SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For quarter ended March 31, 1996
Commission file number 001-13950
CENTRAL PARKING CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Tennessee
(State or Other Jurisdiction ofIncorporation or Organization)
62-1052916
(I.R.S. Employer Identification No.)
2401 21st Avenue South,
Suite 200, Nashville, Tennessee
(Address of Principal Executive Offices)
37212
(Zip Code)
Registrant's Telephone Number, Including Area Code:
(615) 297-4255
Former name, address and fiscal year, if changed since last report:
Not Applicable
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. YES X NO ___
Indicate the number of shares outstanding of each of the registrant's classes
of common stock as of the latest practicable date.
Class Outstanding at March 31, 1996
Common Stock, $0.01 par value 17,433,781
<PAGE>
INDEX
CENTRAL PARKING CORPORATION
PART 1. FINANCIAL INFORMATION PAGE
Item 1. Financial Statements (Unaudited)
Condensed consolidated balance sheets
--- March 31, 1996, September 30, 1995, and March 31, 1995 3
Condensed consolidated statements of earnings
--- three and six months ended March 31, 1996 and 1995 4 - 5
Condensed consolidated statements of cash flows
--- three and six months ended March 31, 1996 and 1995 6
Notes to condensed consolidated financial statements 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8 - 9
PART 2. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders 10
Item 6. Exhibits and Reports on Form 8-K 10
SIGNATURES 11
<PAGE>
PART I
Item 1. Financial Statements
CENTRAL PARKING CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
Amounts in thousands March 31, September 30, March 31,
1996 1995 1995
(Unaudited) (Audited) (Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 26,916 $ 10,218 $ 12,880
Management accounts receivable 7,741 6,771 5,940
Accounts and current portion of
notes receivable 3,245 5,732 2,506
Prepaid expenses 3,859 3,800 3,796
Deferred income taxes 0 0 21
Total current assets 41,761 26,521 25,143
Investments, at cost 4,367 4,246 4,135
Notes receivable, less current portion 4,265 4,382 3,061
Property, equipment, and leasehold
improvements, net 36,209 24,279 21,512
Contract rights, net 6,279 6,367 6,747
Investment in limited partnerships 1,235 990 1,033
Investment in general partnerships 1,413 1,450 937
Other assets 2,031 2,205 1,761
$ 97,560 $ 70,440 64,329
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 9,461 $ 10,952 $ 8,825
Accrued payroll and related costs 5,071 4,608 3,959
Accrued expenses 4,471 968 2,563
Management accounts payable 4,610 5,632 5,912
Income taxes payable 1,179 1,565 1,489
Deferred income taxes 0 120 0
Total current liabilities 24,792 23,845 22,748
Deferred compensation 2,491 4,601 4,218
Deferred income taxes 1,081 634 950
Total liabilities 28,364 29,080 27,916
Shareholders' equity :
Common stock, $.01 par value;
30,000,000 shares authorized,
17,417,481 issued and outstanding 174 102 102
Additional paid-in capital 31,513 8,198 8,198
Foreign currency translation adjustment (32) 51 97
Retained earnings 37,541 33,009 28,016
Total shareholders' equity 69,196 41,360 36,413
97,560 70,440 64,329
See accompanying notes to condensed consolidated financial statements.
<PAGE>
CENTRAL PARKING CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
Unaudited
Amounts in thousands, except per share data
Three Months Ended
March 31,
1996 1995
Revenues:
Parking services $ 27,600 $ 23,439
Management contract services 8,080 7,717
Total revenues 35,680 31,156
Costs and expenses:
Cost of parking services 24,947 21,480
Cost of management contracts 2,702 2,503
General and administrative 4,436 4,032
Total costs and expenses 32,085 28,015
Operating earnings 3,595 3,141
Other income:
Interest income 530 369
Net gains on sales of property and 1,142 -
equipment, net
Equity in partnership and joint
venture earnings 65 20
Other income, net 1,737 389
Earnings before income taxes 5,332 3,530
Income Taxes 1,867 1,270
Net earnings $ 3,465 $ 2,260
Weighted average common shares and
common share equivalents 17,522,563 15,372,000
Net earnings per common share $ 0.20 $ 0.15
Dividends per common share $ 0.02 $ 0.01
See accompanying notes to condensed consolidated financial statements.
