Standard Parking Corporation Announces Fourth Quarter and Full-Year 2012 Results

Standard Parking Corporation Announces Fourth Quarter and Full-Year 2012
Results

CHICAGO, March 8, 2013 (GLOBE NEWSWIRE) -- Standard Parking Corporation
(Nasdaq:STAN), a leading national provider of parking management, ground
transportation and other ancillary services, which completed its merger with
Central Parking on October 2, 2012, today announced its fourth quarter and
full-year 2012 results.

Highlights

  *Full year merger-adjusted EPS of $1.27
  *Merger integration remains on track with internal goals and timelines
  *Increased net annual run-rate cost synergy expectation, to in excess of
    $26 million by 2015
  *Company outlines 2013 guidance and long-term financial goals

In millions           Three Months Ended           Year Ended
                     December 31, 2012            December 31, 2012
                                   Merger                     Merger
                     Reported^1     Adjusted^2    Reported^1    Adjusted^2
Gross profit          $41.7         $20.4        $109.8       $88.5
                                                             
EBITDA                ($2.0)        $9.4         $22.1        $44.1
                                                             
Net income
attributable to       ($4.8)        $4.1         $3.9         $20.1
Standard Parking
Corporation
                                                             
EPS                   ($0.22)       $0.26        $0.22        $1.27

^1Includes Central Parking operating results for the three months ended
December 31, 2012.
^2Excludes (i) Central Parking gross profit, general administrative expenses
and depreciation and amortization of Central Parking operations, (ii)
amortization of merger related intangible assets and additional interest
expense attributable to the Central Parking merger, and (iii) all Company
merger and integration related costs; merger adjusted net income also reflects
the application of an assumed income tax rate equal to the Company's actual
effective tax rate for the comparable prior year period.

James A. Wilhelm, President and Chief Executive Officer, stated, "2012 was a
momentous year in our Company's history. Following the close of our merger at
the start of the fourth quarter, we have been diligently working on the smooth
integration of the two companies. I am pleased to report that we have made
significant progress in the integration process and remain on track with our
internal goals and timelines. A merger of this kind could have proved a
distraction, but it is gratifying to see that our dedicated team has
maintained focus on our business, which is shown by our solid financial
results during the quarter and consistently high client retention rates."

Fourth Quarter Operating Results

Gross profit in the 2012 fourth quarter was $41.7 million, compared to $22.2
million in the 2011 fourth quarter.The increase in gross profit was primarily
due to $21.2 million of gross profit from Central Parking's
operations.Excluding gross profit attributable to Central Parking's
operations, gross profit decreased by $1.7 million compared to the same period
of 2011.This decrease was attributable primarily to several large contract
retrades in 2011 that took effect in 2012, and an unfavorable swing in
insurance reserve estimates for the fourth quarter of 2012 compared to the
same period in 2011, in addition to the impact of the National Hockey League
lock-out.On a same location basis, excluding Central Parking's operations and
the impact of the contract retrades, fourth quarter gross profit was up 1%.

Fourth quarter general and administrative (G&A) expenses for 2012 and 2011
were $42.9 million and $13.7 million, respectively.Excluding $17.4 million of
merger and integration related costs in the 2012 fourth quarter, G&A expenses
were $25.5 million, of which Central Parking's operations represented $14.5
million.Excluding G&A from Central Parking's operations and all merger and
integration related costs, fourth quarter 2012 G&A expenses were $10.9
million, a 4% decrease compared to fourth quarter 2011 G&A expenses of $11.4
million excluding $2.3 million of merger-related costs.

Net loss attributable to the Company for the 2012 fourth quarter was ($4.8)
million, or ($0.22) per share, compared to net income attributable to the
Company of $3.6 million and $0.23 per share for the 2011 fourth
quarter.Merger-adjusted net income attributable to the Company was $4.1
million, or $0.26 per share, compared to net income of $5.1 million, or $0.32
per share, for the fourth quarter of 2011 excluding merger-related
expenses.Merger-adjusted net income attributable to the Company for the 2012
fourth quarter assumes a 34.2% tax rate for 2012, which was the actual
effective tax rate for the 2011 fourth quarter.

Full-Year 2012 Operating Results

Gross profit in 2012 was $109.8 million, compared to $88.6 million in
2011.The increase in gross profit was attributable to $21.2 million of gross
profit from Central Parking's operations.The Company's gross profit for 2012,
excluding gross profit attributable to Central Parking's operations, was flat
as compared to 2011, primarily due to the full-year impact of several large
contract retrades in 2011 and an unfavorable swing of $1.5 million in
insurance reserve estimates for 2012 compared to 2011.On a same location
basis, excluding Central Parking's operations and the impact of the large
contract retrades, gross profit was up 2% from 2011.

G&A expenses for 2012 and 2011 were $86.7 million and $48.3 million,
respectively.Excluding $28.0 million of merger and integration related costs
in 2012, G&A expenses were $58.6 million, including $14.5 million from Central
Parking's operations.Excluding Central Parking's operations and all merger
and integration related costs, 2012 G&A expenses were $44.1 million, a 2%
decrease, compared to 2011 G&A expenses of $45.2 million excluding $3.1
million of merger and acquisition related costs.

Net income attributable to the Company for 2012 was $3.9 million, or $0.22 per
share, compared to $17.9 million or $1.12 per share for 2011.Merger adjusted
net income attributable to the Company would have been $20.1 million, or $1.27
per share, compared to 2011 net income of $19.8 million, or $1.23 per share,
excluding merger and acquisition related expenses.Merger-adjusted net income
attributable to the Company for 2012 assumes a 38.1% tax rate for 2012, the
same as the effective tax rate for 2011.

The Company generated $4.0 million of free cash flow, compared to $28.9
million in 2011, as costs incurred in 2012 for merger and integration
significantly impacted free cash flow.

Recent Developments

Recent noteworthy new business activity includes the following:

  *SP Plus® Office Services was awarded the management of the parking
    operations at nine office buildings across the country for Piedmont Real
    Estate Investment Trust. The Company has commenced its management
    responsibilities at all of those properties.
    
  *The City of Scranton awarded SP Plus® Municipal Services a new on-street
    meter collection and enforcement contract effective Jan. 1, 2013.
    
  *SP Plus® Municipal Services is the parking operator on the "Harrisburg
    First" team that includes Guggenheim Partners and AEW North America-AEW
    Capital Management, LLP, which was selected by the City of Harrisburg to
    operate and manage all of the City's on-street and off-street parking
    assets.SP Plus® Municipal Services expects to commence operations under
    the agreement in the third quarter of 2013.
    
  *SP Plus® Municipal Services also was selected by the City of Oxford, Miss.
    to provide on-street meter enforcement and citations for parking
    violations in the downtown area, beginning Oct. 1, 2012.
    
  *Standard Parking expanded its services at the Horseshoe Casino, Cleveland
    with 24/7 shuttle service. The Company, which also provides valet and
    parking services to the property, began commuter shuttles between the
    Casino's Prospect Avenue entrance and the Collection Auto Center Garage on
    Oct. 15, 2012.
    
  *SP Plus® Security Services was selected to become a single-source provider
    for Solair ST Collections, a mixed-use retail and residential project in
    the heart of Los Angeles' Koreatown.
    
  *Central Parking was selected by Gates, Hudson & Associates, the largest
    asset manager in the Ballston area of Arlington, Va., to manage the
    parking operations at five of its Arlington locations, including the
    Westin Hotel, and began providing such services on Jan. 1, 2013.
    
  *Central Parking, with assistance from its USA Parking System subsidiary,
    obtained contracts to begin providing valet parking services at several
    hotels in New York City, including The Manhattan at Times Square Hotel,
    the Hampton Inn on East 43^rd Street, the Refinery Hotel New York and The
    Quin.

Central Parking Integration

The integration of Central Parking and Standard Parking commenced immediately
upon the merger's closing on October 2, 2012.The integration focuses on two
aspects: field operations and support office platforms.

The field organization integration has been substantially completed.All
actions necessary to achieve the projected 2013 cost synergies have been
taken, as duplicate or overlapping roles have been eliminated or modified.The
combined operating team is working well together, client retention has
remained strong and the Company continues to win significant new business.

The process of integrating the Companies' support office platforms and
processes is on track.Development of the software conversion programs is
continuing as the Company prepares to commence its formal conversion
program.The conversion, which will be implemented in geographically-based
phases, remains on schedule to begin in July 2013.

Strategic analysis and planning regarding the Company's long-term branding
strategy commenced promptly upon the merger's closing.The Company expects to
announce its new brand strategy in the second quarter of 2013.

Marc Baumann, the Company's Chief Financial Officer and President of Urban
Operations, stated, "We're extremely pleased with the integration progress
made so far.The high level of engagement and enthusiasm shown by all members
of our team, whether in the field or support office, has contributed not only
to the significant empirical progress we've made, but also to the wonderful
spirit and collegiality displayed throughout the process.In addition, we've
nearly completed our determination of the impact of Central Parking's closing
net debt and working capital balances on the total purchase consideration
under the merger agreement's adjustment mechanism."

2013 Outlook

Based on the Company's 2012 results and expectations for the coming year, the
Company is initiating 2013 full-year earnings per share guidance in the range
of $0.75 to $0.85, which excludes expected 2013 merger and integration related
costs of $5.5 million, or $0.15 per share.The Company estimates that $17
million of G&A, representing $0.47 per share, will be eliminated during 2014
and 2015, an increase of $6 million over previous estimates, resulting in
total net post-merger synergies of $26 million by the end of 2015.The Company
continues to believe that the merger will be accretive to earnings per share
by 2015.

The Company expects 2013 free cash flow in excess of $30 million after the
payment of $17 million for liabilities accrued as of December 31, 2012 for
severance, divestiture and legal costs.

Reflecting confidence in the Company's growth strategies, the Company has
established its long-term financial goals to achieve a 5% compound annual
growth rate in gross profit, and to drive G&A as a percentage of gross profit
to 45% by 2015.

Reflecting on the Company's near and long-term goals, Mr. Wilhelm said, "2013
will be another important transitional year for the business as we move
towards completing the integration, adopting a long-term brand strategy and
achieving organic growth.At the same time, we're devoting human and capital
resources to leveraging our scale for the longer term with enhanced marketing,
advertising and consumer-friendly transactional capabilities. We will also
place a focused emphasis on continuing development of so-called 'P3'
initiatives involving public and private partnerships, which Standard Parking
and Central Parking each pursued successfully prior to the merger. Based on
our work to date, the long-term prospects for the Company are consistent with
the vision and objectives anticipated when we signed the merger agreement a
year ago. Building upon this, the opportunities for the Company to generate
substantial additional shareholder value are strong."

Conference Call

The Company's quarterly earnings conference call will be held at 10:00 a.m.
(Central Time) on March 8, 2013 and will be available live and in replay to
all analyst/investors through a webcast service. To listen to the live call,
individuals are directed to the Company's Investor Relations page at
www.ir.standardparking.com at least 15 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 the Standard
Parking website and can be accessed for 30 days after the call.

About Standard Parking

Standard Parking is a leading national provider of parking facility
management, ground transportation and other ancillary services. Including
Central Parking Corporation, its wholly-owned subsidiary, the Company has
approximately 25,000 employees and manages more than 4,200 facilities with
more than 2.2 million parking spaces in hundreds of cities across North
America. The operations include parking-related and shuttle bus operations
serving more than 75 airports. USA Parking System, a wholly-owned subsidiary
of Central Parking, is one of the premier valet operators in the nation with
more four and five diamond luxury properties, including hotels and resorts,
than any other valet competitor.

More information about Standard Parking is available at
www.standardparking.com. You should not construe the information on this
website to be a part of this release. Standard Parking's annual reports filed
on Form 10-K, its quarterly reports on Form 10- Q and its current reports on
Form 8-K are available on the Internet at www.sec.gov and can also be accessed
through the Investor Relations section of the Company's website.

Cautionary Note Regarding Forward-Looking Statements

This release and the attached tables contain forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995, including the
statements under the caption "2013Outlook" and other statements regarding
expectations, beliefs, plans, intentions and strategies of the Company. The
Company has tried to identify these statements by using words such as
"expect," "anticipate," "believe," "could," "should," "estimate," "expect,"
"intend," "may," "plan," "guidance" and "will" and similar terms and phrases,
but such words, terms and phrases are not the exclusive means of identifying
such statements. These forward-looking statements are made based on
management's expectations and beliefs concerning future eventsaffecting the
Companyand are subject to uncertainties and factors relating to operations
and the business environment, all of which are difficult to predict and many
of which are beyond management's control. Actual results, performance and
achievements could differ materially from those expressed in, or implied by,
these forward-looking statements due to a variety of risks, uncertainties and
other factors, including, but not limited to, the following: the Company's
ability to integrate Central Parking into the business of the Company
successfully and the amount of time and expense spent and incurred in
connection with the integration; the risk that the economic benefits, cost
savings and other synergies that the Company anticipates as a result of the
Central Parking merger are not fully realized or take longer to realize than
expected; the Company's substantially increased indebtedness incurred in
connection with the Central Parking merger, which may reduce available cash
flow, increase vulnerability to adverse economic conditions, and limit
flexibility in planning for, or reacting to, changes in or challenges related
to the Company's business; unanticipated Central Parking merger and
integration expenses; other losses, or renewals on less favorable terms, of
management contracts and leases; adverse litigation judgments or settlements;
adverse impact to the Company's operations in areas damaged by Hurricane
Sandy; changes in general economic and business conditions or demographic
trends; the loss of customers, clients or strategic alliances as a result of
the Central Parking merger; the effect on the Company's strategy and
operations due to changes to the Board of Directors that occurred upon the
completion of the merger; the impact of the divestitures of management
contracts and leases required by the agreement entered into by the Company
with the Department of Justice in connection with the Central Parking merger;
the impact of public and private regulations; financial difficulties or
bankruptcy of major clients; intense competition; insurance losses that are
worse than expected or adverse events not covered by insurance; labor
disputes; extraordinary events affecting parking at facilities that the
Company manages, including emergency safety measures, military or terrorist
attacks, cyber terrorism and natural disasters; the risk that state and
municipal government clients sell or enter into long-term leases of
parking-related assets to competitors or clients of our competitors;
uncertainty in the credit markets; availability, terms and deployment of
capital; the Company's ability to obtain performance bonds on acceptable
terms; and the impact of Federal health care reform.

For a detailed discussion of factors that could affect the Company's future
operating results, please see the Company's filings with the Securities and
Exchange Commission, including the disclosures under "Risk Factors" in those
filings. Except as expressly required by the federal securities laws, the
Company undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, changed circumstances or
future events or for any other reason.

Use of Non-GAAP Financial Measures

To supplement its consolidated financial statements presented in accordance
with GAAP, the Company considers certain financial measures that are not
prepared in accordance with GAAP, including merger-adjusted gross profit, G&A
excluding merger and integration related costs, merger-adjusted G&A,
merger-adjusted net income, merger-adjusted net income per share (also
referred to as merger-adjusted EPS), EBITDA and merger-adjusted EBITDA, and
free cash flow.

The Company uses these non-GAAP financial measures, in addition to GAAP
financial measures, to evaluate its operating and financial performance and to
compare such performance to that of prior periods and to the performance of
its competitors. Additionally, the Company uses these non-GAAP financial
measures in making operational and financial decisions and in the Company's
budgeting and planning process. The Company believes that providing these
non-GAAP financial measures to investors helps investors evaluate the
Company's operating performance, profitability and business trends in a way
that is consistent with how management evaluates such performance and
consistent with guidance previously provided by the Company. Merger-adjusted
gross profit, G&A excluding merger and integration related costs,
merger-adjusted G&A, merger-adjusted net income, merger-adjusted net income
per share, EBITDA and merger-adjusted EBITDA, free cash flow and
merger-adjusted free cash flow should not be considered as alternatives to, or
more meaningful indicators of, the Company's operating performance than gross
profit, G&A, net income or net income per share as determined in accordance
with GAAP. In addition, the Company's calculation of such non-GAAP measures
may not be comparable to similarly titled measures of another company.

Merger-adjusted gross profit. Merger-adjusted gross profit is a non-GAAP
financial measure of gross profit adjusted to exclude Central Parking's gross
profits. This non-GAAP measure is used to evaluate the Company's gross profit
without the impact of the gross profit from Central Parking's operations, as
the management analyzes the Company's performance both with and without the
impact of this recent merger. The Company believes this measure helps
management and investors assess how well the Company has used its internal
resources to expand its profits.

G&A excluding merger and integration related costs; merger-adjusted G&A. G&A
excluding merger and integration related costs is a non-GAAP financial measure
of general and administrative (G&A) expenses excluding merger and integration
related costs. Merger-adjusted G&A further adjusts G&A excluding merger and
integration related costs by excluding G&A expenses attributable to the
operations of Central Parking. The Company believes these financial measures
provide useful information regarding the underlying operating performance of
the Company and improves comparability of financial results because it
excludes the impact of the Central Parking merger.

Merger-adjusted net income; merger-adjusted net income per share; EBITDA and
merger-adjusted EBITDA. The financial items that have been excluded from the
Company's GAAP net income to calculate merger-adjusted net income and
merger-adjusted net income per share are (i) merger and integration related
costs, (ii) amortization of merger related intangible assets, (iii) additional
interest expense attributable to the Central Parking merger (representing the
Company's determination of interest expense incurred by it during the
applicable period above the interest expense that would have been incurred had
the Central Parking merger not have occurred) and (iv) the operating results
of Central Parking. Additionally, the Company subtracts an assumed provision
for income taxes to arrive at merger-adjusted net income. The Company assumed
an income tax rate equal to the Company's actual effective tax rate for the
comparable prior year period.

Merger-adjusted net income per share (also referred to as merger-adjusted EPS)
is a non-GAAP financial measure that represents merger-adjusted net income
divided by the weighted average number of diluted shares or basic shares, as
applicable, outstanding during the applicable period assuming no shares were
issued in connection with the Central Parking merger.

EBITDA is a non-GAAP financial measure that represents GAAP net income
attributable to the Company before (i) interest expense net of interest
income, (ii) provision for income taxes, and (iii) depreciation and
amortization. Merger-adjusted EBITDA further adjusts EBITDA by excluding
merger and integration related costs and the operating results of Central
Parking.

The Company has presented EBITDA because it believes EBITDA is helpful for
evaluating the operating performance of the Company's core business without
regard to potential disruptions as well as a useful financial indicator of the
Company's ability to service debt. Additionally, the Company believes that
EBITDA is a common alternative measure of operating performance used by
investors and other external users.The Company has presented merger-adjusted
net income, merger-adjusted net income per share and merger-adjusted EBITDA to
allow more direct comparisons of its financial results to historical
operations. The Company does not routinely engage in transactions of the
magnitude of the Central Parking merger, and consequently does not regularly
incur transaction-related costs with correlative size; therefore, the Company
believes presenting such non-GAAP financial items, which exclude
merger-related costs and Central Parking's operating results, provides
investors with additional measures of the Company's underlying operating
performance, including measures regarding organic changes in the continuing
operations of the Company. Excluding Central Parking's operating results and
associated merger-related costs from the Company's GAAP measures, helps
management and the Company's investors evaluate the Company's ability to
utilize its existing internal processes and ultimately the ability to use
those processes to generate long-term value from the acquired assets.

Free cash flow: The Company defines free cash flow as net cash from operating
activities, less cash used for investing activities (exclusive of
acquisitions), less distribution to noncontrolling interest, plus the effect
of exchange rate changes on cash and cash equivalents. The Company believes
that the presentation of free cash flow provides useful information regarding
its recurring cash provided by operating activities after certain
expenditures. It also demonstrates the Company's ability to execute its
financial strategy. The Company's presentation of free cash flow has material
limitations. The Company's free cash flow does not represent its cash flow
available for discretionary expenditures because it excludes certain
expenditures that are required or to which the Company has committed, such as
debt service requirements. The Company's definition of free cash flow may not
be comparable to similarly titled measures presented by other companies.

For reconciliations of these non-GAAP financial measures to the most directly
comparable GAAP financial measures, see the accompanying tables to this
release.

STANDARD PARKING CORPORATION
CONSOLIDATED BALANCE SHEETS

                                                   December31,
                                                   2012           2011
                                                   (unaudited)    
                                                   (Inthousands,exceptfor
                                                    shareandpershare data)
ASSETS                                                            
Current assets:                                                   
Cash and cash equivalents                           $28,450       $13,220
Notes and accounts receivable, net                  110,617       46,396
Prepaid expenses and supplies                       27,495        2,419
Deferred taxes                                      14,824        2,745
Total current assets                                181,386       64,780
Leasehold improvements, equipment and construction  40,010        16,732
in progress, net
Other assets:                                                     
Advances and deposits                               8,539         5,261
Long-term receivables, net                          15,346        14,177
Intangible and other assets, net                    202,822       9,420
Cost of contracts, net                              14,215        14,286
Goodwill                                            435,122       132,417
                                                   676,044       175,561
Total assets                                        $897,440      $257,073
LIABILITIES AND STOCKHOLDERS' EQUITY                              
Current liabilities:                                              
Accounts payable                                    $129,037      $44,747
Accrued rent                                        11,444        5,074
Compensation and payroll withholdings               34,562        11,132
Property, payroll and other taxes                   11,740        3,228
Accrued insurance                                   27,972        7,784
Accrued expenses                                    23,521        14,086
Current portion of other obligations                39,204        754
Total current liabilities                           277,480       86,805
Deferred taxes                                      28,156        12,981
Long-term borrowings, excluding current portion:                  
Obligations under senior credit facility            290,275       80,000
Other obligations                                   1,995         1,259
                                                   292,270       81,259
Other long-term liabilities                         100,549       26,386
Stockholders' equity:                                             
Preferred Stock, par value $0.01 per share;
5,000,000 shares authorized as of December31, 2012 —            —
and 2011; no shares issued
Common stock, par value $.001 per share; 50,000,000
shares authorized as of December31, 2012, and
2011; 21,870,770 and 15,464,864 shares issued and   22            15
outstanding as of December31, 2012, and 2011,
respectively
Additional paid-in capital                          236,375       92,662
Accumulated other comprehensive (loss) income       571           (318)
Accumulated deficit                                 (38,735)      (42,632)
Total Standard Parking Corporation stockholders'    198,233       49,727
equity
Noncontrolling interest                             752           (85)
Total equity                                        198,985       49,642
Total liabilities and stockholders' equity          $897,440      $257,073



STANDARD PARKING CORPORATION
CONSOLIDATED STATEMENTS OF INCOME

                         Years Ended December31,
                         2012                2011           2010
                         (unaudited)                    
                         (Inthousands,exceptforshareandpershare data)
Parking services revenue:                                   
Lease contracts           $250,355           $147,510       $138,664
Management contracts      210,860            173,725        171,331
Reimbursed management     492,723            408,427        411,148
contract revenue
Total revenue             953,938            729,662        721,143
Costs and expenses:                                         
Cost of parking services:                                   
Lease contracts           230,262            136,494        128,613
Management contracts      121,202            96,159         94,481
Reimbursed management     492,723            408,427        411,148
contract expense
Total cost of parking     844,187            641,080        634,242
services
Gross profit:                                               
Lease contracts           20,093             11,016         10,051
Management contracts      89,658             77,566         76,850
Total gross profit        109,751            88,582         86,901
General and               86,663             48,297         47,878
administrative expenses
Depreciation and          13,241             6,618          6,074
amortization
Total costs and expenses  944,091            695,995        688,194
Operating income          9,847              33,667         32,949
Other expenses (income):                                    
Interest expense          8,449              4,691          5,335
Interest income           (382)             (537)          (249)
                         8,067              4,154          5,086
Income before income      1,780              29,513         27,863
taxes
Income tax expense        (3,151)            11,235         10,755
Net income                4,931              18,278         17,108
Less: Net income
attributable to           1,034              378            268
noncontrolling interest
Net income attributable
to Standard Parking       $3,897             $17,900        $16,840
Corporation
                                                           
Common stock data:                                          
Net income per share:                                       
Basic                     $0.23              $1.14          $1.08
Diluted                   $0.22              $1.12          $1.06
Weighted average shares                                     
outstanding:
Basic                     17,179,606         15,703,595     15,579,352
Diluted                   17,497,900         16,047,879     15,944,662
                                                           


STANDARD PARKING CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS

                         Year Ended December31,
                         2012               2011          2010
                         (unaudited)                       
                         (Inthousands,exceptforshareandpershare data)
Operating activities                                         
Net income               $4,931             $18,278       $17,108
Adjustments to reconcile
net income to net cash                                       
provided by operating
activities:
Depreciation and          13,329              6,671          6,018
amortization
Loss on sale of assets   80                  31             115
Amortization of debt      1,046               638            638
issuance costs
Non-cash stock-based      2.103               2,451          2,310
compensation
Provision for losses on   420                 201            100
accounts receivable
Excess tax benefit
related to stock option   (445)               (246)          (1,446)
exercises
Deferred income taxes    9,110               2,913          2,629
Changes in operating                                         
assets and liabilities:
Notes and accounts        (7,184)             4,095          (9,672)
receivable
Prepaid assets           (2,066)             (154)          2,710
Other assets             3,981               (1,332)        (1,887)
Accounts payable         9,094               763            (5,098)
Accrued liabilities      (22,995)            641            6,009
                                                            
Net cash provided by      11,404              34,950         19,534
operating activities
Investing activities                                         
Purchase of leasehold
improvements and          (5,024)             (4,150)        (2,985)
equipment
Proceeds from the sale of 30                  116            5
assets
Acquisitions             27,736              14             (3,597)
Cost of contracts         (1,172)             (932)          (678)
purchased
Capital interest         (12)                (43)           (139)
Contingent payments for   (332)               (262)          (340)
businesses acquired
                                                            
Net cash provided by
(used in) investing       21,226              (5,257)        (7,734)
activities
Financing activities                                         
Proceeds from exercise of 526                 217            1,773
stock options
Repurchase of common      —                  (7,544)        —
stock
Earn-out payments        (2,073)             —             (529)
Merger related                                               
transactions:
Payments on senior credit
facility Standard         (71,800)            —             —
Parking
Proceeds from senior
credit facility Standard  72,790              —             —
Parking
Payment on senior credit  (237,143)           —             —
facility Central Parking
Proceeds from term loan   250,000             —             —
Payments on term loan     (5,625)             —             —
Net payments on senior    (12,590)            (15,200)       (14,650)
credit facility
Payment on notes payable  (40)                —             —
Payments on other         (145)               (136)          (128)
long-term borrowings
Distribution to           (874)               (388)          (271)
noncontrolling interest
Payments of debt issuance (10,332)            (30)           (30)
costs
Payments on capital       (542)               (553)          (531)
leases
Tax benefit related to    445                 246            1,446
stock option exercise
                                                            
Net cash used in          (17,403)            (23,388)       (12,920)
financing activities
Effect of exchange rate
changes on cash and cash  3                   (390)          169
equivalents
                                                            
Increase (decrease) in
cash and cash             15,230              5,915          (951)
equivalents
Cash and cash equivalents 13,220              7,305          8,256
at beginning of year
                                                            
Cash and cash equivalents $28,450            $13,220       $7,305
at end of year
                                                            
Cash paid for:                                               
Interest                 $18,715            $4,015        $5,097
Income taxes             3,651               7,507          7,270
                                                            
Non-cash transactions:                                       
Fair value of shares
issued to acquire Central $140,719           —            —
Parking common stock
                                                            


STANDARD PARKING CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION - RECONCILIATION OF MERGER-ADJUSTED GROSS
PROFIT, G&A EXCLUDING MERGER AND INTEGRATION RELATED COSTS AND MERGER-ADJUSTED
G&A
                                                                 
                                Three months ended    Year ended
                                 December 31,          December 31,
                                2012         2011     2012          2011
Gross profit, as reported        $41,676      $22,157  $109,751      $88,582
Subtract: Gross profit
attributable to Central          (21,235)    --     (21,235)     --
Parking's operations
Merger-adjusted gross profit     $20,441      $22,157  $88,516       $88,582
                                                                 
General and administrative       $42,904      $13,704  $86,663       $48,297
expenses, as reported
Subtract: Merger and integration (17,425)    (2,311) (28,036)     (3,094)
related costs
G&A excluding merger and         25,479      11,393  58,627       45,203
integration related costs
                                                                 
Subtract: G&A expenses
attributable to Central
Parking's operations, excluding  (14,547)    --     (14,547)     --
merger and integration related
costs
Merger-adjusted G&A              $10,932      $11,393  $44,080       $45,203
                                                                 
                                                                 
STANDARD PARKING CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION - RECONCILIATION OF NET INCOME (LOSS) TO
MERGER-ADJUSTED NET INCOME AND MERGER-ADJUSTED NET INCOME PER SHARE
                                                                 
                                Three months ended    Year ended
                                 December 31,          December 31,
                                2012         2011     2012          2011
Net income (loss) attributable   ($4,833)     $3,602   $3,897        $17,900
to Standard Parking Corporation
Add:                                                              
Income tax expense (benefit)     (10,158)    1,930   (3,151)      11,235
Net income attributable to       802         118     1,034        378
noncontrolling interest
Income before income taxes       (14,189)    5,650   1,780        29,513
                                                                 
Subtract: Gross profit
attributable to Central          (21,235)    --     (21,235)     --
Parking's operations
Add:                                                              
Merger and integration related   17,425      2,311   28,036       3,094
costs
G&A expenses attributable to
Central Parking's operations,    14,547      --     14,547       --
excluding merger and integration
related costs
Depreciation and amortization
from Central Parking operations  5,944       --     5,944        --
as well as amortization of
merger related intangible assets
Additional net interest expense
attributable to the Central      3,916       --     3,916        --
Parking merger (see Note (a)
below)
Merger-adjusted income before    6,408       7,961   32,988       32,607
income taxes
Assumed provision for income tax (2,192)^(b) (2,719) (12,568)^(c) (12,413)
expense, net
Merger-adjusted net income       4,216       5,242   20,420       20,194
                                                                 
less: Merger-adjusted net income
attributable to noncontrolling   (70)        (118)   (302)        (378)
interest (see Note (d) below)
                                                                 
Merger-adjusted net income
attributable to Standard Parking $4,146       $5,124   $20,118       $19,816
Corporation
                                                                 
Net income per share, as                                          
reported
Basic                            ($0.22)      $0.23    $0.23         $1.14
Diluted                          ($0.22)      $0.23    $0.22         $1.12
                                                                 
Weighted average shares                                           
outstanding (in thousands):
Basic                            21,837      15,486  17,180       15,704
Diluted                          22,358      15,845  17,498       16,048
                                                                 
Merger-adjusted net income per
share (also referred to as                                        
merger adjusted EPS)
Basic                            $0.26        $0.33    $1.29         $1.26
Diluted                          $0.26        $0.32    $1.27         $1.23
                                                                 
Merger-adjusted weighted average
shares outstanding (in                                            
thousands) ^(e)
Basic                            15,675      15,486  15,643       15,704
Diluted                          15,926      15,845  15,894       16,048
                                                                 

Note (a):                                                         
Total interest expense for
nine-months ended 9/30/12        3,355                            
(pre-merger)
Annualization factor             x1.33                            
Annualized nine month interest   4,473                            
expense
                                                                 
Total reported interest expense  8,449                            
for twelve-months ended 12/31/12
Subtract: Incremental interest
expense attributable to the      (3,976)                          
Central Parking merger
Merger-adjusted interest expense 4,473                            
                                                                 
Total reported interest income   382                              
for twelve-months ended 12/31/12
Subtract: Incremental interest
income attributable to the       (60)                             
Central Parking merger
Merger-adjusted interest income  322                              
                                                                 
Incremental interest expense net
of interest income attributable  3,916                             
to the Central Parking merger
                                                                 
Note (b) - Based on an assumed 34.2% tax rate for 2012, which was the actual
effective tax rate for the 2011 fourth quarter.
                                                                 
Note (c) - Based on an assumed 38.1% tax rate for 2012, which was the actual
effective tax rate for the full year 2011.
                                                                 
Note (d):                        Three months ended    Year ended
                                 December 31,          December 31,
                                2012         2011     2012          2011
Net income attributable to       802         118     1,034        378
noncontrolling interest
less: Net income attributable to
noncontrolling interest from     (732)       --     (732)        --
Central Parking operations
Merger-adjusted net income
attributable to noncontrolling   70          118     302          378
interest
                                                                 
Note (e) - Assumes no shares were issued in connection with the Central
Parking merger



STANDARD PARKING CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION - RECONCILIATION OF NET INCOME (LOSS) TO
EBITDA AND MERGER-ADJUSTED EBITDA
                                                             
                                               Period ended December 31, 2012
                                               Three Months   Twelve Months
Net income (loss) attributable to Standard      ($4,833)       $3,897
Parking Corporation, as reported
                                                             
Add:                                                          
Income tax (benefit) expense                    (10,158)       (3,151)
Interest expense, net                           4,978          8,067
Depreciation and amortization expense           7,983          13,241
Earnings before Interest, Taxes, Depreciation   (2,030)        22,054
and Amortization (EBITDA)
                                                             
Merger-related adjustments:                                   
Subtract: Gross profit attributable to Central  (21,235)       (21,235)
Parking's operations
Add:                                                          
Merger and integration related costs            17,425         28,036
G&A expenses attributable to Central Parking's
operations, excluding merger and integration    14,547         14,547
related costs
Net income attributable to noncontrolling       732            732
interest from Central Parking operations
Merger-Adjusted EBITDA                          $9,439         $44,134
                                                             

STANDARD PARKING CORPORATION
FREE CASH FLOW
(in thousands, unaudited)

                        Three Months Ended          TwelveMonths Ended
                        December 31,  December 31,  December 31, December 31,
                         2012          2011          2012         2011
Operating income         ($9,211)      $6,728        $9,847       $33,667
Depreciation and         7,983        1,725        13,241      6,618
amortization expense
Non-cash compensation    989          727          2,103       2,451
Income tax paid          (472)        (2,532)      (3,651)     (7,507)
Income attributable to   (802)        (118)        (1,034)     (378)
noncontrolling interest
Change in assets and     7,215        16,152       (1,560)     3,422
liabilities
Purchase of leaseholds,
equipment and cost of    (2,749)      (1,752)      (6,540)     (5,387)
contracts and contingent
purchase payments
Operating cash flow      $2,953        $20,930       $12,406      $32,886
Cash interest paid
(before payment of debt  (5,998)      (864)        (8,383)     (3,985)
issuance costs)
Free cash flow ^ (1)     ($3,045)      $20,066       $4,023       $28,901
Decrease (increase) in
cash and cash            (18,064)     (5,601)      (15,230)    (5,915)
equivalents
Free cash flow, net of   ($21,109)     $14,465       ($11,207)    $22,986
change in cash
                                                              
Sources (Uses) of cash:                                        
(Payments on) senior     ($240,543)    ($11,950)     ($248,743)   ($15,200)
credit facility
Proceeds from term loan, 244,375      --          $244,375     --
net
(Payments) on other      (205)        (188)        (727)       (689)
borrowings
(Payments) of debt       (10,302)     --          (10,332)    (30)
issuance costs
Proceeds from exercise   372          74           526         217
of stock options
Tax benefit related to   224          98           445         246
stock option exercises
(Repurchase) of common   --          (2,513)      --         (7,544)
stock
(Payments) on earn-out   (548)        --          (2,073)     --
Acquisitions             27,736       14           27,736      14
                                                              
Total sources (uses) of  $21,109       ($14,465)     $11,207      ($22,986)
cash
                                                              

^(1)Reconciliation of Free Cash Flow and Adjusted Free Cash Flow 
to Consolidated Statements of Cash Flow
                        Twelve Months Nine Months   Three Months 
                         Ended         Ended         Ended
                        December 31,  September 30, December 31, 
                         2012          2012          2012
Net cash provided by     $11,404       $10,991       $413         
operating activities
Net cash provided by
(used in) investing      21,226       (3,776)      25,002      
activities
Acquisitions             (27,736)     --          (27,736)    
Distribution to          (874)        (202)        (672)       
noncontrolling interest
Effect of exchange rate
changes on cash and cash 3            55           (52)        
equivalents
Free cash flow           $4,023        $7,068        ($3,045)     
                                                              
                        Twelve Months Nine Months   Three Months 
                         Ended         Ended         Ended
                        December 31,  September 30, December 31, 
                         2011          2011          2011
Net cash provided by     $34,950       $13,049       $21,901      
operating activities
Net cash (used in)       (5,257)      (3,553)      (1,704)     
investing activities
Acquisitions             (14)         --          (14)        
Distribution to          (388)        (255)        (133)       
noncontrolling interest
Effect of exchange rate
changes on cash and cash (390)        (406)        16          
equivalents
Free cash flow           $28,901       $8,835        $20,066      
                                                              


STANDARD PARKING CORPORATION
LOCATION COUNT

                       December 31,       December 31,      December 31,
                        2012               2011              2011
Managed facilities      3,325             1,953            1,907
Leased facilities       939               201              212
Total facilities        4,264             2,154            2,119
                                                          
                                                          
                                                          
Definition:The Company's year-over-year same location gross profit statistic
does not include the results of the Other segment which consists of ancillary
revenue and insurance reserve adjustments related to prior years which are not
specifically identifiable to an operating location.

CONTACT: Michael Wolf - Standard Parking Corp.
         (312) 274-2070
         mwolf@standardparking.com

Standard Parking Corporation