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Standard Parking Corporation Announces First Quarter 2013 Results

CHICAGO, May 8, 2013 (GLOBE NEWSWIRE) -- Standard Parking Corporation (Nasdaq:STAN), a leading national provider of parking management, ground transportation and other ancillary services, today announced its first quarter 2013 results.

Financial Summary

In millions except per share Three Months Ended March 31, 2013 Three Months Ended December 31, 2012 Three Months Ended March 31, 2012
  Reported Adjusted 1 Reported Adjusted 1 Reported Adjusted 1
Gross Profit $40.7 $40.7 $41.7 $41.7 $21.6 $21.6
General and administrative expenses $27.8 $23.6 $42.9 $25.5 $15.0 $11.8
EBITDA $12.3 $16.5 ($2.0) $15.4 $6.5 $9.7
Income (loss) before income taxes $0.7 $4.9 ($14.2) $3.2 $3.8 $7.0
Net income (loss) attributable to Standard Parking $0.1 $2.5 ($5.6) ($0.4) $2.2 $4.1
Earnings (loss) per share (EPS) $0.00 $0.11 ($0.26) ($0.02) $0.14 $0.26
1Adjusted to eliminate merger and integration related costs, including severance payments, professional fees, divestiture-related costs and amortization of restricted stock units granted in connection with the October 2012 merger. Adjusted Net Income and Adjusted EPS were further adjusted to eliminate the reversal of a pre-merger Central Parking FIN 48 tax reserve.

James A. Wilhelm, President and Chief Executive Officer, stated, "I'm pleased with a strong first quarter in which our results exceeded our internal expectations.  Even though sequential gross profit was down, consistent with the fact that the first calendar quarter is traditionally the weakest of the year, we achieved a significant sequential reduction in expenses, driven primarily by integration synergies, and our reported first quarter EBITDA virtually doubled as compared to last year. We continue to expect to realize additional synergies not originally anticipated when we announced the merger.  We're making rapid progress with the Central Parking integration and remain on track with our internal timeline. Throughout the next few quarters, the collaboration between our teams will focus on identifying new growth opportunities while further improving our operational efficiency."

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