##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 
 FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2010
 Commission file number: 000-50796
 
 STANDARD PARKING CORPORATION
  Delaware
    
    16-1171179(State or Other Jurisdiction of Incorporation or Organization)
    
    (I.R.S. Employer Identification No.)
 900 N. Michigan Avenue, Suite 1600
Chicago, Illinois 60611-1542
 (312) 274-2000
 þ o
 o o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 YES o NO þ




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##### 



STANDARD PARKING CORPORATION
FORM 10-Q INDEX
 Part I. Financial InformationItem 1. Financial Statements:Condensed Consolidated Balance Sheets as of March 31, 2010 (Unaudited) and December 31, 2009
    
    
    3Condensed Consolidated Statements of Income (Unaudited) for the three months ended March 31, 2010 and 2009
    
    
    4Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2010 and 2009
    
    
    5Notes to Condensed Consolidated Interim Financial Statements
    
    
    6Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    18Item 3. Quantitative and Qualitative Disclosures about Market Risk
    
    
    28Item 4. Controls and Procedures
    
    
    28Part II. Other InformationItem 1. Legal Proceedings
    
    
    29Item 6. Exhibits
    
    
    30Signatures
    
    
    31Index to Exhibits
    
    
    32Exhibit 31.1Exhibit 31.2Exhibit 31.3Exhibit 32.1
   2




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PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 STANDARD PARKING CORPORATION
 
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (in thousands, except for share and per share data)
 March 31, 2010
    
    
    December 31, 2009(Unaudited)
    
    
    (see Note)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    8,758
    
    
    $
    8,256Notes and accounts receivable, net
    
    
    48,529
    
    
    
    44,490Prepaid expenses and supplies
    
    
    4,014
    
    
    
    5,401Deferred taxes
    
    
    3,457
    
    
    
    3,457Total current assets
    
    
    64,758
    
    
    
    61,604Leasehold improvements, equipment and construction in progress, net
    
    
    17,015
    
    
    
    17,175Advances and deposits
    
    
    4,468
    
    
    
    4,904Long-term receivables, net
    
    
    11,699
    
    
    
    10,325Intangible and other assets, net
    
    
    7,776
    
    
    
    6,765Cost of contracts, net
    
    
    10,832
    
    
    
    12,879Goodwill
    
    
    129,464
    
    
    
    126,853Total assets
    
    $
    246,012
    
    
    $
    240,505LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    50,849
    
    
    $
    48,502Accrued and other current liabilities
    
    
    29,803
    
    
    
    33,156Current portion of long-term borrowings
    
    
    654
    
    
    
    662Total current liabilities
    
    
    81,306
    
    
    
    82,320Deferred taxes
    
    
    8,667
    
    
    
    8,151Long-term borrowings, excluding current portion
    
    
    111,435
    
    
    
    112,549Other long-term liabilities
    
    
    26,379
    
    
    
    22,808Standard Parking Corporations stockholders equity:Common stock, par value $.001 per share; 21,300,000 shares
authorized; 15,425,744 and 15,385,428 shares issued and
outstanding as of March 31, 2010 and December 31, 2009,
respectively
    
    
    15
    
    
    
    15Additional paid-in capital
    
    
    92,512
    
    
    
    91,793Accumulated other comprehensive income
    
    
    297
    
    
    
    313Accumulated deficit
    
    
    (74,527
    )
    
    
    (77,372
    )Total Standard Parking Corporation stockholders equity
    
    
    18,297
    
    
    
    14,749Noncontrolling interest
    
    
    (72
    )
    
    
    (72
    )Total equity
    
    
    18,225
    
    
    
    14,677Total liabilities and stockholders equity
    
    $
    246,012
    
    
    $
    240,505
 
 Note:
    
    The balance sheet at December 31, 2009 has been derived from the audited financial
statements at that date but does not include all of the information and footnotes required by
accounting principles generally accepted in the United States for complete financial
statements.   3




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STANDARD PARKING CORPORATION
 
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (in thousands, except for share and per share data, unaudited)
 Three Months EndedMarch 31, 2010
    
    
    March 31, 2009Parking services revenue:Lease contracts
    
    $
    33,116
    
    
    $
    34,700Management contracts
    
    
    40,075
    
    
    
    38,29373,191
    
    
    
    72,993Reimbursed management contract expense
    
    
    106,055
    
    
    
    102,558Total revenue
    
    
    179,246
    
    
    
    175,551Cost of parking services:Lease contracts
    
    
    31,771
    
    
    
    32,949Management contracts
    
    
    22,264
    
    
    
    20,39154,035
    
    
    
    53,340Reimbursed management contract expense
    
    
    106,055
    
    
    
    102,558Total cost of parking services
    
    
    160,090
    
    
    
    155,898Gross profit:Lease contracts
    
    
    1,345
    
    
    
    1,751Management contracts
    
    
    17,811
    
    
    
    17,902Total gross profit
    
    
    19,156
    
    
    
    19,653General and administrative expenses (1)
    
    
    11,560
    
    
    
    12,761Depreciation and amortization
    
    
    1,460
    
    
    
    1,487Operating income
    
    
    6,136
    
    
    
    5,405Other expenses (income):Interest expense
    
    
    1,490
    
    
    
    1,436Interest income
    
    
    (53
    )
    
    
    (67
    )1,437
    
    
    
    1,369Income before income taxes
    
    
    4,699
    
    
    
    4,036Income tax expense
    
    
    1,847
    
    
    
    1,574Net income
    
    
    2,852
    
    
    
    2,462Less: Net income attributable to
noncontrolling interest
    
    
    7
    
    
    
    64Net income attributable to Standard
Parking Corporation
    
    $
    2,845
    
    
    $
    2,398Common stock data:Net income per share:Basic
    
    $
    0.18
    
    
    $
    0.15Diluted
    
    $
    0.18
    
    
    $
    0.15Weighted average shares outstanding:Basic
    
    
    15,390,514
    
    
    
    15,296,282Diluted
    
    
    15,804,599
    
    
    
    15,628,952
 
 (1)
    
    Non-cash stock based compensation expense of $508 and $527 for the three months ended March
31, 2010 and 2009, respectively, included in general and administrative expenses.   4




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STANDARD PARKING CORPORATION
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands, unaudited)
 Three Months EndedMarch 31, 2010
    
    
    March 31, 2009Operating activities:Net income
    
    $
    2,852
    
    
    $
    2,462Adjustments to reconcile net income to net cash provided by operations:Depreciation and amortization
    
    
    1,445
    
    
    
    1,390Loss on sale of assets
    
    
    18
    
    
    
    82Amortization of debt issuance costs
    
    
    159
    
    
    
    161Non-cash stock-based compensation
    
    
    508
    
    
    
    527Excess tax benefit related to stock option exercises
    
    
    (75
    )
    
    
    (Reversal) provision for losses on accounts receivable
    
    
    (111
    )
    
    
    253Deferred income taxes
    
    
    516
    
    
    
    612Change in operating assets and liabilities
    
    
    (3,534
    )
    
    
    (5,186
    )Net cash provided by operating activities
    
    
    1,778
    
    
    
    301Investing activities:Purchase of leaseholds improvements and equipment
    
    
    (452
    )
    
    
    (847
    )Cost of contracts purchased
    
    
    
    
    
    
    (604
    )Capitalized interest
    
    
    (36
    )
    
    
    (17
    )Contingent purchase payments
    
    
    (11
    )
    
    
    (8
    )Net cash used in investing activities
    
    
    (499
    )
    
    
    (1,476
    )Financing activities:Repurchase of common stock
    
    
    
    
    
    
    (3,884
    )Proceeds from exercise of stock options
    
    
    135
    
    
    
    Tax benefit related to stock option exercises
    
    
    75
    
    
    
    (Payments on) proceeds from senior credit facility
    
    
    (950
    )
    
    
    7,150Distribution to noncontrolling interest
    
    
    (7
    )
    
    
    (52
    )Payments on long-term borrowings
    
    
    (31
    )
    
    
    (29
    )Payments on capital leases
    
    
    (141
    )
    
    
    (289
    )Net cash (used in) provided by financing activities
    
    
    (919
    )
    
    
    2,896Effect of exchange rate changes on cash and cash equivalents
    
    
    142
    
    
    
    (234
    )Increase in cash and cash equivalents
    
    
    502
    
    
    
    1,487Cash and cash equivalents at beginning of period
    
    
    8,256
    
    
    
    8,301Cash and cash equivalents at end of period
    
    $
    8,758
    
    
    $
    9,788Supplemental disclosures:Cash paid during the period for:Interest
    
    $
    1,296
    
    
    $
    1,546Income taxes
    
    
    1,015
    
    
    
    594
   5




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STANDARD PARKING CORPORATION
 
 NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
 (In thousands except for share and per share data, unaudited)
 1. Basis of Presentation
   Principles of Consolidation
  Financial Instruments
  Interest Rate Caps
   2. Stock-Based Compensation
   6




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Stock Options and Grants
    Performance-Based Incentive Program
   Restricted Stock Units
     7




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3. Net Income Per Common Share
   Three Months Ended March 312010
    
    
    2009Weighted average common basic shares outstanding
    
    
    15,390,514
    
    
    
    15,296,282Effect of dilutive stock options and restricted stock units
    
    
    414,085
    
    
    
    332,670Weighted average common diluted shares outstanding
    
    
    15,804,599
    
    
    
    15,628,952Net income per share:Basic
    
    $
    0.18
    
    
    $
    0.15Diluted
    
    $
    0.18
    
    
    $
    0.15
    4. Recently Issued Accounting Pronouncements
 Accounting Standards Net Yet Adopted
  Accounting Standards Adopted
   8




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5. Acquisitions
 2009 Acquisitions
     9




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6. Leasehold Improvements, Equipment and Construction in Progress, Net
  Ranges of Estimateduseful life
    
    
    March 31, 2010
    
    
    December 31, 2009(Unaudited)Equipment
    
    2-10 years
    
    $
    31,094
    
    
    $
    28,568Leasehold improvements
    
    Shorter of lease term or economic life up to 10 years
    
    
    9,680
    
    
    
    9,708Construction in progress
    
    
    
    
    
    
    5,350
    
    
    
    7,54346,124
    
    
    
    45,819Less accumulated depreciation and amortization
    
    
    
    
    
    
    (29,109
    )
    
    
    (28,644
    )Leasehold improvements, equipment and construction in progress, net
    
    
    
    
    
    $
    17,015
    
    
    $
    17,175
  7. Cost of Contracts, Net
   March 31, 2010
    
    
    December 31, 2009(Unaudited)Cost of contracts
    
    $
    17,194
    
    
    $
    18,885Accumulated amortization
    
    
    (6,362
    )
    
    
    (6,006
    )Cost of contracts, net
    
    $
    10,832
    
    
    $
    12,879
  8. Goodwill
   10




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Region
    
    
    Region
    
    
    Region
    
    
    RegionOne
    
    
    Two
    
    
    Three
    
    
    Four
    
    
    TotalBalance as of January 1, 2010
    
    $
    61,849
    
    
    $
    7,200
    
    
    $
    35,227
    
    
    $
    22,577
    
    
    $
    126,853Acquisitions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Adjustments
to purchase price*
    
    
    
    
    
    
    2,435
    
    
    
    
    
    
    
    
    
    
    
    2,435Contingency payments related to acquisitions
    
    
    
    
    
    
    
    
    
    
    11
    
    
    
    
    
    
    
    11Foreign currency translation
    
    
    
    
    
    
    165
    
    
    
    
    
    
    
    
    
    
    
    165Balance as of March 31, 2010
    
    $
    61,849
    
    
    $
    9,800
    
    
    $
    35,238
    
    
    $
    22,577
    
    
    $
    129,464
 *
    
    The Company engaged a third party valuation firm to provide a fair value
analysis. These estimates are subject to revision after the Company
completes its fair value analysis. 9. Long-Term Receivables, Net
  Amount OutstandingMarch 31, 2010
    
    
    December 31, 2009(Unaudited)Bradley International AirportDeficiency payments
    
    $
    10,980
    
    
    $
    9,606Other Bradley related, net
    
    
    3,203
    
    
    
    3,203Valuation allowance
    
    
    (2,484
    )
    
    
    (2,484
    )Total long-term receivables, net
    
    $
    11,699
    
    
    $
    10,325
 Agreement
     
    
    Garage and surface operating expenses
    
    Principal and interest on Bonds
    
    Trustee expenses
    
    Major maintenance and capital improvement deposits
    
    State Minimum Guarantee
  11




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Deficiency Payments
      March 31, 2010
    
    
    December 31, 2009(Unaudited)Deficiency payments:Balance at beginning of period
    
    $
    9,606
    
    
    $
    5,961Deficiency payments made
    
    
    1,374
    
    
    
    3,645Deficiency repayment received
    
    
    
    
    
    
    Balance at end of period
    
    
    10,980
    
    
    
    9,606Other Bradley related
    
    
    3,203
    
    
    
    3,203Valuation allowance
    
    
    (2,484
    )
    
    
    (2,484
    )Total long-term receivables
    
    $
    11,699
    
    
    $
    10,325
 Compensation
     12




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10. Borrowing Arrangements
  Amount OutstandingDue Date
    
    
    March 31, 2010
    
    
    December 31, 2009(Unaudited)Senior credit facility
    
    June 2013
    
    $
    108,900
    
    
    $
    109,850Capital lease obligations
    
    Various
    
    
    1,915
    
    
    
    2,056Obligations on Seller notes and other
    
    Various
    
    
    1,274
    
    
    
    1,305112,089
    
    
    
    113,211Less current portion
    
    
    
    
    
    
    654
    
    
    
    662$
    111,435
    
    
    $
    112,549
 Senior Credit Facility
         11. Stock Repurchases
    13




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12. Business Unit Segment Information
     14




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For the three months endedMarch 31,
    
    
    Gross
    
    
    March 31,
    
    
    Gross2010
    
    
    Margin
    
    
    2009
    
    
    MarginRevenues:Region OneLease contracts
    
    $
    17,035
    
    
    
    
    
    
    $
    19,213Management contracts
    
    
    11,913
    
    
    
    
    
    
    
    13,572Total Region One
    
    
    28,948
    
    
    
    
    
    
    
    32,785Region TwoLease contracts
    
    
    746
    
    
    
    
    
    
    
    620Management contracts
    
    
    8,091
    
    
    
    
    
    
    
    2,192Total Region Two
    
    
    8,837
    
    
    
    
    
    
    
    2,812Region ThreeLease contracts
    
    
    4,955
    
    
    
    
    
    
    
    4,905Management contracts
    
    
    12,469
    
    
    
    
    
    
    
    14,164Total Region Three
    
    
    17,424
    
    
    
    
    
    
    
    19,069Region FourLease contracts
    
    
    10,375
    
    
    
    
    
    
    
    9,913Management contracts
    
    
    7,548
    
    
    
    
    
    
    
    8,317Total Region Four
    
    
    17,923
    
    
    
    
    
    
    
    18,230OtherLease contracts
    
    
    5
    
    
    
    
    
    
    
    49Management contracts
    
    
    54
    
    
    
    
    
    
    
    48Total Other
    
    
    59
    
    
    
    
    
    
    
    97Reimbursed expense
    
    
    106,055
    
    
    
    
    
    
    
    102,558Total revenues
    
    $
    179,246
    
    
    
    
    
    
    $
    175,551Gross ProfitRegion One
    
    $
    153
    
    
    
    1
    %
    
    $
    734
    
    
    
    4
    %Lease contracts
    
    
    6,234
    
    
    
    52
    %
    
    
    7,093
    
    
    
    52
    %Management contracts
    
    
    6,387
    
    
    
    
    
    
    
    7,827Total Region OneRegion TwoLease contracts
    
    
    75
    
    
    
    10
    %
    
    
    16
    
    
    
    3
    %Management contracts
    
    
    2,174
    
    
    
    27
    %
    
    
    848
    
    
    
    39
    %Total Region Two
    
    
    2,249
    
    
    
    
    
    
    
    864Region ThreeLease contracts
    
    
    369
    
    
    
    7
    %
    
    
    412
    
    
    
    8
    %Management contracts
    
    
    5,772
    
    
    
    46
    %
    
    
    6,233
    
    
    
    44
    %Total Region Three
    
    
    6,141
    
    
    
    
    
    
    
    6,645Region FourLease contracts
    
    
    682
    
    
    
    7
    %
    
    
    522
    
    
    
    5
    %Management contracts
    
    
    3,618
    
    
    
    48
    %
    
    
    4,090
    
    
    
    49
    %Total Region Four
    
    
    4,300
    
    
    
    
    
    
    
    4,612OtherLease contracts
    
    
    66
    
    
    
    1,320
    %
    
    
    67
    
    
    
    137
    %Management contracts
    
    
    13
    
    
    
    24
    %
    
    
    (362
    )
    
    
    (754
    )%Total Other
    
    
    79
    
    
    
    
    
    
    
    (295
    )Total gross profit
    
    
    19,156
    
    
    
    
    
    
    
    19,653General and administrative expenses
    
    
    11,560
    
    
    
    
    
    
    
    12,761General and administrative expense
percentage of gross profit
    
    
    60
    %
    
    
    
    
    
    
    65
    %Depreciation and amortization
    
    
    1,460
    
    
    
    
    
    
    
    1,487Operating income
    
    
    6,136
    
    
    
    
    
    
    
    5,405Other expenses (income):Interest expense
    
    
    1,490
    
    
    
    
    
    
    
    1,436Interest income
    
    
    (53
    )
    
    
    
    
    
    
    (67
    )1,437
    
    
    
    
    
    
    
    1,369Income before income taxes
    
    
    4,699
    
    
    
    
    
    
    
    4,036Income tax expense
    
    
    1,847
    
    
    
    
    
    
    
    1,574Net income
    
    
    2,852
    
    
    
    
    
    
    
    2,462Less: Net income attributable to
noncontrolling interest
    
    
    7
    
    
    
    
    
    
    
    64Net income attributable to
Standard Parking Corporation
    
    $
    2,845
    
    
    
    
    
    
    $
    2,398
  15




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13. Comprehensive Income
  For the three months endedMarch 31, 2010
    
    
    March 31, 2009Net income
    
    $
    2,852
    
    
    $
    2,462Revaluation of interest rate cap
    
    
    (159
    )
    
    
    Effect of foreign currency translation
    
    
    456
    
    
    
    (234
    )Comprehensive income
    
    
    3,149
    
    
    
    2,228Less: comprehensive income attributable to
noncontrolling interest
    
    
    7
    
    
    
    64Comprehensive income attributable to
Standard Parking Corporation
    
    $
    3,142
    
    
    $
    2,164
 14. Income Taxes
  .
  2004  2009
    
    United States  federal income tax2003  2009
    
    United States  state and local income tax2005  2009
    
    Canada
  16




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15. Legal Proceedings
  Jorge Jaime
v. Standard Parking Corporation Grant v. Preferred Security Services, Inc.,
  16. Subsequent Event
   17




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 The following discussion of our results of operations should be read in conjunction with the
consolidated financial statements and the notes thereto contained in this Quarterly Report on Form
10-Q and the consolidated financial statements and the notes thereto included in our Annual Report
on our Form 10-K for the year ended December 31, 2009.
 Overview
 Our Business
    General Business Trends
    18




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Summary of Operating Facilities
  March 31, 2010
    
    
    December 31, 2009
    
    
    March 31, 2009Managed facilities
    
    
    1,926
    
    
    
    1,921
    
    
    
    1,960Leased facilities
    
    
    208
    
    
    
    208
    
    
    
    225Total facilities
    
    
    2,134
    
    
    
    2,129
    
    
    
    2,185
 Revenue
  
    
    Parking services revenuelease contracts. Parking services revenue related to lease
contracts consist of all revenue received at a leased facility, including parking receipts
(net of parking tax), consulting and real estate development fees, gains on sales of contracts
and payments for exercising termination rights.
 
    
    Parking services revenuemanagement contracts.Management contract revenue consists of
management fees, including both fixed and performance-based fees, and amounts attributable to
ancillary services such as accounting, equipment leasing, payments received for exercising
termination rights, consulting, developmental fees, gains on sales of contracts, as well as
insurance and other value-added services with respect to managed locations. We believe we
generally purchase required insurance at lower rates than our clients can obtain on their own
because we effectively self-insure for all liability and workers compensation claims by
maintaining a large per-claim deductible. As a result, we have generated operating income on
the insurance provided under our management contracts by focusing on our risk management
efforts and controlling losses. Management contract revenue does not include gross customer
collections at the managed locations as this revenue belongs to the property owner rather than
to us. Management contracts generally provide us with a management fee regardless of the
operating performance of the underlying facility.
  Reimbursed Management Contract Expense
  Cost of Parking Services
  
    
    Cost of parking serviceslease contracts.The cost of parking services under a lease
arrangement consists of contractual rental fees paid to the facility owner and all operating
expenses incurred in connection with operating the leased facility. Contractual fees paid to
the facility owner are generally based on either a fixed contractual amount or a percentage
of gross revenue or a combination thereof. Generally, under a lease arrangement we are not
responsible for major capital expenditures or real estate taxes.
 
    
    Cost of parking servicesmanagement contracts.The cost of parking services under a
management contract is generally the responsibility of the facility owner. As a result,
these costs are not included in our results of operations. However, our reverse management
contracts, which typically provide for larger management fees, do require us to pay for
certain costs.
  19




---



##### Table of Contents



Reimbursed Management Contract Expense
  Gross Profit
  General and Administrative Expenses
  Depreciation and Amortization
  Seasonality
  Results of Operations
 Segments
          20




---



##### Table of Contents



Three Months Ended March 31,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total
    
    
    Variance2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    %(in millions)Lease contract revenue:New location
    
    $
    0.3
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    0.7
    
    
    $
    
    
    
    $
    0.2
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    1.2
    
    
    $
    
    
    
    $
    1.2
    
    
    
    Contract expirations
    
    
    
    
    
    
    1.6
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2.1
    
    
    
    (2.1
    )
    
    
    (100.0
    )Same location
    
    
    16.8
    
    
    
    17.6
    
    
    
    0.8
    
    
    
    0.7
    
    
    
    4.2
    
    
    
    4.4
    
    
    
    10.1
    
    
    
    9.9
    
    
    
    
    
    
    
    
    
    
    
    31.9
    
    
    
    32.6
    
    
    
    (0.7
    )
    
    
    (2.1
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total lease contract revenue
    
    $
    17.1
    
    
    $
    19.2
    
    
    $
    0.8
    
    
    $
    0.7
    
    
    $
    4.9
    
    
    $
    4.9
    
    
    $
    10.3
    
    
    $
    9.9
    
    
    $
    
    
    
    $
    
    
    
    $
    33.1
    
    
    $
    34.7
    
    
    $
    (1.6
    )
    
    
    (4.6
    )Management contract revenue:New location
    
    $
    1.1
    
    
    $
    
    
    
    $
    5.8
    
    
    $
    
    
    
    $
    0.9
    
    
    $
    0.1
    
    
    $
    0.3
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    8.1
    
    
    $
    0.1
    
    
    $
    8.0
    
    
    
    8000.0Contract expirations
    
    
    0.1
    
    
    
    2.1
    
    
    
    
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    1.8
    
    
    
    
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    4.3
    
    
    
    (4.1
    )
    
    
    (95.3
    )Same location
    
    
    10.7
    
    
    
    11.4
    
    
    
    2.3
    
    
    
    2.1
    
    
    
    11.5
    
    
    
    12.3
    
    
    
    7.3
    
    
    
    8.1
    
    
    
    
    
    
    
    
    
    
    
    31.8
    
    
    
    33.9
    
    
    
    (2.1
    )
    
    
    (6.2
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total management contract
revenue
    
    $
    11.9
    
    
    $
    13.5
    
    
    $
    8.1
    
    
    $
    2.2
    
    
    $
    12.5
    
    
    $
    14.2
    
    
    $
    7.6
    
    
    $
    8.4
    
    
    $
    
    
    
    $
    
    
    
    $
    40.1
    
    
    $
    38.3
    
    
    $
    1.8
    
    
    
    4.7
 Parking services revenuelease contracts.
 Parking
services revenuemanagement contracts.
 Reimbursed
management contract expense.
    Three Months Ended March 31,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total
    
    
    Variance2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    %(in millions)Cost of parking
services lease
contracts:New location
    
    $
    0.3
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    0.7
    
    
    $
    
    
    
    $
    0.2
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    1.2
    
    
    $
    
    
    
    $
    1.2
    
    
    
    Contract expirations
    
    
    
    
    
    
    1.6
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2.1
    
    
    
    (2.1
    )
    
    
    (100.0
    )Same location
    
    
    16.6
    
    
    
    16.9
    
    
    
    0.7
    
    
    
    0.6
    
    
    
    3.9
    
    
    
    4.0
    
    
    
    9.5
    
    
    
    9.4
    
    
    
    (0.1
    )
    
    
    (0.1
    )
    
    
    30.6
    
    
    
    30.8
    
    
    
    (0.2
    )
    
    
    (0.6
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total cost of parking
services lease
contracts
    
    $
    16.9
    
    
    $
    18.5
    
    
    $
    0.7
    
    
    $
    0.6
    
    
    $
    4.6
    
    
    $
    4.5
    
    
    $
    9.7
    
    
    $
    9.4
    
    
    $
    (0.1
    )
    
    $
    (0.1
    )
    
    $
    31.8
    
    
    $
    32.9
    
    
    $
    (1.1
    )
    
    
    (3.3
    )Cost of parking
services management
contracts:New location
    
    $
    0.4
    
    
    $
    
    
    
    $
    4.5
    
    
    $
    
    
    
    $
    0.5
    
    
    $
    0.1
    
    
    $
    0.3
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    5.7
    
    
    $
    0.1
    
    
    $
    5.6
    
    
    
    5600.0Contract expirations
    
    
    0.1
    
    
    
    1.0
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    1.2
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    2.3
    
    
    
    (2.1
    )
    
    
    (91.3
    )Same location
    
    
    5.2
    
    
    
    5.5
    
    
    
    1.4
    
    
    
    1.3
    
    
    
    6.1
    
    
    
    6.6
    
    
    
    3.6
    
    
    
    4.1
    
    
    
    0.1
    
    
    
    0.5
    
    
    
    16.4
    
    
    
    18.0
    
    
    
    (1.6
    )
    
    
    (8.9
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total cost of parking
services management
contracts
    
    $
    5.7
    
    
    $
    6.5
    
    
    $
    5.9
    
    
    $
    1.3
    
    
    $
    6.7
    
    
    $
    7.9
    
    
    $
    3.9
    
    
    $
    4.2
    
    
    $
    0.1
    
    
    $
    0.5
    
    
    $
    22.3
    
    
    $
    20.4
    
    
    $
    1.9
    
    
    
    9.3
  21




---



##### Table of Contents



Cost of parking serviceslease contracts.
 Cost of parking servicesmanagement contracts.
 Reimbursed
management contract expense.
  22




---



##### Table of Contents



Three Months Ended March 31,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total
    
    
    Variance2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    %(in millions)Gross profit lease contracts:New location
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    
    Contract expirations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Same location
    
    
    0.2
    
    
    
    0.7
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    0.3
    
    
    
    0.4
    
    
    
    0.6
    
    
    
    0.5
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    1.3
    
    
    
    1.8
    
    
    
    (0.5
    )
    
    
    (27.8
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total gross profit lease contracts
    
    $
    0.2
    
    
    $
    0.7
    
    
    $
    0.1
    
    
    $
    0.1
    
    
    $
    0.3
    
    
    $
    0.4
    
    
    $
    0.6
    
    
    $
    0.5
    
    
    $
    0.1
    
    
    $
    0.1
    
    
    $
    1.3
    
    
    $
    1.8
    
    
    $
    (0.5
    )
    
    
    (27.8
    )(percentages)Gross profit percentage lease contracts:New location
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Contract expirations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Same location
    
    
    1.2
    
    
    
    4.0
    
    
    
    12.5
    
    
    
    14.3
    
    
    
    7.1
    
    
    
    9.1
    
    
    
    5.9
    
    
    
    5.1
    
    
    
    
    
    
    
    
    
    
    
    4.1
    
    
    
    5.5Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total gross profit percentage
    
    
    1.2
    
    
    
    3.6
    
    
    
    12.5
    
    
    
    14.3
    
    
    
    6.1
    
    
    
    8.2
    
    
    
    5.8
    
    
    
    5.1
    
    
    
    
    
    
    
    
    
    
    
    3.9
    
    
    
    5.2(in millions)Gross profit management contracts:New location
    
    $
    0.7
    
    
    $
    
    
    
    $
    1.3
    
    
    $
    
    
    
    $
    0.4
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    2.4
    
    
    $
    
    
    
    $
    2.4
    
    
    
    Contract expirations
    
    
    
    
    
    
    1.1
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    0.6
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2.0
    
    
    
    (2.0
    )
    
    
    (100.0
    )Same location
    
    
    5.5
    
    
    
    5.9
    
    
    
    0.9
    
    
    
    0.8
    
    
    
    5.4
    
    
    
    5.7
    
    
    
    3.7
    
    
    
    4.0
    
    
    
    (0.1
    )
    
    
    (0.5
    )
    
    
    15.4
    
    
    
    15.9
    
    
    
    (0.5
    )
    
    
    (3.1
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total gross profit management contracts
    
    $
    6.2
    
    
    $
    7.0
    
    
    $
    2.2
    
    
    $
    0.9
    
    
    $
    5.8
    
    
    $
    6.3
    
    
    $
    3.7
    
    
    $
    4.2
    
    
    $
    (0.1
    )
    
    $
    (0.5
    )
    
    $
    17.8
    
    
    $
    17.9
    
    
    $
    (0.1
    )
    
    
    (0.6
    )(percentages)Gross profit percentage management contracts:New location
    
    
    63.6
    
    
    
    
    
    
    
    22.4
    
    
    
    
    
    
    
    44.4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    29.6
    
    
    
    Contract expirations
    
    
    
    
    
    
    52.4
    
    
    
    
    
    
    
    100.0
    
    
    
    
    
    
    
    33.3
    
    
    
    
    
    
    
    66.7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    46.5Same location
    
    
    51.4
    
    
    
    51.8
    
    
    
    39.1
    
    
    
    38.1
    
    
    
    47.0
    
    
    
    46.3
    
    
    
    50.7
    
    
    
    49.4
    
    
    
    
    
    
    
    
    
    
    
    48.4
    
    
    
    46.9Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total gross profit percentage
    
    
    52.1
    
    
    
    51.9
    
    
    
    27.2
    
    
    
    40.9
    
    
    
    46.4
    
    
    
    44.4
    
    
    
    48.7
    
    
    
    50.0
    
    
    
    
    
    
    
    
    
    
    
    44.4
    
    
    
    46.7
 Gross profitlease contracts.
  23




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##### Table of Contents



Gross profitmanagement contracts.
   General and administrative expenses.
 Interest expense.
 Interest income.
 Income tax expense.
  24




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##### Table of Contents



Liquidity and Capital Resources
 Outstanding Indebtedness
  
    
    $108.9 million under our senior credit facility; and
 
    
    $3.2 million of other debt including capital lease obligations and obligations on seller
notes and other indebtedness.
  Senior Credit Facility
       Interest Rate Cap Transactions
    25




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##### Table of Contents



Stock Repurchases
     Letters of Credit
   Deficiency Payments
   Daily Cash Collections
   Net Cash Provided by Operating Activities
   26




---



##### Table of Contents



Net Cash Used in Investing Activities
   Net Cash Used in Financing Activities
   Cash and Cash Equivalents
  Forward-Looking Information
     27




---



##### Table of Contents



Risk Factors
  
 Item 3. Quantitative and Qualitative Disclosures about Market Risk
 Interest Rates
      Foreign Currency Risk
  
 Item 4. Controls and Procedures
 Evaluation of Disclosure Controls and Procedures
   28




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##### Table of Contents



Changes in Internal Controls Over Financial Reporting
  Limitations of the Effectiveness of Internal Control
  
 PART II. OTHER INFORMATION
 
 Item 1. Legal Proceedings
  Jorge Jaime
v. Standard Parking Corporation Grant v. Preferred Security Services, Inc.,
   29




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##### Table of Contents



Item 6. Exhibits
 ExhibitNumber
    
    Description31.1
    
    
    Section 302 Certification dated May 7, 2010 for James A.
Wilhelm, Director, President and Chief Executive Officer.31.2
    
    
    Section 302 Certification dated May 7, 2010 for G. Marc
Baumann, Executive Vice President, Chief Financial Officer
and Treasurer (Principal Financial Officer).31.3
    
    
    Section 302 Certification dated May 7, 2010 for Daniel R.
Meyer, Senior Vice President, Corporate Controller and
Assistant Treasurer (Principal Accounting Officer).32.1
    
    
    Certification pursuant to 18 USC Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
dated May 7, 2010.
  30




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##### Table of Contents



SIGNATURES
  STANDARD PARKING CORPORATIONDated: May 7, 2010
    By:
    /s/ JAMES A. WILHELMJames A. WilhelmDirector, President and Chief Executive Officer(Principal Executive Officer)Dated: May 7, 2010
    By:
    /s/ G. MARC BAUMANNG. Marc BaumannExecutive Vice President,
Chief Financial Officer and Treasurer(Principal Financial Officer)Dated: May 7, 2010
    By:
    /s/ DANIEL R. MEYERDaniel R. MeyerSenior Vice President,
Corporate Controller and Assistant Treasurer(Principal Accounting Officer and Duly Authorized Officer)  31




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##### Table of Contents



INDEX TO EXHIBITS
 ExhibitNumber
    
    Description31.1
    
    
    Section 302 Certification dated May 7, 2010 for James A.
Wilhelm, Director, President and Chief Executive Officer.31.2
    
    
    Section 302 Certification dated May 7, 2010 for G. Marc
Baumann, Executive Vice President, Chief Financial Officer
and Treasurer (Principal Financial Officer).31.3
    
    
    Section 302 Certification dated May 7, 2010 for Daniel R.
Meyer, Senior Vice President, Corporate Controller and
Assistant Treasurer (Principal Accounting Officer).32.1
    
    
    Certification pursuant to 18 USC Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
dated May 7, 2010.
  32