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

Stocks in this article: STAN

CHICAGO, March 14, 2013 (GLOBE NEWSWIRE) -- Standard Parking Corporation's (Nasdaq:STAN) operating results for the quarter and year ended December 31, 2012, as presented in the Company's news release issued on March 8, 2013, are corrected to reflect changes in the Company's income tax benefit (to $9.4 million from $10.2 million for the fourth quarter of 2012 and to $2.4 million from $3.2 million for the full year 2012) relating to certain executive compensation awards. As a result of these changes, the net income (loss) attributable to Standard Parking Corporation and the Company's earnings (loss) per share are corrected to a net loss of $5.6 million and a net loss per share of $0.25 for the fourth quarter of 2012 and to net income of $3.1 million and earnings per share of $0.18 for the full year 2012. The Company's EBITDA and merger-adjusted results for the fourth quarter of 2012 and the full year 2012 and its guidance for 2013 are unaffected by these changes.

The corrected release reads: Standard Parking Corporation (Nasdaq:STAN), a leading national provider of parking management, ground transportation and other ancillary services, which completed its merger with Central Parking on October 2, 2012, today announced its fourth quarter and full-year 2012 results.

Highlights

  • Full year merger-adjusted EPS of $1.27
  • Merger integration remains on track with internal goals and timelines
  • Increased net annual run-rate cost synergy expectation, to in excess of $26 million by 2015
  • Company outlines 2013 guidance and long-term financial goals
In millions Three Months Ended Year Ended
  December 31, 2012 December 31, 2012
    Merger   Merger
  Reported 1 Adjusted 2 Reported 1 Adjusted 2
Gross profit  $41.7  $20.4  $109.8  $88.5
         
EBITDA  ($2.0)  $9.4  $22.1  $44.1
         
Net income attributable to Standard Parking Corporation  ($5.6)  $4.1  $3.1  $20.1
         
EPS  ($0.25)  $0.26  $0.18  $1.27
 
1Includes Central Parking operating results for the three months ended December 31, 2012.
2Excludes (i) Central Parking gross profit, general administrative expenses and depreciation and amortization of Central Parking operations, (ii) amortization of merger related intangible assets and additional interest expense attributable to the Central Parking merger, and (iii) all Company merger and integration related costs; merger adjusted net income also reflects the application of an assumed income tax rate equal to the Company's actual effective tax rate for the comparable prior year period.

James A. Wilhelm, President and Chief Executive Officer, stated, "2012 was a momentous year in our Company's history. Following the close of our merger at the start of the fourth quarter, we have been diligently working on the smooth integration of the two companies. I am pleased to report that we have made significant progress in the integration process and remain on track with our internal goals and timelines. A merger of this kind could have proved a distraction, but it is gratifying to see that our dedicated team has maintained focus on our business, which is shown by our solid financial results during the quarter and consistently high client retention rates."

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