Central Parking Corporation Reports Fiscal Third Quarter Results.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. -- 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 from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the third quarter ended June June: see month. 30, 2005, of $5.3 million, or $0.14 per fully 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 $6.6 million, or $0.18 per fully diluted share, earned in the third quarter of the previous fiscal year. Earnings from continuing operations for the quarter were reduced by pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta property-related losses of $3.3 million, which included $2.8 million in charges resulting from the renegotiation of an unprofitable lease, partially offset by a gain of $2.1 million from the sale of real estate. The lease, which had operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of approximately $700,000 in fiscal 2004 and a term through 2013, is now profitable under the renegotiated terms. Net earnings for the third quarter of fiscal 2005 were $4.9 million, or $0.13 per fully diluted share, compared with net earnings of $6.0 million, or $0.16 per fully diluted share, in the quarter ended June 30, 2004. Total revenues for the quarter increased 6.6% to $310.5 million, while revenues excluding reimbursed management expenses declined 3.6% to $171.3 million. Earnings from continuing operations for the nine months ended June 30, 2005, were $17.6 million, or $0.48 per fully diluted share, compared with $18.8 million, or $0.52 per share in the year-earlier period. Net earnings for the first nine months of fiscal 2005 were $14.6 million, or $0.40 per diluted share, compared with $17.9 million, or $0.49 per fully diluted share, in the year-earlier period. Total revenues increased 4.2% to $907.7 million, while revenues excluding reimbursed management expenses declined 4.3% to $508 million. "The results for the third quarter were consistent with our expectations," said 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 J. Carell, Jr., Chairman and Chief Executive Officer. "Operating fundamentals were positive for the quarter, with a net increase in new locations and same-store-sales growth of 1.9 percent. We also made further progress in lowering debt during the quarter as cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses and proceeds from property sales were used to reduce indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. by $8.7 million. "Net earnings for the quarter were negatively affected by approximately $1.1 million in costs related to the Company's Sarbanes Oxley Oxley refers to several things: People
The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs. Third quarter earnings also were reduced by the successful renegotiation of an unprofitable lease (described above) as we continued our efforts to improve future operating results. "Due primarily to the previously announced sale of a leasehold An estate, interest, in real property held under a rental agreement by which the owner gives another the right to occupy or use land for a period of time. leasehold n. interest in a garage at 839 Sixth Avenue 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. , which will result in an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. property-related gain in the Company's fourth fiscal quarter of approximately $23 million, or $0.62 per diluted share, we are revising our earnings guidance for continuing operations, including property-related gains or losses, for fiscal 2005, to a range of $1.15 to $1.25 per share," Carell concluded. A conference call regarding this release is scheduled tomorrow, August 4, 2005, beginning at 10:00 a.m. (ET). Investors and other interested parties may listen to the teleconference by accessing the online, real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. webcast and rebroadcast of the call at www.parking.com or www.earnings.com. 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 global provider of parking and transportation management services. As of June 30, 2005 the Company operated more than 3,400 parking facilities containing more than 1.5 million spaces at locations in 37 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. , 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. , Chile, Peru, Colombia Colombia (kəlŭm`bēə, Span. kōlōm`byä), officially Republic of Colombia, republic (2005 est. pop. 42,954,000), 439,735 sq mi (1,138,914 sq km), NW South America. Bogotá is the capital and largest city. , 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. , 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). , Switzerland Switzerland (swĭt`sərlənd), Fr. Suisse, Ger. Schweiz, Ital. Svizzera, officially Swiss Confederation, federal republic (2005 est. pop. 7,489,000), 15,941 sq mi (41,287 sq km), central Europe. , 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. , 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 and Italy. This press release contains historical and forward-looking information. The words "guidance," "expect", "expects,' "expected," expectations," "estimates," "anticipates," "guidance," "goal," "outlook," "assumptions," "intend," "plan," "continue to expect," "should," "believe," "project," "objective," "outlook," "forecast," "will likely result," or "will continue" and similar expressions identify 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. . The forward-looking statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 maintain reduced operating costs operating costs npl → gastos mpl operacionales , reduce indebtedness and sell real estate at projected values as well as continued improvement in same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of , which is dependent on improvements in general economic conditions and office occupancy rates Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) ; the loss or renewal on less favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. terms, of management contracts and leases; the timing of pre-opening, start-up Start-up The earliest stage of a new business venture. and break-in costs of parking facilities; the Company's ability to cover the fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). of its leased and owned facilities and its overall ability to maintain adequate liquidity through its cash resources and credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement 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 Tom Clancy's Op-Center: Acts of War is a technothriller by Jeff Rovin Plot introduction The mobile Regional Operations Center (ROC) in Turkey investigates a dam blown up by Kurdish terrorists. or terrorism; changes in demand due to weather patterns and special events including sports events and strikes; higher premium and claims costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's insurance programs, including medical, liability and workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. ; the Company's ability to renew and obtain performance and surety bonds surety bond An insurance fee required before a duplicate security is issued to replace one that has been lost. The fee is approximately 4% of the market value of the security to be replaced. on favorable terms the impact of claims and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or occurring after the date of this release or to reflect the occurrence of unanticipated events. We have provided additional information in our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for our fiscal year ended September 30, 2004, and in our Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2005, filed with the Securities and Exchange Commission and 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.
