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Standard Parking Corporation Announces Third Quarter 2013 Results

The Company also reduced its full-year 2013 free cash flow expectation by $10 million, to approximately $20 million. As noted in the Third Quarter Operating Results section, free cash flow has been impacted by the combination of higher than normal receivables outstanding from some of the Company's large airport clients and approximately $5 million in additional merger and integration related costs and capital investments.

Conference Call

The Company's quarterly earnings conference call will be held at 10:00 a.m. (Central Time) on November 19, 2013 and will be available live and in replay to all analysts and investors through a webcast service. To listen to the live call, individuals are directed to the Company's Investor Relations page at ir.standardparking.com at least 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, replays will be available shortly after the call on the Standard Parking website and can be accessed for 30 days after the call.

About Standard Parking

Standard Parking is a leading national provider of parking facility management, ground transportation and other ancillary services. The Company has approximately 23,000 employees and manages approximately 4,300 facilities with more than 2.1 million parking spaces in hundreds of cities across North America. The operations include parking-related and shuttle bus operations serving 75 airports. USA Parking System, a Company subsidiary, is one of the premier valet operators in the nation, with more four and five diamond luxury properties, including hotels and resorts, than any other valet competitor.

More information about Standard Parking is available at www.standardparking.com . You should not construe the information on that website to be a part of this release. Standard Parking's annual reports filed on Form 10-K, as amended, its quarterly reports on Form 10-Q , as amended, and its current reports on Form 8-K are available on the Internet at www.sec.gov and can also be accessed through the Investor Relations section of the Company's website.

Cautionary Note Regarding Forward-Looking Statements

This release and the attached tables contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including the statements under the caption " 2013 Full-Year Outlook" and other statements regarding expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "expect," "intend," "may," "plan," "guidance," "will," "are to be" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. These forward-looking statements are made based on management's expectations and beliefs concerning future events affecting the Company and are subject to uncertainties and factors relating to operations and the business environment, all of which are difficult to predict and many of which are beyond management's control. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: risks related to the Company's restatement of its historical financial statements discussed in this release (including, without limitation, the time, costs and expenses associated with the restatement, potential inquiries from the SEC and/or Nasdaq, the potential material adverse effect on the price of the Company's common stock and possible stockholder lawsuits); the Company's ability to integrate Central Parking into the business of the Company successfully and the amount of time and expense spent and incurred in connection with the integration; the risk that the economic benefits, cost savings and other synergies that the Company anticipates as a result of the Central Parking merger are not fully realized or take longer to realize than expected; the Company's substantially increased indebtedness incurred in connection with the Central Parking merger, which may reduce available cash flow, increase vulnerability to adverse economic conditions, and limit flexibility in planning for, or reacting to, changes in or challenges related to the Company's business; unanticipated Central Parking merger and integration expenses; the loss of customers, clients or strategic alliances as a result of the Central Parking merger; the impact of the divestitures of management contracts and leases required by the agreement entered into by the Company with the Department of Justice in connection with the Central Parking merger; other losses, or renewals on less favorable terms, of management contracts and leases; adverse litigation judgments or settlements; adverse economic impact to the Company in areas damaged by Hurricane Sandy; changes in general economic and business conditions or demographic trends; the effect on the Company's strategy and operations due to changes to the Board of Directors that occurred upon the completion of the merger; the impact of public and private regulations; financial difficulties or bankruptcy of major clients; intense competition; insurance losses that are worse than expected or adverse events not covered by insurance; labor disputes; extraordinary events affecting parking at facilities that the Company manages, including emergency safety measures, military or terrorist attacks, cyber terrorism and natural disasters; the risk that state and municipal government clients sell or enter into long-term leases of parking-related assets to competitors or clients of our competitors; uncertainty in the credit markets; availability, terms and deployment of capital; the Company's ability to obtain performance bonds on acceptable terms; and the impact of Federal health care reform.

For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

Use of Non-GAAP Financial Measures

To supplement its consolidated financial statements presented in accordance with GAAP, the Company considers certain financial measures that are not prepared in accordance with GAAP, including G&A excluding merger and integration related costs (also referred to as adjusted G&A), income before income taxes excluding merger and integration related costs (also referred to as adjusted income before income taxes), net income excluding merger and integration related costs (also referred to as adjusted net income), net income per share excluding merger and integration related costs (also referred to as adjusted EPS), EBITDA and EBITDA excluding merger and integration related costs (also referred to as adjusted EBITDA), and free cash flow. The Company uses these non-GAAP financial measures, in addition to GAAP financial measures, to evaluate its operating and financial performance and to compare such performance to that of prior periods and to the performance of its competitors. Additionally, the Company uses these non-GAAP financial measures in making operational and financial decisions and in the Company's budgeting and planning process.The Company believes that providing these non-GAAP financial measures to investors helps investors evaluate the Company's operating performance, profitability and business trends in a way that is consistent with how management evaluates such performance and consistent with guidance previously provided by the Company. Adjusted G&A, EBITDA and adjusted EBITDA, adjusted income before income taxes, adjusted net income and adjusted EPS, and free cash flow should not be considered as alternatives to, or more meaningful indicators of the Company's operating performance or liquidity than, G&A, income before income taxes, net income, EPS or net cash provided by operating activities, as determined in accordance with GAAP. In addition, the Company's calculation of such non-GAAP measures may not be comparable to similarly titled measures of another company.

Adjusted G&A and adjusted income before income taxes are non-GAAP financial measures of G&A expenses and income before income taxes, respectively, excluding merger and integration related costs.   The Company believes these financial measures provide useful information regarding the underlying operating performance of the Company and improve comparability of financial results. Adjusted net income and adjusted EPS are non-GAAP financial measures of net income and EPS excluding merger and integration related costs.  In providing EPS guidance, the Company also excludes from adjusted EPS the professional and related fees incurred in connection with the restatement  of its financial statements discussed in this release, and the Company also presents adjusted EPS excluding only such professional and related fees.  T he Company believes its presentation of these financial measures improves comparability of financial results.

EBITDA is a non-GAAP financial measure that represents GAAP net income attributable to the Company before (i) interest expense net of interest income, (ii) provision for income taxes, and (iii) depreciation and amortization.   Adjusted EBITDA further adjusts EBITDA by excluding merger and integration related costs.

The Company defines free cash flow as net cash from operating activities, less cash used for investing activities (exclusive of acquisitions), less distribution to noncontrolling interest, plus the effect of exchange rate changes on cash and cash equivalents. The Company believes that the presentation of free cash flow provides useful information regarding its recurring cash provided by operating activities after certain expenditures. It also demonstrates the Company's ability to execute its financial strategy. The Company's presentation of free cash flow has material limitations. The Company's free cash flow does not represent its cash flow available for discretionary expenditures because it excludes certain expenditures that are required or to which the Company has committed, such as debt service requirements. The Company's definition of free cash flow may not be comparable to similarly-titled measures presented by other companies.

For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see the accompanying tables to this release.

STANDARD PARKING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
($ in thousands, except for share and per share data)
     
     
     
  September 30, December 31,
  2013 2012
  (Unaudited) (Restated)
ASSETS    
Current assets:    
Cash and cash equivalents  $ 22,275  $ 28,450
Notes and accounts receivable, net 122,353 111,498
Prepaid expenses and supplies 13,873 27,823
Deferred taxes 15,265 15,265
Total current assets 173,766 183,036
Leasehold improvements, equipment, land and construction in progress, net 45,120 40,402
Other assets:    
Advances and deposits 7,132 8,540
Intangible assets, net 173,869 197,344
Other assets, net 23,731 22,260
Cost of contracts, net 11,836 14,215
Goodwill 439,382 439,486
  655,950 681,845
Total assets  $ 874,836  $ 905,283
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 110,560  $ 129,034
Accrued and other current liabilities 98,200 109,300
Current portion of unfavorable lease contracts 13,592 17,467
Current portion of long-term debt obligations 21,590 21,837
Total current liabilities 243,942 277,638
Deferred taxes 15,333 19,079
Long-term borrowings, excluding current portion:    
Obligations under senior credit facility 286,075 286,727
Other long-term debt obligations 1,872 1,995
  287,947 288,722
Unfavorable lease contracts 66,034 74,758
Other long-term liabilities 63,738 58,086
Stockholders' equity:    
     
Preferred Stock, par value $0.01 per share; 5,000,000 shares authorized as of September 30, 2013 and December 31, 2012; no shares issued  --   -- 
Common stock, par value $.001 per share; 50,000,000 shares authorized as of September 30, 2013 and issued and outstanding as of September 30, 2013 and December 31, 2012, respectively 22 22
Additional paid-in capital 239,767 236,375
Accumulated other comprehensive (loss) income 228 (381)
Accumulated deficit (42,841) (49,768)
Total Standard Parking Corporation stockholders' equity 197,176 186,248
Noncontrolling interest 666 752
Total equity 197,842 187,000
Total liabilities and stockholders' equity  $ 874,836  $ 905,283
 
 
STANDARD PARKING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
($ in thousands, except for share and per share data, unaudited)
         
  Three Months Ended Nine Months Ended
  September 30, 2013 September 30, 2012 September 30, 2013 September 30, 2012
Parking services revenue:        
Lease contracts  $ 122,771  $ 42,969  $ 367,088  $ 122,927
Management contracts 77,681 49,226 256,435 141,562
  200,452 92,195 623,523 264,489
Reimbursed management contract revenue 154,858 100,958 472,737 309,055
Total revenue 355,310 193,153 1,096,260 573,544
Cost of parking services:        
Lease contracts 115,696 40,108 339,828 113,495
Management contracts 44,680 30,713 157,250 84,055
  160,376 70,821 497,078 197,550
Reimbursed management contract expense 154,858 100,958 472,737 309,055
Total cost of parking services 315,234 171,779 969,815 506,605
Gross profit:        
Lease contracts 7,075 2,861 27,260 9,432
Management contracts 33,001 18,513 99,185 57,507
Total gross profit 40,076 21,374 126,445 66,939
General and administrative expenses 20,494 13,846 75,310 43,759
Depreciation and amortization 7,959 1,723 23,704 5,258
Operating income 11,623 5,805 27,431 17,922
Other expenses (income):        
Interest expense 4,818 1,093 14,421 3,355
Interest income (108) (61) (347) (181)
  4,710 1,032 14,074 3,174
Income before income taxes 6,913 4,773 13,357 14,748
Income tax expense 2,448 2,504 4,359 6,520
Net income 4,465 2,269 8,998 8,228
Less: Net income attributable to        
noncontrolling interest 721 75 2,070 232
Net income attributable to Standard        
Parking Corporation  $ 3,744  $ 2,194  $ 6,928  $ 7,996
Common stock data:        
Net income per share:        
Basic  $ 0.17  $ 0.14  $ 0.32  $ 0.51
Diluted  $ 0.17  $ 0.14  $ 0.31  $ 0.50
Weighted average shares outstanding:        
Basic 21,911,574 15,668,129 21,890,861 15,632,817
Diluted 22,285,723 15,928,685 22,226,030 15,883,535
 
 
STANDARD PARKING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in thousands, except for share and per share data, unaudited)
 
  Nine Months Ended
  September 30, 2013 September 30, 2012
Operating activities:    
Net income  $ 8,998  $ 8,228
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation and amortization 22,335 5,215
Net accretion of acquired lease contracts (2,526)  -- 
Loss on sale and abandonment of assets 1,431 56
Amortization of debt issuance costs and original issue discount on borrowings 2,105 446
Non-cash stock-based compensation 3,472 1,114
Excess tax benefit related to stock option exercises  --  (221)
Provisions for losses on accounts receivable 232 229
Deferred income taxes (1,675) 3,021
Net change in operating assets and liabilities (24,181) (7,097)
Net cash provided by operating activities 10,191 10,991
     
Investing activities:    
Purchase of leasehold improvements and equipment (11,529) (3,114)
Cost of contracts purchased (365) (572)
Proceeds from sale of assets 143 15
Capitalized interest  --  (12)
Contingent payments for businesses acquired (87) (93)
Net cash used in investing activities (11,838) (3,776)
     
Financing activities:    
Proceeds from exercise of stock options  --  154
Earn-out payments made (142) (1,525)
Tax benefit related to stock option exercises  --  221
Payments on senior credit facility (1,525) (8,200)
Distribution to noncontrolling interest (2,156) (202)
Payments on long-term borrowings (115) (108)
Payments for debt issuance costs  --  (30)
Payments on capital leases (350) (414)
Net cash used in financing activities (4,288) (10,104)
Effect of exchange rate changes on cash and cash equivalents (240) 55
Decrease in cash and cash equivalents (6,175) (2,834)
Cash and cash equivalents at beginning of period 28,450 13,220
Cash and cash equivalents at end of period  $ 22,275  $ 10,386
     
Supplemental disclosures:    
Cash paid during the period for:    
Interest  $ 12,465  $ 2,415
Income taxes 1,128 3,179
 
 
STANDARD PARKING CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION - RECONCILIATION OF ADJUSTED G&A, ADJUSTED INCOME BEFORE INCOME TAXES, ADJUSTED NET INCOME AND ADJUSTED EPS
(in thousands, except for share and per share data, unaudited)
 
  Three months ended Nine months ended
  September 30, 2013 June 30, 2013 September 30, 2012 September 30, 2013 September 30, 2012
General and administrative expenses, as reported $20,494 $26,869 $13,846 $75,310 $43,759
Subtract: Merger and integration related costs  (1,893)  (3,093)  (2,978)  (9,210)  (10,537)
Adjusted G&A $18,601 $23,776 $10,868 $66,100 $33,222
           
Income before income taxes, as reported $6,913 $6,288 $4,773 $13,357 $14,748
Add: Merger and integration related costs  1,893  3,093  2,978  9,210  10,537
Adjusted income before income taxes $8,806 $9,381 $7,751 $22,567 $25,285
           
           
Net income attributable to Standard Parking, as reported $3,744 $3,442 $2,194 $6,928 $7,996
Add: Merger and integration related costs, after tax (1)  1,098  1,794  1,727  5,342  6,111
Adjusted net income $4,842 $5,236 $3,921 $12,270 $14,107
           
Net income per share, as reported          
Basic $0.17 $0.16 $0.14 $0.32 $0.51
Diluted $0.17 $0.15 $0.14 $0.31 $0.50
           
Adjusted net income per share          
Basic $0.22 $0.24 $0.25 $0.56 $0.90
Diluted $0.22 $0.24 $0.25 $0.55 $0.89
           
Weighted average shares outstanding          
Basic  21,911,574  21,889,777  15,668,129  21,890,861  15,632,817
Diluted  22,285,723  22,221,102  15,928,685  22,226,030  15,883,535
           
           
(1) Total merger and integration related costs $1,893 $3,093 $2,978 $9,210 $10,537
Statutory tax rate 42.0% 42.0% 42.0% 42.0% 42.0%
Total merger and integration related costs, after tax $1,098 $1,794 $1,727 $5,342 $6,111
 
 
STANDARD PARKING CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION - RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA
(in thousands, unaudited)
 
  Three months ended
  September 30, 2013 June 30, 2013 September 30, 2012
Net income attributable to Standard Parking, as reported $3,744 $3,442 $2,194
Add:      
Income tax expense  2,448  2,066  2,504
Interest expense, net  4,710  4,635  1,032
Depreciation and amortization expense  7,959  8,252  1,723
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) $18,861 $18,395 $7,453
       
Add: Merger and integration related costs  1,893  3,093  2,978
Adjusted EBITDA $20,754 $21,488 $10,431
       
       
STANDARD PARKING CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION - CALCULATION OF EPS DILUTION DUE TO AMORTIZATION OF MERGER-RELATED INTANGIBLES
(in thousands, except for share and per share data, unaudited)
       
  Three months ended Nine months ended
  September 30, 2013 June 30, 2013 September 30, 2013
Amortization of merger-related intangibles $3,777 $3,857 $12,553
Statutory tax rate 42% 42% 42%
Amortization of merger-related intangibles, after tax $2,191 $2,237 $7,281
       
Weighted average shares outstanding, diluted  22,285,723  22,221,102  22,226,030
Amortization of merger-related intangibles, after tax, per share $0.10 $0.10 $0.33
 
 
STANDARD PARKING CORPORATION
FREE CASH FLOW
(in thousands, unaudited)
         
  Three Months Ended Nine Months Ended
  September 30, 2013 September 30, 2012 September 30, 2013 September 30, 2012
Operating income $11,623 $5,805 $27,431 $17,922
Depreciation and amortization expense  7,959  1,723  23,704  5,258
Non-cash compensation  1,004  251  3,472  1,114
Income tax paid  (66)  (366)  (1,128)  (3,179)
Income attributable to noncontrolling interest  (721)  (75)  (2,070)  (232)
Change in assets and liabilities  (12,750)  (5,357)  (31,006)  (7,639)
Purchase of leaseholds, equipment and cost of contracts and contingent purchase payments  (3,738)  (1,637)  (11,981)  (3,791)
Operating cash flow $3,311 $344 $8,422 $9,453
Cash interest paid (before payment of debt issuance costs)  (4,286)  (606)  (12,465)  (2,385)
Free cash flow (1) ($975) ($262) ($4,043) $7,068
Decrease (increase) in cash and cash equivalents  (1,818)  (1,331)  6,175  2,834
Free cash flow, net of change in cash ($2,793) ($1,593) $2,132 $9,902
         
Sources (Uses) of cash:        
         
Proceeds from (Payments) on senior credit facility $2,875 $1,800 ($1,525) ($8,200)
(Payments) on other borrowings  (82)  (177)  (465)  (522)
(Payments) on debt issuance  --   (30)  --   (30)
Proceeds from exercise of stock options  --   --   --   154
Tax benefit related to stock option exercises  --   --   --   221
(Payments) on earn-out  --   --   (142)  (1,525)
Total sources (uses) of cash $2,793 $1,593 ($2,132) ($9,902)
 
         
(1) Reconciliation of Free Cash Flow to Consolidated Statements of Cash Flow      
         
  Nine Months Ended September 30, 2013 Six Months Ended June 30, 2013 Three Months Ended September 30, 2013  
Net cash provided by operating activities $10,191 $7,007 $3,184  
Net cash (used in) investing activities  (11,838)  (8,191)  (3,647)  
Acquisitions  --   --   --   
Distribution to noncontrolling interest  (2,156)  (1,612)  (544)  
Effect of exchange rate changes on cash and cash equivalents  (240)  (272)  32  
Free cash flow ($4,043) ($3,068) ($975)  
         
         
  Nine Months Ended September 30, 2012 Six Months Ended June 30, 2012 Three Months Ended September 30, 2012  
Net cash provided by operating activities $10,991 $9,680 $1,311  
Net cash (used in) investing activities  (3,776)  (2,139)  (1,637)  
Acquisitions  --   --   --   
Distribution to noncontrolling interest  (202)  (128)  (74)  
Effect of exchange rate changes on cash and cash equivalents  55  (83)  138  
Free cash flow $7,068 $7,330 ($262)  
 
STANDARD PARKING CORPORATION
LOCATION COUNT
       
  September 30, 2013 December 31, 2012 September 30, 2012
Managed facilities  3,420  3,325  1,962
Leased facilities  857  939  199
Total facilities  4,277  4,264  2,161
 
 
STANDARD PARKING CORPORATION
ORIGINALLY REPORTED, AS RECAST AND AS REVISED INCOME STATEMENT
(in thousands, except for share and per share data, unaudited)
                             
  Three months ended March 31, 2012 Three months ended June 30, 2012 Three months ended September 30, 2012 Three months ended December 31, 2012
  Originally Reported Impact of Restatement As Revised Originally Reported Impact of Restatement As Revised Originally Reported Impact of Restatement As Revised Originally Reported Impact of Purchase Price Accounting Finalization As Recast for Purchase Price Accounting Finalization Impact of Restatement As Revised
Parking services revenue:                           
Lease contracts   37,544  --   37,544  42,414  --   42,414  42,969  --   42,969  127,428  --   127,428  --   127,428
Management contracts   47,964  --   47,964  44,372  --   44,372  49,226  --   49,226  88,939  --   88,939  --   88,939
Reimbursed revenue   103,937  --   103,937  104,160  --   104,160  100,958  --   100,958  164,027  --   164,027  --   164,027
Total revenue   189,445  --   189,445  190,946  --   190,946  193,153  --   193,153  380,394  --   380,394  --   380,394
                             
