Standard Parking Corporation Reports Solid Second Quarter Growth; Updates 2010 Outlook
CHICAGO, Aug. 4, 2010 (GLOBE NEWSWIRE) -- Standard Parking Corporation (Nasdaq:STAN), one of the nation's leading providers of parking management, ground transportation and other ancillary services, today announced 2010 second quarter results. Net income attributable to the Company increased 7% compared to the year ago quarter, to $4.5 million, or $0.28 per share. Earnings per share increased 4% over the second quarter of 2009.
James A. Wilhelm, President and Chief Executive Officer, said, "We're pleased with the results of our 2010 second quarter. We're encouraged by what appears to be gradual improvement in our business, as evidenced by growth in our same location gross profit for the first time in over a year despite continuing weakness in the general economy. The institutional marketplace appears to be strong, and our new business pipeline is full. Our location retention rate, one of our key metrics, remains relatively steady at 89%, and our location operating profit retention remains strong at 97%."We're continuing to keep a watchful eye on the travel-related areas of our business, which often are the slowest to recover from an economic downturn. While our airport and hotel operations did display growth in same location second quarter gross profit, based on current trends in those industries we expect continuing softness in these areas for the remainder of the year. "We're pleased that our underlying G&A grew by just 3% excluding the impact of our restoration in 2010 of the performance bonus program that was eliminated in 2009. "We think our second quarter results are representative of the performance of our core business, as this year's second quarter was free of the noise that adversely impacted 2009. While we're delighted with this quarter and the fact that certain indicators seem to be pointing in a positive direction, we remain cautious given the continuing uncertainty about where the economy overall is headed generally and the expected continuing softness in the travel-related industries for the rest of the year.
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