Standard Parking Corporation Announces 2004 Third Quarter and First Nine Month Results

Operating income for the third quarter grew by 38% to $6.0 million versus $4.3 million a year ago. Operating expenses for 2003 included $1.0 million in non-recurring items comprised of $0.8 million in management fees to the parent company and $0.2 million in special charges. After eliminating these items, the third quarter's year-to-year income from operations increased by approximately 14%.

Reported results for the nine months of 2004 have been impacted by certain items related to the Company's initial public offering of common stock ("IPO") completed during the second quarter of this year. Operating income for the nine-month period was up by 16% to $13.5 million. However, after excluding non-recurring items comprised of an IPO-related non-cash stock option compensation expense of $2.3 million in 2004, $0.8 million per quarter in management fees to the Company's former parent company in 2004 and 2003 that were discontinued at the time of the IPO, and $0.5 million in special charges during 2003, operating income for the nine months increased by approximately 20% to $17.3 million, from $14.4 million a year earlier.

Click here for the full financial report