Central Parking Corporation Reports Results for the Third Fiscal Quarter.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)--Aug. 12, 2003 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 a net loss of $5.1 million, or $0.14 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 third quarter ended June June: see month. 30, 2003. This compares with net earnings for the third quarter ended June 30, 2002 of $10.0 million, or $0.27 per diluted share. Revenues (excluding reimbursed management costs) increased 1.3 percent for the third quarter of 2003 to $182.8 million compared with $181.0 million in the year-earlier period. As previously announced, third quarter earnings were reduced by severance The act of dividing, or the state of being divided. 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 and property-related impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. costs. Severance costs for the quarter totaled $6.2 million and property-related impairment costs were $4.3 million. Earnings were also affected by higher general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. due to increases in insurance, legal and other expenses. For the nine-month period ended June 30, 2003, the company reported a net loss of $7.4 million, or $0.21 per diluted share compared with net earnings of $29.3 million, or $0.81 per diluted share in the year-earlier period. Revenues (excluding reimbursed management costs) for the first nine months of fiscal 2003 were $539.5 million compared with $532.1 million in the year-earlier period. "The results for the quarter reflect continued weakness in the economy in a price sensitive competitive environment," 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. "Partially offsetting the higher costs is the impact of our cost reduction initiatives. We continue to renegotiate re·ne·go·ti·ate tr.v. re·ne·go·ti·at·ed, re·ne·go·ti·at·ing, re·ne·go·ti·ates 1. To negotiate anew. 2. To revise the terms of (a contract) so as to limit or regain excess profits gained by the contractor. leases, exit under-performing properties and eliminate positions not essential to our daily operations. "The current results also overshadow o·ver·shad·ow tr.v. o·ver·shad·owed, o·ver·shad·ow·ing, o·ver·shad·ows 1. To cast a shadow over; darken or obscure. 2. To make insignificant by comparison; dominate. a number of positive developments in our operations. Earlier we announced the successful completion of the amendment to our $350 million senior secured credit facility under terms that we believe are very satisfactory to the company. We believe the renegotiation of this agreement and its terms demonstrate the confidence our lenders have in the future of our business. Also earlier this week we announced that Mark Shapiro Mark Shapiro (IPA: [mɑrk ʃəpʰaɪro]) is currently the General Manager of the Cleveland Indians. will be joining the company as Senior Vice President and Chief Financial Officer on August 18. Filling this position with a person with Mark's broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased experience and capabilities was one of my top priorities when I resumed the leadership of this corporation in May. We are confident Mark will make a major contribution to our success. "We have also continued to win new business including the previously announced multi-year contract to manage the parking and shuttle shuttle: see loom. shuttle In the weaving of cloth, a spindle-shaped device used to carry the crosswise threads (weft) through the lengthwise threads (warp). Not all modern looms use a shuttle; shuttleless looms draw the weft from a nonmoving supply. services at Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing Pearson Pear·son , Lester Bowles 1897-1972. Canadian politician who served as prime minister (1963-1968). He won the 1957 Nobel Peace Prize for his role in the negotiation of a solution to the Suez crisis (1956). International Airport, which began May 1, 2003 and a similar contract to manage the parking at the new Toyota Tundra The Toyota Tundra is a full-size pickup truck sold by Toyota, replacing the Toyota T100. It is similar to the Toyota Sequoia, and Toyota Tacoma. The Tundra was nominated for the North American Truck of the Year award and was Motor Trend magazine's Truck of the year for the year Arena servicing the Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; Rockets The following a list of rockets. Launch systems Known as "space rockets", these vehicle families have had launch attempts.
"Looking ahead we will continue to focus on cost reduction, debt repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan , reduction of receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed and strategies to improve the results of all of our properties. We have reduced capital expenditures to invest in only those projects that will improve efficiency and reduce costs." 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. The Company operates approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 3,800 parking facilities containing more than 1.6 million spaces at locations in 39 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 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. , 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. 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
Consolidated Statements of Earnings
(Unaudited)
Amounts in thousands, except per share data
Three months ended Nine months ended
June 30, June 30,
2003 2002 2003 2002
--------- --------- --------- ---------
Revenues:
Parking $152,150 $149,696 $448,690 $442,008
Management contracts 30,622 31,256 90,801 90,113
--------- --------- --------- ---------
182,772 180,952 539,491 532,121
Reimbursement of management
contract expenses 104,636 97,370 309,338 289,705
--------- --------- --------- ---------
Total revenues 287,408 278,322 848,829 821,826
Costs and expenses:
Cost of parking 141,832 131,542 416,211 385,794
Cost of management contracts 16,568 12,394 48,663 37,738
General and administrative 24,987 17,224 66,797 52,571
Non-compete amortization 13 94 157 310
--------- --------- --------- ---------
183,400 161,254 531,828 476,413
Reimbursed management contract
expenses 104,636 97,370 309,338 289,705
--------- --------- --------- ---------
Total costs and expenses 288,036 258,624 841,166 766,118
Property-related (losses)
gains, net (4,435) (2,298) (6,963) 4,735
--------- --------- --------- ---------
Operating (loss) earnings (5,063) 17,400 700 60,443
Other income (expenses):
Interest income 1,137 1,221 3,503 4,260
Interest expense (4,887) (3,142) (13,434) (9,461)
Dividends on Company-obligated mandatorily
redeemable convertible securities of a
subsidiary trust (1,045) (1,093) (3,134) (3,823)
Gain on repurchase of Company-obligated
mandatorily redeemable convertible
securities of a subsidiary
trust - 881 - 9,245
Gain on sale of non-operating
assets 38 - 3,279 -
Equity in partnership and joint
venture earnings 177 1,265 1,437 3,233
--------- --------- --------- ---------
(Loss) earnings from continuing
operations before minority
interest, income taxes and
cumulative effect of
accounting changes (9,643) 16,532 (7,649) 63,897
Minority interest, net of tax (884) (1,374) (3,244) (3,652)
--------- --------- --------- ---------
Net (loss) earnings from continuing operations before income
taxes and cumulative effect of
accounting change (10,527) 15,158 (10,893) 60,245
Income tax benefit (expense) 5,349 (5,215) 4,738 (22,381)
--------- --------- --------- ---------
(Loss) earnings from continuing
operations before cumulative
effect of accounting changes (5,178) 9,943 (6,155) 37,864
Cumulative effect of accounting
change, net of tax - - - (9,341)
--------- --------- --------- ---------
(Loss) earnings from continuing
operations (5,178) 9,943 (6,155) 28,523
--------- --------- --------- ---------
Discontinued operations, net
of tax 50 50 (1,258) 814
--------- --------- --------- ---------
Net (loss) earnings $(5,128) $9,993 $(7,413) $29,337
========= ========= ========= =========
Basic (loss) earnings per share:
(Loss) earnings from continuing
operations before cumulative
effect of accounting changes $(0.14) $0.28 $(0.17) $1.06
Cumulative effect of accounting
change, net of tax - - - (0.26)
Discontinued operations, net
of tax - - (0.04) 0.02
--------- --------- --------- ---------
Net (loss) earnings $(0.14) $0.28 $(0.21) $0.82
========= ========= ========= =========
Diluted earnings per share:
(Loss) earnings from continuing
operations before cumulative
effect of accounting changes $(0.14) $0.27 $(0.17) $1.05
Cumulative effect of accounting
change, net of tax - - - (0.26)
Discontinued operations, net
of tax - - (0.04) 0.02
--------- --------- --------- ---------
Net (loss) earnings $(0.14) $0.27 $(0.21) $0.81
========= ========= ========= =========
Weighted average shares used
for basic per share data 35,984 35,923 35,987 35,817
Effect of dilutive common
stock options - 664 - 373
--------- --------- --------- ---------
Weighted average shares used
for dilutive per share data 35,984 36,587 35,987 36,190
========= ========= ========= =========
Central Parking Corporation and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
Amounts in thousands
June 30, September 30,
2003 2002
--------------- ----------------
ASSETS
Current assets:
Cash and cash equivalents $33,510 $33,498
Management accounts receivable 36,052 39,664
Accounts receivable - other 13,397 15,714
Current portion of notes receivable 8,634 11,549
