APCOA/Standard Parking Announces Third Quarter 2001 Results.Business Editors CHICAGO--(BUSINESS WIRE)--Nov. 15, 2001 APCOA/Standard Parking, Inc., one of the nation's largest operators of paid parking facilities, today announced third quarter 2001 operating results. Gross customer collections were $369 million for the quarter, a decrease from the same period last year of $34 million or 8.4%. However, on a year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. basis, gross customer collections reached $1.2 billion, an increase of 0.8% as compared to the same period last year. The company achieved EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of $7.0 million for the quarter, which represents an increase of 9.7% as compared to the same quarter of 2000. On a year-to-date basis, EBITDA was up $1.2 million or 6.7% to $18.9 million as compared to the same period last year. Gross profit decreased $2.0 million or 13.0% to $13.2 million for the quarter compared to the same period last year, while general and administrative expenses for the quarter decreased $2.6 million or 29.6% from the same quarter in 2000. "Gross profit and gross customer collections at airports had been softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. this year before the September 11th attacks On September 11, 2001, in the deadliest case of domestic Terrorism in the history of the United States, a group of 19 terrorists hijacked four U.S. airliners for use as missiles against targets in New York City and Washington, D.C. but dropped dramatically immediately following those events," said James A. Wilhelm, APCOA/Standard Parking's President and Chief Executive Officer. "Even though our top line is not growing as expected due to the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. economic conditions, our continued discipline in controlling G&A expenses has helped our bottom line," 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 14,000 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 over 260 cities spanning 43 states and three 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" . 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 Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2001 2000 2001 2000
Gross customer
collections $ 368,547 $ 402,444 $ 1,164,071 $ 1,154,537
Parking services revenue:
Lease contracts $ 37,469 $ 45,075 $ 120,557 $ 138,892
Management contracts 21,321 18,042 62,470 49,383
58,790 63,117 183,027 188,275
Cost of parking services:
Lease contracts 33,832 39,001 108,760 121,852
Management contracts 11,784 8,979 32,628 21,747
45,616 47,980 141,388 143,599
Gross profit 13,174 15,137 41,639 44,676
General and administrative
expenses 6,153 8,734 22,769 26,996
Operating income before
interest, depreciation,
amortization and other
special charges $ 7,021 $ 6,403 $ 18,870 $ 17,680
Number of facilities:
Leased Locations 354 376
Managed Locations 1,603 1,506
Total 1,957 1,882
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