This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

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

The Company also was awarded the parking management contract at Greenwich Hospital, a member of the Yale New Haven Health System. The Company will manage approximately 1,000 parking spaces and valet operations at two garages and several surface lots serving staff, employees, patients and visitors. The Company's operations are expected to commence in August.

Year-to-Date Results

Revenue for the first six months of 2010, excluding reimbursed management contract expense, increased by 2% to $149.4 million from $146.0 million in the first half of 2009.

Gross profit for the first half of 2010 increased by 5% to $41.9 million from $39.8 million in the year-ago period as legal-related expenses that impacted 2009 did not recur to the same degree in 2010. Large new airport contracts and the Gameday acquisition also contributed to the year-over-year growth.

General and administrative expenses for the first half of 2010 increased by 3% to $23.8 million from $23.1 million a year earlier. The 2010 first half results reflect the restoration of performance-based compensation bonuses that were eliminated in 2009 and the addition of Gameday G&A, which were partially offset by the absence of certain 2009 legal-related expenses that did not recur in 2010 and cost efficiencies the Company is realizing from the rollout of its IT initiatives.

As a result of the foregoing, operating income for the first half of 2010 increased by 9% to $15.1 million from $13.8 million in the first half of 2009.

Net income attributable to the Company increased by 11% to $7.4 million for the first six months of 2010 as compared with $6.6 million for the first six months last year. On a per share basis, earnings were $0.46 in the first half of 2010 as compared with $0.42 in the first half of 2009, an increase of 10%.

2010 Full-Year Outlook

The Company is updating its full year earnings per share guidance to a range of $1.05 - $1.10, and is reiterating its free cash flow guidance of $20 - $25 million.

4 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,461.32 -153.49 -0.92%
S&P 500 1,927.11 -14.17 -0.73%
NASDAQ 4,382.8470 -36.6310 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs