Central Parking Corporation Reports Record Fiscal 2000 Earnings, Expects Continued Growth for Fiscal 2001.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)--Nov. 28, 2000 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 earnings of $40.4 million, or $1.10 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, for the fiscal year ended September September: see month. 30, 2000 before merger and integration-related expenses, net gains on property-related activities and an extraordinary item. Earnings for the fiscal year ended September 30, 1999 totaled $36.6 million, or $0.99 per diluted share, excluding merger and integration-related expenses, net gains on property-related activities and an extraordinary loss from the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt. Net earnings for the year ended September 30, 2000 totaled $36.4 million, or $0.99 per diluted share, versus net earnings of $3.7 million, or $0.10 per diluted share, in fiscal 1999. Revenues for fiscal 2000 totaled $730.9 million versus $730.5 million in the year-earlier period. Earnings for the three months ended September 30, 2000 totaled $7.0 million, or $0.19 per diluted share before net losses on property-related activities. Earnings for the fourth quarter of fiscal 1999, excluding merger and integration-related expenses and net losses on property-related activities, totaled $6.6 million, or $0.18 per diluted share. Net earnings for the fourth quarter were $6.0 million or $0.16 per diluted share, compared with $2.4 million, or $0.07 per diluted share in the year-earlier period. Revenues for the fourth quarter of 2000 totaled $176.6 million versus $181.1 million in the year-earlier period. "Fiscal 2000, though somewhat below our original expectations, was a year of progress for the company as we achieved 11% earnings growth over fiscal 1999," commented 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 our ongoing marketing activities contributed positively to our results, that gain was offset by the loss of locations resulting from the Allright merger, actions we took to address locations that were not generating a satisfactory return and locations lost due to ordinary business factors." "An important legacy 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. progress is adapting to the broad trends in the parking management business. We are into another phase of the industry's evolution that is leading us to concentrate more on the major metropolitan regions where we can generate a reasonable return on the strong managerial and financial resources that we have established. Our top priority for fiscal 2001 is to demonstrate renewed success in expanding internally through the aggressive marketing actions that have so effectively supported our longer term growth. The broad upswing Upswing An upward turn in a security's price after a period of falling prices. in new commercial construction 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. provides an encouraging backdrop Backdrop may refer to:
Carell added, "We have the strong advantage of a positive cash flow that allowed us to reduce our outstanding debt by $59.9 million for fiscal 2000. We expect to continue generating significant funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. during fiscal 2001 in excess of our operational needs. We will be able to use these funds to strengthen our balance sheet by reducing borrowings under our credit facility, thereby increasing our flexibility to fund the Company's future growth opportunities as well as additional repurchases of our stock." 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 4,500 parking facilities containing approximately 1.6 million spaces at locations in 40 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, Chile, Germany, Mexico, Poland, Spain and Venezuela. 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
Financial Highlights
(In thousands)
Fourth Quarter Ended
------------------------------------
September 30, September 30,
2000 1999
------------- -------------
Total revenues $ 176,579 $ 181,124
Net earnings $ 6,027 $ 2,448
Net earnings per share
Basic $ 0.17 $ 0.07
Diluted $ 0.16 $ 0.07
Weighted average common
shares:
Basic 36,204 36,461
Diluted 36,644 37,111
Pro forma net earnings per
share (a):
Basic $ 0.19 $ 0.18
Diluted $ 0.19 $ 0.18
Year Ended
------------------------------------
September 30, September 30,
2000 1999
------------- -------------
Total revenues $ 730,929 $ 730,472
Net earnings $ 36,439 3,682
Net earnings per share
Basic $ 1.00 $ 0.10
Diluted $ 0.99 $ 0.10
Weighted average common
shares
Basic 36,365 36,349
Diluted 36,851 37,056
Pro forma net earnings per
share (a):
Basic $ 1.11 $ 1.01
Diluted $ 1.10 $ 0.99
(a) Pro forma adjustments add back merger and integration costs
related to the merger with Allright Holdings, Inc., net gains and
losses on property-related activities, and extraordinary items to
the extent incurred or realized during the respective period.
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