Central Parking Corporation Reports First Quarter Earnings.Business Editors 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)--Feb. 5, 2002 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 earnings (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 ) for the first fiscal quarter ended December December: see month. 31, 2001, before property-related activities and extraordinary items, of $10.0 million, or $0.28 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, compared with $13.1 million, or $0.36 per diluted share, in the year-earlier period. For comparability purposes, pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. for the prior-year period have been increased by $0.08 per share to reflect the discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of goodwill amortization relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's October October: see month. 1, 2001 adoption of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 142. Revenues for the first quarter of fiscal 2002 declined slightly to $177.0 million versus $177.6 million in the year-earlier period. Reported earnings (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) for the quarter ended December 31, 2001 were $0.44 per diluted share including an extraordinary gain of $0.08 related to the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 638,000 shares of trust issued preferred securities. Reported earnings (GAAP) per diluted share were $0.31 in the prior-year period. William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack J. Vareschi, Jr., Vice Chairman and Chief Executive Officer, said, "Revenues and earnings for the first quarter of fiscal 2002 were at the high end of our November November: see month. guidance and exceeded analyst expectations. While the aftermath AFTERMATH. A right to have the last crop of grass or pasturage. 1 Chit. Pr. 181. from the attacks of September September: see month. 11 and the economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. continue to impact our business 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. , New Jersey and to a lesser degree at travel-related venues, it appears that discretionary revenue levels have bottomed out and are beginning to rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective . New York City continues to feel the impact from the ban on single occupant occupant n. 1) someone living in a residence or using premises, as a tenant or owner. 2) a person who takes possession of real property or a thing which has no known owner, intending to gain ownership. (See: occupancy) vehicles during the morning rush hour. However, New York City transient A malfunction that occurs at random intervals and lasts for a short duration such as a spike or surge in a power line or a memory cell that intermittently fails. See spike and power surge. transient - 1. revenues, the most heavily impacted portion of our business, have also improved significantly since October. Excluding the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of region, revenues for the balance of the Company grew approximately 4% for the quarter. In addition, our marketing efforts combined with our operational excellence initiatives drove another quarter with a positive new/lost business ratio. "Given the lack of certainty CERTAINTY, UNCERTAINTY, contracts. In matters of obligation, a thing is certain, when its essence, quality, and quantity, are described, distinctly set forth, Dig. 12, 1, 6. It is uncertain, when the description is not that of one individual object, but designates only the kind. Louis. regarding both the general economy and the continued impact of travel restrictions into New York City, we remain cautious about earnings guidance for the full fiscal year. Therefore, we will limit our explicit guidance to the second fiscal quarter. We expect second quarter revenues to be approximately $173 to $176 million compared to $174 million for the same period last year. We expect fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the quarter of $0.20 to $0.26 per share before property-related activities and extraordinary items (pro forma) compared to approximately $0.30 per share (pro forma) in the same period last year." For comparability purposes, earnings for the second fiscal quarter of last year have been adjusted upward by approximately $0.07 per share to reflect the discontinuation of goodwill amortization. Vareschi concluded, "We continue to focus on operational excellence, reducing costs through numerous efficiency initiatives and adding complementary operations such as the recent Park One acquisition in New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded . We expect this focus to enable us to deliver predictable and sustainable earnings growth for our shareholders as the economy improves." 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 and transportation management services. The Company operates approximately 4,000 parking facilities containing approximately 1.5 million spaces at locations in 38 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 Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , 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 Ireland, Irish Eire (âr`ə) [to it are related the poetic Erin and perhaps the Latin Hibernia], island, 32,598 sq mi (84,429 sq km), second largest of the British Isles. , Chile Chile (chĭl`ē, Span. chē`lā), officially Republic of Chile, republic (2005 est. pop. 15,981,000), 292,256 sq mi (756,945 sq km), S South America, west of the continental divide of the Andes Mts. , Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. , Poland Poland, Pol. Polska, officially Republic of Poland, republic (2005 est. pop. 38,635,000), 120,725 sq mi (312,677 sq km), central Europe. It borders on Germany in the west, on the Baltic Sea and the Kaliningrad region of Russia in the north, on Lithuania, , Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. , Venezuela Venezuela (vĕnəzwā`lə, Span. vānāswā`lä), officially the Bolivarian Republic of Venezuela, republic (2005 est. pop. 25,375,000), 352,143 sq mi (912,050 sq km), N South America. and Greece Greece, Gr. Hellas or Ellas, republic (2005 est. pop. 10,668,000), 50,944 sq mi (131,945 sq km), SE Europe. It occupies the southernmost part of the Balkan Peninsula and borders on the Ionian Sea in the west, on the Mediterranean Sea in the south, on . 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.
Central Parking Corporation and Subsidiaries
Financial Highlights
(Unaudited)
Amounts in thousands, except per share data
First Quarter Ended
---------------------------------
December 31, December 31,
2001 2000
------------ ------------
Total revenues $ 176,951 $ 177,565
Total cost and expenses (a) (158,088) (152,084)
Interest (expense), net (1,906) (4,387)
Other expenses, net (83) (358)
Income taxes (b) (5,569) (6,845)
Minority interest, net of tax (1,271) (788)
------------ ------------
Earnings (pro forma) 10,034 13,103
Property-related gains, net
of tax 2,338 1,410
Amortization of goodwill, net
of tax -- (2,832)
Extraordinary gain, net of tax 3,312 --
Cumulative effect of accounting
change, net of tax -- (258)
------------ ------------
Net earnings (GAAP) $ 15,684 $ 11,423
============ ============
Pro forma earnings
Basic $ 0.28 $ 0.36
Diluted $ 0.28 $ 0.36
Net earnings per share (GAAP)
Basic $ 0.44 $ 0.32
Diluted $ 0.44 $ 0.31
Weighted average common shares:
Basic 35,754 36,012
Diluted 36,005 36,417
(a) Excludes amortization of goodwill of $2,832 for the three months
ended December 31, 2000. The Company adopted SFAS 142, "Goodwill
and Intangible Assets," as of October 1, 2001, and therefore no
longer amortizes goodwill.
(b) Excludes income tax expense on property-related gains of $1,670
and $1,367 for the three months ended December 31, 2001 and 2000,
respectively.
Central Parking Corporation
and Subsidiaries
Consolidated Statements of Earnings
Unaudited
Amounts in thousands, except per share data
Three months ended December 31,
2001 2000
--------- ---------
Revenues:
Parking $ 147,372 $ 151,677
Management contracts 29,579 25,888
--------- ---------
Total revenues 176,951 177,565
--------- ---------
Costs and expenses:
Cost of parking 127,970 123,965
Cost of management contracts 12,009 10,222
General and administrative 17,991 17,653
Goodwill and non-compete amortization 118 3,076
--------- ---------
Total costs and expenses 158,088 154,916
Property-related gains (losses), net 4,008 2,777
--------- ---------
Operating earnings 22,871 25,426
Other income (expenses):
Interest income 1,352 1,554
Interest expense (3,258) (5,941)
Dividends on company-obligated
mandatorily redeemable
convertible securities of a
subsidiary trust (1,471) (1,472)
Equity in partnership and joint venture
earnings 1,388 1,114
--------- ---------
Earnings before income taxes,
minority interest,
extraordinary item and
cumulative effect of
accounting change 20,882 20,681
Income tax expense 7,239 8,212
--------- ---------
Earnings before minority
interest, extraordinary item
and cumulative effect of
accounting change 13,643 12,469
Minority interest, net of tax (1,271) (788)
--------- ---------
Earnings before extraordinary
item and cumulative effect of
accounting change 12,372 11,681
Extraordinary item, net of tax 3,312 --
Cumulative effect of
accounting change, net of tax -- (258)
--------- ---------
Net earnings $ 15,684 $ 11,423
========= =========
Basic earnings per share:
Earnings before extraordinary
item and cumulative effect of
accounting change $ 0.35 $ 0.32
Extraordinary item, net of tax $ 0.09 $ --
Cumulative effect of
accounting change, net of tax $ -- $ --
--------- ---------
Net earnings $ 0.44 $ 0.32
========= =========
Diluted earnings per share
Earnings before extraordinary
item and cumulative effect of
accounting change $ 0.35 $ 0.32
Extraordinary item, net of tax $ 0.09 $ --
Cumulative effect of accounting
change, net of tax $ -- $ (0.01)
--------- ---------
Net earnings $ 0.44 $ 0.31
========= =========
Central Parking Corporation and Subsidiaries
Consolidated Balance Sheets
Unaudited
Amounts in thousands
December 31, September 30,
2001 2001
------------ -------------
ASSETS
Current assets:
Cash and cash equivalents $ 43,770 $ 41,849
Management accounts receivable 38,815 32,613
Accounts receivable - other 15,369 16,149
Current portion of notes
receivable 10,182 6,836
Prepaid rent 2,269 1,479
Prepaid other expenses 9,647 5,460
Deferred income taxes 259 259
--------- -----------
Total current assets 120,311 104,645
Investments, at amortized cost 6,129 6,035
Notes receivable, less current
portion 43,035 42,931
Property, equipment and
leasehold improvements, net 410,059 415,405
