Central Parking Reports Record Second Quarter Results; First-Half Operating Earnings Up 70%.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)--May 5, 1998--Central Parking Corporation (NYSE NYSE See: New York Stock Exchange :PK) today announced record quarterly revenues and earnings for the second quarter of the Company's 1998 fiscal year. Total revenues for the three months ended March 31, 1998, totaled $91.2 million, up 63% compared with $55.9 million in the year-earlier period. Operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before for the quarter increased 69% to $12.0 million versus $7.1 million a year ago. Net earnings for the second quarter increased 43% to $6.3 million, or $0.23 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. Net earnings in the year-earlier period totaled $4.4 million, or $0.17 per diluted share. The second-quarter results brought total revenues for the first half to $162.4 million, up 67% compared with $97.3 million in the year-earlier period. Operating earnings for the six months increased 70% to $20.8 million versus $12.2 million a year ago. Net earnings for the first half increased 44% to $12.0 million, or $0.44 per diluted share. Net earnings for the first half of fiscal 1997 were $8.3 million, or $0.32 per diluted share. The increased number of shares outstanding for the second quarter and first half is due principally to the public offering of 2,137,500 common shares by the Company in March 1998. All share and per share results for the year-earlier periods have been adjusted to reflect the 3-for-2 stock split distributed in December December: see month. 1997. "The gains for the second quarter extend our positive momentum from the first period," remarked 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. "At this mid-point of fiscal 1998, we are nearing the milestone of operating parking facilities with a total of one million spaces. Our progress thus far this year in reaching this significant accomplishment reflects gains in each of the initiatives that encompass our overall growth strategy. For the first half, we added a net of 64 parking properties, excluding acquisitions. Our ongoing marketing programs remain an essential part of our expansion plan, and we expect to sustain this positive trend over the third and fourth quarters. "We are also seeking to complement our internal gains through the acquisition of complementary operations. The second quarter was highlighted by our largest transaction to date; namely, the purchase of Kinney Systems in February February: see month. 1998. This important acquisition added 169,000 spaces, representing an approximate 23% expansion in the total size of our system. As a result of these incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. spaces, we gained a stronger competitive position in several major markets including New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. , Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. and Washington, D.C. At the closing, we had a comprehensive plan in place for integrating the Kinney operations into ours and are pleased with the progress that is being realized. Although we have started to realize some of the anticipated synergies from this combination, more savings should accrue To increase; to augment; to come to by way of increase; to be added as an increase, profit, or damage. Acquired; falling due; made or executed; matured; occurred; received; vested; was created; was incurred. during the second half and into fiscal 1999. Immediately after the close of the second quarter, we acquired Turner Properties, a privately owned operator of approximately 19,000 spaces and 34 locations in various cities." Carell added, "The third main element of our growth is the further expansion of our international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. . We added approximately 7,200 spaces to our operations in the United Kingdom during the second quarter. We also started a joint venture in Czechoslovakia and are continuing to evaluate opportunities to enter the promising South American market. "The completion in March 1998 of an offering of 2,137,500 shares by the Company and a private placement of $110 million of convertible preferred securities has significantly strengthened our financial resources." 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 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. . The Company operates approximately 2,273 parking facilities containing more than 933,000 spaces at locations in 34 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, Mexico, Germany, Malaysia, Chile and Spain. The Company has a business development office in Amsterdam. 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. -0-
CENTRAL PARKING CORPORATION
Financial Highlights
(Unaudited)
Second Quarter Ended
March 31, March 31,
1998 1997
Total revenues $91,222,000 $55,924,000
Operating earnings 12,034,000 7,109,000
Other income, net 1,220,000 957,000
Interest income (expense), net (2,732,000) (1,073,000)
Dividend on convertible
preferred securities (206,000) --
Earnings before income taxes 10,316,000 6,993,000
Income taxes 3,987,000 2,577,000
Net earnings $ 6,328,000 $ 4,416,000
Net earnings per share:
Basic $ 0.24 $ 0.17(a)
Diluted $ 0.23 $ 0.17(a)
Weighted average common shares:
Basic 26,824,000 25,986,000(a)
Diluted 27,326,000 26,331,000(a)
Six Months Ended March 31
1998 1997
Total revenues $162,411,000 $97,348,000
Operating earnings 20,838,000 12,238,000
Other income, net 2,429,000 1,210,000
Interest income (expense), net (3,646,000) (455,000)
Dividend on convertible
preferred securities (206,000) --
Earnings before income taxes 19,415,000 12,993,000
Income taxes 7,445,000 4,678,000
Net earnings $11,970,000 $ 8,315,000
Net earnings per share:
Basic $ 0.45 $ 0.32(a)
Diluted $ 0.44 $ 0.32(a)
Weighted average common shares:
Basic 26,427,000 25,954,000(a)
Diluted 26,925,000 26,299,000(a)
(a) All share and per share results for the three and six months
ended March 31, 1997 have been adjusted to reflect the 3-for-2
stock split distributed in December 1997.
CONTACT: Central Parking Corp., Nashville Stephen Tisdell, 615/297-4255 ext.265, stisdell@parking.com |
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