<PAGE>   1
================================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q

    [x]         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                    For Quarterly Period Ended March 31, 2001
                                               --------------

    [ ]        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934
                   For The Transition Period From      to
                                                  ----    ----


                         Commission File Number 1-15629
                                                -------

                          IMPERIAL PARKING CORPORATION
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

           Delaware                                               31-1537375
-------------------------------                              -------------------
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)


   601 West Cordova Street, Suite 300
          Vancouver, BC Canada                                  V6B 1G1
----------------------------------------                       ----------
(Address of principal executive offices)                       (Zip Code)


Registrant's telephone number, including area code:               (604) 681-7311
                                                                  --------------



--------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last
report.

     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    [ ]


The number of shares outstanding of each of the registrant's classes of common
stock, as of May 10, 2001 was 1,812,142.


================================================================================

                                                                               1
<PAGE>   2


                                      INDEX
                          IMPERIAL PARKING CORPORATION
<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>      <C>                                                                <C>
PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements (Unaudited)

         Overview of Financial Statements..................................... 3

         Consolidated balance sheets
         -- March 31, 2001 and December 31, 2000.............................. 4

         Consolidated and pro forma combined statements of operations
         -- three months ended March 31, 2001 and 2000........................ 5

         Consolidated statements of stockholders' equity
         -- three months ended March 31, 2001................................. 6

         Consolidated statements of cash flows
         -- three months ended March 31, 2001 and 2000........................ 7

         Notes to consolidated financial statements........................... 8

Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations................................. 11

Item 3.  Quantitative and Qualitative Disclosure about Market Risk........... 14

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings................................................... 14

Item 4.  Submission of Matters to a Vote of Security Holders................. 15

Item 6.  Exhibits and Reports on Form 8-K.................................... 15

Signatures  ................................................................. 17

</TABLE>


                                                                               2
<PAGE>   3


                          IMPERIAL PARKING CORPORATION
                        Overview of Financial Statements

Imperial Parking Corporation (Impark) is the corporation which resulted from the
combination of the Canadian parking assets and operations of First Union Real
Estate Equity and Mortgage Investments (First Union) and the parking related
business of First Union Management, Inc. (FUMI).

The businesses combined into Impark are referred to for periods prior to the
combination as follows:

     FUR Parking Business. The FUR Parking Business, constituting the parking
     assets and operations of First Union, consisted primarily of 15 owned
     parking properties in Canada. From April 1997 to March 2000 subsidiaries of
     First Union operated this business, including leasing the properties to
     FUMI for operations and management.

     FUMI Parking Business. The FUMI Parking Business consisted of the parking
     services and related ancillary activities that were continued into Impark.
     From April 1997 to March 2000 subsidiaries of FUMI carried on these
     activities. The continuing operations of FUMI's indirect subsidiaries,
     Imperial Parking Limited and Impark Services Ltd., consisted of operating
     and managing parking facilities in Canada and the United States and
     carrying on other parking related activities.

The combination resulting in Impark was completed on March 27, 2000 following a
series of transactions pursuant to a detailed plan of organization. The final
step of the series of transactions was the distribution by First Union of
substantially all of the outstanding shares of common stock to the shareholders
of First Union. For further information regarding this detailed plan of
organization and distribution of common stock, of Impark, refer to the
Information Statement on Form 10 dated March 27, 2000.

We have accounted for this business combination by the purchase method with the
FUR Parking Business identified as the acquirer. We have recognized the business
combination with effect from the close of business on March 31, 2000. The
unaudited pro forma combined statement of operations for the three months ended
March 31, 2000 presents the results for Impark combined with the FUMI parking
related business, as further described in note 1(b). Additional information is
provided in note 2 to the unaudited consolidated financial statements.


                                                                               3

<PAGE>   4


                          IMPERIAL PARKING CORPORATION
                           Consolidated Balance Sheets
       Amounts in thousands of United States dollars, except share amounts

<TABLE>
<CAPTION>

                                                                              MARCH 31    DECEMBER 31
                                                                                2001         2000
                                                                            -----------   -----------
                                                                            (Unaudited)

<S>                                                                         <C>             <C>
                         ASSETS

Current assets:
    Cash and cash equivalents                                               $10,479         $ 5,615
    Restricted cash                                                           2,600           2,688
    Accounts receivable                                                       3,417           3,561
    Current portion of recoverable development costs                            951             969
    Inventory                                                                   757             748
    Deposits and prepaid expenses                                               666             821
    Deferred income taxes                                                     1,724           1,700
                                                                            -------         -------
               Total current assets                                          20,594          16,102

Recoverable development costs                                                 4,471           4,614
Fixed assets                                                                 13,741          14,299
Management and lease agreements                                                 318             416
Other assets                                                                  2,617           2,829
Goodwill                                                                     38,872          41,131
                                                                            -------         -------
                                                                            $80,613         $79,391
                                                                            =======         =======
                 LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
    Rents payable                                                           $ 8,085         $ 6,871
    Trade accounts payable and other accrued liabilities                      4,174           3,889
    Payable to employees and former employees                                 1,662           2,159
    Sales tax payable                                                         1,445           1,370
    Deferred revenue                                                          5,227           1,717
                                                                            -------         -------
               Total current liabilities                                     20,593          16,006

Other long-term liabilities                                                   1,634           1,656
Deferred income taxes                                                         1,979           1,700
                                                                            -------         -------
               Total liabilities                                             24,206          19,362

Stockholders' equity:
    Common stock, $.01 par value; 10,000,000 shares authorized
          1,812,412 shares issued and outstanding (2000 -- 1,843,000)            18              18
    Additional paid-in capital                                               59,448          59,991
    Retained earnings                                                         1,088           1,464
    Accumulated other comprehensive loss
         Foreign currency translation adjustment                             (4,147)         (1,444)
                                                                            -------         -------
               Total stockholders' equity                                    56,407          60,029
                                                                            -------         -------
                                                                            $80,613         $79,391
                                                                            =======         =======
</TABLE>



                                                                               4
<PAGE>   5

                          IMPERIAL PARKING CORPORATION
          Consolidated and Pro Forma Combined Statements of Operations
                                   (Unaudited)
     Amounts in thousands of United States dollars, except per share amounts


<TABLE>
<CAPTION>

                                                  THREE MONTHS ENDED MARCH 31
                                                -------------------------------
                                                                     PRO FORMA
                                                  2001       2000      2000
                                                -------     ------  -----------
                                                                    (NOTE 1(b))

<S>                                             <C>         <C>       <C>
Revenues                                        $18,060     $  127    $14,631
Direct cost                                      14,227         --     10,870
                                                -------     ------    -------
Gross margin                                      3,833        127      3,761

Other operating expenses:
     General and administrative                   3,186         90      2,757
     Depreciation and amortization                1,094         10      1,061
     Equity share of Limited Liability
          Corporation losses                         50         --         --
                                                -------     ------    -------
Total other operating expenses                    4,330        100      3,818
                                                -------     ------    -------

Operating income (loss)                            (497)        27        (57)

Other income (expenses):
     Interest income                                146      1,035         --
     Interest expense                                --       (786)        --
                                                -------     ------    -------

Other income, net                                   146        249         --
                                                -------     ------    -------

Earnings (loss) before income taxes                (351)       276        (57)

Income tax expense                                   25         --         61
                                                -------     ------    -------

Net earnings (loss)                             $  (376)    $  276    $  (118)
                                                =======     ======    =======
Earnings per share:
Basic and diluted                               $ (0.21)    $ 0.13    $ (0.06)
                                                =======     ======    =======
</TABLE>


                                                                               5

<PAGE>   6




                          Imperial Parking CORPORATION
                 Consolidated Statement of Stockholders' Equity
 Amounts in Thousands of United States dollars, except number of common shares
                                  (Unaudited)
<TABLE>
<CAPTION>

====================================================================================================================================
                                                                                              FOREIGN
                                          COMMON STOCK        ADDITIONAL     RETAINED        CURRENCY                  COMPREHENSIVE
                                      --------------------       PAID-IN     EARNINGS     TRANSLATION                       LOSS
                                        NUMBER      AMOUNT       CAPITAL                   ADJUSTMENT          TOTAL
------------------------------------------------------------------------------------------------------------------------------------

<S>                                   <C>            <C>        <C>           <C>           <C>               <C>          <C>
Balance, December 31, 2000            1,843,000      $18        $59,991       $1,464        $(1,444)          $60,029

Net earnings for the period                  --       --             --         (376)            --              (376)        (376)

Foreign currency translation
    adjustment in period                     --       --             --           --         (2,703)           (2,703)      (2,703)

Shares repurchased                      (30,858)      --           (543)          --             --              (543)

------------------------------------------------------------------------------------------------------------------------------------
Total stockholders' equity
     at March 31, 2001                1,812,142      $18        $59,448       $1,088        $(4,147)          $56,407

=====================================================================================================================

Comprehensive loss                                                                                                         $(3,079)

====================================================================================================================================
</TABLE>


                                                                               6
<PAGE>   7



                          IMPERIAL PARKING CORPORATION
                      Consolidated Statements of Cash Flows
                                   (Unaudited)

Amounts in thousands of United States dollars

<TABLE>
<CAPTION>
                                                                                       THREE MONTHS ENDED
                                                                                             MARCH 31
                                                                                     ---------------------
                                                                                       2001          2000
                                                                                     --------      -------
Cash flows from operating activities:

<S>                                                                                  <C>          <C>
Net earnings (loss)                                                                     (376)         276
Adjustments to reconcile net earnings (loss) to cash provided by
    operating activities:
    Depreciation and amortization                                                      1,094           10
    Recovery of recoverable development costs                                            269           --
    Equity share of Limited Liability Corporation losses                                  50           --
    Interest income capitalized to note receivable                                        --         (697)
    Interest expense capitalized to note payable to First Union                           --          786
    Stock-based compensation                                                             171          114
    Changes in non-cash working capital items, excluding acquisitions:
            Restricted cash                                                               88           --
            Accounts receivable                                                           21           --
            Inventory                                                                    (48)          --
            Deposits and prepaid expenses                                                134           --
            Rents payable                                                              1,533           --
            Trade accounts payable and other accrued liabilities                         334         (310)
            Payable to employees and former employees                                   (453)          --
            Sales tax payable                                                            109           --
            Deferred revenue                                                           3,579           --
            Interest receivable on notes receivable from related parties                  --            8
            Receivables from related parties                                              --         (127)
                                                                                     -------     --------

            Net cash provided by operating activities                                  6,505           60
                                                                                     -------     --------

Cash flows from investing activities:
    Purchase of fixed assets                                                            (483)          --
    Acquisition of minority interests in FUMI parking related business                    --         (453)
    Repayment of outstanding credit facilities                                            --      (26,369)
    Cash position of business acquired                                                    --        8,123
    Increase in recoverable development costs                                            (79)          --
    Change in other assets                                                              (107)          --
                                                                                     -------     --------

             Net cash used in investing activities                                      (669)     (18,699)
                                                                                     -------     --------

Cash flows from financing activities:
    Purchase of common shares                                                           (543)          --
    Cash contributions, including $26,369 to repay assumed outstanding credit             --       32,701
          facilities
    Change in other liabilities                                                          (19)          --
                                                                                     -------     --------

             Net cash provided by (used in) financing activities                        (562)      32,701
                                                                                     -------     --------

Effect of exchange rate changes on cash and cash equivalents                            (410)         (14)
                                                                                     -------     --------
Increase in cash and cash equivalents                                                  4,864       14,048
Cash and cash equivalents, beginning of period                                         5,615        1,984
                                                                                     -------     --------
Cash and cash equivalents, end of period                                             $10,479     $ 16,032
                                                                                     =======     ========

Supplementary information:
    Income taxes paid                                                                $    25      $   311
Non-cash transactions:
     Interest income capitalized to notes receivable                                      --          697
     Interest expense capitalized to notes payable                                        --          786

</TABLE>



                                                                               7

<PAGE>   8




                          IMPERIAL PARKING CORPORATION
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


1.   ORGANIZATION AND BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Imperial Parking
Corporation ("Impark") do not include all of the information and footnotes
required by generally accepted accounting principles for a complete set of
annual financial statements. In the opinion of management, all adjustments
(consisting solely of normal recurring adjustments) considered necessary for a
fair presentation of the financial position, results from operations and cash
flows as at March 31, 2001, and for all periods presented, have been included.
These financial statements should be read in conjunction with the financial
statements, and notes thereto, included in Impark's annual report on Form 10-K
for the fiscal year ended December 31, 2000. Operating results for the three
months ended March 31, 2001 are not necessarily indicative of the results that
may by expected for the fiscal year ending December 31, 2001.

(a)  Organization

     Impark is the corporation which resulted from the combination of the
     Canadian parking facilities of First Union Real Estate Equity and Mortgage
     Investments (the "FUR Parking Business) and the parking related businesses
     of First Union Management, Inc. (the "FUMI Parking Business"). We have set
     out below a brief description of the operations of each business being
     combined.

     FUR Parking Business -- The FUR Parking Business, constituting the parking
     assets and operations of First Union, consisted primarily of 15 owned
     parking properties in Canada. From April 1997 to March 2000, subsidiaries
     of First Union operated this business, including leasing the properties to
     First Union Management, Inc. ("FUMI") for operations and management.

     FUMI Parking Business -- The FUMI Parking Business consisted of the parking
     services and related ancillary activities that have been continued into
     Impark. From April 1997 to March 2000, subsidiaries of FUMI carried on
     these activities. The continuing operations of FUMI's indirect
     subsidiaries, Imperial Parking Limited and Impark Services Ltd., consisted
     of operating and managing parking facilities in Canada and the United
     States and carrying on other parking related activities.

     The accompanying unaudited consolidated financial statements include the
     accounts of Impark and its wholly owned subsidiaries and reflect Impark's
     acquisition of the FUMI Parking Business which has been accounted for with
     effect from the close of business on March 31, 2000. All material
     inter-company transactions and balances have been eliminated.


                                                                               8
<PAGE>   9

(b)  Pro forma

     The pro forma statement of operations for the 3 months ended March 31, 2000
     has been compiled from financial information in the:

          (i)   unaudited combined financial statements of Impark, including its
                predecessor the FUR Parking Business, for the three months ended
                March 31, 2000;

          (ii)  unaudited combined financial statements of the FUMI Parking
                Business for the three months ended March 31, 2000,

          (iii) the additional information presented below.

                The pro forma combined statement of operations reflects the
                combination of Impark and the FUMI Parking Business with effect
                from January 1, 2000 and the following transactions:

                (a) the elimination of inter-entity lease fees and interest
                    costs;

                (b) the elimination of an asset management fee earned by the
                    FUMI Parking Business during the period January 1, 2000 to
                    March 31, 2000 for managing the United States parking
                    properties of First Union. The fee agreement was cancelled
                    on the acquisition of the FUMI Parking Business; and

                (c) the elimination of interest expense on long-term debt repaid
                    and the note payable capitalized on the acquisition of the
                    FUMI Parking Business.


          For purposes of the pro forma combined statements of operations, no
          adjustments have been made for interest on additional cash balances.

These pro forma combined statements of operations are not necessarily indicative
of the results of operations that would have been achieved had the transactions
actually taken place at the dates indicated and do not purport to be indicative
of the effects that may be expected to occur in the future.

2.   ACQUISITION

On March 27, 2000 the Company was formed through a series of transactions
involving the combination of the FUR Parking Business and the FUMI Parking
Business. For accounting purposes the FUR Parking Business has been treated as
acquiring the FUMI Parking Business with effect from the close of business on
March 31, 2000 and has accounted for the acquisition using the purchase method.
The fair value of the assets acquired and liabilities assumed of the FUMI
Parking Business were as follows:

<TABLE>


     <S>                                                 <C>
     Working capital deficit                             $(10,281)
     Other assets and liabilities, net                      6,276
     Fixed assets                                           5,659
     Management and lease agreements                          763
     Goodwill                                              42,556
                                                         --------

                                                           44,973
     Less indebtedness                                    (26,369)
                                                         --------
                                                         $ 18,604
                                                         --------
</TABLE>

     Included in the working capital deficit is $8,123 of cash of the FUMI
     Parking Business


                                                                               9
<PAGE>   10

The Company has consolidated the results of operations of the acquired FUMI
Parking Business from April 1, 2000. However, pro forma results have been
disclosed in the accompanying financial statements for the three months ended
March 31, 2000, as if the acquisition were effective at the beginning of that
period.

3.   EARNINGS PER SHARE

     Basic earnings per share is computed by dividing income available to common
shareholders by the weighted-average number of common shares outstanding for the
period. The weighted average number of shares outstanding for the three months
ended March 31, 2000 gives retroactive effect to the shares issued on the
formation of Impark. Diluted earnings per share reflects the potential dilution
that would occur if securities or other contracts to issue common stock were
exercised or converted into common stock or resulted in the issuance of common
stock, or if restricted shares of common stock were to become fully vested, that
then shared in the earnings of Impark.

The following tables set forth the computation of basic and diluted earnings per
share:

<TABLE>
<CAPTION>

                                                                    THREE MONTHS ENDED MARCH 31
                                                                    ---------------------------
                                                            2001                                     2000
                                             -----------------------------------     ------------------------------------
                                               INCOME      COMMON      PER SHARE       INCOME       COMMON      PER SHARE
                                             AVAILABLE     SHARES       AMOUNT       AVAILABLE      SHARES        AMOUNT
                                              ($000's)    (000's)                     ($000's)     (000's)

<S>                                             <C>        <C>          <C>             <C>         <C>           <C>
Basic and diluted earnings per share
     Net earnings (loss)                        $(376)     1,822        $(0.21)         $276        2,122         $0.13

     Pro forma loss                               n/a        n/a           n/a          (118)       2,122         (0.06)

</TABLE>


4.   BUSINESS SEGMENTS

     Senior management of the Company reviews the revenue and overall results of
operations by geographic regions. The following table summarizes the revenue,
operating result and assets for these geographic regions.


<TABLE>
<CAPTION>

                                                                 THREE MONTHS ENDED MARCH 31
                                          -----------------------------------------------------------------------
                                                         2001                                 2000 (1)
                                          --------------------------------      ---------------------------------
                                          CANADA         U.S.       TOTAL        CANADA        U.S.       TOTAL
                                          ------       --------    -------      -------      --------    --------


<S>                                       <C>          <C>         <C>          <C>          <C>         <C>
Revenue                                   $13,179      $ 4,881     $18,060      $12,357      $ 2,274     $14,631
Depreciation and amortization                 919          175       1,094        1,032           29       1,061
Operating income (loss)                       834       (1,331)       (497)          79         (136)        (57)
Income tax expense                             21            4          25           52            9          61
Long-lived assets                          49,764        5,784      55,548       59,073        3,506      62,579
Total assets                               62,057       18,556      80,613       72,534       17,423      89,957
</TABLE>


(1):  pro forma, except asset figures.


                                                                              10

<PAGE>   11


5.   CONTINGENCIES

The Company is the defendant in a lawsuit filed by Sterling Parking Ltd.
("Sterling") in April 2001. Sterling is claiming damages of $6.3 million
(Canadian $10 million) as a result of a failed agreement to manage certain of
Sterling's locations by Impark. The Company believes that the claim is largely
without merit and, regardless, the amount claimed is excessive. The Company will
defend itself against the claim, and does not expect the outcome of the lawsuit
to have a material impact on its financial position or results of operations.

ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

     FORWARD-LOOKING STATEMENTS MAY PROVE INACCURATE

     This report includes various forward-looking statements regarding the
Company that are subject to risks and uncertainties, including, without
limitation, the factors set forth below. Forward-looking statements include, but
are not limited to, discussions regarding the Company's operating strategy,
growth strategy, acquisition strategy, cost savings initiatives, industry,
economic conditions, financial condition, liquidity and capital resources and
results of operations. Such statements include, but are not limited to,
statements preceded by, followed by or that otherwise include the words
"believes," "expects," "anticipates," "intends," "estimates" or similar
expressions. For those statements, the Company claims the protection of the safe
harbor for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995.

     The following important factors, in addition to those discussed elsewhere
in this report, and the documents which are incorporated herein by reference,
could affect the future financial results of the Company and could cause actual
results to differ materially from those expressed in forward-looking statements
contained or incorporated by reference in this document:

-    successfully integrating past and future acquisitions in light of
     challenges in retaining key employees, synchronizing business processes and
     efficiently integrating facilities, marketing, and operations;

-    successful implementation of the Company's operating and growth strategy,
     including possible strategic acquisitions;

-    fluctuations in quarterly operating results caused by a variety of factors
     including the timing of gains on sales of owned facilities, pre-opening
     costs, changes in the Company's cost of borrowing, effect of weather on
     travel and transportation patterns, player strikes or other events
     affecting major league sports and local, national and international
     economic conditions;

-    the ability of the Company to form and maintain its strategic relationships
     with certain large real estate owners and operators;

-    global and/or regional economic factors;

-    compliance with laws and regulations, including, without limitation,
     environmental, antitrust and consumer protection laws and regulations at
     the federal, state, local and international levels.

     OVERVIEW

     On March 27, 2000, Impark completed a series of transactions which resulted
in the combination of the Canadian parking facilities of First Union and the
parking and ancillary services of the FUMI Parking Business.


                                                                              11
<PAGE>   12

The following discussion reviews the operating results of the combined
businesses for the three months ended March 31, 2000 on a pro forma basis as if
the combination had been in place on January 1, 2000.

     The Company operates parking facilities under three types of arrangements:
leases, fee ownership and management contracts. Revenues consist of parking
revenues from leased and owned facilities, and revenues earned in accordance
with the terms of management contracts. Direct costs relate typically to leased
and owned facilities and include rent, payroll and related benefits,
maintenance, insurance, and general operating expenses. Direct costs also
include expenses associated with management contracts that are not recoverable
from the property owner.

