-----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, ENSHHfvaq1AmqBNNey0IDbhvsWolnRpFB5xOjgopg/AgaPKz/9llk3cuzJ58KxTF UCQFe3rJ9TB/VwSIW2RL/w== 0001157523-05-007349.txt : 20050811 0001157523-05-007349.hdr.sgml : 20050811 20050811114929 ACCESSION NUMBER: 0001157523-05-007349 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050811 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20050811 DATE AS OF CHANGE: 20050811 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: 000-50796 FILM NUMBER: 051015643 BUSINESS ADDRESS: STREET 1: 900 N. MICHIGAN AVENUE CITY: CHICAGO STATE: IL ZIP: 60611-1542 BUSINESS PHONE: 2185220700 MAIL ADDRESS: STREET 1: 900 N. MICHIGAN AVENUE CITY: CHICAGO STATE: IL ZIP: 60611-1542 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 a4950782.txt STANDARD PARKING CORPORATION 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 11, 2005 --------------- 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) 000-50796 16-1171179 --------- ---------- (Commission File Number) (IRS Employer Identification No.) 900 N. Michigan Avenue, Suite 1600, 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition Item 7.01. Regulation FD Disclosure The following information is furnished pursuant to Item 2.02, "Results of Operations and Financial Condition" and Item 7.01, "Regulation FD Disclosure." On August 10, 2005, Standard Parking Corporation issued a press release setting forth its second-quarter 2005 earnings. A copy of SPC's press release is attached hereto as Exhibit 99 and hereby incorporated by reference. Exhibit Index 99 Press release, dated: August 10, 2005, issued by Standard Parking Corporation 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, 2005 By: /s/ DANIEL R. MEYER -------------------------- Daniel R. Meyer, Senior Vice President EX-99 2 a4950782ex99.txt STANDARD PARKING CORPORATION EXHIBIT 99 Exhibit 99 Standard Parking Corporation Reports Strong Second Quarter Results; Raises Current Year Guidance CHICAGO--(BUSINESS WIRE)--Aug. 10, 2005--Standard Parking Corporation (NASDAQ:STAN), one of the nation's largest providers of parking management services, today announced its results for the second quarter and first half of 2005. Second Quarter Highlights -- Revenue growth drives 9% increase in gross profit -- Operating income increases by 17% over 2004, with 2004 adjusted for pre-IPO management fees and stock compensation charge -- EPS of $0.40 per diluted share -- EPS pro forma for income taxes of $0.29 per diluted share -- Free cash flow of $2.8 million -- Repurchased 76,742 shares of common stock for $1.3 million 2005 Guidance Increased -- EPS expectation of $1.40 - $1.50 (an increase of $0.05) -- EPS expectation, pro forma for income taxes, of $1.02 - $1.12 (an increase of $0.02) -- Free cash flow of $17 million or higher (an increase of $2 million) James A. Wilhelm, President and Chief Executive Officer, said, "This earnings announcement marks the end of our fourth full quarter as a public equity company. We are pleased that we have been able to deliver results that meet our high internal standards, with operating performance that is at or above expectations throughout the Company. "As we said at the end of the first quarter, ours is a somewhat seasonal business with momentum picking up during the year. Our second quarter performance highlights this phenomenon. We are particularly pleased this quarter with the strong performance of our lower-risk management contract portfolio where gross profit increased by more than 9%." Second Quarter Operating Results Gross profit for the second quarter increased by almost 9% to $17.5 million from $16.1 million a year ago. This increase was attributable to continued improvement in performance by locations open for more than one year ("same locations"). General and administrative expenses were up 6% for the quarter over last year, reflecting the expected additional costs of being a public equity company, which Standard Parking did not incur last year until its June 2004 IPO. Compared to the 2005 first quarter, however, general and administrative expenses were flat. Operating income for the quarter reflects a strong performance, increasing by 17% to $6.8 million after adjusting the 2004 financials for management fees to the former parent that were discontinued at the time of the IPO and an IPO-related non-cash stock option compensation expense. Net of the change in cash, free cash flow of $2.0 million was generated during the quarter. Of that amount, the Company used $1.3 million to purchase shares under the terms approved by the Board of Directors in early March of this year, and used the remaining $0.7 million to pay down debt. The debt reduction, along with the impact of 2004's IPO and refinancing of the Company's senior credit agreement, resulted in a $1.7 million reduction in interest expense from $4.2 million in last year's second quarter to $2.5 million for the second quarter of 2005. Net income for the quarter was $4.3 million, or $0.40 per diluted share, versus a loss of $0.8 million a year ago. Last year's reported loss included $3.0 million of accrued dividends on preferred stock issues that have since been retired, as well as a net gain on extinguishment of debt of $3.9 million related to the Company's June 2004 IPO. On a pro forma basis, the statutory tax rate of 39% has been reduced to 30% based on the Company's assumed ability to use its substantial net operating loss carry-forwards to shield income for a period beyond five years. Net income for the quarter, as adjusted for the pro forma effect of income taxes, was $3.1 million, or $0.29 per diluted share. Due primarily to the continued utilization of operating loss carry-forwards, the cash tax rate for federal and state income taxes is expected to be under 5% for 2005. Total parking services revenue for the quarter, excluding reimbursement of management contract expense, was up by 6% to $62.5 million from $58.7 million a year ago, led by 8% growth in management contract revenue. Reimbursement of management contract expense is excluded because its timing and amount fluctuate substantially for reasons unrelated to the Company's parking services revenue and because it has no impact on gross profit. Recent Developments The operating results at Bradley International Airport continue to improve significantly. During the second quarter of this year, the Company received reimbursements of deficiency payments totaling nearly $0.6 million. For the first six months of 2005, the Company has received net repayments of $80,000 compared with $1.4 million of deficiency payments made during the first six months of 2004. The Company expects to receive additional repayments in the future. New business activity remained strong during the second quarter with significant new contract wins reported across the country, particularly in the airport and university/hospital markets. Second quarter contract awards and developments include: -- Award of a three-year contract to manage parking operations at the Cincinnati/Northern Kentucky International Airport that includes over 16,000 parking spaces. -- Commencement in June of skycap service at Rapid City Regional Airport, representing the Company's entry into the skycap / wheelchair assist arena. -- Award of a contract to operate Valley International Airport in Harlingen, Texas, the Rio Grande Valley's leading airport. -- Award of two new contracts to operate off-airport "Park Air Express" parking and shuttle operations serving the Dallas/Fort Worth International Airport in Texas and the Burbank Airport in California. -- Parking management and enforcement contract award by Boston University, encompassing 21 parking facilities and 3,800 spaces. -- Contract award for George Mason University, encompassing 12,000 total spaces in two garages, up to 15 surface lots, and parking meters. The contract was won from a 10-year incumbent operator through a competitive bid process. -- Contract award for Foothills Hospital in Calgary, Alberta, which serves more than half a million patients each year with a parking operation encompassing over 1,500 spaces. -- Google valet parking operation award, to provide valet assistance for overflow parking at Google's California corporate headquarters with over 3,000 parking spaces. The Company currently operates Google's East Bay employee shuttles. -- Contract award for the Bank of America Plaza in Dallas, Texas, containing the tallest building in downtown Dallas. The contract includes the operation of two garages and three surface lots totaling over 1,750 spaces. -- Contract to direct traffic for the Lakewood Church in Houston, Texas, the largest church in the United States, which had 57,000 people attend services on opening weekend. Mr. Wilhelm observed, "While we are seeing an increase in new business activity across the board, we have been especially successful in winning new contracts in the university and hospital markets, where the property owners are increasingly interested in outsourcing the operation of their parking facilities. We see continued growth opportunities in these venues as well as in local municipalities, which are also beginning to pursue outsourcing of their varied parking operations." Year-to-Date Results Gross profit for the first six months of 2005 increased by more than 6% to $33.5 million as compared with $31.6 million for the same period last year, due to solid growth in same location profit from both lease and management locations. Top line revenue, excluding reimbursed management contract expenses, also increased year over year by over 7% from $115 million to $123 million. As of June 30, 2005, the Company operated 1,904 locations, an increase of 16 locations since the end of 2004. General and administrative expenses for the first six months of 2005 increased by almost 7% over the same period last year due to additional costs of being a public company such as expenses incurred with meeting the compliance requirements of Sarbanes-Oxley. Commenting on the Company's first-half performance, Mr. Wilhelm said, "I am pleased that our strong overall business performance during the first half of this year, coupled with the EPS benefit derived from the stock repurchases that we completed in that six-month period, enable us to increase our earnings guidance." Financial Outlook Based on the year-to-date results, the Company is increasing its net earnings guidance for the 2005 year to $1.40 - $1.50 per diluted share and $1.02 - $1.12 per diluted share, pro forma for income taxes. The Company's expectation for free cash flow also has increased to $17 million or higher for the year. For pro forma guidance purposes, the statutory tax rate of 39% has been reduced to 30% based on the Company's assumed ability to use its substantial net operating loss carry-forwards to shield income for a period beyond five years. The Company's reported tax rates are expected to be substantially less than the statutory rates, due to the ability to offset future earnings against net operating loss carry-forwards. In addition, the Company's tax provision may further be affected by adjustments to its valuation allowance for its deferred tax assets. The timing of the recognition of these tax benefits may result in significant fluctuations in reported GAAP results. Conference Call The Company's quarterly earnings conference call will be held at 9:00 am (CDT) on Thursday, August 11, 2005 and is available live and in replay to all analyst/investors through a webcast service. To listen to the live call, individuals are directed to the Company's investor relations page at www.standardparking.com or www.earnings.com at least 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, replays will be available shortly after the call on either website and can be accessed for 30 days after the call. Standard Parking is a leading national provider of parking facility management services. The Company provides on-site management services at multi-level and surface parking facilities for all major markets of the parking industry. The Company manages approximately 1,900 parking facilities, containing over one million parking spaces in close to 300 cities across the United States and Canada. In addition, the Company manages parking-related and shuttle bus operations serving more than 60 airports. More information about Standard Parking is available at www.standardparking.com. You should not construe the information on this website to be a part of this report. Standard Parking's 2004 annual report filed on Form 10-K, its periodic reports on Form 10-Q and 8-K and its Registration Statement on Form S-1 (333-112652) are available on the Internet at www.sec.gov and can also be accessed through the Investor Relations section of the Company's website. DISCLOSURE NOTICE: The information contained in this document is as of August 10, 2005. The Company assumes no obligation to update any forward-looking statements contained in this document as a result of new information or future events or developments. This document and the attachments contain forward-looking information about the Company's financial results that involve substantial risks and uncertainties. You can identify these statements by the fact that they use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "outlook," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Among the factors that could cause actual results to differ materially are the following: an increase in owner-operated parking facilities; changes in patterns of air travel or automobile usage, including effects of changes in gas and airplane fuel prices, effects of weather on travel and transportation patterns or other events affecting local, national and international economic conditions; implementation of the Company's operating and growth strategy, including possible strategic acquisitions; the loss, or renewal on less favorable terms, of management contracts and leases; player strikes or other events affecting major league sports; changes in general economic and business conditions or demographic trends; ongoing integration of past and future acquisitions in light of challenges in retaining key employees, synchronizing business processes and efficiently integrating facilities, marketing and operations; changes in current pricing; development of new, competitive parking-related services; changes in federal and state regulations including those affecting airports, parking lots at airports and automobile use; extraordinary events affecting parking at facilities that we manage, including emergency safety measures, military or terrorist attacks and natural disasters; the Company's ability to renew the Company's insurance policies on acceptable terms, the extent to which the Company's clients purchase insurance through us and the Company's ability to successfully manage self-insured losses; the Company's ability to form and maintain relationships with large real estate owners, managers and developers; the Company's ability to provide performance bonds on acceptable terms to guarantee the Company's performance under certain contracts; the loss of key employees; the Company's ability to develop, deploy and utilize information technology; the Company's ability to refinance the Company's indebtedness; the Company's ability to consummate transactions and integrate newly acquired contracts into the Company's operations; availability, terms and deployment of capital; the amount of net operating losses, if any, the Company may utilize in any year and the ability of Steamboat Industries LLC and its subsidiary to control the Company's major corporate decisions. A further list and description of these risks, uncertainties, and other matters can be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2004, in its periodic reports on Forms 10-Q and 8-K, and in its Registration Statement on Form S-1 (333-112652). STANDARD PARKING CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except for share and per share data) June 30, December 2005 31, 2004 ----------- ----------- ASSETS (unaudited) Current assets: Cash and cash equivalents $8,718 $10,360 Notes and accounts receivable, net 34,754 34,608 Prepaid expenses and supplies 2,965 2,330 ----------- ----------- Total current assets 46,437 47,298 Leaseholds and equipment, net 15,576 16,481 Long-term receivables, net 6,400 7,317 Advances and deposits 1,705 1,816 Goodwill 118,367 118,342 Intangible and other assets, net 3,623 3,848 ----------- ----------- Total assets $192,108 $195,102 =========== =========== LIABILITIES AND COMMON STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $25,334 $26,107 Accrued and other current liabilities 22,691 25,794 Current portion of long-term borrowings 3,406 3,512 ----------- ----------- Total current liabilities 51,431 55,413 Long-term borrowings, excluding current portion 101,724 106,238 Other long-term liabilities 21,649 18,111 Convertible redeemable preferred stock, series D 1 1 Common stockholders' equity: Common stock, par value $.001 per share; 12,000,100 shares authorized; 10,219,138 shares issued and outstanding 10 10 Additional paid-in capital 189,741 193,565 Accumulated other comprehensive income 11 116 Accumulated deficit (171,998) (178,352) Treasury stock, at cost, 27,338 shares (461) - ----------- ----------- Total common stockholders' equity 17,303 15,339 ----------- ----------- Total liabilities and common stockholders' equity $192,108 $195,102 =========== =========== STANDARD PARKING CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except for share and per share data, unaudited) Three Months Ended Six Months Ended ----------------------- ----------------------- June 30, June 30, June 30, June 30, 2005 2004 2005 2004 ----------------------- ----------------------- Parking services revenue: Lease contracts $39,140 $37,120 $77,867 $72,241 Management contracts 23,315 21,575 45,132 42,448 ----------- ---------- ----------- ---------- 62,455 58,695 122,999 114,689 Reimbursement of management contract expense 84,903 82,207 167,435 169,928 ----------- ---------- ----------- ---------- Total revenue 147,358 140,902 290,434 284,617 Cost of parking services: Lease contracts 35,330 33,549 70,701 65,973 Management contracts 9,578 9,025 18,757 17,144 ----------- ---------- ----------- ---------- 44,908 42,574 89,458 83,117 Reimbursed management contract expense 84,903 82,207 167,435 169,928 ----------- ---------- ----------- ---------- Total cost of parking services 129,811 124,781 256,893 253,045 Gross profit: Lease contracts 3,810 3,571 7,166 6,268 Management contracts 13,737 12,550 26,375 25,304 ----------- ---------- ----------- ---------- Total gross profit 17,547 16,121 33,541 31,572 General and administrative expenses 9,210 8,665 18,304 17,148 Depreciation and amortization 1,493 1,583 2,957 3,169 Management fee-parent company - 750 - 1,500 Valuation allowance related to long-term receivables - - 900 - Non-cash stock option compensation expense - 2,293 - 2,293 ----------- ---------- ----------- ---------- Operating income 6,844 2,830 11,380 7,462 Other expenses (income): Interest expense 2,463 4,168 4,847 8,543 Interest income (77) (249) (154) (342) Net gain from extinguishment of debt - (3,860) - (3,860) ----------- ---------- ----------- ---------- 2,386 59 4,693 4,341 Income before minority interest and income taxes 4,458 2,771 6,687 3,121 Minority interest 87 145 208 242 Income tax expense 108 140 125 318 ----------- ---------- ----------- ---------- Net income before preferred stock dividends and increase in value of common stock subject to put/call rights 4,263 2,486 6,354 2,561 Preferred stock dividends - 3,045 - 7,243 Increase in value of common stock subject to put/call rights - 223 - 538 ----------- ---------- ----------- ---------- Net income (loss) $4,263 ($782) $6,354 ($5,220) =========== ========== =========== ========== Common Stock Data: Net income (loss) per common share: Basic $0.41 ($0.24) $0.61 ($3.23) Diluted $0.40 ($0.24) $0.60 ($3.23) Weighted average common shares outstanding: Basic 10,288,457 3,229,817 10,372,806 1,614,908 Diluted 10,567,468 3,229,817 10,647,256 1,614,908 STANDARD PARKING CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, except for share and per share data, unaudited) Six Months Ended -------------------- June 30, June 30, 2005 2004 --------- --------- Operating activities: Net income (loss) $6,354 ($5,220) Adjustments to reconcile net income (loss) to net cash (used in) provided by operations: Preferred stock dividends - 7,243 Increase in value of common stock subject to put/call rights - 538 Depreciation and amortization 2,957 3,169 Non-cash interest expense - 279 Amortization of deferred financing costs 368 668 Amortization of carrying value in excess of principal (88) (1,224) Non-cash stock option compensation expense - 2,293 Provision for losses on accounts receivable 147 418 Valuation allowance related to long-term