8-K 1 a04-4177_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

 

April 2, 2004

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 April 2, 2004, the Registrant issued the following press release:

 

Standard Parking Corporation

 

900 North Michigan Avenue
Suite 1600
Chicago, Illinois  60611
(312) 274-2000

 

Contact:

 

G. MARC BAUMANN

Chief Financial Officer

Standard Parking Corporation

(312) 274-2199

mbaumann@standardparking.com

 

FOR IMMEDIATE RELEASE

 

STANDARD PARKING CORPORATION ANNOUNCES
FOURTH QUARTER AND FULL YEAR 2003 RESULTS

 

CHICAGO, April 2, 2004 - Standard Parking Corporation, one of the nation’s largest operators of paid parking facilities, today announced fourth quarter and full year 2003 operating results.

 

Gross profit was $16.4 million for the fourth quarter and $60.7 million for the full year 2003, an increase of 3.9% and 7.8% as compared to the same periods in 2002.  General and administrative expense was $8.3 million for the fourth quarter and $32.7 million for the full year 2003, an increase of 9.8% and 8.5% as compared to the same periods in 2002.  Operating income was $2.2 million for the fourth quarter and $13.8 million for the full year 2003, a decrease of 47.4% for the quarter and an increase of 8.3% for the full year as compared to the same periods in 2002.  Operating income in the fourth quarter of 2003 was impacted by a $2.7 million valuation allowance related to long-term receivables.  Without that allowance, operating income would have been $4.8 million for the fourth quarter and $16.5 million for the full year 2003, an increase of 16.2% and 29.0% as compared to the same periods in 2002.

 

“Our results are indicative of our team’s continuing effort to focus on driving up our company’s operating income via the efficient and professional operation of our existing and newly added locations,” said James A. Wilhelm, Standard Parking’s President and Chief Executive Officer.  “We have achieved six consecutive quarters of year-over-year gross profit growth and will continue to manage to a business model that maximizes revenues to our clients and parking services to our customers,” Wilhelm concluded.

 

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Standard Parking Corporation, with approximately 11,600 employees, is one of the largest operators of paid parking facilities in North America, managing approximately 1,870 airport and urban parking facilities in over 275 cities spanning 42 states and four Canadian provinces.

 

* * * * *

 

More information about Standard Parking is available at www.standardparking.com.  Standard Parking’s 2003 annual report filed on Form 10-K is 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 December 31,

 

Twelve Months Ended December 31,

 

 

 

2002

 

2003

 

2002

 

2003

 

 

 

 

 

 

 

 

 

 

 

Parking services revenue:

 

 

 

 

 

 

 

 

 

Lease contracts

 

$

34,161

 

$

35,127

 

$

142,376

 

$

138,681

 

Management contracts

 

19,300

 

21,024

 

78,029

 

76,613

 

 

 

53,461

 

56,151

 

220,405

 

215,294

 

Reimbursement of management contract expense

 

53,879

 

84,948

 

326,146

 

330,243

 

Total revenue

 

107,340

 

141,099

 

546,551

 

545,537

 

 

 

 

 

 

 

 

 

 

 

Cost of parking services:

 

 

 

 

 

 

 

 

 

Lease contracts

 

30,652

 

31,631

 

128,871

 

125,153

 

Management contracts

 

7,044

 

8,146

 

35,201

 

29,439

 

 

 

37,696

 

39,777

 

164,072

 

154,592

 

Reimbursement of management contract expense

 

53,879

 

84,948

 

326,146

 

330,243

 

Total cost of parking services

 

91,575

 

124,725

 

490,218

 

484,835

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

15,765

 

16,374

 

56,333

 

60,702

 

 

 

 

 

 

 

 

 

 

 

General and administrative expense

 

7,586

 

8,329

 

30,133

 

32,694

 

Depreciation and amortization

 

2,120

 

1,946

 

7,554

 

7,501

 

Special charges

 

1,143

 

507

 

2,897

 

1,055

 

Management fee - parent company

 

750

 

750

 

3,000

 

3,000

 

Valuation allowance related to long-term reveivable

 

 

2,650

 

 

2,650

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

4,166

 

$

2,192

 

$

12,749

 

$

13,802

 

 

 

 

 

 

 

 

 

 

 

Number of facilities:

 

 

 

 

 

 

 

 

 

Leased facilities

 

294

 

295

 

 

 

 

 

Managed facilities

 

1,591

 

1,578

 

 

 

 

 

Total facilities

 

1,885

 

1,873

 

 

 

 

 

 

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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:  April 2, 2004

By:

/s/ G. Marc Baumann

 

 

G. Marc Baumann,

Executive Vice President,

Chief Financial Officer

and Treasurer

 

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