SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 5, 2002
Exact name of Registrant as specified in its charter: Central Parking
Corporation
State or other jurisdiction of incorporation: Tennessee
Commission File Number: 001-13950
IRS Employer Identification Number: 62-1052916
Address of principal executive offices: 2401 21st Avenue South
Suite 200
Nashville, TN 37212
Registrant's telephone number, including area code: (615) 297-4255
Former name or former address, if changed since last report: Not applicable
ITEM 5. OTHER EVENTS
On February 5, 2002, the Registrant operating results for the first fiscal
quarter 2002.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
Exhibit No. 99.1 Text of press release dated February 5, 2002
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Central Parking Corporation
/s/ Hiram A.Cox
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Date: February 12, 2002 By: Hiram A. Cox
Chief Financial Officer
EXHIBIT 99.1
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FOR IMMEDIATE RELEASE
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Investor Contact: William J. Vareschi, Jr. or Hiram A. Cox
Vice Chairman and Senior Vice President and
Chief Executive Officer Chief Financial Officer
(615) 297-4255 (615) 297-4255
bvareschi@parking.com hcox@parking.com
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Media Contact: Richard Jonardi
Communications Manager
(615) 297-4255
rjonardi@parking.com
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CENTRAL PARKING CORPORATION REPORTS FIRST QUARTER EARNINGS
NASHVILLE, TENN. (FEB. 5, 2002) -- Central Parking Corporation (NYSE: CPC) today
announced earnings (pro forma) for the first fiscal quarter ended December 31,
2001, before property-related activities and extraordinary items, of $10.0
million, or $0.28 per diluted share, compared with $13.1 million, or $0.36 per
diluted share, in the year-earlier period. For comparability purposes, pro
forma earnings for the prior-year period have been increased by $0.08 per share
to reflect the discontinuation of goodwill amortization relating to the
Company's October 1, 2001 adoption of SFAS 142. Revenues for the first quarter
of fiscal 2002 declined slightly to $177.0 million versus $177.6 million in the
year-earlier period. Reported earnings (GAAP) for the quarter ended December
31, 2001 were $0.44 per diluted share including an extraordinary gain of $0.08
related to the repurchase of approximately 638,000 shares of trust issued
preferred securities. Reported earnings (GAAP) per diluted share were $0.31 in
the prior- year period.
William J. Vareschi, Jr., Vice Chairman and Chief Executive Officer, said,
"Revenues and earnings for the first quarter of fiscal 2002 were at the high end
of our November guidance and exceeded analyst expectations. While the aftermath
from the attacks of September 11 and the economic slowdown continue to impact
our business in New York City, New Jersey and to a lesser degree at
travel-related venues, it appears that discretionary revenue levels have
bottomed out and are beginning to rebound. New York City continues to feel the
impact from the ban on single occupant vehicles during the morning rush hour.
However, New York City transient revenues, the most heavily impacted portion of
our business, have also improved significantly since October. Excluding the New
York region, revenues for the balance of the Company grew approximately 4% for
the quarter. In addition, our marketing efforts combined with our operational
excellence initiatives drove another quarter with a positive new/lost business
ratio.
"Given the lack of certainty regarding both the general economy and the
continued impact of travel restrictions into New York City, we remain cautious
about earnings guidance for the full fiscal year. Therefore, we will limit our
explicit guidance to the second fiscal quarter. We expect second quarter
revenues to be approximately $173 to $176 million compared to $174 million for
the same period last year. We expect fully diluted earnings per share for the
quarter of $0.20 to $0.26 per share before property-related activities and
extraordinary items (pro forma) compared to approximately $0.30 per share (pro
forma) in the same period last year." For comparability purposes, earnings for
the second fiscal quarter of last year have been adjusted upward by
approximately $0.07 per share to reflect the discontinuation of goodwill
amortization.
Vareschi concluded, "We continue to focus on operational excellence,
reducing costs through numerous efficiency initiatives and adding complementary
operations such as the recent Park One acquisition in New Orleans. We expect
this focus to enable us to deliver predictable and sustainable earnings growth
for our shareholders as the economy improves."
Central Parking Corporation, headquartered in Nashville, Tennessee, is a
leading provider of parking and transportation management services. The Company
operates approximately 4,000 parking facilities containing approximately 1.5
million spaces at locations in 38 states, the District of Columbia, Canada,
Puerto Rico, the United Kingdom, the Republic of Ireland, Chile, Germany,
Mexico, Poland, Spain, Venezuela and Greece.
