Central Parking Corporation Reports Third Quarter Earnings.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. 9, 2001 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 for the third fiscal quarter ended June June: see month. 30, 2001 that were directly in line with the guidance offered by the Company last month. Earnings before property-related activities totaled $8.6 million, or $0.24 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, compared with $12.5 million, or $0.34 per diluted share, in the year-earlier period excluding property-related activities and merger and integration-related expenses. Net earnings for the three months ended June 30, 2001 totaled $6.7 million, or $0.19 per diluted share. Net earnings for the year-earlier period totaled $14.8 million, or $0.40 per diluted share. Revenues for the third quarter of 2001 were $179.1 million versus $186.4 million in the year-earlier period. Earnings for the nine months ended June 30, 2001 totaled $27.0 million, or $0.75 per diluted share, before a change in accounting principle and property-related activities, compared with $33.4 million, or $0.91 per diluted share in the year-earlier period, excluding merger and integration-related expenses, property-related activities and extraordinary items. Net earnings for the nine months ended June 30, 2001 totaled $25.1 million, or $0.70 per diluted share, before a change in accounting principle, versus $30.6 million, or $0.83 per diluted share, before an extraordinary item, in the year-earlier period. Revenues for the first nine months of fiscal 2001 totaled $530.7 million versus $554.4 million in the year-earlier period. William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack J. Vareschi, Jr., Vice Chairman and Chief Executive Officer, said "Although we have the advantage of a generally stable business base, our revenue related to discretionary activities such as parking for entertainment has been impacted by the general economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. . Our cost-reduction programs are producing their targeted savings, and we are very encouraged by the trend that is emerging from our marketing efforts to secure new business. The ratio of new/lost business was positive for the third quarter, and we are on track for a positive ratio in the final quarter of fiscal 2001. Assuming economic conditions do not become more challenging, we continue to estimate that earnings per diluted share for the full year, before property-related activities and extraordinary items, will likely be in the range of $0.93 to $0.98." Vareschi added, "We have continued to have the advantage this year of significant cash flow in excess of our normal operational needs. This allowed us to effect a $26.4 million reduction in our total outstanding debt including a $21.4 million reduction in borrowings under our credit facility through the first nine months. The Company's strong financial resources provide us with considerable flexibility in acquisitions such as the USA Parking Systems agreement, which we announced earlier this week." 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 and transportation management services. The Company operates approximately 4,100 parking facilities containing approximately 1.5 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 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. , 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. , 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). , 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. , 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. , 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. 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
Financial Highlights
(In thousands)
(Unaudited)
Third Quarter Ended
--------------------
June 30, June 30,
2001(a) 2000
---------- -----------
Total revenues $ 179,145 $ 186,366
Total cost and expenses 160,078 161,644
Property-related activities (3,058) (918)
--------- ---------
Operating earnings 16,009 23,804
--------- ---------
Other income (expense), net (909) 4,287
Interest (expense), net (3,356) (4,990)
Income taxes (5,007) (8,320)
--------- ---------
Earnings before extraordinary item
and change in accounting principle $ 6,737 $ 14,781
========= =========
Earnings before extraordinary item
and change in accounting principle per share
Basic $ 0.19 $ 0.41
Diluted $ 0.19 $ 0.40
Weighted average common shares:
Basic 35,740 36,260
Diluted 35,900 36,774
Pro forma earnings per share
Basic $ 0.24 $ 0.34
Diluted $ 0.24 $ 0.34
CENTRAL PARKING CORPORATION
Financial Highlights
(In thousands)
(Unaudited)
Nine Months Ended
------------------
June 30, June 30,
2001(a) 2000(b)
--------- ----------
Total revenues $ 530,744 $ 554,350
Total cost and expenses 470,461 483,755
Merger/integration 0 (10,609)
Property-related activities (2,577) 2,171
--------- ---------
Operating earnings 57,706 62,157
Other income (expense), net (2,674) 2,082
Interest (expense), net (12,168) (14,754)
Income taxes (17,711) (18,878)
--------- ---------
Earnings before extraordinary item
and change in accounting principle $ 25,153 $ 30,607
========= =========
Earnings before extraordinary item
and change in accounting principle per share
Basic $ 0.70 $ 0.84
Diluted $ 0.70 $ 0.83
Weighted average common shares:
Basic 35,818 36,418
Diluted 36,046 36,923
Pro forma earnings per share
Basic $ 0.75 $ 0.92
Diluted $ 0.75 $ 0.91
(a) Pro forma earnings per share exclude net gains (losses) on
property-related activities. Results for the nine months ended June
30, 2001 exclude a change in accounting principle loss of $258,000
after taxes.
(b) Pro forma earnings per share exclude merger and integrations
costs related to the merger in March 1999 of Allright Holdings, Inc.,
and net gains from property-related activities. Results for nine
months ended June 30, 2000 exclude an extraordinary loss of $195,000
after taxes.
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