APCOA/Standard Parking Announces Third Quarter and Year-to-date Results.Business Editors CHICAGO--(BUSINESS WIRE)--Nov. 15, 2000 APCOA/Standard Parking, Inc., one of the nation's largest operators of paid parking facilities, today announced third quarter 2000 operating results. Gross customer collections were $402 million for the quarter, an increase from the same period last year of $46 million or 12.9%. 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 $6.4 million for the quarter, which represents an increase of 4% as compared to the same quarter of 1999. 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, up $142.4 million or 14.1% over the first three quarters of 1999. EBITDA of $17.7 million for the nine-month period was $0.6 million or 3% below the same period in 1999. Gross profit increased $0.4 million or 2.7% to $15.1 million during the third quarter of 2000 and increased $3.3 million or 8.0% to $44.7 million on a year-to-date basis. The growth in both revenue and gross profit was driven by the net addition of 102 management and lease contracts since the third quarter of 1999. "We are pleased with our continuing growth in gross profit and the reduction in administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. this quarter," said Myron Myron (mī`rən), fl. 5th cent. B.C., Greek sculptor. He is supposed to have been a pupil of Ageladas of Argos, but he worked largely in Athens. C. Warshauer, APCOA/Standard Parking's Chief Executive Officer. "We grew the contract portfolio by 72 locations in the third quarter. That growth shows property owners' receptiveness re·cep·tive adj. 1. Capable of or qualified for receiving. 2. Ready or willing to receive favorably: receptive to their proposals. 3. to our unique approach to parking facility management, which emphasizes customer satisfaction together with increased profitability." "While we added nicely to the size of our contract portfolio, we also drove down our administrative costs this quarter," Mr. Warshauer said, "and we will continue to concentrate on leveling off growth in administrative costs." APCOA/Standard Parking, Inc., with 14,300 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 1,889 airport and urban parking facilities in over 200 cities in 37 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" . APCOA/Standard Parking's third quarter 2000 report filed on Form 10-Q Form 10-Q See 10-Q. 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 See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . If you wish to receive a copy of the 10-Q, please call (312) 274-2122. More information about APCOA/Standard Parking is available at www.apcoastandard.com. The foregoing contains certain "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. " which are based on management's beliefs as well as on a number of assumptions concerning future events made by, and information currently available to, management. Those statements include, but may not be limited to, the discussions of APCOA/ Standard Parking's expectations concerning its future profitability and the discussion of the Company's strategic assumptions regarding certain matters, including anticipated savings. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that the forward-looking statements included herein will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as representation by the Company or any other persons that the objectives and plans of the Company will be achieved. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
APCOA/Standard Parking, Inc.
Operating Results
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Three Months Ended
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September 30, 2000 September 30, 1999
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Gross customer collections $402,444 $356,500
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Parking services revenue:
Lease contracts $45,075 $46,841
Management contracts 18,042 13,435
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63,117 60,276
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Cost of parking services:
Lease contracts 39,001 40,523
Management contracts 8,979 5,018
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47,980 45,541
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Gross profit 15,137 14,735
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General and
administrative expenses 8,734 8,580
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Operating income before
depreciation,
amortization and
special charges $6,403 $6,155
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Nine Months Ended
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September 30, 2000 September 30, 1999
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Gross customer collections $1,154,537 $1,012,100
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Parking services revenue:
Lease contracts $138,892 $147,366
Management contracts 49,383 36,609
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188,275 183,975
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Cost of parking services:
Lease contracts 121,852 129,415
Management contracts 21,747 13,180
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143,599 142,595
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Gross profit 44,676 41,380
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General and
administrative expenses 26,996 23,096
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Operating income before
depreciation,
amortization and
special charges $17,680 $18,284
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Number of facilities:
Managed locations 1,509 1,371
Leased locations 380 416
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Total 1,889 1,787
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