The Company expects 2013 free cash flow in excess of $30 million after the payment of $17 million for liabilities accrued as of December 31, 2012 for severance, divestiture and legal costs.
Reflecting confidence in the Company's growth strategies, the Company has established its long-term financial goals to achieve a 5% compound annual growth rate in gross profit, and to drive G&A as a percentage of gross profit to 45% by 2015.
Reflecting on the Company's near and long-term goals, Mr. Wilhelm said, "2013 will be another important transitional year for the business as we move towards completing the integration, adopting a long-term brand strategy and achieving organic growth. At the same time, we're devoting human and capital resources to leveraging our scale for the longer term with enhanced marketing, advertising and consumer-friendly transactional capabilities. We will also place a focused emphasis on continuing development of so-called 'P3' initiatives involving public and private partnerships, which Standard Parking and Central Parking each pursued successfully prior to the merger. Based on our work to date, the long-term prospects for the Company are consistent with the vision and objectives anticipated when we signed the merger agreement a year ago. Building upon this, the opportunities for the Company to generate substantial additional shareholder value are strong."
Conference CallThe Company's quarterly earnings conference call will be held at 10:00 a.m. (Central Time) on March 8, 2013 and will be available live and in replay to all analyst/investors through a webcast service. To listen to the live call, individuals are directed to the Company's Investor Relations page at www.ir.standardparking.com at least 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, replays will be available shortly after the call on the Standard Parking website and can be accessed for 30 days after the call. About Standard Parking Standard Parking is a leading national provider of parking facility management, ground transportation and other ancillary services. Including Central Parking Corporation, its wholly-owned subsidiary, the Company has approximately 25,000 employees and manages more than 4,200 facilities with more than 2.2 million parking spaces in hundreds of cities across North America. The operations include parking-related and shuttle bus operations serving more than 75 airports. USA Parking System, a wholly-owned subsidiary of Central Parking, is one of the premier valet operators in the nation with more four and five diamond luxury properties, including hotels and resorts, than any other valet competitor.