Standard Parking Corporation Announces Strong 2012 Second Quarter Results
CHICAGO, Aug. 8, 2012 (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 second quarter 2012 results. The Company reported second quarter 2012 earnings per share of $0.26, which includes $0.16 per share of costs incurred during the quarter related to the proposed merger with Central Parking Corporation announced on February 29, 2012. First half 2012 adjusted free cash flow was $13.3 million before the impact of merger-related costs of $6.0 million. This compares to $16.3 million of adjusted free cash flow generated on the same basis during the first half of 2011.
"We are pleased with our results for the second quarter and the first half of 2012, as our underlying business continues to perform well while we continue to prepare for our proposed merger with Central Parking," said James A. Wilhelm, President and Chief Executive Officer."Gross profit increased 12% in the second quarter compared to last year's second quarter. A larger than usual health insurance dividend that the Company received in the second quarter of 2012 contributed five percentage points of the increase. Our location and operating profit retention rates were strong at 90% and 96%, respectively. So all in all, I'm pleased that we're continuing to successfully execute on our growth strategy, which gives us the confidence to reaffirm our 2012 guidance. "As anticipated, the second quarter's growth of same location gross profit and paid exits at same location leases has moderated from the past few quarters, consistent with the country's recent macro-economic conditions. Same location gross profit was flat as compared to the same period last year, which also reflects the impact of the renegotiation at the end of last year of five large contracts. However, the aforementioned health dividend and a favorable year-over-year swing in prior year insurance reserves contributed to the second quarter's overall strong gross profit growth, reflecting the Company's growing expertise in the area of risk management."
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