Contract and lease rights, net 97,155 88,094
Goodwill, net 251,477 250,630
Investment in and advances to
partnerships and joint ventures 28,933 30,704
Other assets 50,192 48,437
--------- -----------
Total Assets $1,007,291 $ 986,881
========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current portion of long-term
debt and capital lease
obligations $ 53,517 $ 53,337
Accounts payable 92,605 77,887
Accrued payroll and related costs 11,894 12,616
Accrued expenses 12,760 12,381
Management accounts payable 20,801 20,541
Income taxes payable 14,396 7,134
--------- -----------
Total current liabilities 205,973 183,896
Long-term debt and capital
lease obligations, less
current portion 208,475 208,885
Deferred rent 22,473 22,310
Deferred compensation 12,486 12,330
Deferred income taxes 16,797 15,757
Minority interest 29,436 31,121
Other liabilities 21,255 21,136
----------- -----------
Total liabilities 516,895 495,435
----------- -----------
Company-obligated mandatorily
redeemable convertible securities
of subsidiary holding solely
parent debentures 94,055 110,000
Shareholders' equity
Common stock 358 358
Additional paid-in capital 237,983 238,464
Accumulated other
comprehensive loss, net (1,751) (1,979)
Retained earnings 160,456 145,308
Shares held in trust (705) (705)
----------- -----------
Total shareholders' equity 396,341 381,446
----------- -----------
Total Liabilities and
Shareholders' Equity $1,007,291 $ 986,881
=========== ===========
Central Parking Corporation
and Subsidiaries
Consolidated Statements of Cash Flows
Unaudited
Amounts in thousands
Three months ended December 31,
2001 2000
------------ -----------
Cash flows from operating
activities:
Net earnings $ 15,684 $ 11,423
Depreciation and amortization
of property 5,751 5,221
Amortization of goodwill and
non-compete agreements 118 3,001
Amortization of contract and
lease rights, straight-line
rent, deferred financing fees
and other 2,865 3,142
Equity in partnership and
joint venture earnings (1,388) (1,114)
Distributions from partnerships
and joint ventures 2,019 1,914
Property-related (gains), net (4,008) (2,777)
Gain on sale of trust issued
preferred securities, net of tax (3,312) --
Deferred income taxes 888 (284)
Minority interest, net of tax 1,271 788
Changes in operating assets and liabilities
Management accounts receivable (6,202) (939)
Accounts receivable - other 1,337 (1,571)
Prepaid rent (790) 1,314
Prepaid expenses - other (4,187) (2,535)
Other assets (1,206) (1,349)
Accounts payable, accrued
expenses and deferred compensation 11,506 (4,809)
Management accounts payable 260 (2,870)
Income taxes payable 5,028 4,823
-------- --------
Net cash provided by operating activities 25,634 13,378
-------- --------
Cash flows from investing
activities:
Proceeds from disposition of
property and equipment 15,009 15,029
Investments in notes receivable (3,755) 2,970
Repayments of notes receivable 305 (1,833)
Purchase of property, equipment
and leasehold improvements (6,136) (7,515)
Purchase of contract and lease rights (12,515) (530)
Investments in and advances to
partnerships, joint ventures and
unconsolidated subsidiaries (86) 303
Capital distributions and repayments
of advances from partnerships, joint
ventures and unconsolidated subsidiaries 266 (624)
Acquisitions, net of cash acquired (835) --
Proceeds from maturities and calls of
investments 152 55
Purchase of investments (246) (143)
-------- --------
Net cash (used) provided by investing
activities (7,841) 7,712
-------- --------
Cash flows from financing activities:
Dividends paid (539) (545)
Net borrowings under revolving credit
agreement 12,500 550
Payment to minority interest partners (3,107) (3,300)
Principal repayments on notes payable
and capital leases (14,245) (15,652)
Repurchase of common stock (488) (6,291)
Repurchase of mandatorily redeemable
securities (10,000) --
Issuance of common stock and
excercise of options 7 84
-------- --------
Net cash used by financing activities (15,872) (25,154)
-------- --------
Foreign currency translation -- (9)
-------- --------
Net increase (decrease) in cash 1,921 (4,073)
Balance at beginning of period 41,849 43,214
-------- --------
Balance at end of period $ 43,770 $ 39,141
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