This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Standard Parking Corporation Completes Merger With Central Parking Corporation

Management Update

Standard Parking also announced that effective as of today's closing, Marc Baumann, its Chief Financial Officer, has assumed the additional role of President of Urban Operations. Reporting to Mr. Baumann in this new role will be four Executive Vice Presidents of Operations – Edward Simmons, Steven Warshauer, Daniel Huberty and Robert Toy. Mr. Simmons and Mr. Warshauer, who have 45 and 34 years of parking industry experience, respectively, have served in their current roles with Standard Parking for more than 10 years. Mr. Huberty and Mr. Toy, each with more than 15 years of parking industry experience, join the Company from Central Parking.

"Marc's leadership as our CFO over the past twelve years has been critical to our success. With his new responsibilities, Marc will play a key role in helping us achieve our post-closing goals and position the Company for long-term success," said Mr. Wilhelm.

Reporting directly to Mr. Wilhelm will be John Ricchiuto, Standard Parking's Executive Vice President of Airport Operations, and William Bodenhamer, Jr., President and CEO of USA Parking Systems, a valet service provider that specializes in the hospitality industry. USA Parking Systems will continue to operate independently as a wholly-owned subsidiary of Central Parking.

In addition, the Company announced that Mark A. Janek has joined Standard Parking as Senior Vice President of Finance. Mr. Janek previously served as Vice President of Finance at Matson Logistics, a leading provider of multimodal transportation, warehousing and distribution services, as well as Corporate Controller of the Hub Group, a publicly traded transportation management company. Along with Daniel R. Meyer, the Company's Senior Vice President and Corporate Controller, Mr. Janek will report directly to Mr. Baumann to support Mr. Baumann in his continuing role as CFO.

Financial Targets

The Company reiterates its previously announced integration and financial targets. Standard Parking currently expects to generate annual run-rate cost synergies in excess of $20 million by the end of the second year after closing. The Company also expects that its free cash flow should enable the Company to reach a debt coverage ratio of 2.5x within three years, consistent with the Company's long-term objective of achieving debt levels similar to those of companies having investment grade ratings.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs