This Day On The Street
Continue to site
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

Standard Parking Corporation Announces Fourth Quarter And Full-Year 2012 Results

Fourth Quarter Operating Results

Gross profit in the 2012 fourth quarter was $41.7 million, compared to $22.2 million in the 2011 fourth quarter. The increase in gross profit was primarily due to $21.2 million of gross profit from Central Parking's operations. Excluding gross profit attributable to Central Parking's operations, gross profit decreased by $1.7 million compared to the same period of 2011. This decrease was attributable primarily to several large contract retrades in 2011 that took effect in 2012, and an unfavorable swing in insurance reserve estimates for the fourth quarter of 2012 compared to the same period in 2011, in addition to the impact of the National Hockey League lock-out. On a same location basis, excluding Central Parking's operations and the impact of the contract retrades, fourth quarter gross profit was up 1%.

Fourth quarter general and administrative (G&A) expenses for 2012 and 2011 were $42.9 million and $13.7 million, respectively. Excluding $17.4 million of merger and integration related costs in the 2012 fourth quarter, G&A expenses were $25.5 million, of which Central Parking's operations represented $14.5 million. Excluding G&A from Central Parking's operations and all merger and integration related costs, fourth quarter 2012 G&A expenses were $10.9 million, a 4% decrease compared to fourth quarter 2011 G&A expenses of $11.4 million excluding $2.3 million of merger-related costs.

Net loss attributable to the Company for the 2012 fourth quarter was ($4.8) million, or ($0.22) per share, compared to net income attributable to the Company of $3.6 million and $0.23 per share for the 2011 fourth quarter. Merger-adjusted net income attributable to the Company was $4.1 million, or $0.26 per share, compared to net income of $5.1 million, or $0.32 per share, for the fourth quarter of 2011 excluding merger-related expenses. Merger-adjusted net income attributable to the Company for the 2012 fourth quarter assumes a 34.2% tax rate for 2012, which was the actual effective tax rate for the 2011 fourth quarter.

2 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,081.89 -49.97 -0.29%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,796.6090 -42.0340 -0.87%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs