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

Stocks in this article: STAN

More information about Standard Parking is available at www.standardparking.com . You should not construe the information on this website to be a part of this release. Standard Parking's annual reports filed on Form 10-K, its quarterly reports on Form 10- Q and its current reports on Form 8-K are available on the Internet at www.sec.gov and can also be accessed through the Investor Relations section of the Company's website.

Cautionary Note Regarding Forward-Looking Statements

This release and the attached tables contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including the statements under the caption "2013   Outlook" and other statements regarding expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "expect," "intend," "may," "plan," "guidance" and "will" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. These forward-looking statements are made based on management's expectations and beliefs concerning future events   affecting the Company   and are subject to uncertainties and factors relating to operations and the business environment, all of which are difficult to predict and many of which are beyond management's control. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the Company's ability to integrate Central Parking into the business of the Company successfully and the amount of time and expense spent and incurred in connection with the integration; the risk that the economic benefits, cost savings and other synergies that the Company anticipates as a result of the Central Parking merger are not fully realized or take longer to realize than expected; the Company's substantially increased indebtedness incurred in connection with the Central Parking merger, which may reduce available cash flow, increase vulnerability to adverse economic conditions, and limit flexibility in planning for, or reacting to, changes in or challenges related to the Company's business; unanticipated Central Parking merger and integration expenses; other losses, or renewals on less favorable terms, of management contracts and leases; adverse litigation judgments or settlements; adverse impact to the Company's operations in areas damaged by Hurricane Sandy; changes in general economic and business conditions or demographic trends; the loss of customers, clients or strategic alliances as a result of the Central Parking merger; the effect on the Company's strategy and operations due to changes to the Board of Directors that occurred upon the completion of the merger; the impact of the divestitures of management contracts and leases required by the agreement entered into by the Company with the Department of Justice in connection with the Central Parking merger; the impact of public and private regulations; financial difficulties or bankruptcy of major clients; intense competition; insurance losses that are worse than expected or adverse events not covered by insurance; labor disputes; extraordinary events affecting parking at facilities that the Company manages, including emergency safety measures, military or terrorist attacks, cyber terrorism and natural disasters; the risk that state and municipal government clients sell or enter into long-term leases of parking-related assets to competitors or clients of our competitors; uncertainty in the credit markets; availability, terms and deployment of capital; the Company's ability to obtain performance bonds on acceptable terms; and the impact of Federal health care reform.

For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

Use of Non-GAAP Financial Measures

To supplement its consolidated financial statements presented in accordance with GAAP, the Company considers certain financial measures that are not prepared in accordance with GAAP, including merger-adjusted gross profit, G&A excluding merger and integration related costs, merger-adjusted G&A, merger-adjusted net income, merger-adjusted net income per share (also referred to as merger-adjusted EPS), EBITDA and merger-adjusted EBITDA, and free cash flow.

The Company uses these non-GAAP financial measures, in addition to GAAP financial measures, to evaluate its operating and financial performance and to compare such performance to that of prior periods and to the performance of its competitors. Additionally, the Company uses these non-GAAP financial measures in making operational and financial decisions and in the Company's budgeting and planning process. The Company believes that providing these non-GAAP financial measures to investors helps investors evaluate the Company's operating performance, profitability and business trends in a way that is consistent with how management evaluates such performance and consistent with guidance previously provided by the Company. M erger-adjusted gross profit, G&A excluding merger and integration related costs, merger-adjusted G&A, merger-adjusted net income, merger-adjusted net income per share, EBITDA and merger-adjusted EBITDA , free cash flow and merger-adjusted free cash flow should not be considered as alternatives to, or more meaningful indicators of, the Company's operating performance than gross profit, G&A, net income or net income per share as determined in accordance with GAAP. In addition, the Company's calculation of such non-GAAP measures may not be comparable to similarly titled measures of another company.

Merger-adjusted gross profit . Merger-adjusted gross profit is a non-GAAP financial measure of gross profit adjusted to exclude Central Parking's gross profits. This non-GAAP measure is used to evaluate the Company's gross profit without the impact of the gross profit from Central Parking's operations, as the management analyzes the Company's performance both with and without the impact of this recent merger. The Company believes this measure helps management and investors assess how well the Company has used its internal resources to expand its profits.

G&A excluding merger and integration related costs; merger-adjusted G&A . G&A excluding merger and integration related costs is a non-GAAP financial measure of general and administrative (G&A) expenses excluding merger and integration related costs. Merger-adjusted G&A further adjusts G&A excluding merger and integration related costs by excluding G&A expenses attributable to the operations of Central Parking. The Company believes these financial measures provide useful information regarding the underlying operating performance of the Company and improves comparability of financial results because it excludes the impact of the Central Parking merger.

Merger-adjusted net income; merger-adjusted net income per share; EBITDA and merger-adjusted EBITDA. The financial items that have been excluded from the Company's GAAP net income to calculate merger-adjusted net income and merger-adjusted net income per share are (i) merger and integration related costs, (ii) amortization of merger related intangible assets, (iii) additional interest expense attributable to the Central Parking merger (representing the Company's determination of interest expense incurred by it during the applicable period above the interest expense that would have been incurred had the Central Parking merger not have occurred) and (iv) the operating results of Central Parking. Additionally, the Company subtracts an assumed provision for income taxes to arrive at merger-adjusted net income. The Company assumed an income tax rate equal to the Company's actual effective tax rate for the comparable prior year period.

Merger-adjusted net income per share (also referred to as merger-adjusted EPS) is a non-GAAP financial measure that represents merger-adjusted net income divided by the weighted average number of diluted shares or basic shares, as applicable, outstanding during the applicable period assuming no shares were issued in connection with the Central Parking merger.

EBITDA is a non-GAAP financial measure that represents GAAP net income attributable to the Company before (i) interest expense net of interest income, (ii) provision for income taxes, and (iii) depreciation and amortization. Merger-adjusted EBITDA further adjusts EBITDA by excluding merger and integration related costs and the operating results of Central Parking.

The Company has presented EBITDA because it believes EBITDA is helpful for evaluating the operating performance of the Company's core business without regard to potential disruptions as well as a useful financial indicator of the Company's ability to service debt. Additionally, the Company believes that EBITDA is a common alternative measure of operating performance used by investors and other external users. The Company has presented merger-adjusted net income, merger-adjusted net income per share and merger-adjusted EBITDA to allow more direct comparisons of its financial results to historical operations. The Company does not routinely engage in transactions of the magnitude of the Central Parking merger, and consequently does not regularly incur transaction-related costs with correlative size; therefore, the Company believes presenting such non-GAAP financial items, which exclude merger-related costs and Central Parking's operating results, provides investors with additional measures of the Company's underlying operating performance, including measures regarding organic changes in the continuing operations of the Company. Excluding Central Parking's operating results and associated merger-related costs from the Company's GAAP measures, helps management and the Company's investors evaluate the Company's ability to utilize its existing internal processes and ultimately the ability to use those processes to generate long-term value from the acquired assets.

Free cash flow : The Company defines free cash flow as net cash from operating activities, less cash used for investing activities (exclusive of acquisitions), less distribution to noncontrolling interest, plus the effect of exchange rate changes on cash and cash equivalents. The Company believes that the presentation of free cash flow provides useful information regarding its recurring cash provided by operating activities after certain expenditures. It also demonstrates the Company's ability to execute its financial strategy. The Company's presentation of free cash flow has material limitations. The Company's free cash flow does not represent its cash flow available for discretionary expenditures because it excludes certain expenditures that are required or to which the Company has committed, such as debt service requirements. The Company's definition of free cash flow may not be comparable to similarly titled measures presented by other companies.

For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see the accompanying tables to this release.