<PAGE>
CENTRAL PARKING CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
Unaudited
Amounts in thousands, except per share data
Six Months Ended
March 31,
1996 1995
Revenues:
Parking services $ 52,763 $ 45,669
Management contract services 16,168 15,355
Total revenues 68,931 61,024
Costs and expenses:
Cost of parking services 47,460 41,310
Cost of management contracts 5,226 4,855
General and administrative 8,515 7,938
Total costs and expenses 61,201 54,103
Operating earnings 7,730 6,921
Other income:
Interest income 1,119 643
Net gains on sales of property and 1,183 -
equipment, net
Equity in partnership and joint
venture earnings 229 94
Other income, net 2,531 737
Earnings before income taxes 10,261 7,658
Income Taxes 3,568 2,757
Net earnings $ 6,693 $ 4,901
Weighted average common shares and
common share equivalents 17,374,032 15,372,000
Net earnings per common share $ 0.39 $ 0.32
Dividends per common share $ 0.04 $ 0.01
See accompanying notes to condensed consolidated financial statements.
<PAGE>
CENTRAL PARKING CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
Unaudited
Amounts in thousands
Six Months Ended
March 31,
1996 1995
Cash flows from operating activites:
Net income $ 6,693 $ 4,901
Adjustments to reconcile net earnings
to net cash provided by operating activities:
Depreciation 1,178 1,144
Amortization of contract rights 420 382
Amortization of deferred compensation cost 34 -
Equity in partnership and joint venture (earnings) (229) (94)
Net gain on sales of property and equipment (1,183) -
Deferred income taxes 327 (239)
Changes in operating assets and liabilities:
(Increase) decrease in management accounts
receivable (970) 237
(Increase) decrease in notes and accounts
receivable 2,604 9
(Increase) decrease in prepaid expenses (59) (75)
(Increase) decrease in other assets 231 (410)
Increase (decrease) in accounts payable,
accrued expenses and deferred compensation 2,238 (87)
Increase (decrease) in management accounts payable (1,022) 1,145
Increase (decrease) in income taxes payable (386) (2)
Net cash provided by operating activities 9,876 6,911
Cash flows from investing activities:
Proceeds from sales of property and equipment 1,418 57
Investments in notes receivable - (1,219)
Purchase of property, equipment and leasehold
improvements (13,343) (1,603)
Purchase of contract rights (332) (9)
Investment in general and limited partnerships (35) (1,970)
Purchase of investments (121) (1,014)
Net cash used by investing activities (12,413) (5,758)
Cash flows from financing activities:
Dividends paid (697) (350)
Proceeds from issuance of common stock, net 20,015 -
Net cash provided (used) by financing activities 19,318 (350)
Foreign currency translation (83) 51
Net increase in cash and cash equivalents 16,698 854
Cash and cash equivalents at beginning of period 10,218 12,026
Cash and cash equivalents at end of period $ 26,916 $ 12,880
Non-cash transactions:
Exchange of properties, net $ 2,664 -
Conversion of deferred compensation payable
to restricted stock $ 1,874 -
See accompanying notes to condensed consolidated financial statements.
<PAGE>
CENTRAL PARKING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-Q and Article
10 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. All significant inter-company transactions have been eliminated
in consolidation. Operating results for the three and six months ended March
31, 1996 are not necessarily indicative of the results that may be expected for
the fiscal year ending September 30, 1996. For further information, refer to
the consolidated financial statements and footnotes thereto for the year ended
September 30, 1995 (included in the Company's Annual Report on Form 10-K).
Initial Public Offering
On October 10, 1995, the Company completed an initial public offering of
common stock in which 1,243,000 shares were sold by the Company for net proceeds
of $20.2 million. In addition, 1,837,000 shares of common stock were sold by
certain shareholders of the Company.
Three for Two Stock Split
On February 21, 1996, the Board of Directors approved a three-for-two stock
split payable to shareholders of record as of March 4, 1996. The stock
split was distributed on March 19, 1996 resulting in the net issuance of
5,805,816 new shares. Actual shares outstanding after the split were
17,417,481.
