Standard Parking Corporation Reports Solid Third Quarter Growth; Reaffirms Guidance
SNC-Lavalin, which manages buildings owned by the Canadian government, recently selected the Company to manage the parking operations at three of those properties, located in Standard Parking's new Ottawa and Quebec markets.
Revenue for the first nine months of 2010, excluding reimbursed management contract expense, increased by 4% to $228.9 million from $220.8 million in 2009.
Gross profit for the first nine months of 2010 increased by 5% to $64.3 million from $61.0 million for the same period of 2009, as certain legal-related expenses that impacted 2009 did not recur to the same degree in 2010. Various airport and transportation-related contract wins and the Gameday acquisition were significant contributors to the year-over-year increase.General and administrative expenses for the first nine months of 2010 increased 3% to $35.3 million from $34.4 million a year earlier, reflecting the restoration in 2010 of performance-based compensation bonuses as well as the G&A attributable to the acquired Gameday operations. These year-over-year increases were partially offset by the absence of certain 2009 legal-related expenses that did not recur in 2010 as well as by cost efficiencies the Company is realizing from its investments in technology and process improvements. As a result, operating income for the first nine months of 2010 increased by 10% to $24.4 million from $22.2 million in the same period of 2009. Net income attributable to the Company increased by 13% to $12.2 million for the first nine months of 2010 as compared with $10.8 million for the first nine months of last year. On a per share basis, the year-over-year increase was 12% from $0.69 last year to $0.77 in 2010. Financial Outlook The Company reaffirms 2010 earnings per share guidance in the range of $1.05 - $1.10 per share and free cash flow in the range of $20 - $25 million. Conference Call The Company's quarterly earnings conference call will be held at 10:00 a.m. (Central Time) on Thursday, November 4, 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.
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