Central Parking Corporation Reports Fiscal 2007 First Quarter Results.

NASHVILLE, Tenn. -- Central Parking Corporation (NYSE:CPC) today announced that operating earnings before property-related gains for its first fiscal quarter ended December 31, 2006, increased to $15.4 million compared with $7.7 million earned in the first quarter of the previous fiscal year. Earnings from continuing operations, which include property-related gains for the first quarter of fiscal 2007, totaled $8.4 million compared with $16.4 million in the year-earlier period. Pre-tax property-related gains totaled $0.4 million in the first quarter of fiscal 2007 compared with $22.9 million in the first quarter of last year.

Net earnings, which include property-related gains and discontinued operations for the first quarter of fiscal 2007, were $9.3 million, or $0.28 per diluted share, compared with $18 million, or $0.54 per diluted share, in the year earlier period. Total revenues for the first fiscal quarter were $281.7 million compared with $272.5 million in the first quarter of fiscal 2006. Excluding reimbursed management expenses, revenues in the first quarter of fiscal 2007 were $160.8 million compared with $160.0 million in the prior year period.

"The on-going execution of our strategic plan continues to drive improvements in operating results," said Emanuel J. Eads, President and Chief Executive Officer. "The first quarter of fiscal 2007 marks the fourth consecutive quarter we have recorded substantial, year-over-year gains in operating earnings. Same store sales increases of 5.8 percent and reduced costs improved margins in our leased and owned segment to 11.4 percent, compared with 8.7 percent in the first quarter of last year. Management contract margins improved to 62.0 percent compared with 61.3 percent in the first quarter of 2006 while general and administrative costs decreased by $3.3 million, or 15.7 percent.

"We continue to make good progress in executing other aspects of our strategic plan as well. Our Operational Excellence initiative, which is focused on increasing profits at the location level, gained momentum during the quarter as we expanded the program to Los Angeles and Washington, D.C., and initiated a "jumpstart" program to introduce Operational Excellence concepts company-wide. Our efforts to capitalize on the burgeoning downtown residential market were rewarded with three new contracts: a long-term lease to operate a 360 space garage serving the Millennium Center in Chicago and management agreements to operate a 400 space garage at 1500 Locust in Philadelphia and a 388 space garage in Wilmington, Delaware.

"We also have had success across other market segments, as evidenced by the award of a multiple facility contract by Oregon Health & Science University in Portland, Oregon. This contract, which became effective October 1, includes a garage, two surface lots, two valet operations and a shuttle operation. We also continue to add profitable, new business in our international markets. The most significant recent example is the addition of a lease to operate a 900 space facility in Calgary, Alberta. Our focus on the high-end hospitality market continues to yield positive results as we signed leases to operate the Marriott San Diego and the Hyatt La Jolla. We also signed a contract to manage Phoenix Plaza, one of the largest office developments in Phoenix, Arizona," Eads concluded.

The Company has made the determination that due to the strategic review process it announced on November 28, 2006, it will not hold a conference call to discuss first quarter results.

Central Parking Corporation, headquartered in Nashville, Tennessee, is a leading provider of parking and transportation-related services. As of December 31, 2006, the Company operated approximately 3,100 parking facilities containing approximately 1.5 million spaces at locations in 37 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, Chile, Colombia, Peru, Spain, Switzerland and Greece.

This press release contains historical and forward-looking information. The words "potential," promising," "guidance," "looking ahead," "expectations," "plan," "assumptions," "estimates," "anticipates," "goal," "outlook," "intend," "continue to expect," "should," "believe," "project," "objective," "outlook," "forecast," "will likely result," or "will continue" and similar expressions identify forward-looking statements. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company believes the assumptions underlying these forward-looking statements are reasonable; however, any of the assumptions could be inaccurate, and therefore, actual results may differ materially from those projected in the forward-looking statements. The factors that may result in actual results differing from such forward-looking information include, but are not limited to: the Company's ability to achieve the goals described in this release and other communications, including but not limited to, the Company's ability to implement its strategic plan, maintain reduced operating costs, reduce indebtedness and sell real estate at projected values as well as continued improvement in same store sales, which is dependent on improvements in general economic conditions and office occupancy rates; the loss or renewal on less favorable terms, of management contracts and leases; the timing of pre-opening, start-up and break-in costs of parking facilities; the Company's ability to cover the fixed costs of its leased and owned facilities and its overall ability to maintain adequate liquidity through its cash resources and credit facilities; the Company's ability to comply with the terms of the Company's credit facilities (or obtain waivers for non-compliance); interest rate fluctuations; acts of war or terrorism; changes in demand due to weather patterns and special events including sports events and strikes; higher premium and claims costs relating to the Company's insurance programs, including medical, liability and workers' compensation; the Company's ability to renew and obtain performance and surety bonds on favorable terms; the impact of claims and litigation; and increased regulation or taxation of parking operations and real estate.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release or to reflect the occurrence of unanticipated events. Additional information is provided in our Annual Report on Form 10-K for our fiscal year ended September 30, 2006, filed with the Securities and Exchange Commission and in other filings with the Securities and Exchange Commission, which readers are encouraged to review, concerning other factors that could cause actual results to differ materially from those indicated in the forward-looking statements.

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