CENTRAL PARKING CORPORATION ANNOUNCES RECORD FISCAL 1995 RESULTS; EARNINGS SET NEW HIGH OF $0.97 PER SHARE.NASHVILLE Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Tenn.--(BUSINESS WIRE)--Nov. 29, 1995--Central Parking Corporation (NYSE NYSE See: New York Stock Exchange :PK) today announced record results for the fiscal year ended September 30, 1995. This is the initial financial report issued by the Company since the initial public offering was completed in October 1995. Total revenues for the fourth quarter ended September 30, 1995, totaled $32.7 million, up 15% compared with $28.5 million in the year-earlier period. 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 for the quarter increased 40% to $3.2 million versus $2.3 million a year ago. Net earnings for the fourth quarter amounted to $2.4 million, or $0.23 per share, a 46% gain compared with $1.6 million, or $0.16 per share, in the year-earlier period. Total revenues for the fiscal year ended September 30, 1995, amounted to $126.2 million, up 12% compared with $112.2 million for fiscal 1994. Operating earnings for fiscal 1995 rose 21% to $13.6 million versus $11.2 million in fiscal 1994. Net earnings for fiscal 1995 totaled $9.9 million, or $0.97 per share, including net gains on the sales of property and equipment of $81,000 before taxes, or $0.01 per share after taxes. For fiscal 1994 net earnings totaled $9.0 million, or $0.87 per share, including net gains on the sales of property and equipment of $2.2 million before taxes, or $0.14 per share after taxes. The per share computations for all periods were based on 10.2 million weighted average shares outstanding and do not include any pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma adjustments for the initial public offering on October 10 which included the sale of 1.2 million shares by Central Parking Corporation. "The new highs attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. in revenues and earnings for fiscal 1995 represent solid progress for Central Parking Corporation," remarked Monroe Carell, Jr., Chairman and Chief Executive Officer. "This growth marks a gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. extension of our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. record of growth. Over the past five years, operating earnings have increased more than threefold from $4.2 million in fiscal 1991 to $13.6 million in fiscal 1995. At the close of fiscal 1995, we were operating a total of 1,231 facilities representing approximately 475,000 spaces. This compares with 1,088 locations and approximately 441,000 spaces a year ago. Total parking revenues for these locations, including revenues from those facilities we manage under contract, reached $412.5 million in fiscal 1995 compared with $375.9 million in fiscal 1994. "In addition to realizing sound expansion within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , we have significantly broadened our participation in international projects. Although our operations in the United Kingdom, which accounted for approximately 13% of revenues in fiscal 1995, currently contribute the dominant share of the Company's international business, our geographic scope is widening. In Kuala Lumpur Kuala Lumpur (kwä`lə l  m`pr), city (1990 est. pop. , Malaysia, we are providing consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.)service - work done by one person or group that benefits another; "budget separately for goods and services" for the parking facility which is being built in connection with one of the largest development projects in the world. More recently, we completed an agreement to work with one of the leading real estate development organizations in Spain. Our decision to open a business development office in the Netherlands during fiscal 1995 further indicates our firm resolve to pursue the attractive opportunities we believe exist for Central Parking in international markets." Carell said, "The completion of our initial public offering last month added $20.2 million in equity capital to our balance sheet. With no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. now of approximately $62.2 million, we have a strong financial base to execute our strategy for building on Central Parking Corporation's past accomplishments." Central Parking Corporation, headquartered in Nashville, Tennessee “Nashville” redirects here. For other uses, see Nashville (disambiguation). Nashville is the capital and the second most populous city of the U.S. state of Tennessee, after Memphis. , is a leading provider of parking services in the United States. The Company currently operates over 1,200 parking facilities containing approximately 475,000 spaces located in 31 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , the United Kingdom, Mexico and Puerto Rico. The Company provides parking consulting services in Malaysia and Spain and has a business development office in Amsterdam. -0-
CENTRAL PARKING CORPORATION
Financial Highlights
Fourth Quarter Ended
September 30, September 30,
1995 1994
Total revenues $32,749,000 $28,473,000
Operating earnings 3,184,000 2,277,000
Other income, net 508,000 277,000
Earnings before income taxes 3,692,000 2,554,000
Income taxes 1,310,000 928,000
Net earnings $ 2,382,000 $ 1,626,000
Net earnings per share $ 0.23 $ 0.16
Sales of property and equipment: Net gain (loss) before taxes $ 68,000 $ (3,000) Net gain (loss) after taxes per share $ - $ - Weighted average common shares 10,248,000 10,248,000
Year Ended
September 30, September 30,
1995 1994
Total revenues $126,155,000 $112,168,000
Operating earnings 13,602,000 11,208,000
Other income, net 1,905,000 2,935,000
Earnings before income taxes 15,507,000 14,143,000
Income taxes 5,563,000 5,179,000
Net earnings $ 9,944,000 $ 8,964,000
Net earnings per share $ 0.97 $ 0.87
Sales of property and equipment: Net gain before taxes $ 81,000 $ 2,214,000 Net gain after taxes per share $ 0.01 $ 0.14 Weighted average common shares 10,248,000 10,248,000 CONTACT: Central Parking Corporation, Nashville Stephen Tisdell, 615/297-4255 |
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