Central Parking Corporation Reports First Quarter Gains; Earnings Increase to $0.30 Per Share Excluding Merger and Integration-related Expenses.

Business Editors

NASHVILLE, Tenn.--(BUSINESS WIRE)--Feb. 10, 2000

Central Parking Corporation (NYSE:CPC) today announced gains in revenues and earnings for the first three months of the Company's 2000 fiscal year. The results for the year-earlier period include the results of Allright Holdings, Inc., which was merged with a wholly owned subsidiary of Central Parking Corporation in March 1999.

Earnings for the three months ended December 31, 1999 totaled $11.1 million, or $0.30 per diluted share, excluding merger and integration-related expenses, an impairment charge, realized gains on property dispositions and extraordinary items, compared with earnings of $10.1 million, or $0.27 per diluted share, in the year-earlier period. Merger and integration-related expenses and an impairment charge totaled $6.1 million before taxes and consisted of (1) merger costs of $2.4 million, (2) integration costs of $3.2 million (consisting primarily of costs related to duplicative personnel who are working on the integration and accelerated depreciation related to Allright computer systems) and (3) an impairment charge of $495,000 for the write-off of a leasehold interest. Net earnings, before extraordinary item for the first quarter of fiscal 2000, were $8.4 million, or $0.23 per diluted share. Revenues for the first quarter totaled $185.3 million versus $178.9 million in the year-earlier period.

Monroe Carell, Jr., Chairman and Chief Executive Officer, said, &uot;The growth for the first quarter was directly in line with the indications we announced last month. As we had expected, the gains reflect continued internal progress as well as incremental contributions from the assimilation of parking operations we have added through acquisitions and merger. Our worldwide system currently encompasses the operation of more than 4,760 parking locations, nearly double our size just since the start of last year. A substantial portion of this expansion has resulted from our leadership in the unprecedented consolidation that is occurring in our industry. We believe there will be additional opportunities to accelerate our growth by capitalizing on this trend, but our immediate focus is ensuring that our organization has the necessary information systems and other resources to operate as efficiently as possible. Although our earnings are having to absorb the near-term impact of these increased investments, we are establishing a sound platform for extending the Company's long-term record of growth.

Central Parking Corporation, headquartered in Nashville, Tennessee, is a leading provider of parking services. The Company operates approximately 4,760 parking facilities containing more than 1.6 million spaces at locations in 40 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, Chile, Germany, Mexico, Poland and Spain.

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.

                      CENTRAL PARKING CORPORATION
                         Financial Highlights
                            (In thousands)
                              (Unaudited)

                                           First Quarter Ended
                                      December 31,      December 31,
                                          1999              1998
                                      ------------------------------
Total revenues                        $   185,333       $   178,923
Operating earnings                         17,917            23,390
Other income (expense), net                 1,415              (785)
Interest income (expense), net             (4,662)           (6,029)
Net earnings before
  extraordinary item                  $     8,446       $    10,139
Net earnings before extraordinary
  item per share:
    Basic                             $      0.23       $      0.28
    Diluted                           $      0.23       $      0.27
Weighted average common shares:
    Basic                                  36,516            36,260
    Diluted                                37,113            37,018
Pro forma net earnings per share:
    Basic                             $      0.30       $      0.28
    Diluted                           $      0.30       $      0.27

(a.)  Pro forma adjustments add back merger and integration costs
      related to the merger in March 1999 of Allright Holdings, Inc.,
      realized property gains, impairment loss and extraordinary item.

(b.)  Results for the three months ended December 31, 1999 exclude an
      extraordinary loss of $195,000 after taxes.