STANDARD PARKING CORPORATION
CONSOLIDATED BALANCE SHEETS
 
  December 31,
  2012 2011
  (unaudited)  
  (In thousands, except for  share and per share  data)
ASSETS    
Current assets:    
Cash and cash equivalents $ 28,450 $ 13,220
Notes and accounts receivable, net  110,617  46,396
Prepaid expenses and supplies  27,495  2,419
Deferred taxes  14,824  2,745
Total current assets  181,386  64,780
Leasehold improvements, equipment and construction in progress, net  40,010  16,732
Other assets:    
Advances and deposits  8,539  5,261
Long-term receivables, net  15,346  14,177
Intangible and other assets, net  202,822  9,420
Cost of contracts, net  14,215  14,286
Goodwill  435,122  132,417
   676,044  175,561
Total assets $ 897,440 $ 257,073
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable $ 129,037 $ 44,747
Accrued rent  11,444  5,074
Compensation and payroll withholdings  34,562  11,132
Property, payroll and other taxes  11,740  3,228
Accrued insurance  27,972  7,784
Accrued expenses  23,521  14,086
Current portion of other obligations  39,204  754
Total current liabilities  277,480  86,805
Deferred taxes  28,156  12,981
Long-term borrowings, excluding current portion:    
Obligations under senior credit facility  290,275  80,000
Other obligations  1,995  1,259
   292,270  81,259
Other long-term liabilities  100,549  26,386
Stockholders' equity:    
Preferred Stock, par value $0.01 per share; 5,000,000 shares authorized as of December 31, 2012 and 2011; no shares issued  —   — 
Common stock, par value $.001 per share; 50,000,000 shares authorized as of December 31, 2012, and 2011; 21,870,770 and 15,464,864 shares issued and outstanding as of December 31, 2012, and 2011, respectively  22  15
Additional paid-in capital  236,375  92,662
Accumulated other comprehensive (loss) income  571  (318)
Accumulated deficit  (38,735)  (42,632)
Total Standard Parking Corporation stockholders' equity  198,233  49,727
Noncontrolling interest  752  (85)
Total equity  198,985  49,642
Total liabilities and stockholders' equity $ 897,440 $ 257,073
 
 
STANDARD PARKING CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
 
  Years Ended December 31,
  2012  2011 2010
   (unaudited)       
  (In thousands, except for share and per share  data)
Parking services revenue:      
Lease contracts $ 250,355 $ 147,510 $ 138,664 
Management contracts  210,860  173,725  171,331 
Reimbursed management contract revenue  492,723  408,427  411,148 
Total revenue  953,938  729,662  721,143 
Costs and expenses:      
Cost of parking services:      
Lease contracts  230,262  136,494  128,613 
Management contracts  121,202  96,159  94,481 
Reimbursed management contract expense  492,723  408,427  411,148 
Total cost of parking services  844,187  641,080  634,242 
Gross profit:      
Lease contracts  20,093  11,016  10,051 
Management contracts  89,658  77,566  76,850 
Total gross profit  109,751  88,582  86,901 
General and administrative expenses  86,663  48,297  47,878 
Depreciation and amortization  13,241  6,618  6,074 
Total costs and expenses  944,091  695,995  688,194 
Operating income  9,847  33,667  32,949 
Other expenses (income):      
Interest expense  8,449  4,691  5,335 
Interest income   (382)  (537)  (249)
   8,067  4,154  5,086 
Income before income taxes  1,780  29,513  27,863 
Income tax expense  (3,151)  11,235  10,755 
Net income  4,931  18,278  17,108 
Less: Net income attributable to noncontrolling interest  1,034  378  268 
Net income attributable to Standard Parking Corporation $ 3,897 $ 17,900 $ 16,840 
       
Common stock data:      
Net income per share:      
Basic $ 0.23 $ 1.14 $ 1.08 
Diluted $ 0.22 $ 1.12 $ 1.06 
Weighted average shares outstanding:      
Basic  17,179,606  15,703,595  15,579,352 
Diluted  17,497,900  16,047,879  15,944,662 
       
 
STANDARD PARKING CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS 
 
  Year Ended December 31,
   2012   2011   2010
   (unaudited)     
  (In thousands, except for share and per share  data)
Operating activities      
Net income   $ 4,931  $ 18,278  $ 17,108
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization   13,329  6,671  6,018
Loss on sale of assets   80  31  115
Amortization of debt issuance costs   1,046  638  638
Non-cash stock-based compensation   2.103  2,451  2,310
Provision for losses on accounts receivable   420  201  100
Excess tax benefit related to stock option exercises   (445)  (246)  (1,446)
Deferred income taxes   9,110  2,913  2,629
Changes in operating assets and liabilities:      
Notes and accounts receivable   (7,184)  4,095  (9,672)
Prepaid assets   (2,066)  (154)  2,710
Other assets   3,981  (1,332)  (1,887)
Accounts payable   9,094  763  (5,098)
Accrued liabilities   (22,995)  641  6,009
       
Net cash provided by operating activities   11,404  34,950  19,534
Investing activities      
Purchase of leasehold improvements and equipment   (5,024)  (4,150)  (2,985)
Proceeds from the sale of assets   30  116  5
Acquisitions   27,736  14  (3,597)
Cost of contracts purchased   (1,172)  (932)  (678)
Capital interest   (12)  (43)  (139)
Contingent payments for businesses acquired   (332)  (262)  (340)
       
Net cash provided by (used in) investing activities   21,226  (5,257)  (7,734)
Financing activities      
Proceeds from exercise of stock options   526  217  1,773
Repurchase of common stock   —   (7,544)  — 
Earn-out payments   (2,073)  —   (529)
Merger related transactions:      
Payments on senior credit facility Standard Parking   (71,800)  —   — 
Proceeds from senior credit facility Standard Parking  72,790  —   — 
Payment on senior credit facility Central Parking  (237,143)  —   — 
Proceeds from term loan  250,000  —   — 
Payments on term loan  (5,625)  —   — 
Net payments on senior credit facility  (12,590)  (15,200)  (14,650)
Payment on notes payable  (40)  —   — 
Payments on other long-term borrowings   (145)  (136)  (128)
Distribution to noncontrolling interest   (874)  (388)  (271)
Payments of debt issuance costs   (10,332)  (30)  (30)
Payments on capital leases   (542)  (553)  (531)
Tax benefit related to stock option exercise   445  246  1,446
       
Net cash used in financing activities   (17,403)  (23,388)  (12,920)
Effect of exchange rate changes on cash and cash equivalents  3  (390)  169
       
Increase (decrease) in cash and cash equivalents   15,230  5,915  (951)
Cash and cash equivalents at beginning of year   13,220  7,305  8,256
       
Cash and cash equivalents at end of year  $ 28,450  $ 13,220  $ 7,305
       
Cash paid for:      
Interest   $ 18,715  $ 4,015  $ 5,097
Income taxes   3,651  7,507  7,270
       
Non-cash transactions:      
Fair value of shares issued to acquire Central Parking common stock  $ 140,719  —    —  
       
 
STANDARD PARKING CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION - RECONCILIATION OF MERGER-ADJUSTED GROSS PROFIT, G&A EXCLUDING MERGER AND INTEGRATION RELATED COSTS AND MERGER-ADJUSTED G&A
         
  Three months ended December 31, Year ended December 31,
  2012 2011 2012 2011
Gross profit, as reported $41,676 $22,157 $109,751 $88,582
Subtract: Gross profit attributable to Central Parking's operations  (21,235)  --   (21,235)  -- 
Merger-adjusted gross profit $20,441 $22,157 $88,516 $88,582
         
General and administrative expenses, as reported $42,904 $13,704 $86,663 $48,297
Subtract: Merger and integration related costs  (17,425)  (2,311)  (28,036)  (3,094)
G&A excluding merger and integration related costs  25,479  11,393  58,627  45,203
         
Subtract: G&A expenses attributable to Central Parking's operations, excluding merger and integration related costs  (14,547)  --   (14,547)  -- 
Merger-adjusted G&A $10,932 $11,393 $44,080 $45,203
         
         
STANDARD PARKING CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION - RECONCILIATION OF NET INCOME (LOSS) TO MERGER-ADJUSTED NET INCOME AND MERGER-ADJUSTED NET INCOME PER SHARE
         
