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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): December 1, 1999
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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 December 1, 1999, the Registrant announced preliminary results for fiscal
1999.
ITEM 7. FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION
AND EXHIBITS
(c) EXHIBITS
Exhibit No. 99.1 Text of press release dated December 1, 1999
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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/ signed
Date: December 17, 1999
By: Stephen A. Tisdell
Chief Financial Officer
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EXHIBIT 99.1
Contact: Stephen Tisdell
Chief Financial Officer
(615) 297-4255 X265
[email protected]
CENTRAL PARKING CORPORATION ANNOUNCES
PRELIMINARY RESULTS FOR FISCAL 1999
NASHVILLE, Tenn. (Dec. 1, 1999) - Central Parking Corporation (NYSE:CPC) today
indicated that while it expects earnings for the fourth quarter and fiscal year
ended September 30, 1999 (excluding merger costs, integration-related expenses
and real estate gains) to be less than consensus published estimates, earnings
per share for fiscal 1999 will substantially exceed the comparable prior year's
record results.
Monroe Carell, Jr., Chairman and Chief Executive Officer, said, "We are
completing our year-end closing and plan to release final results as scheduled
late next week. Preliminary indications are that earnings for the fourth quarter
(excluding merger costs, integration-related expenses and real estate gains)
will be approximately unchanged from the $0.19 per diluted share in the
year-earlier period. Based on this preliminary estimate, earnings per share for
fiscal 1999 as a whole will represent an approximate 40% increase from the $0.72
per diluted share for fiscal 1998. We are very pleased with the overall
integration of the Allright transaction, but we experienced a number of
variances, primarily cost variances, during the fourth quarter that have caused
earnings to be below the consensus published estimates of $0.30 per diluted
share. Approximately $0.04 per diluted share of these variances related to
non-recurring events. Our ability to monitor the incidence of these variances
was limited by the delayed implementation of a new management information system
and the full integration of the 2,500 Allright locations during the quarter. The
new system is now operational, and the integration of the Allright operations
has been completed. We are moving aggressively to address the cost variances,
and results since the close of the year affirm the functioning of the new system
as well as the initial benefits of the actions we are taking to bring expenses
in line with targeted levels."
The earnings for the year-earlier fourth quarter and fiscal 1998 have
been restated to include the results of Allright Holdings, Inc. which was merged
with a wholly owned subsidiary of Central Parking Corporation in March 1999.
Central Parking Corporation, headquartered in Nashville, Tennessee, is
a leading provider of parking services. The Company operates approximately 4,795
parking facilities containing more than 1.6 million spaces at locations in 40
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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