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.
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.
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