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Business Unit Segment Information (Tables)
9 Months Ended
Sep. 30, 2013
Business Unit Segment Information  
Summary of segment information

 

 

 

 

For the three months ended

 

For the nine  months ended

 

 

 

September 30,
2013

 

Gross
Margin %

 

September 30,
2012

 

Gross
Margin %

 

September 30,
2013

 

Gross
Margin
%

 

September 30,
2012

 

Gross
Margin %

 

Revenues(a):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Region One

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease contracts

 

$

77,857

 

 

 

$

19,544

 

 

 

$

227,097

 

 

 

$

55,013

 

 

 

Management contracts(b)

 

22,351

 

 

 

12,537

 

 

 

79,241

 

 

 

37,320

 

 

 

Total Region One

 

100,208

 

 

 

32,081

 

 

 

306,338

 

 

 

92,333

 

 

 

Region Two

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease contracts

 

1,039

 

 

 

 

 

 

3,396

 

 

 

 

 

 

Management contracts

 

8,585

 

 

 

7,106

 

 

 

24,362

 

 

 

15,252

 

 

 

Total Region Two

 

9,624

 

 

 

7,106

 

 

 

27,758

 

 

 

15,252

 

 

 

Region Three

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease contracts

 

12,614

 

 

 

5,662

 

 

 

37,517

 

 

 

16,962

 

 

 

Management contracts

 

16,694

 

 

 

13,362

 

 

 

53,823

 

 

 

40,204

 

 

 

Total Region Three

 

29,308

 

 

 

19,024

 

 

 

91,340

 

 

 

57,166

 

 

 

Region Four

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease contracts

 

10,602

 

 

 

10,491

 

 

 

33,075

 

 

 

32,030

 

 

 

Management contracts

 

22,850

 

 

 

11,965

 

 

 

72,852

 

 

 

36,148

 

 

 

Total Region Four

 

33,452

 

 

 

22,456

 

 

 

105,927

 

 

 

68,178

 

 

 

Region Five

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease contracts

 

21,635

 

 

 

7,271

 

 

 

67,129

 

 

 

18,922

 

 

 

Management contracts

 

8,115

 

 

 

3,873

 

 

 

27,452

 

 

 

11,484

 

 

 

Total Region Five

 

29,750

 

 

 

11,144

 

 

 

94,581

 

 

 

30,406

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease contracts

 

(976

)

 

 

 

 

 

(1,127

)

 

 

 

 

 

Management contracts

 

(915

)

 

 

384

 

 

 

(1,294

)

 

 

1,154

 

 

 

Total Other

 

(1,891

)

 

 

384

 

 

 

(2,421

)

 

 

1,154

 

 

 

Reimbursed management contract revenue

 

154,858

 

 

 

100,958

 

 

 

472,737

 

 

 

309,055

 

 

 

Total revenues

 

$

355,310

 

 

 

$

193,153

 

 

 

$

1,096,260

 

 

 

$

573,544

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Region One

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease contracts

 

2,494

 

3

%

1,533

 

8

%

9,124

 

4

%

3,407

 

6

%

Management contracts

 

8,877

 

40

%

6,913

 

55

%

35,761

 

45

%

20,444

 

55

%

Total Region One

 

11,371

 

 

 

8,446

 

 

 

44,885

 

 

 

23,851

 

 

 

Region Two

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease contracts

 

(10

)

(1

)%

 

 

447

 

14

%

 

 

Management contracts

 

3,221

 

38

%

1,408

 

20

%

6,992

 

29

%

2,879

 

19

%

Total Region Two

 

3,211

 

 

 

1,408

 

 

 

7,439

 

 

 

2,879

 

 

 

Region Three

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease contracts

 

1,514

 

8

%

402

 

7

%

3,585

 

10

%

1,404

 

8

%

Management contracts

 

5,976

 

22

%

5,648

 

72

%

20,010

 

37

%

16,765

 

42

%

Total Region Three

 

7,490

 

 

 

6,050

 

 

 

23,595

 

 

 

18,169

 

 

 

Region Four

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease contracts

 

824

 

8

%

719

 

7

%

2,690

 

8

%

2,355

 

7

%

Management contracts

 

4,612

 

20

%

3,471

 

29

%

17,584

 

24

%

10,808

 

30

%

Total Region Four

 

5,436

 

 

 

4,190

 

 

 

20,274

 

 

 

13,163

 

 

 

Region Five

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease contracts

 

3,815

 

18

%

334

 

5

%

12,658

 

19

%

1,312

 

7

%

Management contracts

 

3,337

 

41

%

1,335

 

34

%

11,782

 

43

%

4,369

 

38

%

Total Region Five

 

7,152

 

 

 

1,669

 

 

 

24,440

 

 

 

5,681

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease contracts

 

(1,580

)

162

%

(63

)

(100

)%

(1,273

)

113

%

1,073

 

100

%

Management contracts

 

6,996

 

(765

)%

(326

)

(85

)%

7,085

 

(548

)%

2,123

 

186

%

Total Other

 

5,416

 

 

 

(389

)

 

 

5,812

 

 

 

3,196

 

 

 

Total gross profit

 

40,076

 

 

 

21,374

 

 

 

126,445

 

 

 

66,939

 

 

 

General and administrative expenses

 

20,494

 

 

 

13,846

 

 

 

75,310

 

 

 

43,759

 

 

 

General and administrative expense percentage of gross profit

 

51

%

 

 

64

%

 

 

59

%

 

 

64

%

 

 

Depreciation and Amortization

 

7,959

 

 

 

1,723

 

 

 

23,704

 

 

 

5,258

 

 

 

Operating income

 

11,623

 

 

 

5,805

 

 

 

27,431

 

 

 

17,922

 

 

 

Other expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

4,818

 

 

 

1,093

 

 

 

14,421

 

 

 

3,355

 

 

 

Interest income

 

(108

)

 

 

(61

)

 

 

(347

)

 

 

(181

)

 

 

 

 

4,710

 

 

 

1,032

 

 

 

14,074

 

 

 

3,174

 

 

 

Income before income taxes

 

6,913

 

 

 

4,773

 

 

 

13,357

 

 

 

14,748

 

 

 

Income tax expense

 

2,448

 

 

 

2,504

 

 

 

4,359

 

 

 

6,520

 

 

 

Net income

 

4,465

 

 

 

2,269

 

 

 

8,998

 

 

 

8,228

 

 

 

Less: Net income attributable to noncontrolling interest

 

721

 

 

 

75

 

 

 

2,070

 

 

 

232

 

 

 

Net income attributable to Standard Parking Corporation

 

$

3,744

 

 

 

$

2,194

 

 

 

$

6,928

 

 

 

$

7,996

 

 

 

 

(a)    Excludes reimbursed management contract revenue.

(b)   The nine months ended September 30, 2013 includes a net gain of $2,700 related to the sale of rights associated with certain contracts.  There were no similar payments received in 2012.