Standard Parking Corporation Reports 2010 Results, 18% Increase In EPS; Provides 2011 Guidance
CHICAGO, March 9, 2011 (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 fourth quarter and full-year results. 2010 earnings per share was $1.06, an 18% increase compared with 2009. The Company generated $15.3 million of free cash flow in 2010 as compared with $17.2 million in 2009.
James A. Wilhelm, President and Chief Executive Officer, said, "We are encouraged with the strengthening in some key business measures that appear to have taken root in the final quarter of 2010. Same location gross profit in the quarter increased by 10% compared with the fourth quarter of 2009, while same location gross profit for the full year increased by only 1%. Paid exits at same location leases increased 9% over the fourth quarter of 2009, with growth across most vertical markets. We're hopeful that these trends will continue into the future."Our free cash flow for the year was somewhat lower than our expectations at $15.3 million, due primarily to a lower than expected improvement in working capital combined with a higher than expected increase in cash paid for income taxes. "We're extremely pleased with our December acquisition of Expert Parking in Philadelphia, one of the last major metropolitan areas in which we previously had no presence. The acquisition is a wonderful complement to our operations in New York and New Jersey, and provides a solid platform for growth in the Northeast corridor in 2011." Wilhelm concluded by stating, "We remain cautious in light of the economic challenges that many of our clients and customers continue to face. Nevertheless, we're continuing to invest in people and technology that will enhance our ability to deliver the diverse suite of products and services offered through our SP Plus brand, including the master transportation planning services offered by our SP Plus Gameday and SP Plus Event Services divisions."
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