##### 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, 2011
 Commission file number: 000-50796
 
 STANDARD PARKING CORPORATION
  Delaware
(State or Other Jurisdiction of 
Incorporation or Organization)
    
    16-1171179
(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)
 o 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, 2011 (Unaudited) and December 31, 2010
    
    
    3Condensed Consolidated Statements of Income (Unaudited) for the three months ended March 31, 2011 and 2010
    
    
    4Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2011 and 2010
    
    
    5Notes to Condensed Consolidated Interim Financial Statements
    
    
    6Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    17Item 3. Quantitative and Qualitative Disclosures about Market Risk
    
    
    27Item 4. Controls and Procedures
    
    
    27Part II. Other InformationItem 1. Legal Proceedings
    
    
    28Item 6. Exhibits
    
    
    28Signatures
    
    
    29Index to Exhibits
    
    
    30Exhibit 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, 2011
    
    
    December 31, 2010(Unaudited)
    
    
    (see Note)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    8,283
    
    
    $
    7,305Notes and accounts receivable, net
    
    
    50,448
    
    
    
    52,167Prepaid expenses and supplies
    
    
    3,679
    
    
    
    2,312Deferred taxes
    
    
    2,314
    
    
    
    2,314Total current assets
    
    
    64,724
    
    
    
    64,098Leasehold improvements, equipment and construction in progress, net
    
    
    16,480
    
    
    
    16,839Advances and deposits
    
    
    4,935
    
    
    
    5,172Long-term receivables, net
    
    
    13,339
    
    
    
    12,789Intangible and other assets, net
    
    
    9,374
    
    
    
    8,910Cost of contracts, net
    
    
    15,333
    
    
    
    15,628Goodwill
    
    
    132,339
    
    
    
    132,196Total assets
    
    $
    256,524
    
    
    $
    255,632LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    51,528
    
    
    $
    43,984Accrued and other current liabilities
    
    
    32,202
    
    
    
    39,982Current portion of long-term borrowings
    
    
    684
    
    
    
    673Total current liabilities
    
    
    84,414
    
    
    
    84,639Deferred taxes
    
    
    10,434
    
    
    
    9,637Long-term borrowings, excluding current portion
    
    
    91,854
    
    
    
    97,229Other long-term liabilities
    
    
    28,354
    
    
    
    27,324Standard Parking Corporations stockholders equity:Preferred
stock, par value $.01 per share; 5,000,000 shares authorized and no shares issued
    
    
    
    
    
    
    Common stock, par value $.001 per share; 50,000,000 shares
authorized; 15,820,045 and 15,775,645 shares issued and
outstanding as of March 31, 2011 and December 31, 2010,
respectively
    
    
    16
    
    
    
    16Additional paid-in capital
    
    
    98,112
    
    
    
    97,291Accumulated other comprehensive income
    
    
    166
    
    
    
    103Accumulated deficit
    
    
    (56,753
    )
    
    
    (60,532
    )Total Standard Parking Corporation stockholders equity
    
    
    41,541
    
    
    
    36,878Noncontrolling interest
    
    
    (73
    )
    
    
    (75
    )Total equity
    
    
    41,468
    
    
    
    36,803Total liabilities and stockholders equity
    
    $
    256,524
    
    
    $
    255,632
 
 Note:
    
    The balance sheet at December 31, 2010 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, 2011
    
    
    March 31, 2010Parking services revenue:Lease contracts
    
    $
    35,205
    
    
    $
    33,116Management contracts
    
    
    45,954
    
    
    
    40,07581,159
    
    
    
    73,191Reimbursed management contract revenue
    
    
    101,124
    
    
    
    106,055Total revenue
    
    
    182,283
    
    
    
    179,246Cost of parking services:Lease contracts
    
    
    33,499
    
    
    
    31,771Management contracts
    
    
    27,492
    
    
    
    22,26460,991
    
    
    
    54,035Reimbursed management contract expense
    
    
    101,124
    
    
    
    106,055Total cost of parking services
    
    
    162,115
    
    
    
    160,090Gross profit:Lease contracts
    
    
    1,706
    
    
    
    1,345Management contracts
    
    
    18,462
    
    
    
    17,811Total gross profit
    
    
    20,168
    
    
    
    19,156General and administrative expenses (1)
    
    
    11,182
    
    
    
    11,560Depreciation and amortization
    
    
    1,533
    
    
    
    1,460Operating income
    
    
    7,453
    
    
    
    6,136Other expenses (income):Interest expense
    
    
    1,169
    
    
    
    1,490Interest income
    
    
    (60
    )
    
    
    (53
    )1,109
    
    
    
    1,437Income before income taxes
    
    
    6,344
    
    
    
    4,699Income tax expense
    
    
    2,479
    
    
    
    1,847Net income
    
    
    3,865
    
    
    
    2,852Less: Net income attributable to noncontrolling interest
    
    
    86
    
    
    
    7Net income attributable to Standard Parking Corporation
    
    $
    3,779
    
    
    $
    2,845Common stock data:Net income per share:Basic
    
    $
    0.24
    
    
    $
    0.18Diluted
    
    $
    0.23
    
    
    $
    0.18Weighted average shares outstanding:Basic
    
    
    15,790,875
    
    
    
    15,390,514Diluted
    
    
    16,146,106
    
    
    
    15,804,599
 (1)
    
    Non-cash stock based compensation expense of $496 and $508 for the three months ended March
31, 2011 and 2010, respectively, included in general and administrative expenses.   4




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STANDARD PARKING CORPORATION
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, except for share and per share data, unaudited)
 Three Months EndedMarch 31, 2011
    
    
    March 31, 2010Operating activities:Net income
    
    $
    3,865
    
    
    $
    2,852Adjustments to reconcile net income to net cash provided by operations:Depreciation and amortization
    
    
    1,547
    
    
    
    1,445Loss on sale and abandonment of assets
    
    
    11
    
    
    
    18Amortization of debt issuance costs
    
    
    152
    
    
    
    159Non-cash stock-based compensation
    
    
    496
    
    
    
    508Excess tax benefit related to stock option exercises
    
    
    (198
    )
    
    
    (75
    )Provisions (reversal) for losses on accounts receivable
    
    
    85
    
    
    
    (111
    )Deferred income taxes
    
    
    797
    
    
    
    516Change in operating assets and liabilities
    
    
    93
    
    
    
    (3,534
    )Net cash provided by operating activities
    
    
    6,848
    
    
    
    1,778Investing activities:Purchase of leasehold improvements and equipment
    
    
    (546
    )
    
    
    (452
    )Cost of contracts purchased
    
    
    (273
    )
    
    
    Proceeds from sale of assets
    
    
    12
    
    
    
    Capitalized interest
    
    
    (32
    )
    
    
    (36
    )Contingent purchase payments
    
    
    
    
    
    
    (11
    )Net cash used in investing activities
    
    
    (839
    )
    
    
    (499
    )Financing activities:Proceeds from exercise of stock options
    
    
    127
    
    
    
    135Tax benefit related to stock option exercises
    
    
    198
    
    
    
    75Payments on senior credit facility
    
    
    (5,200
    )
    
    
    (950
    )Distribution to noncontrolling interest
    
    
    (84
    )
    
    
    (7
    )Payments on long-term borrowings
    
    
    (33
    )
    
    
    (31
    )Payments on capital leases
    
    
    (131
    )
    
    
    (141
    )Net cash used in financing activities
    
    
    (5,123
    )
    
    
    (919
    )Effect of exchange rate changes on cash and cash equivalents
    
    
    92
    
    
    
    142Increase in cash and cash equivalents
    
    
    978
    
    
    
    502Cash and cash equivalents at beginning of period
    
    
    7,305
    
    
    
    8,256Cash and cash equivalents at end of period
    
    $
    8,283
    
    
    $
    8,758Supplemental disclosures:Cash paid during the period for:Interest
    
    $
    1,058
    
    
    $
    1,296Income taxes
    
    
    478
    
    
    
    1,015
   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
    Restricted Stock Units
      7




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3. Net Income Per Common Share
   Three Months Ended March 312011
    
    
    2010Weighted average common basic shares outstanding
    
    
    15,790,875
    
    
    
    15,390,514Effect of dilutive stock options and restricted stock units
    
    
    355,231
    
    
    
    414,085Weighted average common diluted shares outstanding
    
    
    16,146,106
    
    
    
    15,804,599Net income per share:Basic
    
    $
    0.24
    
    
    $
    0.18Diluted
    
    $
    0.23
    
    
    $
    0.18
    8




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4. Recently Issued Accounting Pronouncements
 Accounting Standards Net Yet Adopted
   5. Acquisitions
 2010 Acquisitions
      9




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6. Leasehold Improvements, Equipment and Construction in Progress, Net
  Ranges of Estimateduseful life
    
    March 31, 2011
    
    
    December 31, 2010(Unaudited)Equipment
    
    2-10 years
    
    $
    30,762
    
    
    $
    30,982Leasehold improvements
    
    Shorter of leaseterm or economiclife up to 10 years
    
    
    9,795
    
    
    
    9,642Construction in progress
    
    
    
    
    6,341
    
    
    
    6,02546,898
    
    
    
    46,649Less accumulated depreciation and amortization
    
    
    
    
    (30,418
    )
    
    
    (29,810
    )Leasehold improvements, equipment and
construction in progress, net
    
    
    
    $
    16,480
    
    
    $
    16,839
  7. Cost of Contracts, Net
   March 31, 2011
    
    
    December 31, 2010(Unaudited)Cost of contracts
    
    $
    23,545
    
    
    $
    23,273Accumulated amortization
    
    
    (8,212
    )
    
    
    (7,645
    )Cost of contracts, net
    
    $
    15,333
    
    
    $
    15,628
  8. Goodwill
   Region
    
    
    Region
    
    
    Region
    
    
    RegionOne
    
    
    Two
    
    
    Three
    
    
    Four
    
    
    TotalBalance as of January 1, 2011
    
    $
    65,664
    
    
    $
    8,714
    
    
    $
    35,241
    
    
    $
    22,577
    
    
    $
    132,196Foreign currency translation
    
    
    
    
    
    
    143
    
    
    
    
    
    
    
    
    
    
    
    143Balance as of March 31, 2011
    
    $
    65,664
    
    
    $
    8,857
    
    
    $
    35,241
    
    
    $
    22,577
    
    
    $
    132,339
  10




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9. Long-Term Receivables, Net
 Amount OutstandingMarch 31, 2011
    
    
    December 31, 2010(Unaudited)Bradley International AirportDeficiency payments
    
    $
    12,620
    
    
    $
    12,070Other Bradley related, net
    
    
    3,203
    
    
    
    3,203Valuation allowance
    
    
    (2,484
    )
    
    
    (2,484
    )Total long-term receivables, net
    
    $
    13,339
    
    
    $
    12,789
 Agreement
     
    
    Garage and surface operating expenses,
 
    
    Principal and interest on the special facility revenue bonds,
 
    
    Trustee expenses,
 
    
    Major maintenance and capital improvement deposits, and
 
    
    State Minimum Guarantee.
  Deficiency Payments
   11




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March 31, 2011
    
    
    December 31, 2010(Unaudited)Deficiency payments:Balance at beginning of period
    
    $
    12,070
    
    
    $
    9,606Deficiency payments made
    
    
    550
    
    
    
    2,724Deficiency repayment received
    
    
    
    
    
    
    (260
    )Balance at end of period
    
    
    12,620
    
    
    
    12,070Other Bradley related
    
    
    3,203
    
    
    
    3,203Valuation allowance
    
    
    (2,484
    )
    
    
    (2,484
    )Total long-term receivables
    
    $
    13,339
    
    
    $
    12,789
 Compensation
    10. Borrowing Arrangements
  Amount OutstandingDue Date
    
    March  31, 2011
    
    
    December 31, 2010(Unaudited)Revolving senior credit facility
    
    June 2013
    
    $
    90,000
    
    
    $
    95,200Capital lease obligations
    
    Various
    
    
    1,394
    
    
    
    1,525Obligations on seller notes and other
    
    Various
    
    
    1,144
    
    
    
    1,17792,538
    
    
    
    97,902Less current portion
    
    
    
    
    684
    
    
    
    673$
    91,854
    
    
    $
    97,229
  12




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Senior Credit Facility
         11. Business Unit Segment Information
     13




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For the three months endedMarch 31,
    
    
    Gross
    
    
    March 31,
    
    
    Gross2011
    
    
    Margin
    
    
    2010
    
    
    MarginRevenues:Region OneLease contracts
    
    $
    18,943
    
    
    
    
    
    
    $
    17,035Management contracts
    
    
    13,256
    
    
    
    
    
    
    
    11,913Total Region One
    
    
    32,199
    
    
    
    
    
    
    
    28,948Region TwoLease contracts
    
    
    658
    
    
    
    
    
    
    
    746Management contracts
    
    
    8,758
    
    
    
    
    
    
    
    8,091Total Region Two
    
    
    9,416
    
    
    
    
    
    
    
    8,837Region ThreeLease contracts
    
    
    5,689
    
    
    
    
    
    
    
    4,955Management contracts
    
    
    12,134
    
    
    
    
    
    
    
    12,469Total Region Three
    
    
    17,823
    
    
    
    
    
    
    
    17,424Region FourLease contracts
    
    
    9,916
    
    
    
    
    
    
    
    10,375Management contracts
    
    
    11,692
    
    
    
    
    
    
    
    7,548Total Region Four
    
    
    21,608
    
    
    
    
    
    
    
    17,923OtherLease contracts
    
    
    (1
    )
    
    
    
    
    
    
    5Management contracts
    
    
    114
    
    
    
    
    
    
    
    54Total Other
    
    
    113
    
    
    
    
    
    
    
    59Reimbursed revenue
    
    
    101,124
    
    
    
    
    
    
    
    106,055Total revenues
    
    $
    182,283
    
    
    
    
    
    
    $
    179,246Gross ProfitRegion OneLease contracts
    
    $
    554
    
    
    
    3
    %
    
    $
    153
    
    
    
    1
    %Management contracts
    
    
    6,670
    
    
    
    50
    %
    
    
    6,234
    
    
    
    52
    %Total Region One
    
    
    7,224
    
    
    
    
    
    
    
    6,387Region TwoLease contracts
    
    
    103
    
    
    
    16
    %
    
    
    75
    
    
    
    10
    %Management contracts
    
    
    1,769
    
    
    
    20
    %
    
    
    2,174
    
    
    
    27
    %Total Region Two
    
    
    1,872
    
    
    
    
    
    
    
    2,249Region ThreeLease contracts
    
    
    562
    
    
    
    10
    %
    
    
    369
    
    
    
    7
    %Management contracts
    
    
    5,785
    
    
    
    48
    %
    
    
    5,772
    
    
    
    46
    %Total Region Three
    
    
    6,347
    
    
    
    
    
    
    
    6,141Region FourLease contracts
    
    
    574
    
    
    
    6
    %
    
    
    682
    
    
    
    7
    %Management contracts
    
    
    4,161
    
    
    
    36
    %
    
    
    3,618
    
    
    
    48
    %Total Region Four
    
    
    4,735
    
    
    
    
    
    
    
    4,300OtherLease contracts
    
    
    (87
    )
    
    
    (8,700
    )%
    
    
    66
    
    
    
    1,320
    %Management contracts
    
    
    77
    
    
    
    68
    %
    
    
    13
    
    
    
    24
    %Total Other
    
    
    (10
    )
    
    
    
    
    
    
    79Total gross profit
    
    
    20,168
    
    
    
    
    
    
    
    19,156General and administrative expenses
    
    
    11,182
    
    
    
    
    
    
    
    11,560General and administrative expense percentage of gross profit
    
    
    55
    %
    
    
    
    
    
    
    60
    %Depreciation and amortization
    
    
    1,533
    
    
    
    
    
    
    
    1,460Operating income
    
    
    7,453
    
    
    
    
    
    
    
    6,136Other expenses (income):Interest expense
    
    
    1,169
    
    
    
    
    
    
    
    1,490Interest income
    
    
    (60
    )
    
    
    
    
    
    
    (53
    )1,109
    
    
    
    
    
    
    
    1,437Income before income taxes
    
    
    6,344
    
    
    
    
    
    
    
    4,699Income tax expense
    
    
    2,479
    
    
    
    
    
    
    
    1,847Net income
    
    
    3,865
    
    
    
    
    
    
    
    2,852Less: Net income attributable to noncontrolling interest
    
    
    86
    
    
    
    
    
    
    
    7Net income attributable to Standard Parking Corporation
    
    $
    3,779
    
    
    
    
    
    
    $
    2,845
  14




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12. Comprehensive Income
  For the three months endedMarch 31, 2011
    
    
    March 31, 2010Net income
    
    $
    3,865
    
    
    $
    2,852Revaluation of interest rate cap
    
    
    (29
    )
    
    
    (159
    )Effect of foreign currency translation
    
    
    92
    
    
    
    142Comprehensive income
    
    
    3,928
    
    
    
    2,835Less: comprehensive income attributable to noncontrolling interest
    
    
    86
    
    
    
    7Comprehensive income attributable to Standard Parking Corporation
    
    $
    3,842
    
    
    $
    2,828
 13. Income Taxes
    2004  2009
    
    United States  federal income tax2004  2009
    
    United States  state and local income tax2006  2009
    
    Canada
 14. Legal Proceedings
   15




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15. Fair Value Measurement
   
 
 
  Total Fair ValueMeasurement
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3Assets:Interest Rate Cap
    
    $
    117
    
    
    $
    
    
    
    $
    117
    
    
    $
    Liabilities:Due to seller
    
    $
    6,690
    
    
    $
    
    
    
    $
    
    
    
    $
    6,690
  Due to SellerBalance at December 31, 2010
    
    $
    6,807Contingent earn-out payments-payments made to seller
    
    
    Contingent earn-out payments-change in fair value
    
    
    (117
    )Balance at March 31, 2011
    
    $
    6,690
    16




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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 , as amended, for the year ended December 31, 2010.
 Overview
 Our Business
    General Business Trends
    17




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Summary of Operating Facilities
  March 31, 2011
    
    
    December 31, 2010
    
    
    March 31, 2010Managed facilities
    
    
    1,922
    
    
    
    1,907
    
    
    
    1,926Leased facilities
    
    
    208
    
    
    
    212
    
    
    
    208Total facilities
    
    
    2,130
    
    
    
    2,119
    
    
    
    2,134
 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 Revenue
  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.
  18




---



##### Table of Contents



Reimbursed Management Contract Expense
  Gross Profit
  General and Administrative Expenses
  Depreciation and Amortization
  Results of Operations
 Segments
          19




---



##### Table of Contents



Three Months ended March 31, 2011 Compared to Three Months ended March 31, 2010
  Three Months Ended March 31,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total
    
    
    Variance2011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    Amount
    
    
    %(in millions)Lease contract revenue:New location
    
    $
    2.5
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    0.7
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    3.2
    
    
    $
    
    
    
    $
    3.2
    
    
    
    100.0Contract expirations
    
    
    
    
    
    
    0.7
    
    
    
    
    
    
    
    0.2
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    1.3
    
    
    
    (1.2
    )
    
    
    (92.3
    )Same location
    
    
    16.5
    
    
    
    16.0
    
    
    
    0.6
    
    
    
    0.5
    
    
    
    4.9
    
    
    
    4.8
    
    
    
    9.9
    
    
    
    9.5
    
    
    
    
    
    
    
    
    
    
    
    31.9
    
    
    
    30.8
    
    
    
    1.1
    
    
    
    3.6Conversions
    
    
    
    
    
    
    0.4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.6
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.0
    
    
    
    (1.0
    )
    
    
    (100.0
    )Total lease contract
revenue
    
    $
    19.0
    
    
    $
    17.1
    
    
    $
    0.6
    
    
    $
    0.7
    
    
    $
    5.7
    
    
    $
    4.9
    
    
    $
    9.9
    
    
    $
    10.4
    
    
    $
    
    
    
    $
    
    
    
    $
    35.2
    
    
    $
    33.1
    
    
    $
    2.1
    
    
    
    6.3Management contract
revenue:New location
    
    $
    1.5
    
    
    $
    
    
    
    $
    0.6
    
    
    $
    
    
    
    $
    0.7
    
    
    $
    0.1
    
    
    $
    4.7
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    7.5
    
    
    $
    0.1
    
    
    $
    7.4
    
    
    
    7400.0Contract expirations
    
    
    0.1
    
    
    
    1.5
    
    
    
    
    
    
    
    0.4
    
    
    
    0.1
    
    
    
    1.2
    
    
    
    0.1
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    0.3
    
    
    
    3.3
    
    
    
    (3.0
    )
    
    
    (90.9
    )Same location
    
    
    11.7
    
    
    
    10.4
    
    
    
    8.2
    
    
    
    7.6
    
    
    
    11.4
    
    
    
    11.2
    
    
    
    6.9
    
    
    
    7.4
    
    
    
    
    
    
    
    
    
    
    
    38.2
    
    
    
    36.6
    
    
    
    1.6
    
    
    
    4.4Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    (0.1
    )
    
    
    (100.0
    )Total management
contract revenue
    
    $
    13.3
    
    
    $
    11.9
    
    
    $
    8.8
    
    
    $
    8.0
    
    
    $
    12.2
    
    
    $
    12.5
    
    
    $
    11.7
    
    
    $
    7.7
    
    
    $
    
    
    
    $
    
    
    
    $
    46.0
    
    
    $
    40.1
    
    
    $
    5.9
    
    
    
    14.7
 Parking services revenue  lease contracts.
 Parking services revenue  management contracts.
 Reimbursed management contract revenue.
    20




---



##### Table of Contents



Three Months Ended March 31,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total
    
    
    Variance2011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    Amount
    
    
    %(in millions)Cost of parking
services lease
contracts:New location
    
    $
    2.4
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    0.7
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    3.1
    
    
    $
    
    
    
    $
    3.1
    
    
    
    100.0Contract expirations
    
    
    
    
    
    
    0.7
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.3
    
    
    
    (1.3
    )
    
    
    (100.0
    )Same location
    
    
    16.0
    
    
    
    15.8
    
    
    
    0.6
    
    
    
    0.5
    
    
    
    4.4
    
    
    
    4.5
    
    
    
    9.3
    
    
    
    8.8
    
    
    
    0.1
    
    
    
    
    
    
    
    30.4
    
    
    
    29.6
    
    
    
    0.8
    
    
    
    2.7Conversions
    
    
    
    
    
    
    0.4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.9
    
    
    
    (0.9
    )
    
    
    (100.0
    )Total cost of parking
services lease
contracts
    
    $
    18.4
    
    
    $
    16.9
    
    
    $
    0.6
    
    
    $
    0.7
    
    
    $
    5.1
    
    
    $
    4.6
    
    
    $
    9.3
    
    
    $
    9.6
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    33.5
    
    
    $
    31.8
    
    
    $
    1.7
    
    
    
    5.3Cost of parking
services management
contracts:New
location
    
    $
    0.6
    
    
    $
    
    
    
    $
    0.6
    
    
    $
    
    
    
    $
    0.4
    
    
    $
    
    
    
    $
    4.3
    
    
    $
    0.2
    
    
    $
    (0.2
    )
    
    $
    
    
    
    $
    5.7
    
    
    $
    0.2
    
    
    $
    5.5
    
    
    
    2750.0Contract expirations
    
    
    0.3
    
    
    
    0.7
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    0.5
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    0.3
    
    
    
    1.5
    
    
    
    (1.2
    )
    
    
    (80.0
    )Same location
    
    
    5.8
    
    
    
    5.0
    
    
    
    6.4
    
    
    
    5.7
    
    
    
    5.9
    
    
    
    6.2
    
    
    
    3.2
    
    
    
    3.7
    
    
    
    0.2
    
    
    
    
    
    
    
    21.5
    
    
    
    20.6
    
    
    
    0.9
    
    
    
    4.4Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total cost of parking
services management
contracts
    
    $
    6.7
    
    
    $
    5.7
    
    
    $
    7.0
    
    
    $
    5.9
    
    
    $
    6.3
    
    
    $
    6.7
    
    
    $
    7.5
    
    
    $
    4.0
    
    
    $
    
    
    
    $
    
    
    
    $
    27.5
    
    
    $
    22.3
    
    
    $
    5.2
    
    
    
    23.3
 Cost of parking services  lease contracts.
 Cost of parking services  management contracts.
 Reimbursed management contract expense.
    21




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##### Table of Contents



Three Months Ended March 31,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total
    
    
    Variance2011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    Amount
    
    
    %(in millions)Gross profit lease
contracts:New location
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    0.1
    
    
    
    100.0Contract expirations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    0.1
    
    
    
    100.0Same location
    
    
    0.5
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    0.5
    
    
    
    0.3
    
    
    
    0.6
    
    
    
    0.7
    
    
    
    (0.1
    )
    
    
    
    
    
    
    1.5
    
    
    
    1.2
    
    
    
    0.3
    
    
    
    25.0Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    (0.1
    )
    
    
    (100.0
    )Total gross profit
lease contracts
    
    $
    0.6
    
    
    $
    0.2
    
    
    $
    
    
    
    $
    
    
    
    $
    0.6
    
    
    $
    0.3
    
    
    $
    0.6
    
    
    $
    0.8
    
    
    $
    (0.1
    )
    
    $
    
    
    
    $
    1.7
    
    
    $
    1.3
    
    
    $
    0.4
    
    
    
    30.8(percentages)Gross profit
percentage lease
contracts:New location
    
    
    4.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3.1
    
    
    
    Contract expirations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    100.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    100.0
    
    
    
    Same location
    
    
    3.0
    
    
    
    1.3
    
    
    
    
    
    
    
    
    
    
    
    10.2
    
    
    
    6.3
    
    
    
    6.1
    
    
    
    7.4
    
    
    
    
    
    
    
    
    
    
    
    4.7
    
    
    
    3.9Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    16.7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10.0Total gross profit
percentage
    
    
    3.2
    
    
    
    1.2
    
    
    
    
    
    
    
    
    
    
    
    10.5
    
    
    
    6.1
    
    
    
    6.1
    
    
    
    7.7
    
    
    
    
    
    
    
    
    
    
    
    4.8
    
    
    
    3.9(in millions)Gross profit
management contracts:New location
    
    $
    0.9
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    0.3
    
    
    $
    0.1
    
    
    $
    0.4
    
    
    $
    (0.2
    )
    
    $
    0.2
    
    
    $
    
    
    
    $
    1.8
    
    
    $
    (0.1
    )
    
    $
    1.9
    
    
    
    (1900.0
    )Contract expirations
    
    
    (0.2
    )
    
    
    0.8
    
    
    
    
    
    
    
    0.2
    
    
    
    0.1
    
    
    
    0.7
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.8
    
    
    
    (1.8
    )
    
    
    (100.0
    )Same location
    
    
    5.9
    
    
    
    5.4
    
    
    
    1.8
    
    
    
    1.9
    
    
    
    5.5
    
    
    
    5.0
    
    
    
    3.8
    
    
    
    3.7
    
    
    
    (0.2
    )
    
    
    
    
    
    
    16.7
    
    
    
    16.0
    
    
    
    0.7
    
    
    
    4.4Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    (0.1
    )
    
    
    (100.0
    )Total gross profit
management contracts
    
    $
    6.6
    
    
    $
    6.2
    
    
    $
    1.8
    
    
    $
    2.1
    
    
    $
    5.9
    
    
    $
    5.8
    
    
    $
    4.3
    
    
    $
    3.7
    
    
    $
    
    
    
    $
    
    
    
    $
    18.5
    
    
    $
    17.8
    
    
    $
    0.7
    
    
    
    3.9(percentages)Gross profit
percentage management
contracts:New location
    
    
    60.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    42.9
    
    
    
    100.0
    
    
    
    8.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24.0
    
    
    
    (100.0
    )Contract expirations
    
    
    (200.0
    )
    
    
    53.3
    
    
    
    
    
    
    
    50.0
    
    
    
    100.0
    
    
    
    58.3
    
    
    
    100.0
    
    
    
    50.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    54.5Same location
    
    
    50.4
    
    
    
    51.9
    
    
    
    22.0
    
    
    
    25.0
    
    
    
    48.2
    
    
    
    44.6
    
    
    
    53.6
    
    
    
    50.0
    
    
    
    
    
    
    
    
    
    
    
    43.7
    
    
    
    43.7Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    100.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    100.0Total gross profit
percentage
    
    
    49.6
    
    
    
    52.1
    
    
    
    20.5
    
    
    
    26.3
    
    
    
    48.4
    
    
    
    46.4
    
    
    
    35.9
    
    
    
    48.1
    
    
    
    
    
    
    
    
    
    
    
    40.2
    
    
    
    44.4
 Gross profit  lease contracts.
 Gross profit  management contracts.
   General and administrative expenses.
  22




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##### Table of Contents



Interest expense.
 Interest income.
 Income tax expense.
 Liquidity and Capital Resources
 Outstanding Indebtedness
  
    
    $90.0 million under our senior credit facility; and
 
    
    $2.5 million of other debt including capital lease obligations and obligations on seller
notes and other indebtedness.
  Senior Credit Facility
      23




---



##### Table of Contents



Interest Rate Cap Transactions
   Letters of Credit
   Deficiency Payments
   Daily Cash Collections
   24




---



##### Table of Contents



Net Cash Provided by Operating Activities
   Net Cash Used in Investing Activities
    25




---



##### Table of Contents



Net Cash Used in Financing Activities
   Cash and Cash Equivalents
  Forward-Looking Information
    Risk Factors
   26




---



##### Table of Contents



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
   27




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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
  
 Item 6.
    
    Exhibits
 ExhibitNumber
    
    Description31.1
    
    
    Section 302 Certification dated May 6, 2011 for James A.
Wilhelm, Director, President and Chief Executive Officer
(Principal Executive Officer).31.2
    
    
    Section 302 Certification dated May 6, 2011 for G. Marc
Baumann, Executive Vice President, Chief Financial Officer and
Treasurer (Principal Financial Officer).31.3
    
    
    Section 302 Certification dated May 6, 2011 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 6, 2011.
  28




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##### Table of Contents



SIGNATURES
  STANDARD PARKING CORPORATIONDated: May 6, 2011
    By:
    /s/ JAMES A. WILHELMJames A. WilhelmDirector, President and Chief Executive Officer(Principal Executive Officer)Dated: May 6, 2011
    By:
    /s/ G. MARC BAUMANNG. Marc BaumannExecutive Vice President,
Chief Financial Officer and Treasurer(Principal Financial Officer)Dated: May 6, 2011
    By:
    /s/ DANIEL R. MEYERDaniel R. MeyerSenior Vice President,

Corporate Controller and Assistant Treasurer(Principal Accounting Officer and Duly Authorized Officer)  29




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##### Table of Contents



INDEX TO EXHIBITS
 ExhibitNumber
    
    Description31.1
    
    
    Section 302 Certification dated May 6, 2011 for James A.
Wilhelm, Director, President and Chief Executive Officer
(Principal Executive Officer).31.2
    
    
    Section 302 Certification dated May 6, 2011 for G. Marc
Baumann, Executive Vice President, Chief Financial Officer and
Treasurer (Principal Financial Officer).31.3
    
    
    Section 302 Certification dated May 6, 2011 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 6, 2011.
  30