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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 23, 1998
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<S> <C>
Exact name of registrant as specified in its charter: Central Parking Corporation
State or other jurisdiction of incorporation: Tennessee
Commission File Number: 001-13950
IRS Employer Identification Number: 62-1052916
Address of principal executive offices: 2401 21st Avenue South
Suite 200
Nashville, TN 37212
Registrant's telephone number, including area code: (615) 297-4255
Former name or former address, if changed since
last report: Not applicable
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ITEM 5. OTHER EVENTS
On November 23, 1998, the Registrant announced preliminary results for fiscal
1998.
ITEM 7. FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION AND EXHIBITS
(c) EXHIBITS
Exhibit No. 99.1 Text of press release date November 23, 1998
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned party duly authorized.
Central Parking Corporation
/s/ Stephen A. Tisdell
By: Stephen A. Tisdell
Date: November 23, 1998 Chief Financial Officer
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EXHIBIT 99.1
NEWS
FOR IMMEDIATE RELEASE
CENTRAL PARKING CORPORATION ANNOUNCES
PRELIMINARY RESULTS FOR FISCAL 1998
NASHVILLE, Tenn. (Nov. 23, 1998) - Central Parking Corporation (NYSE: CPC) today
announced preliminary net earnings for the fiscal year ended September 30, 1998
of approximately $0.94 per diluted share. That compares with net earnings for
fiscal 1997 of $0.71 per diluted share, excluding a gain of $0.06 per share on
the sale of property. The Company said that final results would be released next
week and are expected to include net earnings for the fourth fiscal quarter of
approximately $0.23 per diluted share versus the consensus published estimate of
$0.28 per diluted share. In the fourth quarter of fiscal 1997, the Company
reported earnings of $0.19 per diluted share, excluding a gain of $0.06 per
diluted share on the sale of property, adjusted for the 3-for-2 stock split
distributed in December 1997.
The Company announced that preliminary revenues for fiscal 1998 totaled
approximately $387.0 million compared with $223.0 million for fiscal 1997. For
the fourth quarter ended September 30, 1998, preliminary revenues totaled $112.4
million compared with $65.6 million in the year-earlier period.
Monroe Carell, Jr., Chairman and Chief Executive Officer, said, "Our
preliminary earnings per hare for fiscal 1998 as a whole will represent an
approximate 32% increase compared with the prior year, excluding real estate
transactions. That will mark an extension of Central Parking Corporation's
consistent long-term record of growth. Our expansion during fiscal 1998 included
a 46% increase in the number of parking spaces operated from 699,000 a year ago
to the current total of approximately 1,023,000. This substantial increase
reflects the contribution from acquisitions as well as our continuing internal
progress. We had expected to close fiscal 1998 on a stronger note, but some
factors in September affected margins in what seasonally is not the strongest
quarter of the year for our business. These included the timing of certain
calendar-related events as well as less-than-expected growth and revenue
synergies from Kinney Systems. We also are expecting to report a higher
effective income tax rate for the year."
Carell added, "Our planning for fiscal 1999 is based on achieving
growth in earnings comparable to that achieved in fiscal 1998. The factors that
affected our performance in the fourth quarter will likely have some continuing
impact, but we are taking steps to address these concerns and believe that the
remedial actions in place will become apparent as the year develops."
Central Parking Corporation, headquartered in Nashville, Tennessee, is
a leading provider of parking services. The Company operates approximately 2,440
parking facilities containing more than 1,023,000 spaces at locations in 35
states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the
Republic of Ireland, Spain, Germany, Malaysia, Chile and Mexico. Central Parking
Corporation has a business development office in Amsterdam.
This press release contains projections and other forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934. These
projections and statements reflect the Company's current views with respect to
future events and financial performance. No assurance can be given, however,
that these events will occur or that these projections will be achieved and
actual results could differ materially from those projected as a result of
certain factors. A discussion of these factors is included in the Company's
periodic reports filed with the Securities and Exchange Commission.
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