This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Standard Parking Corporation Reports Solid Second Quarter Growth; Updates 2010 Outlook

"We are updating our outlook for the year by adjusting our full year earnings per share guidance to a range of $1.05 - $1.10. We're making this change for several reasons. First, we project that we will incur more legal expenses than originally expected over the remainder of the year to close out a few lingering prior year legal matters that haven't resolved themselves as quickly as anticipated. In addition, we're expecting a significant reduction in the scope of services at one of our upcoming Gameday events, and we're being affected by a change in expectations as to currency exchange rates from our growing Canadian business. For free cash flow, we're still expecting to generate from $20 - $25 million.

"Long term, we remain confident that our core business performance, our ongoing investment in technology and resources and the increasing traction that we're gaining with our expanded service offerings, all bode well for strengthening our position as an industry leader as the economy recovers."

Second Quarter Results

Revenue for the second quarter, excluding reimbursement of management contract expense, of $76.2 million increased 4% over the same period last year. Management contract revenue grew 13%, offsetting a 4% decrease in revenue at leased locations.

Gross profit in the quarter increased by 13% to $22.7 million from $20.1 million a year ago as legal-related expenses that adversely impacted the second quarter of 2009 were much less of a factor in this year's second quarter. Growth at same locations, along with the addition of new airport and transportation contracts at Atlanta-Hartsfield, Reagan and Dulles airports and the acquisition of the Gameday Management Group, were key contributors to the year-over-year growth in gross profit.

General and administrative expense ("G&A") increased by 18% to $12.2 million from $10.3 million a year ago. Fifteen percentage points of this increase, however, was attributable to the Company's restoration in 2010 of its performance-based compensation programs, as compared to the 2009 second quarter, in which the Company decided to eliminate its 2009 bonuses and thus completely reversed its year-to-date accrual.

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
STAN $21.29 -0.37%
AAPL $117.81 0.00%
FB $105.45 0.00%
GOOG $750.26 0.00%
TSLA $231.61 0.00%


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs