Central Parking Corporation Contracts Revenue Collection for Southern California Toll Road System

NASHVILLE, Tenn.--(BUSINESS WIRE)--July 1, 2003--Central Parking Corporation (NYSE:CPC) today announced that it has been awarded a three-year contract, with renewable extensions running through June 2009, to manage revenue collection for the Orange County, California public toll road system. The 51-mile system includes the San Joaquin Hills Corridor (SR-73 Toll Road), the Foothill Corridor (SR-241) and the Eastern Corridors (SR-241, SR-261, SR-133). Total contract value over the initial 3-year term of the agreement, which commenced July 1, is estimated to be approximately $690-thousand in management fees.
cpc.jpg"Leveraging our experience from managing the Georgia 400 toll road in Atlanta; our agreement with the Orange County Transportation Corridor Agencies (TCA) represents Central Parking Corporation's second major contract in this non-core business segment," said Monroe Carell, Jr., chairman and chief executive officer. "Southern California commuters rely heavily on this network of toll roads as time-saving alternatives to its congested highways. Nearly 250,000 trips occur on the Orange County system each workday and revenues for the TCA exceed $137 million annually. The region's transportation system is slated to expand to 67 miles and Central Parking will manage revenue collection in the various toll plazas along the corridors twenty-four hours a day, 365 days a year."

Central Parking Corporation, headquartered in Nashville, Tennessee, is a leading global provider of parking and transportation management services. The Company operates approximately 3,900 parking facilities containing more than 1.6 million spaces at locations in 39 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, Mexico, Chile, Peru, Colombia, Venezuela, Germany, Switzerland, Poland, Spain 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.
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