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Standard Parking Corporation Announces Third Quarter 2013 Results

Stocks in this article: STAN

Company Updates 2013 Guidance, Announces Upcoming Corporate Name Change and Brand Launch; Merger Integration Maintains Momentum

CHICAGO, Nov. 18, 2013 (GLOBE NEWSWIRE) -- Standard Parking Corporation (Nasdaq:STAN), a leading national provider of parking management, ground transportation and other ancillary services, today announced its third quarter 2013 results, and issued restated historical operating results for fiscal 2012, the first two quarters of 2013 and other prior periods as a result of the completion of the previously announced accounting review of its Bradley Airport contract. The Company also announced that, as part of its long-term branding strategy, it will change its corporate name to SP Plus Corporation on December 2, 2013, though for the near term it will continue to conduct its parking operations under its Standard Parking and Central Parking brands. The Company also announced that on December 2, 2013 its shares will begin trading under a new ticker symbol, SP.

Financial Summary

In millions except per share data  Three Months Ended September 30, 2013 Three Months Ended June 30, 2013 Three Months Ended September 30, 2012
  Reported Adjusted 1 Reported 2,3 Adjusted 1 Reported 3 Adjusted 1
Gross Profit $40.1 $40.1 $46.0 $46.0 $21.4 $21.4
General and administrative expenses $20.5 $18.6 $26.9 $23.8 $13.8 $10.9
EBITDA 4 $18.9 $20.8 $18.4 $21.5 $7.5 $10.4
Income before income taxes $6.9 $8.8 $6.3 $9.4 $4.8 $7.8
Net income attributable to Standard Parking $3.7 $4.8 $3.4 $5.2 $2.2 $3.9
Earnings per share (EPS) $0.17 $0.22 $0.15 $0.24 $0.14 $0.25
EPS dilution due to amortization of merger intangibles 2,4   $0.10   $0.10   --
Free Cash Flow 4 ($1.0)   $10.3   ($0.3)  
In millions except per share data Nine Months Ended September 30, 2013 Nine Months Ended September 30, 2012
  Reported 2,3 Adjusted 1 Reported 3 Adjusted 1
Gross Profit $126.4 $126.4 $66.9 $66.9
General and administrative expenses $75.3 $66.1 $43.8 $33.2
EBITDA 4 $49.1 $58.3 $22.9 $33.5
Income before income taxes $13.4 $22.6 $14.7 $25.3
Net income attributable to Standard Parking $6.9 $12.3 $8.0 $14.1
Earnings per share (EPS) $0.31 $0.55 $0.50 $0.89
EPS dilution due to amortization of merger intangibles 2,4   $0.33   --
Free Cash Flow 4 ($4.0)   $7.1  

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 Company's acquisition of Central Parking through a merger in October 2012 and related tax effects.

2 The previously issued consolidated financial statements have been recast in this table to reflect the impact of the final purchase price allocation with respect to the Company's Central Parking acquisition as if the final purchase price allocation was completed at the date of acquisition. The impact of the finalization of the purchase price allocation is reflected in the tables accompanying this release.

3 The previously issued consolidated financial statements have been restated in this table primarily to reflect a change in the manner in which the Company has accounted for deficiency payments under the Company's agreement with the State of Connecticut under which the Company operates the surface parking and 3,500 space parking garage at Bradley International Airport located in the Hartford, Connecticut metropolitan area (the "Bradley Agreement"). Cumulative deficiency payments under the Bradley Agreement, net of reimbursements, previously had been recorded as a receivable by the Company.  Please see the more detailed discussion in the below section entitled "Update Regarding Accounting Review of Bradley Agreement."

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 pleased with another quarter of solid execution. While our underlying business performance exceeded our expectations, gross profit that otherwise would have been in line with second quarter results was adversely impacted on a sequential basis by insurance program fluctuations, volatility at some of our leased locations and fluctuations in the performance of the Bradley Airport contract that now flow through our operating results. Our third quarter results were the result of a continued focus on consistently executing against our strategic initiatives and driving operational efficiencies to strengthen our competitive position.

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