Cost of parking services:                             
Lease contracts   35,387  --   35,387  38,000  --   38,000  40,108  --   40,108  116,767  1,519  118,286  --   118,286
Management contracts   28,492  779  29,271  24,018  53  24,071  30,409  304  30,713  57,924  --   57,924  (30)  57,894
Reimbursed expenses   103,937  --   103,937  104,160  --   104,160  100,958  --   100,958  164,027  --   164,027  --   164,027
Total cost of parking service   167,816  779  168,595  166,178  53  166,231  171,475  304  171,779  338,718  1,519  340,237  (30)  340,207
                             
Gross Profit:                             
Gross Profit- Lease Contracts   2,157  --   2,157  4,414  --   4,414  2,861  --   2,861  10,661  (1,519)  9,142  --   9,142
Gross Profit- Mgmt Contracts   19,472  (779)  18,693  20,354  (53)  20,301  18,817  (304)  18,513  31,015  --   31,015  30  31,045
Total gross profit  21,629  (779)  20,850  24,768  (53)  24,715  21,678  (304)  21,374  41,676  (1,519)  40,157  30  40,187
                             
General and adminstrative   15,045  --   15,045  14,868  --   14,868  13,846  --   13,846  42,904  --   42,904  (123)  42,781
Depreciation & amortization   1,728  --   1,728  1,807  --   1,807  1,723  --   1,723  7,983  272  8,255  --   8,255
Operating income   4,856  (779)  4,077  8,093  (53)  8,040  6,109  (304)  5,805  (9,211)  (1,791)  (11,002)  153  (10,849)
                             
Other expense (income):                             
Interest expense   1,130  --   1,130  1,132  --   1,132  1,093  --   1,093  5,094  --   5,094  167  5,261
Interest income   (70)  --   (70)  (135)  85  (50)  (61)  --   (61)  (116)  --   (116)  --   (116)
   1,060  --   1,060  997  85  1,082  1,032  --   1,032  4,978  --   4,978  167  5,145
                             
Income before income taxes   3,796  (779)  3,017  7,096  (138)  6,958  5,077  (304)  4,773  (14,189)  (1,791)  (15,980)  (14)  (15,994)
Income tax expense (benefit)   1,528  (313)  1,215  2,856  (55)  2,801  2,623  (119)  2,504  (9,381)  (752)  (10,133)  (7)  (10,140)
Net income (loss)   2,268  (466)  1,802  4,240  (83)  4,157  2,454  (185)  2,269  (4,808)  (1,039)  (5,847)  (7)  (5,854)
Less: Net income attributable to noncontrolling interest   72  --   72  85  --   85  75  --   75  802  --   802  --   802
Net income attributable to Standard Parking   2,196  (466)  1,730  4,155  (83)  4,072  2,379  (185)  2,194  (5,610)  (1,039)  (6,649)  (7)  (6,656)
                             
Net income per share:                             
Basic $0.14 ($0.03) $0.11 $0.27 ($0.01) $0.26 $0.15 ($0.01) $0.14 ($0.26) ($0.04) ($0.30) $0.00 ($0.30)
Diluted $0.14 ($0.03) $0.11 $0.26 $0.00 $0.26 $0.15 ($0.01) $0.14 ($0.26) ($0.04) ($0.30) $0.00 ($0.30)
                             
Weighted average shares outstanding:                          
Basic  15,563,914    15,563,914  15,665,263    15,665,263  15,668,129    15,668,129  21,836,583    21,836,583    21,836,583
Diluted  15,820,118    15,820,118  15,900,659    15,900,659  15,928,685    15,928,685  22,357,602    22,357,602    22,357,602
 
 
STANDARD PARKING CORPORATION
ORIGINALLY REPORTED, AS RECAST AND AS REVISED INCOME STATEMENT
(in thousands, except for share and per share data, unaudited)
                               
  Three months ended March 31, 2013 Three months ended June 30, 2013 Six months ended June 30, 2013
  Originally Reported Impact of Purchase Price Accounting Finalization As Recast for Purchase Price Accounting Finalization Impact of Restatement As Revised Originally Reported Impact of Purchase Price Accounting Finalization As Recast for Purchase Price Accounting Finalization Impact of Restatement As Revised Originally Reported Impact of Purchase Price Accounting Finalization As Recast for Purchase Price Accounting Finalization Impact of Restatement As Revised
Parking services revenue:                               
Lease contracts   123,136  (2,051)  121,085  --   121,085  123,232  --   123,232  --   123,232  246,368  (2,051)  244,317  --   244,317
Management contracts   87,395  2,700  90,095  --   90,095  88,659  --   88,659  --   88,659  176,054  2,700  178,754  --   178,754
Reimbursed revenue   159,477  --   159,477  --   159,477  158,402  --   158,402  --   158,402  317,879  --   317,879  --   317,879
Total revenue   370,008  649  370,657  --   370,657  370,293  --   370,293  --   370,293  740,301  649  740,950  --   740,950
                               
Cost of parking services:                               
Lease contracts   111,500  618  112,118  --   112,118  111,566  448  112,014  --   112,014  223,066  1,066  224,132  --   224,132
Management contracts   58,334  --   58,334  403  58,737  54,653  --   54,653  (820)  53,833  112,987  --   112,987  (417)  112,570
Reimbursed expenses   159,477  --   159,477  --   159,477  158,402  --   158,402  --   158,402  317,879  --   317,879  --   317,879
Total cost of parking service   329,311  618  329,929  403  330,332  324,621  448  325,069  (820)  324,249  653,932  1,066  654,998  (417)  654,581
                               
Gross Profit:                               
Gross Profit- Lease Contracts   11,636  (2,669)  8,967  --   8,967  11,666  (448)  11,218  --   11,218  23,302  (3,117)  20,185  --   20,185
Gross Profit- Mgmt Contracts   29,061  2,700  31,761  (403)  31,358  34,006  --   34,006  820  34,826  63,067  2,700  65,767  417  66,184
Total gross profit  40,697  31  40,728  (403)  40,325  45,672  (448)  45,224  820  46,044  86,369  (417)  85,952  417  86,369
                               
General and adminstrative   27,825  --   27,825  123  27,948  26,869  --   26,869  --   26,869  54,694  --   54,694  122  54,816
Depreciation & amortization   7,308  185  7,493  --   7,493  8,074  178  8,252  --   8,252  15,382  363  15,745  --   15,745
Operating income   5,564  (154)  5,410  (526)  4,884  10,729  (626)  10,103  820  10,923  16,293  (780)  15,513  295  15,808
                               
Other expense (income):                               
Interest expense   5,007  --   5,007  (167)  4,840  4,763  --   4,763  --   4,763  9,770  --   9,770  (167)  9,603
Interest income   (111)  --   (111)  --   (111)  (188)  --   (188)  60  (128)  (299)  --   (299)  60  (239)
   4,896  --   4,896  (167)  4,729  4,575  --   4,575  60  4,635  9,471  --   9,471  (107)  9,364
                               
Income before income taxes   668  (154)  514  (359)  155  6,154  (626)  5,528  760  6,288  6,822  (780)  6,042  402  6,444
Income tax expense (benefit)   46  (65)  (19)  (135)  (154)  2,049  (262)  1,787  279  2,066  2,095  (327)  1,768  143  1,911
Net income (loss)   622  (89)  533  (224)  309  4,105  (364)  3,741  481  4,222  4,727  (453)  4,274  259  4,533
Less: Net income attributable to noncontrolling interest   569  --   569  --   569  780  --   780  --   780  1,349  --   1,349  --   1,349
Net income attributable to Standard Parking   53  (89)  (36)  (224)  (260)  3,325  (364)  2,961  481  3,442  3,378  (453)  2,925  259  3,184
                               
Net income per share:                               
Basic $0.00 $0.00 $0.00 ($0.01) ($0.01) $0.15 ($0.01) $0.14 $0.02 $0.16 $0.15 ($0.02) $0.13 $0.02 $0.15
Diluted $0.00 $0.00 $0.00 ($0.01) ($0.01) $0.15 ($0.02) $0.13 $0.02 $0.15 $0.15 ($0.02) $0.13 $0.01 $0.14
                               
Weighted average shares outstanding:                            
Basic  21,870,771    21,870,771    21,870,771  21,889,777    21,889,777    21,889,777  21,880,274    21,880,274    21,880,274
Diluted  22,170,804    22,170,804    22,170,804  22,221,102    22,221,102    22,221,102  22,195,953    22,195,953    22,195,953
CONTACT: Michael Wolf - Standard Parking Corp.
         (312) 274-2070
         mwolf@spplus.com

Standard Parking Corporation

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