CENTRAL PARKING REPORTS RECORD FIRST QUARTER RESULTS; NET EARNINGS UP 21%.

NASHVILLE, Tenn.--(BUSINESS WIRE)--Feb. 4, 1997--Central Parking Corporation (NYSE:PK) today announced record quarterly revenues and earnings for the first three months of the Company's 1997 fiscal year.

Total revenues for the three months ended December 31, 1996, totaled $41.4 million, up 25% compared with $33.3 million in the year-earlier period. Operating earnings for the quarter increased 24% to $5.1 million versus $4.1 million a year ago. Net earnings for the first quarter increased 21% to $3.9 million compared with $3.2 million in the year-earlier period, and earnings amounted to $0.22 per share versus $0.19 per share.

The share and per share results for the year-earlier period have been adjusted to reflect the 3-for-2 stock split distributed in March 1996.

"The earnings for the first three months of fiscal 1997 marked a new quarterly high for the Company," commented Monroe Carell, Jr., Chairman and Chief Executive Officer. "We are especially pleased that we were able to achieve continued operating gains during the period while completing the final stages of two significant acquisitions. The purchase as of December 31, 1996 of Civic Parking, LLC, added four parking garages in St. Louis encompassing 7,464 parking spaces. During the quarter, we also began a tender offer for the outstanding shares of Square Industries, Inc. That offer was completed shortly after the quarter closed, and those operations are now an indirect wholly owned subsidiary of Central Parking Corporation. The addition of the approximate 61,000 spaces controlled by Square Industries has strengthened our competitive leadership and provided the opportunity for considerable operating synergies with our existing facilities. In the metropolitan New York City area, for example, we have more than doubled the total parking spaces we operate to 43,800. Our immediate focus is consolidating these operations into the organizational structure of Central Parking Corporation, and we are confident that they will contribute positively to our results in 1997."

Carell added, "An important component of our growth strategy continues to be increasing our market share by adding additional facilities to manage and operate. During the first quarter, we added a net of 41 parking properties. Our goal is to sustain this positive momentum over the remainder of fiscal 1997."

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. -0-

                   CENTRAL PARKING CORPORATION
                       Financial Highlights
                           (Unaudited)

                                      First Quarter Ended December 31
                                          1996              1995
Total revenues                         $41,423,000      $33,251,000
Operating earnings                       5,129,000        4,135,000
Other income, net                          871,000          794,000
Earnings before income taxes             6,000,000        4,929,000
Income taxes                             2,101,000        1,701,000
Net earnings                           $ 3,899,000      $ 3,228,000
Net earnings per share                 $      0.22      $      0.19
Weighted average common shares          17,620,000       17,216,000

CONTACT: Central Parking Corp., Nashville

Stephen Tisdell, 615/297-4255 X265 or

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