  Three months ended December 31, Year ended December 31,
  2012 2011 2012 2011
Net income (loss) attributable to Standard Parking Corporation ($4,833) $3,602 $3,897 $17,900
Add:        
Income tax expense (benefit)  (10,158)  1,930  (3,151)  11,235
Net income attributable to noncontrolling interest  802  118  1,034  378
Income before income taxes  (14,189)  5,650  1,780  29,513
         
Subtract: Gross profit attributable to Central Parking's operations  (21,235)  --   (21,235)  -- 
Add:        
Merger and integration related costs  17,425  2,311  28,036  3,094
G&A expenses attributable to Central Parking's operations, excluding merger and integration related costs  14,547  --   14,547  -- 
Depreciation and amortization from Central Parking operations as well as amortization of merger related intangible assets  5,944  --   5,944  -- 
Additional net interest expense attributable to the Central Parking merger (see Note (a) below)  3,916  --   3,916  -- 
Merger-adjusted income before income taxes  6,408  7,961  32,988  32,607
Assumed provision for income tax expense, net  (2,192) (b)  (2,719)  (12,568) (c)  (12,413)
Merger-adjusted net income  4,216  5,242  20,420  20,194
         
less: Merger-adjusted net income attributable to noncontrolling interest (see Note (d) below)  (70)  (118)  (302)  (378)
         
Merger-adjusted net income attributable to Standard Parking Corporation $4,146 $5,124 $20,118 $19,816
         
Net income per share, as reported        
Basic ($0.22) $0.23 $0.23 $1.14
Diluted ($0.22) $0.23 $0.22 $1.12
         
Weighted average shares outstanding (in thousands):        
Basic  21,837  15,486  17,180  15,704
Diluted  22,358  15,845  17,498  16,048
         
Merger-adjusted net income per share (also referred to as merger adjusted EPS)        
Basic $0.26 $0.33 $1.29 $1.26
Diluted $0.26 $0.32 $1.27 $1.23
         
Merger-adjusted weighted average shares outstanding (in thousands) (e)        
Basic  15,675  15,486  15,643  15,704
Diluted  15,926  15,845  15,894  16,048
         
 
Note (a):        
Total interest expense for nine-months ended 9/30/12 (pre-merger)  3,355      
Annualization factor  x1.33      
Annualized nine month interest expense  4,473      
         
Total reported interest expense for twelve-months ended 12/31/12  8,449      
Subtract: Incremental interest expense attributable to the Central Parking merger  (3,976)      
Merger-adjusted interest expense  4,473      
         
Total reported interest income for twelve-months ended 12/31/12  382      
Subtract: Incremental interest income attributable to the Central Parking merger  (60)      
Merger-adjusted interest income  322      
         
Incremental interest expense net of interest income attributable to the Central Parking merger 3,916      
         
Note (b) - Based on an assumed 34.2% tax rate for 2012, which was the actual effective tax rate for the 2011 fourth quarter.
         
Note (c) - Based on an assumed 38.1% tax rate for 2012, which was the actual effective tax rate for the full year 2011.
         
Note (d): Three months ended December 31, Year ended December 31,
  2012 2011 2012 2011
Net income attributable to noncontrolling interest  802  118  1,034  378
less: Net income attributable to noncontrolling interest from Central Parking operations  (732)  --   (732)  -- 
Merger-adjusted net income attributable to noncontrolling interest  70  118  302  378
         
Note (e) - Assumes no shares were issued in connection with the Central Parking merger
 
 
STANDARD PARKING CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION - RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND MERGER-ADJUSTED EBITDA
     
  Period ended December 31, 2012
  Three Months Twelve Months
Net income (loss) attributable to Standard Parking Corporation, as reported ($4,833) $3,897
     
Add:    
Income tax (benefit) expense (10,158) (3,151)
Interest expense, net 4,978 8,067
Depreciation and amortization expense 7,983 13,241
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) (2,030) 22,054
     
