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

Conference Call

The Company's quarterly earnings conference call will be held at 10:00 a.m. (Central Time) on Thursday, August 5, 2010 and will be available live and in replay to all analyst/investors through a webcast service. To listen to the live call, individuals are directed to the Company's investor relations page at www.standardparking.com at least 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, replays will be available shortly after the call on the Standard Parking website and can be accessed for 30 days after the call.

Standard Parking is a leading national provider of parking facility management, ground transportation and other ancillary services. The Company, with approximately 12,000 employees, manages approximately 2,200 facilities, containing over 1.2 million parking spaces in approximately 340 cities across the United States and four Canadian provinces, including parking-related and shuttle bus operations serving more than 60 airports.

More information about Standard Parking is available at www.standardparking.com. You should not construe the information on this website to be a part of this release. Standard Parking's annual reports filed on Form 10-K, its quarterly reports on Form 10-Q and its current reports on Form 8-K are available on the Internet at www.sec.gov and can also be accessed through the Investor Relations section of the Company's website.

DISCLOSURE NOTICE: The information contained in this document is as of August 4, 2010. The Company assumes no obligation to update any forward-looking statements contained in this document as a result of new information or future events or developments.

This document and tables contain forward-looking information about the Company's financial results that involve substantial risks and uncertainties. You can identify these statements by the fact that they use words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will" and similar terms and phrases in connection with any discussion of future operating or financial performance. These forward-looking statements are made based on management's expectations and beliefs concerning future events affecting the Company and are subject to uncertainties and factors relating to the operations and business environment, all of which are difficult to predict and many of which are beyond management's control. These uncertainties and factors could cause actual results to differ materially from those matters expressed in or implied by these forward-looking statements. The following factors are among those that may cause actual results to differ materially from forward-looking statements: recent turmoil in the credit markets and financial services industry; changes in general economic and business conditions or demographic trends; the financial difficulties or bankruptcy of our major clients, including the impact on our ability to collect receivables; availability, terms and deployment of capital; the loss, or renewal on less favorable terms, of management contracts and leases; our ability to renew our insurance policies on acceptable terms, the extent to which our clients choose to obtain insurance coverage through us and our ability to successfully manage self-insured losses; seasonal trends, especially in the first quarter of the year; the impact of public and private regulations; our ability to form and maintain relationships with large real estate owners, managers and developers; integration of future acquisitions in light of challenges in retaining key employees, synchronizing business processes and efficiently integrating facilities, marketing and operations; the ability to obtain performance bonds on acceptable terms to guarantee our performance under certain contracts; extraordinary events affecting parking at facilities that we manage, including emergency safety measures, military or terrorist attacks and natural disasters; changes in federal and state regulations including those affecting airports, parking lots at airports or automobile use; the loss of key employees; and development of new, competitive parking-related services. A further list and description of these risks, uncertainties, and other matters can be found in the Company's Annual Reports on Form 10-K and in its quarterly reports on Form 10-Q and its current reports on Form 8-K.

STANDARD PARKING CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except for share and per share data)
     
  June 30, 2010  December 31, 2009 
   (Unaudited)  
ASSETS    
Current assets:    
Cash and cash equivalents  $ 8,282  $ 8,256
Notes and accounts receivable, net  54,600  44,490
Prepaid expenses and supplies  2,893  5,401
Deferred taxes   3,457   3,457
Total current assets  69,232  61,604
Leasehold improvements, equipment and construction in progress, net  17,191  17,175
Advances and deposits  4,796  4,904
Long-term receivables, net  12,051  10,325
Intangible and other assets, net  8,446  6,765
Cost of contracts, net  13,374  12,879
Goodwill   128,190   126,853
Total assets  $ 253,280  $ 240,505
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 47,548  $ 48,502
Accrued and other current liabilities  32,903  33,156
Current portion of long-term borrowings   654   662
Total current liabilities  81,105  82,320
Deferred taxes  9,185  8,151
Long-term borrowings, excluding current portion  110,518  112,549
Other long-term liabilities  27,555  22,808
Standard Parking Corporation's stockholders' equity:    
Preferred stock, par value $.01 per share; 5,000,000 shares authorized and no shares issued  —  —
Common stock, par value $.001 per share; 50,000,000 shares authorized; 15,620,355 and 15,385,428 shares issued and outstanding as of June 30, 2010 and December 31, 2009, respectively  16  15
Additional paid-in capital  95,065  91,793
Accumulated other comprehensive income (loss)  (80)  313
Accumulated deficit   (70,019)   (77,372)
Total Standard Parking Corporation stockholders' equity  24,982  14,749
Noncontrolling interest   (65)   (72)
Total equity   24,917   14,677
Total liabilities and stockholders' equity  $ 253,280  $ 240,505
 
STANDARD PARKING CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share and per share data, unaudited)
         
  Three Months Ended  Six Months Ended 
   June 30, 2010   June 30, 2009   June 30, 2010   June 30, 2009 
Parking services revenue:        
Lease contracts  $ 34,162  $ 35,687  $ 67,278  $ 70,387
Management contracts   42,081   37,311   82,156   75,604
   76,243  72,998  149,434  145,991
Reimbursed management contract revenue   100,757   97,595   206,812   200,152
Total revenue  177,000  170,593  356,246  346,143
Cost of parking services:        
Lease contracts  31,217  32,932  62,988  65,881
Management contracts   22,278   19,938   44,542   40,329
   53,495  52,870  107,530  106,210
Reimbursed management contract expense   100,757   97,595   206,812   200,152
Total cost of parking services  154,252  150,465  314,342  306,362
Gross profit:        
Lease contracts  2,945  2,755  4,290  4,506
Management contracts   19,803   17,373   37,614   35,275
Total gross profit  22,748  20,128  41,904  39,781
General and administrative expenses  12,218  10,320  23,778  23,081
Depreciation and amortization   1,570   1,413   3,030   2,900
Operating income  8,960  8,395  15,096  13,800
Other expenses (income):        
Interest expense  1,398  1,528  2,888  2,964
Interest income   (52)   (95)   (105)   (162)
   1,346  1,433  2,783  2,802
Income before income taxes  7,614  6,962  12,313  10,998
Income tax expense   3,021   2,692   4,868   4,266
Net income  4,593  4,270  7,445  6,732
Less: Net income attributable to noncontrolling interest   85   42   92   106
Net income attributable to Standard Parking Corporation  $ 4,508  $ 4,228  $ 7,353  $ 6,626
Common stock data:        
Net income per share:        
Basic  $ 0.29  $ 0.28  $ 0.48  $ 0.43
Diluted  $ 0.28  $ 0.27  $ 0.46  $ 0.42
Weighted average shares outstanding:        
Basic  15,531,726  15,251,310  15,461,904  15,273,796
Diluted  15,877,258  15,601,643  15,841,713  15,642,234
 
STANDARD PARKING CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, except for share and per share data, unaudited)
     
  Six Months Ended
  June 30, 2010  June 30, 2009 
Operating activities:    
Net income  $ 7,445  $ 6,732
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation and amortization  2,998  2,691
Loss on sale of assets  37  193
Amortization of debt issuance costs  319  321
Non-cash stock-based compensation  1,237  1,073
Excess tax benefit related to stock option exercises  (968)  —
(Reversal) provision for losses on accounts receivable  (55)  143
Deferred income taxes  1,034  2,098
Change in operating assets and liabilities   (10,044)   (5,418)
Net cash provided by operating activities  2,003  7,833
Investing activities:    
Purchase of leasehold improvements and equipment  (1,560)  (2,131)
Cost of contracts purchased  (121)  (604)
Capitalized interest  (71)  (89)
Contingent purchase payments   (104)   (259)
Net cash used in investing activities  (1,856)  (3,083)
Financing activities:    
Repurchase of common stock  —  (3,885)
Proceeds from exercise of stock options  1,069  —
Tax benefit related to stock option exercises  968  —
(Payments on) proceeds from senior credit facility  (1,700)  2,150
Distribution to noncontrolling interest  (85)  (108)
Payments on long-term borrowings  (63)  (59)
Payments on capital leases   (276)   (571)
Net cash used in financing activities  (87)  (2,473)
Effect of exchange rate changes on cash and cash equivalents   (34)   (57)
Increase in cash and cash equivalents  26  2,220
Cash and cash equivalents at beginning of period   8,256   8,301
Cash and cash equivalents at end of period  $ 8,282  $ 10,521
Supplemental disclosures:    
Cash paid during the period for:    
Interest  $ 2,691  $ 3,005
Income taxes  3,032  1,770

