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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.

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