Central Parking Reports Improved Fiscal Second Quarter Results.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)--April 28, 2004 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 that 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 quarter ended March 31, 2004, increased to $3.5 million, or $0.10 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 compared with a loss of $6.9 million, or $0.19 per diluted share in the second fiscal quarter of 2003. Net earnings for the second quarter of fiscal 2004 were $3.5 million, or $0.10 per diluted share compared with a net loss of $9.2 million, or $0.25 per diluted share for the second quarter of the previous fiscal year. For the second quarter of 2004, total revenues increased 5.0% to $290.8 million, while revenues excluding reimbursed management costs increased 1.6% to $177.0 million compared with the year-earlier period. Earnings from continuing operations for the six months ended March 31, 2004 were $12.9 million, or $0.36 per diluted share compared with a loss of $1.8 million, or $0.05 per diluted share in the first half of fiscal 2003. Net earnings for the first half of fiscal 2004 were $11.9 million, or $0.33 per share compared with a loss of $2.3 million, or $0.06 per share in the year-earlier period. Total revenues increased 5.3% to $588.1 million for the first half of 2004, while revenues excluding reimbursed management costs increased 2.2% to $361.5 million. During the second quarter, the Company continued its program of opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. property sales completing more than $6 million of sale transactions. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , property sales through March 31, 2004 totaled more than $30 million with all of the proceeds used to reduce debt. Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain on property sales included in results from continuing operations totaled $3.3 million, or $0.05 per diluted share for the second quarter and $4.5 million, or $.08 per diluted share for the year-to-date period. "Operating results for the second quarter continued the positive trends seen in the first quarter," 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. "Profits from continuing operations increased due to higher comparable sales, primarily in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of region; lower expenses, particularly in payroll and rent expense; and property-related gains. Partially offsetting those results were losses and non-cash impairments of approximately $2.6 million, net of tax, or $0.07 per share, reported by our 50%-owned, non-consolidated affiliate in 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. . We expect earnings from our Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum investment to be reduced by less than $0.01 per diluted share for the remainder of fiscal 2004." Mr. Carell continued, "As in the first quarter, we again demonstrated an ability to execute to our plan by improving margins through leveraging 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). and by reducing debt. Improved 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 , lower capital expenditures and successful property sales allowed us to reduce our debt by more than $23 million in the quarter, bringing the total debt reduction for the first half of 2004 to more than $61 million. "As the economy strengthens we expect to see gradual improvement in 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) in many central business districts. That trend, along with our efforts to maintain a reduced level of expenses, should produce favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. year over year comparisons in the second half. As a result, we continue to expect that earnings from continuing operations, excluding property-related gains or losses, for the full year will be in the range of $0.55 to $0.65 per share," Carell concluded. A conference call regarding this release is scheduled for Thursday Thursday: see week. , April 29, 2004, 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 broadcast of the call at www.parking.com or www.fulldisclosure.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. The Company operates approximately 3,700 parking facilities containing approximately 1.6 million spaces at locations in 38 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, 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. 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 historical and forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information. The words "expect," "should," "believe," "anticipate," "project," "plan," "estimate," "objective," "outlook," "assumptions," "guidance," "forecast," "goal," "intend," "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, continued efforts to maintain reduced operating costs operating costs npl → gastos mpl operacionales and further reductions in the Company's 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. , 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; the loss or renewal on less favorable 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 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; temporary changes in demand due to weather patterns; 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; and the impact of 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. , including but not limited to, the securities class action lawsuits class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax pending against the Company; and increased regulation or taxation of parking operations. 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 September: see month. 30, 2003 filed 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 Earnings
(Unaudited)
Amounts in thousands, except
per share data
QTD ended March 31, YTD ended March 31,
2004 2003 2004 2003
---------- --------- ---------- ---------
Revenues:
Parking $146,054 $145,001 $297,608 $294,065
Management contracts 30,941 29,275 63,903 59,570
---------- --------- ---------- ---------
176,995 174,276 361,511 353,635
Reimbursement of management
contract expenses 113,835 102,722 226,559 204,703
---------- --------- ---------- ---------
Total revenues 290,830 276,998 588,070 558,338
Costs and expenses:
Cost of parking 134,205 139,380 267,171 272,106
Cost of management contracts 14,594 17,486 28,968 32,096
General and administrative 18,279 20,785 37,109 41,442
Non-compete amortization 11 50 22 144
---------- --------- ---------- ---------
167,089 177,701 333,270 345,788
Reimbursed management
contract expenses 113,835 102,722 226,559 204,703
---------- --------- ---------- ---------
Total costs and expenses 280,924 280,423 559,829 550,491
Property-related gains
(losses), net 3,294 (3,300) 4,536 (3,179)
---------- --------- ---------- ---------
Operating earnings (losses) 13,200 (6,725) 32,777 4,668
Other income (expenses):
Interest income 1,178 1,151 2,425 2,350
Interest expense (4,071) (5,594) (8,341) (8,548)
Interest expense
-subordinated debentures (1,045) (1,045) (2,089) (2,089)
Gain on sale of non-operating
assets - 3,241 - 3,241
Equity in partnership and
joint venture earnings (2,535) 878 (1,988) 1,546
---------- --------- ---------- ---------
Earnings from continuing
operations before minority
interest and income taxes 6,727 (8,094) 22,784 1,168
Minority interest, net of tax (644) (1,075) (1,657) (2,360)
---------- --------- ---------- ---------
Earnings from continuing
operations before income
taxes 6,083 (9,169) 21,127 (1,192)
Income tax (expense) benefit (2,601) 2,256 (8,206) (643)
---------- --------- ---------- ---------
Earnings (loss) from
continuing operations 3,482 (6,913) 12,921 (1,835)
---------- --------- ---------- ---------
Discontinued operations, net
of tax 53 (2,237) (992) (449)
---------- --------- ---------- ---------
Net earnings (loss) $3,535 $(9,150) $11,929 $(2,284)
========== ========= ========== =========
Basic earnings (loss) per share:
Earnings (loss) from
continuing operations $0.10 $(0.19) $0.36 $(0.05)
Discontinued operations, net
of tax 0.00 (0.06) (0.03) (0.01)
---------- --------- ---------- ---------
Net earnings (loss) $0.10 $(0.25) $0.33 $(0.06)
========== ========= ========== =========
Diluted earnings (loss) per share:
Earnings (loss) from
continuing operations $0.10 $(0.19) $0.36 $(0.05)
Discontinued operations, net
of tax 0.00 (0.06) (0.03) (0.01)
---------- --------- ---------- ---------
Net earnings (loss) $0.10 $(0.25) $0.33 $(0.06)
========== ========= ========== =========
Weighted average shares used
for basic per share data 36,238 35,980 36,198 35,974
Effect of dilutive common
stock options 285 - 166 -
---------- --------- ---------- ---------
Weighted average shares used
for dilutive per share data 36,523 35,980 36,364 35,974
========== ========= ========== =========
Central Parking Corporation and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
Amounts in thousands
March 31, September 30,
2004 2003
------------ --------------
ASSETS
Current assets:
Cash and cash equivalents $34,807 $31,572
Management accounts receivable 35,261 34,174
Accounts receivable - other 7,041 15,440
Current portion of notes receivable 5,532 8,220
Prepaid expenses 16,311 11,424
Assets held for sale 37,533 39,417
Refundable income taxes 3,826 5,483
------------ --------------
Total current assets 140,311 145,730
Notes receivable, less current portion 40,529 40,879
Property, equipment and leasehold
improvements, net 373,069 414,265
Contract and lease rights, net 92,996 102,315
Goodwill, net 230,312 230,312
Investment in and advances to partnerships
and joint ventures 10,518 13,649
Other assets 45,420 42,297
------------ --------------
Total Assets $933,155 $989,447
============ ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt and
capital lease obligations $15,503 $3,623
Accounts payable 73,486 80,128
Accrued expenses 44,761 43,661
Management accounts payable 23,144 22,392
------------ --------------
Total current liabilities 156,894 149,804
Long-term debt and capital lease
obligations, less current portion 193,200 266,961
Subordinated debentures 78,085 78,085
Deferred rent 26,033 27,569
Deferred income taxes 3,733 3,010
Other liabilities 16,459 16,303
------------ --------------
Total liabilities 474,404 541,732
------------ --------------
Company-obligated mandatorily redeemable
convertible securities of a
Minority interest 29,646 31,189
Shareholders' equity:
Common stock 364 362
Additional paid-in capital 248,515 246,559
Accumulated other comprehensive income,
net (140) 78
Retained earnings 181,071 170,232
Other (705) (705)
------------ --------------
Total shareholders' equity 429,105 416,526
------------ --------------
Total Liabilities and Shareholders' Equity $933,155 $989,447
============ ==============
Central Parking Corporation and Subsidiaries
Consolidated Statement of Cash Flows
(Unaudited)
Amounts in thousands
YTD March 31,
2004 2003
------------------
Cash flows from operating activities:
Net earnings $11,929 $(2,284)
Loss (earnings) from discontinued operations 992 449
------------------
Earnings from continuing operations 12,921 (1,835)
Adjustments to reconcile net earnings (loss)
from continuing operations to net cash provided
(used) by operating activities - continuing
operations:
Depreciation and amortization 16,604 17,139
Equity in partnership and joint venture earnings 1,974 (1,261)
Distributions from partnerships and joint
ventures 943 591
Gain on sale of non operating assets - (3,241)
Property-related losses (gains), net (4,536) 3,179
Loss on derivatives related to refinancing - 918
Decrease in fair value of derivatives - 12
Deferred income taxes 701 (3,968)
Minority interest, net of tax 1,657 2,360
Changes in operating assets and liabilities:
Management accounts receivable (1,087) 801
Accounts receivable - other 8,399 4,373
Prepaid expenses (4,887) (2,857)
Other assets (5,592) (1,237)
Accounts payable, accrued expenses and other
liabilities (9,868) 4,436
Management accounts payable 752 3,175
Deferred rent (1,536) (771)
Refundable income taxes 1,657 -
Income taxes payable - (8,698)
------------------
Net cash provided by operating activities -
continuing operations 18,102 13,116
Net cash provided (used) by operating
activities - discontinued operations 526 (2,600)
------------------
Net cash provided by operating activities 18,628 10,516
------------------
Cash flows from investing activities:
Proceeds from disposition of property and
equipment 50,916 17,200
Purchase of property, equipment and leasehold
improvements (5,591) (34,573)
Purchase of contract and lease rights - (7,857)
Other investing activities 3,139 8,452
------------------
Net cash provided (used) by investing
activities 48,464 (16,778)
------------------
Cash flows from financing activities:
Dividends paid (1,090) (1,081)
Net (repayments) under revolving credit
agreement (49,000) (83,000)
Proceeds from issuance of notes payable, net of
issuance costs 1,851 175,000
Principal repayments on long-term debt and
capital lease obligations (14,732) (76,761)
Payment to minority interest partners (2,845) (3,597)
Proceeds from issuance of common stock and
exercise of stock options 2,082 528
------------------
Net cash (used) provided by
financing activities (63,734) 11,089
------------------
Foreign currency translation (123) 1
------------------
Net decrease in cash and cash equivalents 3,235 4,828
Cash and cash equivalents at beginning of period 31,572 33,498
------------------
Cash and cash equivalents at end of period $34,807 $38,326
==================
Key Financial Metrics
(In thousands)
QTD Ended March 31, YTD Ended March 31,
2004 2003 2004 2003
Net earnings (loss) $3,535 ($9,150) $11,929 ($2,284)
Interest expense 5,116 6,639 10,430 10,637
Income tax expense (benefit) 2,702 (3,746) 7,545 (342)
Depreciation/amortization 7,400 8,552 15,657 16,390
Minority interest, net of tax 644 1,075 1,657 2,360
------------------- -------------------
EBITDA $19,397 $3,370 $47,218 $26,761
=================== ===================
In addition to disclosing financial results prepared in accordance
with GAAP, the Company discloses information regarding EBITDA. EBITDA
is a non-GAAP financial measure defined as earnings before interest,
taxes, depreciation/amortization, minority interest, and cumulative
effect in accounting changes. The Securities and Exchange Commission
("SEC") recently 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 (loss) 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 (loss) 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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