All share and per share amounts in this report have been adjusted to reflect
the stock split, unless otherwise noted.
Income Per Share
Income per share has been computed by dividing net income for each period by
the weighted average number of shares and share equivalents outstanding during
the applicable period.
Fully diluted per share data is not presented since the effect would dilute
earnings per share by less than three percent (3%).
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Three Months Ended March 31, 1996 Compared to Three Months Ended March 31, 1995
Parking revenues for the second quarter of fiscal 1996 increased to $27.6
million from $23.4 million in the second quarter of fiscal 1995, an increase of
$4.2 million or 17.8%. The increase resulted primarily from the net addition of
59 leased and owned locations over the same quarter last year as well as a
combination of rate increases and higher utilization of parking spaces at
existing facilities. Revenues from foreign operations decreased to $2.9 million
from $4.0 million. The decrease in foreign revenues was a result of the
termination of one leased location.
Management contract revenue for the second quarter of fiscal 1996 increased
to $8.1 million from $7.7 million in the second quarter of fiscal 1995, an
increase of $363 thousand or 4.7%. The increase resulted from a net increase
in the number of management contracts from 678 to 751.
Cost of parking in fiscal second quarter 1996 increased to $24.9 million
from $21.5 million in fiscal second quarter 1995, an increase of $3.5 million,
or 16.1%. Rent amounted to $3.0 million of the increase which was primarily
a result of new locations.
Cost of management contracts in fiscal second quarter 1996 increased to $2.7
million from $2.5 million for the second fiscal quarter in 1995, an increase of
$199 thousand or 8%. The increase in cost of management contract expense is
attributable to the increased revenue generated on the addition of net new
contracts of this quarter versus the same quarter last year.
General and administrative expenses increased to $4.4 million for the second
quarter of fiscal 1996 from $4.0 million in fiscal second quarter 1995, an
increase of $404 thousand or 10.0%. This increase is primarily attributable to
increased incentive compensation on increased profits. General and
administrative expenses were, as a percentage of revenues, 12.4% for the second
quarter of 1996, compared to 12.9%, a reduction of .5%. The reduction was
primarily a result of spreading of a number of fixed costs over a larger
revenue base.
Interest income increased to $530 thousand for the second quarter of fiscal
1996, from $370 thousand in the second quarter of fiscal 1995, an increase of
$161 thousand or 43.6% percent. The increase in interest income is a result of
the proceeds of $20.0 million received from the IPO on October 10, 1995.
Net gains on sales of property and equipment for the three months ended
March 31, 1996 were $1.1 million. For the same period in 1995, there was no
gain. The gain is from the condemnation of a property in January, 1994 that
was in dispute and settled during the quarter.
Equity in partnership and joint venture earnings increased for the three
months ended March 31, 1996 to $65 thousand from $20 thousand for the same
period in 1995. The increase in the joint venture earnings is primarily a
result of the Mexican joint venture having a profit in 1996 of $23 thousand
versus a loss in 1995 of $27 thousand.
<PAGE>
Income taxes increased to $1.9 million for the second quarter of fiscal 1996
from $1.3 million in the second fiscal quarter in 1995, an increase of $597
thousand or 47.0%. The tax rate for the 1996 quarter was 35.0% compared to
36.0% for the 1995 quarter. The decrease in the tax rate is attributable
primarily to increasing interest income on tax exempt investments in 1996 when
compared to the same period in the prior year. The trend of this tax rate is
not expected to continue.
Six Months Ended March 31, 1996 Compared to Six Months Ended March 31, 1995
Parking revenues for the first six months of fiscal 1996 increased to $52.8
million from $45.7 million in the first six months of fiscal 1995, an increase
of $7.1 million or 15.5%. The increase resulted primarily from the net addition
of 59 leased and owned locations over the same period last year as well as a
combination of rate increases and higher utilization of parking spaces at
existing facilities. Revenues from foreign operations decreased to $5.8
million from $8.3 million. The decrease in foreign revenues was a result
of the termination of one leased location.
Management contract revenue for the second quarter of fiscal 1996 increased
to $16.2 million from $15.4 million in the second quarter of fiscal 1995, an
increase of $813 thousand or 5.2%. The increase resulted from a net increase in
the number of management contracts from 678 to 751.
Cost of parking in fiscal second quarter 1996 increased to $47.5 million
from $41.3 million in fiscal second quarter 1995, an increase of $6.2 million,
or 14.9%. Rent amounted to $3.3 million of the increase which was primarily a
result of new locations. Additionally, payroll expense represented $1.6 million
of the increase, principally as a result of additional pay increases and an
increase in the number of new locations.
Cost of management contracts in fiscal second quarter 1996 increased to $5.2
million from $4.9 million for the second fiscal quarter in 1995, an increase of
$371 thousand or 7.6%. The increase in cost of management contract expense is
attributable to the increased revenue generated on the addition of net new
contracts of this period versus the same period last year.
General and administrative expenses increased to $8.5 million for the second
quarter of fiscal 1996 from $7.9 million in fiscal second quarter 1995, an
increase of $577 thousand or 7.6%. The increase is primarily attributable to
increased incentive compensation on increased profits. General and
administrative expenses were, as a percentage of revenues, 12.4% for the
first six months of 1996, compared to 13.0% for the first six months of 1995,
a reduction of .6%. The reduction was primarily a result of spreading of a
number of fixed costs over a larger revenue base.
Net gains on sales of property and equipment for the six months ended March
31, 1996 were $1.1 million. For the same period in 1995, there was no gain.
The gain is from the condemnation of a property in January, 1994 that was in
dispute and settled.
Equity in partnership and joint venture earnings for the six months ended
March 31, 1996 were $229 thousand compared to $94 thousand for the 1995 six
month period. The increase in the joint venture earnings is primarily a result
of the Mexican joint venture having a profit in 1996 of $54 thousand versus a
loss of $57 thousand in 1995.
<PAGE>
Interest income increased to $1.1 million for the first six months of fiscal
1996, from $643 thousand in the first six months of fiscal 1995, an increase of
$476 thousand or 74.0%. The increase in interest income is a result of the
investment of the net proceeds of $20.0 million received from the IPO on October
10, 1995.
Income taxes increased to $3.6 million for the first six months of fiscal
1996 from $2.8 million in the first six months of 1995, an increase of $800
thousand or 29.6%. The tax rate for the 1996 period was 34.8% compared to 36.0%
for the 1995 period. The decrease in the tax rate is attributable primarily to
increasing interest income on tax exempt investments in 1996. The trend of this
tax rate is not expected to continue.
Liquidity and Capital Resources
During the six months ended March 31, 1996 and 1995, the Company generated
cash flows from operating activities of $9.9 million compared with $6.9 million.
Additionally, in October, 1995 the Company generated $20.0 million from the
proceeds from an initial public offering. During the first six months of 1996,
the Company purchased property, equipment and leasehold improvements of $13.3
million compared to $1.6 million for the first six months of 1995. This trend
is in line with the Company's objective to own or acquire more parking
properties.
The Company had cash, cash equivalents and non-current investments of $31.3
million, $14.5 million, and $17.0 million at March 31, 1996, September 30, 1995
and March 31, 1995, respectively.
The Company has a $20.0 million unsecured line of credit which bears
interest at variable interest rates at LIBOR plus 112 basis points. There
have been no borrowings under the Credit Facility since its inception in
April, 1996.
<PAGE>
PART II -- OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security-Holders
The Company held its Annual Meeting of Stockholders on February 21, 1996
(the "Annual Meeting"). At the Annual Meeting, the stockholders of the Company
voted to elect seven Directors for terms ending at the 1997 Annual Meeting of
Shareholders. The following table sets forth the number of votes cast for and
withheld/abstained with respect to each of the nominees:
NOMINEE FOR WITHHELD/ABSTAINED
Monroe Carell, Jr. 10,842,327 3,350
James H. Bond 10,842,327 3,350
Cecil Conlee 10,842,327 3,350
John W. Eakin 10,842,327 3,350
Edward G. Nelson 10,842,327 3,350
William C. O'Neil 10,842,077 3,600
P.E. Sadler 10,842,227 3,450
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
The exhibits filed as a part of this report are listed in the
exhibit index immediately following the signature page.
(b) Reports on Form 8-K
No reports on Form 8-K were filed by the Company during the
three months ended March 31, 1996.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
CENTRAL PARKING CORPORATION
Date: May 14, 1996 By:/s/Stephen A. Tisdell
Stephen A. Tisdell
Chief Financial Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant in the capacities and on the dates indicated.
Signature Title Date
/s/ Stephen A. Tisdell Chief Financial Officer May 14, 1996
Stephen A. Tisdell (Principal Financial and
Accounting Officer)
<PAGE>
EXHIBIT INDEX
Exhibit
Number Document
2 Plan of Recapitalization, effective October 9, 1995
(Incorporated by reference to Exhibit 2 to the Company's
Registration Statement No. 33-95640 on Form S-1.)
3.1 Form of Amended and Restated Charter of the Registrant
(Incorporated by reference to Exhibit 3.1 to the
Company's Registration Statement No. 33-95640 on
Form S-1.)
3.2 Amended and Restated Bylaws of the Registrant
(Incorporated by reference to Exhibit 3.2 to the
Company's Registration Statement No. 33-95640 on
Form S-1.)
4 Form of Common Stock Certificate (Incorporated by
reference to Exhibit 4.1 to the Company's Registration
Statement No. 33-95640 on Form S-1.)
10 Loan Agreement with Sun Trust for $20.0 million, dated
April 30, 1996.
27 Financial Data Schedule (for SEC use only)
<PAGE>
LOAN AGREEMENT WITH SUN TRUST
Obligor Number: 1504097636
Officer: 137
Maturity: 3/31/97
Rate: 6.56% (360)
Service Unit: 4112
Central Parking Corporation, NASHVILLE, TENN.
April 30, 1996, $20,000,000.00
I, or we, jointly and severally promise to pay to the order of
and at SunTrust Bank, Nashville, N.A., (hereinafter called
"Bank") the sum of Twenty million dollars and zero cents
including an origination fee of $(Not Applicable), for value
received, together with interest on the unpaid balance at the
interest rate set forth and in the following manner:
In accordance with the following schedule: Interest monthly
beginning 5/31/96, and the last day thereafter until maturity
on 3/31/97 with principal and any unpaid accrued interest due
at that time. Central Parking may borrow, repay, and reborrow
at borrower's discretion.
Interest to be calculated as follows: At LIBOR plus 1.125%
per annum from date until payment is due. Rate changes are
effective as follows: as SunTrust Nashville LIBOR CHANGES
every 30 days.
If we do not make payments on the scheduled dates, we
understand that our final payment will be increased or
decreased as appropriate.
The maker has this day pledged with the said Bank the
following securities or other property, via: unsecured.
THIS NOTE SHALL BE GOVERNED BY THE LAWS OF THE U.S. AND OF
TENNESSEE, EXCEPT WHEN ANOTHER STATE IS INDICATED HERE: (Not
applicable), SUBJECT TO THE ADDITIONAL PROVISIONS SET FORTH
ON THE REVERSE SIDE HEREOF, THE SAME BEING INCORPORATED HEREIN
BY REFERENCE.
Central Parking Corporation
By: /s/ Monroe Carell
/s/ Stephen A. Tisdell
<PAGE>
DEFINITIONS:
"Maker" means all makers, co-makers, and other parties signing
on the face of this note; as used herein, the term "base rate"
is that rate established from time to time and announced by
SunTrust Bank, Nashville, N.A. as its "base rate," such rate
being an interest rate used as an index for establishing
interest rates on loans; and "Collateral" means the pledged
property, including securities, listed on the face hereof, any
additional collateral for which provision is made herein and
proceeds of such.
PREPAYMENT REBATE:
In those cases where the Note has been discounted and the
entire balance is paid before maturity, a pro rata rebate
credit will be given for the unearned portion of the interest.
LATE FEE:
If a payment is late by as much as 15 days, a late fee of 5%
may be charged.
DEFAULT:
In the event that (1) additional Collateral is not provided
upon demand as required below, (2) any payment is not made
when due, (3) Maker defaults in the performance of any other
note or obligation, whether to Bank or otherwise, unless
prohibited by law or Federal regulations, or Bank deems itself
insecure, Bank may accelerate the maturity of this note with
or without notice. In the event payment is not made to Bank
when due, either by the original terms or after acceleration,
Bank may sell any Collateral in accordance with the provisions
of the Uniform Commercial Code and ten days' notice of such
sale shall be deemed reasonable.
COLLATERAL:
Bank's security interest in the Collateral shall extend to the
proceeds thereof, and any dividends, stock dividends, or any
payment or distribution of any kind which may become due to
Maker because of Maker's ownership of any Collateral. Bank
shall have the right to require that Maker or any third party,
including the issuer of any security, send or deliver such
payments, distributions or dividends to Bank, which is hereby
granted power-of-attorney to take any action, including
executing for Maker and filing a financing statement, to
perfect or enforce Bank's security interest. Said security
interest shall secure all amounts which become due under the
terms of this note and, (1) the Collateral shall also secure
all amounts which become due under the terms of this note and,
(1) the Collateral shall also secure all other loans with Bank
made to Maker, and all sums which Maker may now, or hereafter,
owe Bank either individually or jointly or severally with
other parties, directly or contingently, or whether as
principal, surety, guarantor, or otherwise. And, (2) this
note shall be secured by any other security interest granted
Bank by Maker. However, Collateral securing other loans with
Bank will not secure this loan unless Bank makes such
disclosures and gives such notices as are required by any
applicable provision of Regulation "Z" of the Board of
<PAGE>
Governors of the Federal Reserve System. In the event that any
Collateral depreciates in value, Maker shall provide such
additional Collateral as is satisfactory to Bank. Bank shall
not be under any obligation to take any legal action for
collection, protection, or preservation of any of said
Collateral, except after written demand by Maker, and after
Maker's adequate assurance to Bank of full indemnity against
all costs and expenses, including counsel fees attendant
thereto. Bank shall have the unqualified right to apply any
interest, dividends, proceeds of the sale of Collateral or
other payments herein assigned to Bank to any indebtedness
secured hereby. Bank may, at its option, deliver to Maker any
or all of said Collateral, with or without the substitution of
any other Collateral. In all such cases, the Collateral so
delivered to the Maker shall be deemed to be held in trust for
the Bank by the Maker. Bank shall have the right to
rehypothecate the Collateral.
MISCELLANEOUS:
Upon renewal or extension of this note the interest rate may
be renegotiated. Unless otherwise agreed in writing, after
maturity, interest shall be paid at the highest contract rate
permissible under applicable law. At Bank's option interest
may be computed on the basis of a 360-day year. If this note
is not paid as agreed, Maker agrees to pay all costs of
collection, including a reasonable attorney's fee. All
parties hereto, including endorsers, waive presentment,
demand, notice and protest, and agree that Bank may grant such
extension, or renewals, as it deems advisable. Any
indebtedness due from Bank to Maker is hereby assigned to Bank
as additional security and may be appropriated and applied
hereon at any time either before or after the maturity hereof.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
All share and per share amounts have been adjusted to reflect the 3 for 2
stock split effective March 19, 1996.
</LEGEND>
<CIK> 0000949298
<NAME> CENTRAL PARKING CORPORATION
<MULTIPLIER> 1000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> SEP-30-1996 SEP-30-1996
<PERIOD-END> MAR-31-1996 MAR-31-1996
<CASH> 0 26,916
<SECURITIES> 0 0
<RECEIVABLES> 0 10,986
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 41,761
<PP&E> 0 36,209
<DEPRECIATION> 0 1,178
<TOTAL-ASSETS> 0 97,560
<CURRENT-LIABILITIES> 0 24,792
<BONDS> 0 0
0 0
0 0
<COMMON> 0 174
<OTHER-SE> 0 69,022
<TOTAL-LIABILITY-AND-EQUITY> 0 97,560
<SALES> 35,680 68,931
<TOTAL-REVENUES> 37,417 71,462
<CGS> 27,649 52,686
<TOTAL-COSTS> 32,085 61,201
<OTHER-EXPENSES> 4,436 8,515
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 5,332 10,261
<INCOME-TAX> 1,867 3,568
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 3,465 6,693
<EPS-PRIMARY> .20 .39
<EPS-DILUTED> .20 .39
</TABLE>
