Standard Parking Corporation Reports Solid Third Quarter Growth; Reaffirms Guidance

CHICAGO, Nov. 3, 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 third quarter results. Net income attributable to the Company increased 16% compared with the year ago quarter, to $4.8 million, or $0.30 per share. Earnings per share increased 11% over the third quarter of 2009. The Company also generated $12.7 million of free cash flow in the quarter.

Comments

James A. Wilhelm, President and Chief Executive Officer, said, "We're pleased to see these solid third quarter results. Our ability to deliver such consistent results against the backdrop of a challenging economy is a testament to the soundness of our business model. While we're not anticipating significant short-term improvement in macro-economic conditions, we're confident that as those conditions improve we'll be able to reap the benefits of a full new business pipeline as well as the development of our new SP Plus ^® branded service lines and vertical markets. In addition, we continue to evaluate several acquisition candidates. As we look ahead to 2011, our expectations are for another year of solid growth."

Third Quarter Operating Results

Revenue for the third quarter of 2010, excluding reimbursed management contract expense, increased by $4.6 million from the year-ago period to $79.4 million, primarily due to the addition of new airport and transportation locations and the timing of Gameday events. Paid exits at same location leases increased almost 4% over the third quarter of 2009, with growth across most vertical markets.

Gross profit in the 2010 third quarter increased by 5% to $22.4 million from $21.2 million a year ago, as all of our operating divisions reported solid year over year growth. While approximately half of the increase is attributable to the absence of certain legal-related expenses that occurred in the year ago quarter, strong results from our Airport, Gameday and Canadian operations were solid contributors to the third quarter 2010 gross profit growth.