Merger-related adjustments:    
Subtract: Gross profit attributable to Central Parking's operations (21,235) (21,235)
Add:    
Merger and integration related costs 17,425 28,036
G&A expenses attributable to Central Parking's operations, excluding merger and integration related costs 14,547 14,547
Net income attributable to noncontrolling interest from Central Parking operations 732 732
Merger-Adjusted EBITDA $9,439 $44,134
     
STANDARD PARKING CORPORATION
FREE CASH FLOW
(in thousands, unaudited)
 
  Three Months Ended Twelve Months Ended
  December 31, 2012 December 31, 2011 December 31, 2012 December 31, 2011
Operating income ($9,211) $6,728 $9,847 $33,667
Depreciation and amortization expense  7,983  1,725  13,241  6,618
Non-cash compensation  989  727  2,103  2,451
Income tax paid  (472)  (2,532)  (3,651)  (7,507)
Income attributable to noncontrolling interest  (802)  (118)  (1,034)  (378)
Change in assets and liabilities  7,215  16,152  (1,560)  3,422
Purchase of leaseholds, equipment and cost of contracts and contingent purchase payments  (2,749)  (1,752)  (6,540)  (5,387)
Operating cash flow $2,953 $20,930 $12,406 $32,886
Cash interest paid (before payment of debt issuance costs)  (5,998)  (864)  (8,383)  (3,985)
Free cash flow (1) ($3,045) $20,066 $4,023 $28,901
Decrease (increase) in cash and cash equivalents  (18,064)  (5,601)  (15,230)  (5,915)
Free cash flow, net of change in cash ($21,109) $14,465 ($11,207) $22,986
         
Sources (Uses) of cash:        
(Payments on) senior credit facility ($240,543) ($11,950) ($248,743) ($15,200)
Proceeds from term loan, net  244,375  --  $244,375 -- 
(Payments) on other borrowings  (205)  (188)  (727)  (689)
(Payments) of debt issuance costs  (10,302)  --   (10,332)  (30)
Proceeds from exercise of stock options  372  74  526  217
Tax benefit related to stock option exercises  224  98  445  246
(Repurchase) of common stock  --   (2,513)  --   (7,544)
(Payments) on earn-out  (548)  --   (2,073)  -- 
Acquisitions  27,736  14  27,736  14
         
Total sources (uses) of cash $21,109 ($14,465) $11,207 ($22,986)
         
 
(1) Reconciliation of Free Cash Flow and Adjusted Free Cash Flow to Consolidated Statements of Cash Flow  
  Twelve Months Ended Nine Months Ended Three Months Ended  
  December 31, 2012 September 30, 2012 December 31, 2012  
Net cash provided by operating activities $11,404 $10,991 $413  
Net cash provided by (used in) investing activities  21,226  (3,776)  25,002  
Acquisitions  (27,736)  --   (27,736)  
Distribution to noncontrolling interest  (874)  (202)  (672)  
Effect of exchange rate changes on cash and cash equivalents  3  55  (52)  
Free cash flow $4,023 $7,068 ($3,045)  
         
  Twelve Months Ended Nine Months Ended Three Months Ended  
  December 31, 2011 September 30, 2011 December 31, 2011  
Net cash provided by operating activities $34,950 $13,049 $21,901  
Net cash (used in) investing activities  (5,257)  (3,553)  (1,704)  
Acquisitions  (14)  --   (14)  
Distribution to noncontrolling interest  (388)  (255)  (133)  
Effect of exchange rate changes on cash and cash equivalents  (390)  (406)  16  
Free cash flow $28,901 $8,835 $20,066  
         
 
STANDARD PARKING CORPORATION
LOCATION COUNT
 
  December 31, 2012 December 31, 2011 December 31, 2011
Managed facilities  3,325  1,953  1,907
Leased facilities  939  201  212
Total facilities  4,264  2,154  2,119
       
       
       
Definition: The Company's year-over-year same location gross profit statistic does not include the results of the Other segment which consists of ancillary revenue and insurance reserve adjustments related to prior years which are not specifically identifiable to an operating location.
CONTACT: Michael Wolf - Standard Parking Corp.
         (312) 274-2070
         mwolf@standardparking.com

Standard Parking Corporation

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