     Revenue earned from each type of arrangement for the quarter and the number
of facilities operated as at the end of each quarter, are as follows:


<TABLE>
<CAPTION>
                                                    THREE MONTHS ENDED MARCH 31
                                          2001                                2000
                                ---------------------------        -------------------------------
                                REVENUE      # LOCATIONS(2)        REVENUE(1)       # LOCATIONS(2)
                                -------      --------------        ----------       --------------


<S>                             <C>                 <C>              <C>                    <C>
Leased                          $15,498             517(3)           $12,136                502
Managed                           2,137             953                2,096                874
Owned                               425              15                  399                 15
                                -------           -----              -------              -----
                                $18,060           1,485              $14,631              1,391
                                -------           -----              -------              -----
</TABLE>


THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THREE MONTHS ENDED MARCH 31, 2000

Revenues from leased and owned facilities for the first quarter of fiscal 2001
increased to $15.9 million from $12.5 million in the first quarter of fiscal
2000, an increase of $3.4 million or 27.2%. $2.4 million of this increase was in
the United States and resulted from starting operations in San Francisco (April
2000) and Cleveland (September 2000) and the acquisition of E-Z Park in
Cincinnati (April 2000). The increase of $1.0 million in leased revenue in
Canada was due to parking rate increases and a public transit strike in Calgary,
Alberta.

Management contract revenues for the first quarter remained stable at $2.1
million for both the 2000 and the 2001 three month periods.

Direct costs in the first quarter of 2001 increased to $14.2 million from $10.9
million in the first quarter of 2000, an increase of $3.3 million or 30.3%. Of
this increase, $2.5 million was attributable to higher rent expense and $0.8
million to other direct costs. Rent expense increased $2.5 million or 32.5%
from $7.7 million for the first quarter of 2000 to $10.2 million for the first
quarter of 2001. Rent as a percentage of revenues, increased to 56.4% in the
first quarter of 2001 from 52.5% in the same quarter of 2000. This increase is
principally due to the fixed component of rent on leased facilities which does
not vary as revenue fluctuates. The leased locations we operate in San Francisco
and Cleveland are dependent on baseball traffic and therefore, historically, we
have experienced rent to be a lower percentage of revenue in the second and
third quarters. The increase in other direct costs of $0.8 million, or 25.8%,
from $3.2 million to $4.0 million, is in line with the increase in revenues.
Direct costs as a percentage of revenues increased to 78.8% in the first quarter
of fiscal 2001 from 74.3% in the first quarter of fiscal 2000.

General and administrative expenses increased $0.4 million or 14.3% from $2.8
million for the first quarter of fiscal 2000 to $3.2 million for the first
quarter fiscal 2001. The increase in general and administrative expenses is due
to


-------------------

(1)  pro forma figures

(2)  as at March 31

(3)  includes two locations in New York operated by Limited Liability
     Corporations in which Impark is a 50% member.



                                                                              12

<PAGE>   13

expansion since last year in the United States, including $0.1 million for
operations in San Francisco, Cincinnati and Cleveland, and $0.1 million to
establish a regional management infrastructure in the United States. We also
incurred $0.1 million of additional expense related to being a public company
and $0.1 million of increased stock compensation expense, as discussed below.
General and administrative expenses, as a percentage of total revenues decreased
to 17.6% for the first quarter of fiscal 2001 compared to 18.8% for the first
quarter of fiscal 2000.

Included in general and administrative expense is stock-based compensation
expense for the first quarter of fiscal 2001 of $0.2 million which includes an
allocation of both senior management's compensation related to our stock
performance and directors' annual stock entitlement for fees for services
rendered. In the first quarter of fiscal 2000 there was $0.1 million of stock
awarded to directors, but no stock compensation expense for senior management.
The allocation for senior management's compensation is in lieu of the 2000 Stock
Incentive Plan which has been approved by the directors and is subject to
stockholder approval at our 2001 Annual General Meeting. Details of the plan
are included in our Proxy Statement as filed on Schedule 14A on April 27, 2001.

The equity share in the limited liability corporation ("LLC") losses represents
our 50% share in two LLC's which each operate a parking facility in New York,
New York. The LLC's started operating these facilities in January 2001.

Interest income of $0.1 million was earned in the first quarter of fiscal 2001
from cash balances acquired on the combination in March 2000. Accordingly, there
was no interest income in the first quarter of fiscal 2000.

Income tax expense for the first quarter of fiscal 2001 represents our current
tax liability for capital and state taxes.

The net loss for the first quarter of 2001 was $0.4 million - an increase of
$0.3 million from the first quarter pro forma loss in 2000 of $0.1 million. This
increase is primarily due to lower gross margin from US operations of $0.3
million as affected by seasonal event traffic; higher general and administrative
expenses of $0.4 million; equity losses of $0.1 million in the LLC's; offset by
improved gross margins from Canadian operations of $0.4 million and interest
income of $0.1 million.


     LIQUIDITY AND CAPITAL RESOURCES

     As at March 31, 2001, we had cash and cash equivalents of $10.5 million.
This represents an increase of $4.9 million for the first quarter of fiscal
2001. The increase resulted from $6.4 million of cash generated from operations
offset by $0.6 million used in investing activities, $0.5 million used to
repurchase our stock and $0.4 million of changes in exchange rates on cash
balances. $3.4 million of the cash from operations was generated from parking
revenue from season ticket holders of the San Francisco Giants. This amount has
been included in deferred revenue at March 31, 2001 and will be recognized over
the course of the regular baseball season.

     We are negotiating final costs with the contractor of the San Francisco
Giants development. We estimate that up to approximately $1.0 million will be
required to complete funding of the development costs. An accrual has been
recorded at March 31, 2001 for the estimated settlement costs.

     At March 31, 2001 we had no long-term bank debt outstanding. We have a
$20.0 million credit facility with HSBC Canada to fund working capital
requirements, acquisitions and other capital investment opportunities.

     In the next 12 months, we anticipate the working capital necessary to
satisfy current obligations will be generated from operations, available cash,
and our bank facility.

     Depending on the timing and magnitude of future investment opportunities,
which could be in the form of leased or purchased properties, joint ventures or
acquisitions, we anticipate the cash required to come from operations, the bank
credit facility, a rights offering or an equity offering.

     In the future, if we identify investment opportunities requiring cash in
excess of operating cash flows and credit facilities, we may seek additional
sources of capital, including the sale or issuance of our common stock or a
rights offering, or amending our credit facility to obtain additional
indebtedness. No assurances can be given that such increases would be available
at the time needed to complete any such acquisition.


                                                                              13

<PAGE>   14

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Interest Rates

     The Company's primary exposure to market risk consists of changes in
interest rates on cash invested in short-term deposits. Changes in interest
rates could impact the Company's anticipated interest income.

Foreign Currency Exposure

     Impark operates wholly owned subsidiaries in Canada. Total revenues from
Canadian operations amounted to $13.2 million and $12.4 million (pro forma) for
the three months ended March 31, 2001 and 2000, respectively. Impark intends to
continue to invest in Canadian leased or owned facilities, and may identify
expansion opportunities in other foreign countries. Our exposure to foreign
currency fluctuations is limited as the Canadian dollar revenues have to date
been significantly offset by Canadian dollar operating costs. In limited
circumstances we have denominated Canadian contracts in U.S. dollars to limit
currency exposure. Presently, Impark has no formal hedging programs and has no
outstanding derivative contracts. We anticipate implementing a hedging program
if such risk materially increases.


PART II - OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS

LITIGATION

     The provision of services to the public entails an inherent risk of
liability. We are engaged from time to time in routine litigation incidental to
our business. Other than cases involving Eau Claire Market in Calgary, Alberta
and Sterling Parking Ltd. described below, there is no legal proceeding to which
we are a party which, if decided adversely could materially harm our financial
condition. We attempt to disclaim liability for personal injury facilities we
operate. We also carry liability insurance that we believe meets or exceeds
industry standards as determined by our landlords. We can provide no assurances,
however, that any future legal proceedings (including any related judgements,
settlements or costs) will not have a material adverse effect on our financial
condition, liquidity or results of operations.

     The Eau Claire Market litigation was filed in the Queen's Bench of Alberta
on August 20, 1998. It involves a claim against a property in which we are the
lessee. The plaintiff asserts that it is entitled to priority over our lease and
to possession of the property. We believe that this claim is without merit. If,
however, we do not prevail in the litigation, we may be forced to renegotiate
the lease with the landlord, in which case the rent could be substantially
increased and may materially impact our results.

     Imperial Parking Canada Corporation ("Impark Canada"), a subsidiary of
Impark, is a defendant in a lawsuit brought by Newcourt Financial Ltd. as the
assignee of Oracle Corporation Canada Inc. The suit was filed in Ontario
Superior Court on June 11, 1999. It alleges that Impark Canada and FUMI owe
approximately $825,000 under a software licence and services agreement. We
believe that these claims are without merit, however the legal action is in its
earliest stages. First Union has agreed to assume all liability with respect of
this claim.


