Central Parking Corporation Announces Record Fiscal 1998 Results; Operating Earnings Up 68% for Year.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)--Dec. 4, 1998--Central Parking Corporation (NYSE NYSE See: New York Stock Exchange :CPC (1) (Central Processing Complex) An IBM mainframe that has two or more central processors (CPs) that share memory. It is the collection of processors, memory and I/O subsystems manufactured with a single serial number, typically all contained in one cabinet. ) today announced record fourth-quarter and full-year results for the periods ended September September: see month. 30, 1998. Total revenues for the fourth quarter ended September 30, 1998, totaled $112.0 million, up 73% compared with $64.8 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 54% to $12.2 million versus $7.9 million a year ago. Net earnings for the fourth quarter totaled $6.7 million, or $0.23 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, on 29.7 million weighted average common shares. Earnings for the year-earlier period totaled $6.6 million, or $0.25 per diluted share, on 26.4 million weighted average common shares. Excluding a gain on the sale of property of $1.7 million, or $0.06 per diluted share, after taxes, earnings for the fourth quarter of 1997 amounted to $4.9 million, or $0.19 per diluted share. Total revenues for the fiscal year ended September 30, 1998 amounted to $383.2 million, up 74% compared with $220.5 million for fiscal 1997. Operating earnings for fiscal 1998 rose 68% to $46.9 million versus $27.9 million in fiscal 1997. Net earnings for fiscal 1998 totaled $26.6 million, or $0.94 per diluted share, on 28.3 million weighted average common shares. Earnings for fiscal 1997 amounted to $20.2 million, or $0.77 per diluted share, on 26.4 million weighted average common shares. Excluding gains on the sale of property of $1.7 million, or $0.06 per share, after taxes, earnings for fiscal 1997 amounted to $18.5 million, or $0.71 per diluted share. The increased number of shares outstanding for the fourth quarter and fiscal year ended September 30, 1998 is due to the public offering of 2.1 million common shares by the Company in March 1998 and the issuance of 954,000 shares in conjunction with three acquisitions. All share and per share results for the year-earlier periods have been adjusted to reflect the 3-for-2 stock split distributed in December December: see month. 1997. "These figures are in line with the announcement we made last week concerning preliminary results for fiscal 1998," remarked Monroe Monroe. 1 Industrial city (1990 pop. 54,909), seat of Ouachita parish, SE La., on the Ouachita River; founded c.1785, inc. as a city 1900. The center of the great Monroe Natural Gas Field (discovered 1915), it has important chemical plants, as well as Carell, Jr., Chairman and Chief Executive Officer. "Although we had expected to close fiscal 1998 on a stronger note, we achieved a 32% increase in earnings per share for the year as a whole versus fiscal 1997, excluding real estate transactions. Our progress during the year included year-to-year gains in revenues and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. in each quarter. Internal growth and acquisitions contributed to a solid 46% increase in the number of parking spaces operated from 699,000 a year ago to 1,023,000. Surpassing the mark of one million spaces was a significant milestone for Central Parking Corporation. That importantly reflects an 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. "For the second year in a row, strategic acquisitions played a key role in the our corporate gains. These transactions were headlined by the purchase of Kinney System in February February: see month. 1998 that added 169,000 spaces and enhanced our competitive position in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and several other major cities in the Northeast. Other acquisitions during the year included parking operators in Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. , Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. , San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and Washington, D.C. Our goal continues to be considering additional acquisitions that can broaden our geographic scope both in 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. and internationally. "Although parking services continue to account for the majority of our revenues, we are aggressively pursuing the development of other transportation-related services. During fiscal 1999 we will be installing an on-street parking enforcement system in Richmond, Va. similar to the successful program that became operational during fiscal 1998 in Charlotte, N.C. Our international base of on-street parking services has recently expanded to include Dublin, Ireland." Carell concluded, "We believe the prospects are excellent for continued growth in fiscal 1999. The continued integration of Kinney Systems and the other operations acquired over the past year offers sound potential for incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. gains over the next several quarters. We also expect to maintain an active marketing effort to expand our operating base. "We are committed to closing our pending merger transaction with Allright Holdings, Inc. as expeditiously ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex as possible. As part of this process, we are collecting the information that has been requested by the Department of Justice about this business combination." 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. The Company operates approximately 2,440 parking facilities containing more than 1,023,000 spaces at locations in 35 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). , Canada, 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, the Republic of Ireland, Spain, Germany, Malaysia, Chile and Mexico. Central Parking Corporation has a business development office in Amsterdam. This press release contains projections and other 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. 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. -0-
CENTRAL PARKING CORPORATION
Financial Highlights
(In thousands, except per share amounts)
Fourth Quarter Ended
-----------------------------
September 30, September 30,
1998 1997
-------- --------
Total revenues $112,049 $ 64,760
Operating earnings 12,188 7,908
Other income, net 1,479 4,278
Interest income (expense), net (305) (1,009)
Dividend on convertible
preferred securities (1,476) -
-------- --------
Earnings before income taxes 11,886 11,177
Income taxes 5,194 4,562
-------- --------
Net earnings $ 6,692 $ 6,615
======== ========
Net earnings per share:
Basic $ 0.23 $ 0.25
======== ========
Diluted $ 0.23 $ 0.25
======== ========
Sales of property and equipment:
Net gain after taxes $ 40 $ 1,662
Net gain per diluted share after taxes $ - $ 0.06
Weighted average common shares:
Basic 29,294 26,033
Diluted 29,734 26,372
Year Ended
-----------------------------
September 30, September 30,
1998 1997
-------- --------
Total revenues $383,175 $220,454
Operating earnings 46,881 27,852
Other income, net 5,157 7,300
Interest income (expense), net (4,654) (2,740)
Dividend on convertible preferred
securities (3,160) -
-------- --------
Earnings before income taxes 44,224 32,412
Income taxes 17,614 12,207
-------- --------
Net earnings $ 26,610 $ 20,205
======== ========
Net earnings per share:
Basic $ 0.96 $ 0.78
======== ========
Diluted $ 0.94 $ 0.77
======== ========
Sales of property and equipment:
Net gain after taxes $ 40 $ 1,666
Net gain per diluted share after taxes $ - $ 0.06
Weighted average common shares:
Basic 27,857 25,991
Diluted 28,326 26,330
-- All share and per share results for the three months and year ended September 30, 1997 have been adjusted to reflect the 3-for-2 stock split distributed in December 1997. |
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