Central Parking Corporation Reports Results for the Third Fiscal Quarter.

Business Editors

NASHVILLE, Tenn.--(BUSINESS WIRE)--Aug. 12, 2003

Central Parking Corporation (NYSE: CPC) today announced a net loss of $5.1 million, or $0.14 per diluted share, for the third quarter ended June 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 costs and property-related impairment 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 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 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 leases, exit under-performing properties and eliminate positions not essential to our daily operations.

"The current results also overshadow 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 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 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 services at Toronto Pearson International Airport, which began May 1, 2003 and a similar contract to manage the parking at the new Toyota Tundra Arena servicing the Houston Rockets, effective September 1, 2003. Following the end of the third quarter we announced a renewable three-year contract to manage revenue collection for the Orange County, California public toll road system. In total our new-to-lost business ratio for the third quarter and the nine months was 2.67 and 1.96 respectively.

"Looking ahead we will continue to focus on cost reduction, debt repayment, reduction of receivables 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, is a leading global provider of parking and transportation management services. The Company operates approximately 3,800 parking facilities containing more than 1.6 million spaces at locations in 39 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, Mexico, Chile, Peru, Colombia, Venezuela, Germany, Switzerland, Poland, Spain and Greece.

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 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
                                                     ======== ========