APCOA/Standard Parking, Inc. Announces Second Quarter 2002 Results.Business Editors CHICAGO--(BUSINESS WIRE)--Aug. 15, 2002 APCOA/Standard Parking, Inc., one of the nation's largest operators of paid parking facilities, today announced second quarter 2002 operating results. Gross profit was $13.6 million for the quarter, down 6.0% as compared to the same period in 2001. For the first half of the year, gross profit was $26.3 million, a 7.6% decrease over the same period last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $2.0 million for the current quarter, after $1.2 million in special charges and $0.8 million management fees to parent, as compared to $3.5 million in the quarter ended June June: see month. 30, 2001. Operating income before these special charges and management fees was $4.0 million, a $0.5 million increase over the same period last year. For the first half of the year, operating income before special charges and management fees to parent was $7.6 million, a $1.4 million increase over the same period last year. General and administrative expenses for the quarter decreased $0.6 million, or 7.5% from the same quarter in 2001, as the Company continues to realize the benefit of cost savings initiatives put in place last year. During the second quarter ended June 30, 2002, the Company adopted a new accounting standard, Emerging Issues Task Force Issue No. 01-14 (EITF EITF Emerging Issues Task Force EITF Edinburgh International Television Festival EITF Europe International Taekwon-Do Federation 01-14), which provides guidance regarding recognition as revenue, costs incurred that are directly reimbursed by clients. Historically, expenses directly reimbursed under management agreements have been netted against the expense in the statement of operations See Income statement. . After review of EITF 01-14, management has concluded that these reimbursable re·im·burse tr.v. re·im·bursed, re·im·burs·ing, re·im·burs·es 1. To repay (money spent); refund. 2. To pay back or compensate (another party) for money spent or losses incurred. expenses billed to the customer should be recorded as revenue, and these items have been reclassified in all prior periods to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the new presentation. For the three month period ended June 30, 2002, the impact is an increase of $88.6 million in both revenue and expenses, as compared to $87.1 million for the same period last year. For the six month period ended June 30, 2002, the impact is an increase of $175.5 million in both revenue and expenses, as compared to $174.4 million for the same period last year. This change has no impact on operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before or net earnings. "Airport activity continues to improve. Parking revenues from airports decreased only 5.2% from June 2001 to June 2002," said James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. A. Wilhelm, APCOA/Standard Parking's President and Chief Executive Officer. "Our urban business has outperformed our expectations for the first half the year," Mr. Wilhelm Mr. Wilhelm, played by Richard Herd, is a character from the sitcom Seinfeld. He is George Costanza's superior in the New York Yankees organization; his title is Traveling Secretary. continued. APCOA/Standard Parking, Inc., with approximately 13,150 employees, is one of the largest operators of paid parking facilities in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , managing over 1,950 airport and urban parking facilities in 271 cities spanning 43 states and four Canadian provinces Noun 1. Canadian province - Canada is divided into 12 provinces for administrative purposes province, state - the territory occupied by one of the constituent administrative districts of a nation; "his state is in the deep south" . APCOA/Standard Parking's 2001 annual report filed on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. is available on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.sec.gov. More information about APCOA/Standard Parking is available at www.apcoastandard.com. Certain statements contained herein may be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or .
APCOA/Standard Parking, Inc.
Three Months Ended Six Months Ended
--------------------- ---------------------
June 30, June 30, June 30, June 30,
2002 2001 2002 2001
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Parking services revenue:
Lease contracts $ 36,877 $ 41,815 $ 71,716 $ 83,088
Management contracts 19,888 20,742 40,265 41,149
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56,765 62,557 111,981 124,237
Reimbursement of
management contract
expenses 88,552 87,145 175,455 174,358
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Total Revenue 145,317 149,702 287,436 298,595
Cost of parking services:
Lease contracts 32,936 37,738 64,464 74,928
Management contracts 10,262 10,393 21,222 20,844
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43,198 48,131 85,686 95,772
Reimbursed management
contract expenses 88,552 87,145 175,455 174,358
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Total cost of parking
services 131,750 135,276 261,141 270,130
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Gross profit 13,567 14,426 26,295 28,465
General and administrative
expenses 7,476 8,085 15,196 16,616
Other special charges 1,243 - 1,451 -
Depreciation and
amortization 2,073 2,885 3,482 5,614
Management fee - parent
company 750 - 1,500 -
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Operating Income $ 2,025 $ 3,456 $ 4,666 $ 6,235
Number of facilities:
Leased Locations 324 356
Managed Locations 1,629 1,575
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Total 1,953 1,931
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