receivables 900 - Write-off of debt issuance costs - 2,385 Write-off of carrying value in excess of principal related to the 14% senior subordinated second lien notes - (8,207) Change in operating assets and liabilities (1,156) (6,626) --------- --------- Net cash provided by (used in) operating activities 9,482 (4,284) Investing activities: Purchase of leaseholds and equipment (408) (592) Contingent purchase payments (171) (464) --------- --------- Net cash (used in) investing activities (579) (1,056) Financing activities: Net proceeds from initial public offering - 46,966 Repurchase of common stock subject to put/call rights - (6,250) Repurchase of common stock (4,299) - Proceeds from exercise of stock options 14 - Proceeds from (payments on) senior credit facility (3,800) 24,950 Payments on long-term borrowings (126) (75) Payments on joint venture borrowings (301) (270) Payments of debt issuance costs (118) (1,253) Payments on capital leases (1,670) (1,081) Repurchase of 14% senior subordinated second lien notes - (57,734) --------- --------- Net cash (used in) provided by financing activities (10,300) 5,253 Effect of exchange rate changes on cash and cash equivalents (245) (126) --------- --------- (Decrease) in cash and cash equivalents (1,642) (213) Cash and cash equivalents at beginning of period 10,360 8,470 --------- --------- Cash and cash equivalents at end of period $8,718 $8,257 ========= ========= Supplemental disclosures: Cash paid during the period for: Interest $4,535 $10,302 Income taxes 268 152 Supplemental disclosures of non-cash activity: Debt issued for capital lease obligation $1,405 $1,027 Issuance of 14% senior subordinated second lien notes - 375 Pro Forma Net Income (in thousands, except for per share data) Three Months Six Months Ended Ended June 30, 2005 June 30, 2005 --------------- --------------- pro forma pro forma per per share(a) share(a) Net income - as reported A $4,263 $0.40 $6,354 $0.60 Reported income tax expense B 108 0.01 125 0.01 ------- ------- ------- ------- Pre-tax income C = A + B 4,371 0.41 6,479 0.61 Effective income tax rate @ 30%(1) D = - (C x 30%) (1,311) (0.12) (1,944) (0.18) Reported income tax expense B 108 0.01 125 0.01 ------- ------- ------- ------- Total pro forma tax adjustment E = D + B (1,203) ($0.11) (1,819) ($0.17) Pro forma net income F = A + E $3,060 $0.29 $4,535 $0.43 (a) Weighted average common shares outstanding: Basic shares outstanding 10,288 10,373 Effect of dilutive common stock options 279 274 ------- ------- Fully diluted shares 10,567 10,647 2005 Earnings Per Share Guidance Range Low High ------- ------- Expected reportable earnings per diluted share for 2005 $1.40 $1.50 Estimated 2005 GAAP income tax expense 0.06 0.10 ------- ------- Pre-tax income 1.46 1.60 Effective income tax at 30% rate (1) (0.44) (0.48) ------- ------- Pro forma earnings per diluted share for 2005 $1.02 $1.12 (1) For pro forma guidance purposes, the statutory tax rate of 39% has been reduced to 30% based on the Company's assumed ability to use its substantial net operating loss carry-forwards to shield income for a period beyond five years. The Company's reported tax rates are expected to be substantially less than the statutory rates, due to the ability to offset future earnings against net operating loss carry-forwards. In addition, the Company's tax provision may further be affected by adjustments to its valuation allowance for its deferred tax assets. The timing of the recognition of these tax benefits may result in significant fluctuations in reported GAAP results. Free Cash Flow (in thousands) Three Six months months ended ended June 30, June 30, 2005 2005 ------------------ Operating income $6,844 $11,380 Depreciation and amortization 1,493 2,957 Valuation allowance related to long-term receivables - 900 Income tax paid (93) (268) Minority interest (87) (208) Change in assets and liabilities (3,920) (989) Capital expenditures and contingent purchase payments (235) (579) -------- --------- Operating cash flow $4,002 $13,193 Cash interest paid (1,163) (4,535) -------- --------- Free Cash Flow (1) $2,839 $8,658 (Increase) decrease in cash and cash equivalents (821) 1,642 -------- --------- Free cash flow, net of change in cash $2,018 $10,300 (Uses)/Sources of cash: Proceeds from (payments on) senior credit facility $400 ($3,800) (Payments) on long-term borrowings (1,100) (2,097) (Payments) of debt issuance costs (36) (118) Proceeds from exercise of stock options 14 14 (Repurchase) of common stock (1,296) (4,299) -------- --------- Total (uses) of cash ($2,018) ($10,300) - ---------------------------------------------------------------------- (1) Reconciliation of Free Cash Flow to Consolidated Statements of Cash Flow Six Three Three Months Months Months June 30, March 31, June 30, 2005 2005 2005 -------- ------- -------- Net cash provided by operating activities $9,482 $6,198 $3,284 Net cash (used in) investing activities (579) (344) (235) Effect of exchange rate changes on cash and cash equivalents (245) (35) (210) -------- ------- -------- Free cash flow $8,658 $5,819 $2,839 CONTACT: Standard Parking Corporation G. Marc Baumann, 312-274-2199 mbaumann@standardparking.com -----END PRIVACY-ENHANCED MESSAGE-----