The Company defines free cash flow as net cash from operating activities, less cash used for investing activities (exclusive of acquisitions), plus the effect of exchange rate changes on cash and cash equivalents. Due to the adoption, effective January 1, 2009, of Financial Accounting Standards Board Accounting Standards Codification Topic 810, Consolidation (formerly FAS 160), the calculation of Free Cash Flow has been modified to deduct for the distribution to noncontrolling interest, which was previously reported as part of net cash from operating activities.

STANDARD PARKING CORPORATION
FREE CASH FLOW
(in thousands, except for share and per share data, unaudited)
         
  Three Months Ended Six Months Ended
  June 30, 2010 June 30, 2009 June 30, 2010 June 30, 2009
Operating income $8,960 $8,395 $15,096 $13,800
Depreciation and amortization expense 1,570 1,413 3,030 2,900
Non-cash compensation 729 546 1,237 1,073
Income tax paid (2,017) (1,176) (3,032) (1,770)
Income attributable to noncontrolling interest (85) (42) (92) (106)
Change in assets and liabilities (7,791) (24) (11,664) (5,224)
Purchase of leaseholds, equipment and cost of contracts and contingent purchase payments (1,357) (1,607) (1,856) (3,083)
Operating cash flow $9 $7,505 $2,719 $7,590
Cash interest paid (before payment of debt issuance)   (1,395) (1,459) (2,691) (3,005)
Free cash flow (1) ($1,386) $6,046 $28 $4,585
(Increase) decrease in cash and cash equivalents 476 (733) (26) (2,220)
Free cash flow, net of change in cash ($910) $5,313 $2 $2,365
         
Sources (Uses) of cash:        
(Payments) Proceeds from senior credit facility ($750) ($5,000) ($1,700) $2,150
(Payments) on other borrowings (167) (312) (339) (630)
(Payments) of debt issuance costs --  --  --  -- 
Proceeds from exercise of stock options 934 --  1,069 -- 
Tax benefit related to stock option exercises 893  --  968  -- 
(Repurchase) of common stock --  (1) --  (3,885)
(Payments) on acquisitions --  --  --  -- 
Total (uses) of cash $910 ($5,313) ($2) ($2,365)
 
(1) Reconciliation of Free Cash Flow to Consolidated Statements of Cash Flow
  Six Months Ended Three Months Ended Three Months Ended
  June 30, 2010 March 31, 2010 June 30, 2010
Net cash provided by operating activities $2,003 $1,778 $225
Net cash (used in) investing activities (1,856) (499) (1,357)
Acquisitions  --   --   -- 
Distribution to noncontrolling interest (85) (7) (78)
Effect of exchange rate changes on cash and cash equivalents (34) 142 (176)
Free cash flow $28 $1,414 ($1,386)
       
       
  Six Months Ended Three Months Ended Three Months Ended
  June 30, 2009 March 31, 2009 June 30, 2009
Net cash provided by operating activities $7,833 $301 $7,532
Net cash (used in) investing activities (3,083) (1,476) (1,607)
Acquisitions  --   --   -- 
Distribution to noncontrolling interest (108) (52) (56)
Effect of exchange rate changes on cash and cash equivalents (57) (234) 177
Free cash flow $4,585 ($1,461) $6,046
 
Trailing Twelve Month Free Cash Flow
  Three Months Ended Twelve Months
  September 30, December 31, March 30, June 30, Ended 
   2009  2009  2010  2010 June 30, 2010
Free Cash Flow $6,374 $6,264 $1,414 ($1,386) $12,666
 
STANDARD PARKING CORPORATION
LOCATION COUNT
       
  June 30, 2010 December 31, 2009 June 30, 2009
Managed facilities  1,966  1,921  1,919
Leased facilities   210  208  223
Total facilities  2,176  2,129  2,142
CONTACT:  Standard Parking Corporation
          G. Marc Baumann, Executive Vice President and Chief 
           Financial Officer
          (312) 274-2199
          mbaumann@standardparking.com

Standard Parking Corporation

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