Central Parking Corporation and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Amounts in thousands, except per share data
QTD ended June 30, YTD ended June 30,
2005 2004 2005 2004
---------- ---------- ---------- ----------
Revenues:
Parking $ 139,356 $ 145,661 $ 416,603 $ 436,547
Management contracts 31,933 31,957 91,477 94,612
---------- ---------- ---------- ----------
171,289 177,618 508,080 531,159
Reimbursement of
management contract
expenses 139,163 113,590 399,585 340,149
---------- ---------- ---------- ----------
Total revenues 310,452 291,208 907,665 871,308
Costs and expenses:
Cost of parking 124,798 131,655 378,726 393,873
Cost of management
contracts 12,524 13,208 42,815 41,334
General and
administrative 20,412 17,598 60,160 53,693
---------- ---------- ---------- ----------
157,734 162,461 481,701 488,900
Reimbursed management
contract expenses 139,163 113,590 399,585 340,149
---------- ---------- ---------- ----------
Total costs and
expenses 296,897 276,051 881,286 829,049
Property-related (loss)
gains, net (1,171) 1,462 15,464 5,997
---------- ---------- ---------- ----------
Operating earnings 12,384 16,619 41,843 48,256
Other income (expenses):
Interest income 1,177 1,217 3,361 3,642
Interest expense (4,303) (4,834) (14,217) (15,235)
Equity in partnership
and joint venture
earnings (93) (402) (545) (2,389)
---------- ---------- ---------- ----------
Earnings from continuing
operations before
minority interest and
income taxes 9,165 12,600 30,442 34,274
Minority interest (475) (833) (1,183) (2,595)
---------- ---------- ---------- ----------
Earnings from continuing
operations before income
taxes 8,690 11,767 29,259 31,679
Income tax expense (3,411) (5,156) (11,709) (12,877)
---------- ---------- ---------- ----------
Earnings from continuing
operations 5,279 6,611 17,550 18,802
---------- ---------- ---------- ----------
Discontinued operations,
net of tax (399) (643) (2,925) (904)
---------- ---------- ---------- ----------
Net earnings $ 4,880 $ 5,968 $ 14,625 $ 17,898
========== ========== ========== ==========
Basic earnings (loss)
per share:
Earnings from continuing
operations $ 0.14 $ 0.18 $ 0.48 $ 0.52
Discontinued operations,
net of tax (0.01) (0.02) (0.08) (0.03)
---------- ---------- ---------- ----------
Net earnings $ 0.13 $ 0.16 $ 0.40 $ 0.49
========== ========== ========== ==========
Diluted earnings (loss)
per share:
Earnings from continuing
operations $ 0.14 $ 0.18 $ 0.48 $ 0.52
Discontinued operations,
net of tax (0.01) (0.02) (0.08) (0.03)
---------- ---------- ---------- ----------
Net earnings $ 0.13 $ 0.16 $ 0.40 $ 0.49
========== ========== ========== ==========
Weighted average shares
used for basic per
share data 36,663 36,435 36,603 36,277
Effect of dilutive
common stock options 220 300 139 211
---------- ---------- ---------- ----------
Weighted average shares
used for dilutive per
share data 36,883 36,735 36,742 36,488
========== ========== ========== ==========
Central Parking Corporation and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
Amounts in thousands
June 30, September 30,
2005 2004
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 27,585 $ 27,628
Management accounts receivable 54,442 43,776
Accounts receivable - other 14,877 14,594
Current portion of notes receivable 3,757 6,010
Prepaid expenses 13,131 13,045
Assets held for sale 39,306 23,724
Refundable income taxes 3,120 1,461
Deferred income taxes 11,119 11,177
------------- -------------
Total current assets 167,337 141,415
Notes receivable, less current portion 39,175 41,940
Property, equipment and leasehold
improvements, net 345,229 380,256
Contract and lease rights, net 81,992 89,015
Goodwill, net 234,329 232,562
Investment in and advances to partnerships
and joint ventures 6,786 7,824
Other assets 37,037 36,616
------------- -------------
Total Assets $ 911,885 $ 929,628
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt and
capital lease obligations $ 5,562 $ 46,867
Accounts payable 76,373 82,224
Accrued expenses 52,414 46,807
Management accounts payable 27,227 24,640
------------- -------------
Total current liabilities 161,576 200,538
Long-term debt and capital lease
obligations, less current portion 161,206 159,188
Subordinated debentures 78,085 78,085
Deferred rent 22,490 24,450
Deferred income taxes 14,168 17,293
Other liabilities 21,009 14,977
------------- -------------
Total liabilities 458,534 494,531
------------- -------------
Minority interest 537 64
Shareholders' equity:
Common stock 367 366
Additional paid-in capital 251,184 249,452
Accumulated other comprehensive income,
net 3,953 879
Retained earnings 198,015 185,041
Other (705) (705)
------------- -------------
Total shareholders' equity 452,814 435,033
------------- -------------
Total Liabilities and Shareholders' Equity $ 911,885 $ 929,628
============= =============
Central Parking Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Amounts in thousands
YTD June 30, YTD June 30,
2005 2004
------------- -------------
Cash flows from operating activities:
Net earnings $ 14,625 $ 17,898
Loss from discontinued operations 2,925 904
------------- -------------
Earnings from continuing operations 17,550 18,802
Adjustments to reconcile earnings from
continuing operations to net cash
provided by operating activities -
continuing operations:
Depreciation and amortization 21,506 24,781
Equity in partnership and joint venture
earnings 545 2,389
Distributions from partnerships and
joint ventures 1,393 1,237
Property-related gains, net (15,464) (5,997)
Deferred income taxes (3,555) 4,346
Minority interest, net of tax 1,183 2,595
Changes in operating assets and
liabilities:
Management accounts receivable (10,843) (7,882)
Accounts receivable - other (296) 6,098
Prepaid expenses (125) (3,981)
Other assets (5,447) (7,478)
Accounts payable, accrued expenses and
other liabilities 5,493 (13,319)
Management accounts payable 2,565 3,443
Deferred rent (1,960) (2,296)
Refundable income taxes (1,658) 4,246
Income taxes payable 51 -
------------- -------------
Net cash provided by operating
activities - continuing operations 10,938 26,984
Net cash (used) provided by
operating activities - discontinued
operations (2,282) 1,689
------------- -------------
Net cash provided by operating
activities 8,656 28,673
------------- -------------
Cash flows from investing activities:
Proceeds from disposition of property
and equipment 35,951 62,026
Purchase of equipment and leasehold
improvements (8,921) (10,442)
Purchase of property - (1,725)
Purchase of contracts and lease rights - (4,530)
Other investing activities 3,921 4,248
------------- -------------
Net cash provided by investing
activities 30,951 49,577
------------- -------------
Cash flows from financing activities:
Dividends paid (1,651) (1,647)
Net borrowings (repayments) under
revolving credit agreement 71,126 (59,000)
Proceeds from issuance of notes payable,
net of issuance costs 9,728 1,864
Principal repayments on long-term debt
and capital lease obligations (120,195) (21,382)
Payment to minority interest partners (392) (3,224)
Proceeds from issuance of common stock
and exercise of stock options 1,733 2,904
------------- -------------
Net cash used by financing activities (39,651) (80,485)
------------- -------------
Foreign currency translation 1 651
------------- -------------
Net decrease in cash and cash equivalents (43) (1,584)
Cash and cash equivalents at beginning of
period 27,628 31,572
------------- -------------
Cash and cash equivalents at end of period $ 27,585 $ 29,988
============= =============
Key Financial Metrics
(Includes continuing and discontinued operations)
(In thousands)
QTD Ended June 30, YTD Ended June 30,
2005 2004 2005 2004
---------- ---------- ---------- ----------
Net earnings $ 4,880 $ 5,968 $ 14,625 $ 17,898
Interest expense 4,303 4,838 14,223 15,268
Income tax expense 3,123 4,728 9,824 12,273
Depreciation/amortization 6,541 7,589 20,193 23,380
Minority interest 475 778 1,268 2,435
---------- ---------- ---------- ----------
EBITDA $ 19,322 $ 23,901 $ 60,133 $ 71,254
========== ========== ========== ==========
In addition to disclosing financial results prepared in accordance
with U.S. generally accepted accounting principles, the Company
discloses information regarding EBITDA. EBITDA is a non-GAAP financial
measure defined as earnings before interest, taxes,
depreciation/amortization and minority interest. The Securities and
Exchange Commission ("SEC") adopted new rules concerning the use of
non-GAAP financial measures. As required by the SEC, the Company
provides the above reconciliation to net earnings which is the most
directly comparable GAAP measure. The Company presents EBITDA as it is
a common alternative measure of performance which is used by
management as well as investors when analyzing the financial position
and operating performance of the Company. As EBITDA is a non-GAAP
financial measure, it should not be considered in isolation or as a
substitute for net earnings or any other GAAP measure. Because EBITDA
is not calculated in the same manner by all companies, the Company's
definition of EBITDA may not be consistent with that of other
companies.
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