Central Parking expects quarter 2 loss

SAN FRANCISCO, April 17 (Reuters) - Central Parking Corp. CPC.N , which operates parking garages around the world, Thursday said it expects to report a second quarter loss and was preparing for lower growth going forward.
CPS.JPGThe Nashville, Tenn.-based company, expects to report a net second quarter loss of between 22 cents and 26 cents per share. Analysts who follow the company had been forecasting a profit of 13 cents per share, according to Thomson First Call, which tracks estimates.

The company said its results were hurt by unusually severe winter weather, which resulted in lower revenues and higher snow removal costs.

"The weakness in the present economy demands that we revise our business model and prepare the company in the event of continued lower growth and essentially no price increases," Chief Executive William Vareschi said in a statement.

"As a result we are incurring restructuring and impairment charges of approximately $7 million this quarter."

He said the company would reduce its cost structure, eliminate some discretionary spending and restructure or exit unprofitable locations.
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