,583

 

 

 

 

 

 

 

 

 

 

 

Number of facilities:

 

 

 

 

 

 

 

 

 

Leased facilities

 

292

 

309

 

 

 

 

 

Managed facilities

 

1,576

 

1,586

 

 

 

 

 

Total facilities

 

1,868

 

1,895

 

 

 

 

 

 

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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:  November 7, 2003

By:

/s/  JAMES A. WILHELM

 

 

 

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

 

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