                                                                              14
<PAGE>   15

     Impark Canada is a defendant in a lawsuit brought by Sterling Parking Ltd.,
which was filed April 3, 2001 in the Queen's Bench of Alberta. It involves an
alleged breach by Impark Canada of a confidentiality agreement entered into with
Sterling in October 2000 relating to the potential management by Impark Canada
of certain Sterling lots in Calgary. The agreement prohibited Impark Canada from
bidding on any Sterling lots while negotiations of such transaction were
underway. During negotiations, Impark Canada successfully bid on two Sterling
lots. The transaction with Sterling subsequently did not complete. Sterling
claims in the lawsuit that Impark Canada wrongfully bid on the two lots and an
additional three lots, as well as improperly used Sterling confidential
information, all in breach of the confidentiality agreement. The total damages
claimed by Sterling are approximately CDN$10,000,000. We believe this amount is
grossly exaggerated and the claim is largely without merit. The parties are
negotiating settlement. If a settlement is not reached and we are unsuccessful
in our defence, we believe that any damages actually sustained by Sterling and
which may be awarded against Impark Canada will not have a material effect on
our results.

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS

There were no matters submitted to a vote of security holders during the quarter
ended March 31, 2001.

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

          (a)  List of Exhibits

          Each exhibit listed below in the Index to Exhibits is filed as a part
          of this report. Exhibits not incorporated by reference to a prior
          filing are designated by an asterisk ("*"); all exhibits not so
          designated are incorporated herein by reference to a prior filing as
          indicated.

          Index to Exhibits

          Exhibit No.     Description
          -----------     -----------

          2.1             Form of Memorandum of Understanding regarding the
                          Distribution between First Union Real Estate Equity
                          and Mortgage Investments ("First Union") and the
                          Registrant (Incorporated by reference to Exhibit 2.1
                          to the Company's Registration Statement No. 001-15629
                          on Form 10/A as filed on March 2, 2000).

          3.1             Form of Amended and Restated Certificate of
                          Incorporation of the Registrant (Incorporated by
                          reference to Exhibit 3.1 to the Company's Registration
                          Statement No. 001-15629 on Form 10/A as filed on March
                          2, 2000).

          3.2             Form of Amended and Restated By-Laws of the Registrant
                          (Incorporated by reference to Exhibit 3.2 to the
                          Company's Registration Statement No. 001-15629 on Form
                          10/A as filed on March 2, 2000).

          4.1             Specimen certificate for shares of common stock of the
                          Registrant (Incorporated by reference to Exhibit 4.1
                          to the Company's Registration Statement No. 001-15629
                          on Form 10/A as filed on March 2, 2000).

          10.1            Form of 2000 Stock Incentive Plan of the Registrant
                          (Incorporated by reference to Exhibit 10.1 to the
                          Company's Registration Statement No. 001-15629 on Form
                          10/A as filed on March 2, 2000).

          10.4            Form of Indemnification Agreement (Incorporated by
                          reference to Exhibit 10.4 to the Company's
                          Registration Statement No. 001-15629 on Form 10/A as
                          filed on March 2, 2000).

          10.6            Form of Huntzinger Employment Agreement (Incorporated
                          by reference to Exhibit 10.6 to the Company's
                          Registration Statement No. 001-15629 on Form 10/A as
                          filed on March 21, 2000).


                                                                              15

<PAGE>   16

          10.7            Form of Wallner Employment Agreement (Incorporated by
                          reference to Exhibit 10.7 to the Company's
                          Registration Statement No. 001-15629 on Form 10/A as
                          filed on March 21, 2000).

          10.8            Newsome Employment Agreement (Incorporated by
                          reference to Exhibit 10.8 to the Company's
                          Registration Statement No. 001-15629 on Form 10/A as
                          filed on March 2, 2000).

          10.10           Form of $20.0 million Credit Facility (Incorporated by
                          reference to Exhibit 10.10 to the Company's Annual
                          Report on Form 10K as filed on March 28, 2001).

          21.1            Subsidiaries of the Registrant (Incorporated by
                          reference to Exhibit 21.1 to the Company's Annual
                          Report on Form 10K as filed on March 28, 2001).


          (b)  Reports on Form 8-K

               The Company did not file any reports on Form 8-K during the
               quarter ended March 31, 2001.


                                                                              16
<PAGE>   17


                                   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.


                                             IMPERIAL PARKING CORPORATION

Date:    May 11, 2001                        By: /s/ J. Bruce Newsome

-----------------------                      ---------------------------------.
                                             J. Bruce Newsome
                                             Chief Financial Officer


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