Standard Parking Corporation Announces Termination of Consulting Agreement

Standard Parking Corporation, one of the nation's largest providers ofparking management services, today announced the termination of a Consulting Agreement dated March 30, 1998 with Sidney Warshauer, a former owner of Standard Parking, as the result of Mr. Warshauer's death earlier this month.
The Company will take a one-time non-cash charge to amortization expense in the fourth quarter of 2004 reflecting the write-off of the net unamortized balance of Mr. Warshauer's covenant not to compete, which will result in a net increase in amortization expense of $0.49 million for the quarter.
Beginning in the fourth quarter of 2004,the Company's obligation to make quarterly cash payments of $0.14 million to Mr. Warshauer will cease, and beginning in 2005 the Company will no longer incur any amortization expense related to Mr. Warshauer's agreement.

The Company also learned of the death in September of Robert Hill, a retired former executive of the Company. Because the Company is the beneficiary under a life insurance policy on Mr. Hill's life, the Company expects to receive death benefit proceeds of $0.3 million and therefore intends to record a gain, net of the policy's cash surrender value, of $0.24 million in the third quarter of 2004 as a reduction of general and administrative expenses.


James A. Wilhelm, the Company's President and Chief Executive Officer, stated "We are saddened by the deaths of both of these fine gentlemen. Bob Hill was a long-time colleague who played a key role in the Company's growth. Mr. Warshauer was a second-generation owner of Standard Parking and, as importantly, our friend and patriarch for many years."

Financial Outlook

The above events do not affect, and the Company reaffirms, the earnings per share guidance previously announced on August 12, 2004.
At that time, the Company announced that it expected reported net earnings per share for the 2004 year to be in the range of $0.25 to $0.35 per weighted average diluted share. The Company also announced at that time that net earnings per share for the second half of 2004, free of IPO-related impacts, were expected to be in the range of $0.65 to $0.75 per weighted average diluted share. Finally, the Company's August 12th release also estimated that on a pro forma basis, assuming that the Company's IPO took place as of December 31, 2003, earnings per share were expected to be in the range of $0.84 to $0.91 per pro forma diluted share. Detailed calculations of the pro forma adjustments can be found in the tables accompanying the August 12th release.

About Standard Parking

standard_parking.jpgStandard Parking Corporation, with approximately 11,000 employees, is one of the largest operators of paid parking facilities in North America, managing over 1,900 airport and urban parking facilities in close to 300 cities spanning 43 states and three Canadian provinces.

More information about Standard Parking is available at Standard Parking's 2003 annual report filed on Form 10-K, its periodic reports on Form 10-Q and 8-K and its Registration Statement on Form S-1 (333-112652) are available on the Internet at and can also be accessed through the Investor Relations section of the Company's website.
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