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

The field organization integration has been substantially completed. All actions necessary to achieve the projected 2013 cost synergies have been taken, as duplicate or overlapping roles have been eliminated or modified. The combined operating team is working well together, client retention has remained strong and the Company continues to win significant new business.

The process of integrating the Companies' support office platforms and processes is on track. Development of the software conversion programs is continuing as the Company prepares to commence its formal conversion program. The conversion, which will be implemented in geographically-based phases, remains on schedule to begin in July 2013.

Strategic analysis and planning regarding the Company's long-term branding strategy commenced promptly upon the merger's closing. The Company expects to announce its new brand strategy in the second quarter of 2013.

Marc Baumann, the Company's Chief Financial Officer and President of Urban Operations, stated, "We're extremely pleased with the integration progress made so far. The high level of engagement and enthusiasm shown by all members of our team, whether in the field or support office, has contributed not only to the significant empirical progress we've made, but also to the wonderful spirit and collegiality displayed throughout the process. In addition, we've nearly completed our determination of the impact of Central Parking's closing net debt and working capital balances on the total purchase consideration under the merger agreement's adjustment mechanism."

2013 Outlook

Based on the Company's 2012 results and expectations for the coming year, the Company is initiating 2013 full-year earnings per share guidance in the range of $0.75 to $0.85, which excludes expected 2013 merger and integration related costs of $5.5 million, or $0.15 per share. The Company estimates that $17 million of G&A, representing $0.47 per share, will be eliminated during 2014 and 2015, an increase of $6 million over previous estimates, resulting in total net post-merger synergies of $26 million by the end of 2015. The Company continues to believe that the merger will be accretive to earnings per share by 2015.

4 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
AAPL $93.21 -1.70%
FB $116.76 0.03%
GOOG $692.25 0.18%
TSLA $244.75 -1.20%
YHOO $36.50 -0.25%


Chart of I:DJI
DOW 17,750.91 -79.85 -0.45%
S&P 500 2,066.13 -9.68 -0.47%
NASDAQ 4,777.1220 -28.1690 -0.59%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs