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
TheStreet Open House

Standard Parking Corporation Announces Second Quarter 2013 Results

CHICAGO, Aug. 6, 2013 (GLOBE NEWSWIRE) -- Standard Parking Corporation (Nasdaq:STAN), a leading national provider of parking management, ground transportation and other ancillary services, today announced its second quarter 2013 results. The Company reaffirms its 2013 full-year earnings per share guidance in the range of $0.75 to $0.85, excluding merger and integration related costs. On a GAAP basis, 2013 full-year earnings per share is expected to be in the range of $0.60 - $0.70. The Company continues to expect free cash flow in excess of $30 million for the full year.

Financial Summary

       
In millions except per share data Three Months Ended June 30, 2013 Three Months Ended March 31, 2013 Three Months Ended June 30, 2012
  Reported Adjusted 1 Reported Adjusted 1 Reported Adjusted 1
Gross Profit $45.7 $45.7 $40.7 $40.7 $24.8 $24.8
General and administrative expenses $26.9 $23.8 $27.8 $23.6 $14.9 $10.5
EBITDA $18.0 $21.1 $12.3 $16.5 $9.8 $14.2
Income before income taxes $6.2 $9.2 $0.7 $4.9 $7.1 $11.4
Net income attributable to Standard Parking   $3.3   $5.1   $0.1   $2.5   $4.2   $6.7
Earnings per share (EPS) $0.15 $0.23 $0.00 $0.11 $0.26 $0.42
EPS dilution due to amortization of merger intangibles 2     $0.13     $0.10     --
Free Cash Flow 2 $10.3   ($13.4)   $17.3  
             
In millions except per share data Six Months Ended June 30, 2013 Six Months Ended June 30, 2012    
  Reported Adjusted 1 Reported Adjusted 1    
Gross Profit $86.4 $86.4 $46.4 $46.4    
General and administrative expenses $54.7 $47.4 $29.9 $22.4    
EBITDA $30.3 $37.6 $16.3 $23.9    
Income before income taxes $6.8 $14.1 $10.9 $18.5    
Net income attributable to Standard Parking   $3.4   $7.6   $6.4   $10.7    
Earnings per share (EPS) $0.15 $0.34 $0.40 $0.68    
EPS dilution due to amortization of merger intangibles 2     $0.23     --    
Free Cash Flow 2 ($3.1)   $7.3      
             
1 Adjusted 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 and related tax effects.
             
2 Refer to accompanying financial tables for a reconciliation of this non-GAAP financial measure.

James A. Wilhelm, President and Chief Executive Officer, stated, "We're very pleased with our strong second quarter performance and sequential increase in both gross profit and adjusted earnings per share, which exceeded expectations. These positive results were achieved in addition to the progress made in our ongoing integration-related activities, and we continue to credit the focus and unwavering support of our combined, dedicated work force for its efforts.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,265.99 +109.14 0.64%
S&P 500 2,011.36 +9.79 0.49%
NASDAQ 4,593.4250 +31.2360 0.68%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs