<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
- --------------------------------------------------------------------------------
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 2, 1999
- --------------------------------------------------------------------------------
<TABLE>
<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
</TABLE>
<PAGE> 2
ITEM 5. OTHER EVENTS
On December 2, 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 2, 1999
<PAGE> 3
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 hereunto duly authorized.
Central Parking Corporation
/s/ signed
Date: December 17, 1999 By: Stephen A. Tisdell
--------------------------- Chief Financial Officer
<PAGE> 1
EXHIBIT 99.1
Contact: Stephen Tisdell
Chief Financial Officer
(615) 297-4255 X265
[email protected]
CENTRAL PARKING CORPORATION ANNOUNCES
PRELIMINARY RESULTS FOR FISCAL 1999
CONTINUED GROWTH EXPECTED IN FISCAL 2000
NASHVILLE, Tenn. (Dec. 2, 1999) - Central Parking Corporation (NYSE:CPC)
yesterday announced the preliminary indications that earnings for its fiscal
year ended September 30, 1999 (excluding merger costs, integration-related
expenses and real estate transactions) will reflect an approximate 40% increase
from the $0.72 per diluted share for fiscal 1998. The Company stated today that
preliminary revenues for fiscal 1999 totaled approximately $737 million, a 23%
increase over $600.4 million for fiscal 1998.
The results for fiscal year 1998 include the results of Allright
Holdings, Inc. which was merged with a wholly owned subsidiary of Central
Parking Corporation in March 1999.
Monroe Carell, Jr., Chairman and Chief Executive Officer, said, "Our
results for fiscal 1999 extended the Company's long-term record of growth. Our
expansion during fiscal 1999 included a 56% increase in the number of parking
spaces operated from 1,023,000 to 1,600,000. An important portion of this growth
was the result of our ongoing marketing activities, the majority of the increase
is clearly attributable to the merger of Allright Holdings. This was by far the
largest transaction that we have ever undertaken, and we are pleased with its
performance thus far. We understood that integrating these new properties into
our existing operations would challenge our managerial resources. As a result of
the delay caused by the Department of Justice review, it was necessary to
overlay the integration of the Allright properties into the same time period as
had been previously scheduled for the Company's major system conversion."
"While the Company is continuing its closing process, preliminary
indications are that earnings for the fourth quarter (excluding merger costs,
integration-related expenses and real estate gains) were approximately unchanged
from the $0.19 per diluted share in the year-earlier period and the fiscal year
of approximately $1.01 versus the restated $0.72. This period is seasonally not
the strongest quarter of the year for our business, and we experienced a number
of variances, principally higher-than-expected health insurance costs; increased
corporate general and administrative expenses; and lower-than-expected lot
operating profit in certain cities. About $0.04 per share of the shortfall from
expectations was related to non-recurring events, and we are addressing the
other variances aggressively. The benefit of the remedial steps that have been
taken should be evident as we progress into fiscal 2000."
Carell added, "Our results for fiscal 2000 will be aided by our
operation for a full year of the Allright properties and the other parking
systems we acquired during fiscal 1999. Our principal focus is intently on
maximizing the efficiency of our present operations. Based on our current
planning, we expect earnings per share for fiscal 2000 to increase approximately
40% compared with our fiscal 1999 results. Central Parking Corporation is
clearly positioned as the leader in our industry, and we have an exceptional
opportunity to build on our proven core strengths not only during the coming
year but also over the longer term. We also have the advantage of a sound
financial position. Our EBITDA, excluding merger related expenses and real
estate transactions for fiscal 1999, totaled $145 million, up 30% from $110
million in the prior year, and we generated approximately $67 million in free
cash flow for fiscal 1999. We expect further significant growth in both these
key measures."
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
<PAGE> 2
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.
-END-