This press release contains projections and other forward-looking
statements within the meaning of Section 21E of the Securities Exchange Act of
1934. These projections and statements reflect the Company's current views with
respect to future events and financial performance. No assurance can be given,
however, that these events will occur or that these projections will be achieved
and actual results could differ materially from those projected as a result of
certain factors. A discussion of these factors is included in the Company's
periodic reports filed with the Securities and Exchange Commission.
CENTRAL PARKING CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(UNAUDITED)
Amounts in thousands, except per share data
THREE MONTHS ENDED
DECEMBER 31,
2001 2000
---- ----
Total revenues $ 176,951 $ 177,565
Total cost and expenses (a) (158,088) (152,084)
Interest (expense), net (1,906) (4,387)
Other expenses, net (83) (358)
Income taxes (b) (5,569) (6,845)
Minority interest, net of tax (1,271) (788)
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Earnings (pro forma) 10,034 13,103
Property-related gains, net of tax 2,338 1,410
Amortization of goodwill, net of tax -- (2,832)
Extraordinary gain, net of tax 3,312 --
Cumulative effect of accounting change, net of tax -- (258)
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Net earnings (GAAP) $ 15,684 $ 11,423
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Pro forma earnings
Basic $ 0.28 $ 0.36
Diluted $ 0.28 $ 0.36
Net earnings per share (GAAP)
Basic $ 0.44 $ 0.32
Diluted $ 0.44 $ 0.31
Weighted average common shares:
Basic 35,754 36,012
Diluted 36,005 36,417
(a) Excludes amortization of goodwill of $2,832 for the three months ended
December 31, 2000. The Company adopted SFAS 142, "Goodwill and Intangible
Assets," as of October 1, 2001, and therefore no longer amortizes goodwill.
(b) Excludes income tax expense on property-related gains of $1,670 and
$1,367 for the three months ended December 31, 2001 and 2000, respectively.
CENTRAL PARKING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
Amounts in thousands, except per share data
Three months ended
December 31,
2001 2000
---- ----
Revenues:
Parking $147,372 $151,677
Management contracts 29,579 25,888
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Total revenues 176,951 177,565
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Costs and expenses:
Cost of parking 127,970 123,965
Cost of management contracts 12,009 10,222
General and administrative 17,991 17,653
Goodwill and non-compete amortization 118 3,076
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Total costs and expenses 158,088 154,916
Property-related gains (losses), net 4,008 2,777
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Operating earnings 22,871 25,426
Other income (expenses):
Interest income 1,352 1,554
Interest expense (3,258) (5,941)
Dividends on company-obligated mandatorily redeemable
convertible securities of a subsidiary trust (1,471) (1,472)
Equity in partnership and joint venture earnings 1,388 1,114
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Earnings before income taxes, minority interest,
extraordinary item and cumulative effect of
accounting change 20,882 20,681
Income tax expense 7,239 8,212
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Earnings before minority interest, extraordinary item
and cumulative effect of accounting change 13,643 12,469
Minority interest, net of tax (1,271) (788)
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Earnings before extraordinary item and cumulative
effect of accounting change 12,372 11,681
Extraordinary item, net of tax 3,312 --
Cumulative effect of accounting change, net of tax -- (258)
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Net earnings $ 15,684 $ 11,423
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Basic earnings per share:
Earnings before extraordinary item and cumulative effect
of accounting change $ 0.35 $ 0.32
Extraordinary item, net of tax $ 0.09 $ --
Cumulative effect of accounting change, net of tax $ -- $ --
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Net earnings $ 0.44 $ 0.32
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Diluted earnings per share
Earnings before extraordinary item and cumulative effect
of accounting change $ 0.35 $ 0.32
Extraordinary item, net of tax $ 0.09 $ --
Cumulative effect of accounting change, net of tax $ -- $ (0.01)
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Net earnings $ 0.44 $ 0.31
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CENTRAL PARKING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
Amounts in thousands
December 31, September 30,
2001 2001
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ASSETS
Current assets:
Cash and cash equivalents $ 43,770 $ 41,849
Management accounts receivable 38,815 32,613
Accounts receivable - other 15,369 16,149
Current portion of notes receivable 10,182 6,836
Prepaid rent 2,269 1,479
Prepaid other expenses 9,647 5,460
Deferred income taxes 259 259
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Total current assets 120,311 104,645
Investments, at amortized cost 6,129 6,035
Notes receivable, less current portion 43,035 42,931
Property, equipment and leasehold improvements, net 410,059 415,405
Contract and lease rights, net 97,155 88,094
Goodwill, net 251,477 250,630
Investment in and advances to partnerships and joint ventures 28,933 30,704
Other assets 50,192 48,437
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Total Assets $ 1,007,291 $ 986,881
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt and capital lease
Obligations $ 53,517 $ 53,337
Accounts payable 92,605 77,887
Accrued payroll and related costs 11,894 12,616
Accrued expenses 12,760 12,381
Management accounts payable 20,801 20,541
Income taxes payable 14,396 7,134
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Total current liabilities 205,973 183,896
Long-term debt and capital lease obligations, less
current portion 208,475 208,885
Deferred rent 22,473 22,310
Deferred compensation 12,486 12,330
Deferred income taxes 16,797 15,757
Minority interest 29,436 31,121
Other liabilities 21,255 21,136
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Total liabilities 516,895 495,435
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Company-obligated mandatorily redeemable convertible
securities of subsidiary holding solely parent debentures 94,055 110,000
Shareholders' equity:
Common stock 358 358
Additional paid-in capital 237,983 238,464
Accumulated other comprehensive loss, net (1,751) (1,979)
Retained earnings 160,456 145,308
Shares held in trust (705) (705)
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Total shareholders' equity 396,341 381,446
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Total liabilities and shareholders' equity $ 1,007,29 $ 986,881
============== ===============
CENTRAL PARKING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Amounts in thousands
Three months ended
December 31,
2001 2000
---- ----
Cash flows from operating activities:
Net earnings $ 15,684 $ 11,423
Depreciation and amortization of property 5,751 5,221
Amortization of goodwill and non-compete agreements 118 3,001
Amortization of contract and lease rights, straight-line rent,
deferred financing fees and other 2,865 3,142
Equity in partnership and joint venture earnings (1,388) (1,114)
Distributions from partnerships and joint ventures 2,019 1,914
Property-related (gains), net (4,008) (2,777)
Gain on sale of trust issued preferred securities, net of tax (3,312) --
Deferred income taxes 888 (284)
Minority interest, net of tax 1,271 788
Changes in operating assets and liabilities
Management accounts receivable (6,202) (939)
Accounts receivable - other 1,337 (1,571)
Prepaid rent (790) 1,314
Prepaid expenses - other (4,187) (2,535)
Other assets (1,206) (1,349)
Accounts payable, accrued expenses and deferred compensation 11,506 (4,809)
Management accounts payable 260 (2,870)
Income taxes payable 5,028 4,823
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Net cash provided by operating activities 25,634 13,378
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Cash flows from investing activities:
Proceeds from disposition of property and equipment 15,009 15,029
Investments in notes receivable (3,755) (1,833)
Repayments of notes receivable 305 2,970
Purchase of property, equipment and leasehold improvements (6,136) (7,515)
Purchase of contract and lease rights (12,515) (530)
Investments in and advances to partnerships, joint ventures and
unconsolidated subsidiaries (86) 303
Capital distributions and repayments of advances from
partnerships, joint ventures and unconsolidated subsidiaries 266 (624)
Acquisitions, net of cash acquired (835) --
Proceeds from maturities and calls of investments 152 55
Purchase of investments (246) (143)
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Net cash (used) provided by investing activities (7,841) 7,712
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Cash flows from financing activities:
Dividends paid (539) (545)
Net borrowings under revolving credit agreement 12,500 550
Payment to minority interest partners (3,107) (3,300)
Principal repayments on notes payable and capital leases (14,245) (15,652)
Repurchase of common stock (488) (6,291)
Repurchase of mandatorily redeemable securities (10,000) --
Issuance of common stock and exercise of options 7 84
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Net cash used by financing activities (15,872) (25,154)
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Foreign currency translation -- (9)
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Net increase (decrease) in cash 1,921 (4,073)
Balance at beginning of period 41,849 43,214
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Balance at end of period $ 43,770 $ 39,141
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