Prepaid expenses 11,448 9,835
Refundable income taxes 10,904 -
Deferred income taxes - 72
--------------- ----------------
Total current assets 113,945 110,332
Notes receivable, less current portion 40,635 41,210
Property, equipment and leasehold
improvements, net 454,470 434,733
Contract and lease rights, net 107,488 108,406
Goodwill, net 230,309 242,141
Investment in and advances to
partnerships and joint ventures 13,724 12,836
Other assets 43,800 49,226
--------------- ----------------
Total Assets $1,004,371 $998,884
=============== ================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt and
capital lease obligations $4,441 $53,318
Accounts payable 88,017 73,638
Accrued expenses 35,951 43,659
Management accounts payable 24,182 22,671
Income taxes payable - 9,851
--------------- ----------------
Total current liabilities 152,591 203,137
Long-term debt and capital lease
obligations, less current portion 279,508 207,098
Deferred rent 27,974 29,104
Deferred income taxes 4,635 13,825
Other liabilities 18,982 20,259
--------------- ----------------
Total liabilities 483,690 473,423
--------------- ----------------
Company-obligated mandatorily redeemable convertible
securities of a subsidiary trust holding solely
parent debentures 78,085 78,085
Minority interest 30,644 31,572
Shareholders' equity:
Common stock 361 360
Additional paid-in capital 245,107 242,112
Accumulated other comprehensive loss, net (699) (2,377)
Retained earnings 167,888 176,924
Other (705) (1,215)
--------------- ----------------
Total shareholders' equity 411,952 415,804
--------------- ----------------
Total Liabilities and Shareholders'
Equity $1,004,371 $998,884
=============== ================
Central Parking Corporation and Subsidiaries
Consolidated Statement of Cash Flows
(Unaudited)
Amounts in thousands
Nine months
ended June 30,
2003 2002
-------- --------
Cash flows from operating activities:
Net (loss) earnings $(7,413) $29,337
(Earnings) loss from discontinued operations 1,258 (814)
-------- --------
(Loss) earnings from continuing operations (6,155) 28,523
Adjustments to reconcile net (loss) earnings from continuing
operations to net cash provided by operating activities -
continuing operations:
Depreciation and amortization of property 24,754 25,759
Equity in partnership and joint venture earnings (1,437) (3,233)
Distributions from partnerships and joint
ventures 1,375 3,353
Gain on sale of non operating assets (3,279) -
Property-related losses (gains), net 6,963 (4,735)
Gain on repurchase of company-obligated
mandatorily redeemable convertible securities of
a subsidiary trust - (9,245)
Loss on derivatives related to refinancing 918
Decrease in fair value of derivatives 12
Cumulative effect of accounting change, net of tax - 9,341
Deferred income taxes (9,866) (963)
Minority interest, net of tax 3,244 3,652
Changes in operating assets and liabilities (net
of acquisitions):
Management accounts receivable 3,612 (3,799)
Accounts receivable - other 2,317 2,616
Prepaid expenses (12,517) (4,275)
Other assets 12,600 1,614
Accounts payable, accrued expenses and other
liabilities 4,640 5,346
Management accounts payable 1,511 2,340
Deferred rent (1,130) 8,075
Income taxes payable (9,851) 7,236
-------- --------
Net cash provided by operating activities -
continuing operations 17,711 71,605
Net cash (used) provided by operating activities
- discontinued operations (1,258) 814
-------- --------
Net cash provided by operating activities 16,453 72,419
-------- --------
Cash flows from investing activities:
Proceeds from disposition of property and
equipment 17,918 15,716
Proceeds from sale of investment in partnership
interests - 18,399
Purchase of property, equipment and leasehold
improvements (51,952) (19,777)
Purchase of contract and lease rights (7,186) (18,801)
Acquisitions, net of cash acquired (1,997) (17,788)
Other investing activities 4,963 (483)
-------- --------
Net cash used by investing activities (38,254) (22,734)
-------- --------
Cash flows from financing activities:
Dividends paid (1,623) (1,613)
Net (repayments) borrowings under revolving
credit agreement (74,500) 9,500
Proceeds from issuance of notes payable, net of
issuance costs 176,332 -
Principal repayments on long-term debt and
capital lease obligations (78,299) (41,512)
Payment to minority interest partners (3,914) (3,972)
Repurchase of common stock - (488)
Repurchase of mandatorily redeemable securities - (21,823)
Proceeds from issuance of common stock and
exercise of stock options 2,995 3,261
-------- --------
Net cash provided (used) by financing activities 20,991 (56,647)
-------- --------
Foreign currency translation 822 (316)
-------- --------
Net decrease in cash and cash equivalents 12 (7,278)
Cash and cash equivalents at beginning of period 33,498 41,849
-------- --------
Cash and cash equivalents at end of period $33,510 $34,571
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