Standard Parking Announces Expanded Share Repurchase Authorization

Standard Parking Corporation, one of the nation's largest providers of parking management services, announced that its Board of Directors has increased the authorization to repurchase shares of the Company's outstanding common stock during 2006 to $20 million from $7.5 million through a combination of open market purchases and private purchases from Steamboat Industries, LLC.
The Company reiterated its plans to use its free cash flow to:
- Fund additional growth
- Return value to shareholders
- Reduce financial leverage

The Company indicated, however, that it has reached its previously reported leverage targets, and is comfortable with its current leverage levels. Therefore, while the Company will continue to return additional value to shareholders, the Company's leverage is not expected to decline significantly from current levels.

Going forward, the Company will focus on aggressively pursuing various growth avenues, including acquisitions, although the Company will continue to apply its disciplined analysis in evaluating such opportunities. The Company noted that while its leverage may temporarily increase from time to time, particularly in connection with an acquisition or other attractive business opportunity, the Company's ability to consistently generate free cash flow enables it to support additional leverage. During the first half of 2006, the Company generated $10.8 million of free cash flow, and the Company continues to expect to generate at least $20 million of free cash flow (after capital expenditures) for the full year 2006.

About Standard Parking Corp.

Standard Parking is a leading national provider of parking facility management services. The Company provides on-site management services at multi-level and surface parking facilities for all major markets of the parking industry. The Company manages over 1,900 facilities, containing over one million parking spaces in more than 300 cities across the United States and Canada, including parking-related and shuttle bus operations serving more than 60 airports.
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