CENTRAL PARKING CORPORATION EXPECTS 1997 GAINS; DECLARES 12.5% INCREASE IN QUARTERLY DIVIDEND.

NASHVILLE, Tenn.--(BUSINESS WIRE)--Feb. 28, 1997--Speaking today at the annual meeting of shareholders of Central Parking Corporation (NYSE:PK), Monroe J. Carell, Jr., Chairman and Chief Executive Officer, said that the Company expects to report gains in revenues and earnings for the current fiscal year which ends September 30, 1997. Carell also announced that the Board of Directors has declared a 12.5% increase in the regular quarterly dividend from $0.02 (two cents) per share to $0.0225 per share (two and one quarter cents). The dividend declared today, which is equivalent to an indicated annual rate of $0.09 (nine cents) a share, is payable April 11, 1997, to shareholders of record on March 31, 1997. At the meeting, shareholders re-elected seven directors, approved a Deferred Stock Unit Plan for key employees and approved an amendment to the Company's charter increasing the authorized number of shares of common stock from 30 million to 50 million.

In the fiscal year ended September 30, 1996, Central Parking Corporation reported record net earnings of $13.8 million, or $0.79 per share, on total revenue of $143.3 million. Earlier this month, the Company reported results for the first fiscal quarter that included a 21% increase in net earnings to $3.9 million compared with $3.2 million and earnings per share of $0.22 versus $0.19.

"Based on the strong start reflected by the gains in the first fiscal quarter, we believe that fiscal 1997 as a whole will reflect higher revenues and earnings for Central Parking Corporation," commented Carell. "We are progressing in each of our major growth initiatives. We are continuing to gain market share by adding new parking facilities to the worldwide base of parking facilities that we operate. We are also benefiting from the integration of the facilities acquired through the Square Industries merger that was completed last month. Finally, we are continuing to expand our international operations which are expected to account for an increasing portion of our total business over the next several years."

Central Parking Corporation, headquartered in Nashville, Tennessee, is a leading provider of parking services in the United States. The Company currently operates 1,500 parking facilities containing approximately 641,000 spaces locations in 34 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, Mexico, Germany and Puerto Rico. The Company provides parking consulting services in Malaysia and Spain and has a business development office in Amsterdam.

This press release contains projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company's current views with respect to future events and financial performance. No assurance can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company's periodic reports filed with the Securities and Exchange Commission.

CONTACT: Central Parking Corporation, Nashville

Stephen Tisdell, 615/297-4255 X265

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