Standard Parking Provides Financial Information

Standard Parking Corporation (NASDAQ:STAN), one of the nation's leading providers of parking management services, today said that its 2005 third and fourth quarter financial results will be impacted by the effects from Hurricane Katrina.
The Company expects Hurricane Katrina's impact on reported net income for the third and fourth quarters of 2005 to be approximately $0.7 million and $0.7 million less than was realized in the third and fourth quarters of 2004, respectively. The $0.7 million impact on the 2005 third quarter is comprised of a $0.2 million reduction in net income from operations and the recording in that quarter of the entire $0.5 million deductible that the Company expects to incur in connection with the Hurricane related insurance claim that the Company will file. The $0.7 million impact on the 2005 fourth quarter is due to a reduction in net income from operations.

The Company estimates that its full year 2006 net income from the operations affected by the Hurricane will be $0.4 million more than its projected 2005 full year net income from those operations, due primarily to the fact that the 2005 net income from those operations was reduced by the recording of the $0.5 million insurance deductible. By the fourth quarter of 2006, the Company expects to have resumed operations at substantially all of the facilities that it was operating prior to the Hurricane.

The Company also estimates that it has sustained insured property damage from the Hurricane in excess of $2.7 million.

The Company believes that it is entitled to recover the total amount of all losses that it has sustained as a result of Hurricane Katrina, less a deductible that the Company has calculated to be approximately $0.5 million. The Company will file an insurance claim to recover its losses, and will work closely with its insurance brokers, consultants and advisors in an attempt to expedite a final resolution of its claim in 2006.

Standard Parking Corporation to Release Third Quarter and Nine Months 2005 Results on November 10, 2005

Standard Parking Corporation (NASDAQ:STAN) today announced that it will release Third Quarter and Nine Months 2005 Earnings on Thursday, November 10th at 7:30 AM CST. Also on that date, the Company will host a conference call at 10:00 AM CST that can be accessed via webcast at www.standardparking.com or www.earnings.com.

To listen to the live call, individuals are directed to the investor relations section of the company's website, www.standardparking.com, or to www.earnings.com at least fifteen minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, replays will be available shortly after the call on either website and accessible for 30 days.

About the Standard Parking Corporation

standard parking.jpgStandard 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 approximately 1,900 parking facilities, containing over one million parking spaces in close to 300 cities across the United States and Canada. In addition, the company manages parking-related and shuttle bus operations serving more than 60 airports.
  • Join our community for FREE today!

  • Create and share your own profile

  • Join the discussions

  • Publish your own items

  • Subscription to our Weekly eNewsletter

your benefits?

Get connected with parking professionals worldwide

Create your account

Sign in with LinkedIn Close

FREE membership benefits

  • * create and share your own profile
  • * join the discussions
  • * publish your own items on parking-net.commanage news, jobs, tenders, companies, events, showcases, educations, associations and literature.
  • * subscribe to our weekly eNewsletter
Add news yourself

Comments

There are no comments yet for this item

Join the discussion

You can only add a comment when you are logged in. Click here to login