##### 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 June 30, 2009
 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 June 30, 2009 (Unaudited) and December 31, 2008
    
    
    3Condensed Consolidated Statements of Income (Unaudited) for the three months ended June 30, 2009 and 2008 and the six months ended June 30, 2009 and 2008
    
    
    4Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2009 and June 30, 2008
    
    
    5Notes to Condensed Consolidated Interim Financial Statements
    
    
    6Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    19Item 3. Quantitative and Qualitative Disclosures about Market Risk
    
    
    37Item 4. Controls and Procedures
    
    
    37Part II. Other InformationItem 1A. Risk Factors
    
    
    38Item 6. Exhibits
    
    
    39Signatures
    
    
    40Index to Exhibits
    
    
    41Exhibit 31.1Exhibit 31.2Exhibit 31.3Exhibit 32.1
   2




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##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1.
    
    Financial Statements
 STANDARD PARKING CORPORATION
 
 CONDENSED CONSOLIDATED BALANCE SHEETS  (in thousands, except for share data)
 June 30, 2009
    
    
    December 31, 2008(Unaudited)
    
    
    (see Note)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    10,521
    
    
    $
    8,301Notes and accounts receivable, net
    
    
    43,459
    
    
    
    45,198Prepaid expenses and supplies
    
    
    2,423
    
    
    
    2,496Deferred taxes
    
    
    3,253
    
    
    
    3,253Total current assets
    
    
    59,656
    
    
    
    59,248Leasehold improvements, equipment and construction in progress, net
    
    
    17,825
    
    
    
    17,542Advances and deposits
    
    
    3,799
    
    
    
    4,433Long-term receivables, net
    
    
    8,220
    
    
    
    6,680Intangible and other assets, net
    
    
    7,083
    
    
    
    6,916Cost of contracts, net
    
    
    10,674
    
    
    
    10,872Goodwill
    
    
    123,673
    
    
    
    123,550Total assets
    
    $
    230,930
    
    
    $
    229,241LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    46,566
    
    
    $
    46,446Accrued and other current liabilities
    
    
    26,010
    
    
    
    31,416Current portion of long-term borrowings
    
    
    789
    
    
    
    1,068Total current liabilities
    
    
    73,365
    
    
    
    78,930Deferred taxes
    
    
    5,403
    
    
    
    3,305Long-term borrowings, excluding current portion
    
    
    125,796
    
    
    
    123,996Other long-term liabilities
    
    
    21,597
    
    
    
    22,052Stockholders equity:Common stock, par value $.001 per share; 21,300,000 shares
authorized; 15,272,757 and 16,110,781 shares issued and
outstanding as of June 30, 2009 and December 31, 2008,
respectively
    
    
    15
    
    
    
    16Additional paid-in capital
    
    
    89,625
    
    
    
    103,541Accumulated other comprehensive income
    
    
    28
    
    
    
    85Treasury stock, at cost 627,423 shares as of December 31, 2008
    
    
    
    
    
    
    (11,161
    )Accumulated deficit
    
    
    (84,838
    )
    
    
    (91,464
    )Total Standard Parking Corporation stockholders equity
    
    
    4,830
    
    
    
    1,017Noncontrolling interest
    
    
    (61
    )
    
    
    (59
    )Total stockholders equity
    
    
    4,769
    
    
    
    958Total liabilities and stockholders equity
    
    $
    230,930
    
    
    $
    229,241
 
 Note:
    
    The balance sheet at December 31, 2008 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 Ended
    
    
    Six Months EndedJune 30, 2009
    
    
    June 30, 2008
    
    
    June 30, 2009
    
    
    June 30, 2008Parking services revenue:Lease contracts
    
    $
    35,687
    
    
    $
    40,003
    
    
    $
    70,387
    
    
    $
    77,697Management contracts
    
    
    37,311
    
    
    
    36,415
    
    
    
    75,604
    
    
    
    72,29572,998
    
    
    
    76,418
    
    
    
    145,991
    
    
    
    149,992Reimbursed management contract expense
    
    
    97,595
    
    
    
    99,317
    
    
    
    200,152
    
    
    
    198,768Total revenue
    
    
    170,593
    
    
    
    175,735
    
    
    
    346,143
    
    
    
    348,760Cost of parking services:Lease contracts
    
    
    32,932
    
    
    
    34,711
    
    
    
    65,881
    
    
    
    69,604Management contracts
    
    
    19,938
    
    
    
    18,162
    
    
    
    40,329
    
    
    
    35,20852,870
    
    
    
    52,873
    
    
    
    106,210
    
    
    
    104,812Reimbursed management contract expense
    
    
    97,595
    
    
    
    99,317
    
    
    
    200,152
    
    
    
    198,768Total cost of parking services
    
    
    150,465
    
    
    
    152,190
    
    
    
    306,362
    
    
    
    303,580Gross profit:Lease contracts
    
    
    2,755
    
    
    
    5,292
    
    
    
    4,506
    
    
    
    8,093Management contracts
    
    
    17,373
    
    
    
    18,253
    
    
    
    35,275
    
    
    
    37,087Total gross profit
    
    
    20,128
    
    
    
    23,545
    
    
    
    39,781
    
    
    
    45,180General and administrative expenses (1)
    
    
    10,320
    
    
    
    12,029
    
    
    
    23,081
    
    
    
    23,440Depreciation and amortization
    
    
    1,413
    
    
    
    1,579
    
    
    
    2,900
    
    
    
    2,950Operating income
    
    
    8,395
    
    
    
    9,937
    
    
    
    13,800
    
    
    
    18,790Other expenses (income):Interest expense
    
    
    1,528
    
    
    
    1,086
    
    
    
    2,964
    
    
    
    2,604Interest income
    
    
    (95
    )
    
    
    (41
    )
    
    
    (162
    )
    
    
    (83
    )1,433
    
    
    
    1,045
    
    
    
    2,802
    
    
    
    2,521Income before income taxes
    
    
    6,962
    
    
    
    8,892
    
    
    
    10,998
    
    
    
    16,269Income tax expense
    
    
    2,692
    
    
    
    3,612
    
    
    
    4,266
    
    
    
    6,590Net income
    
    
    4,270
    
    
    
    5,280
    
    
    
    6,732
    
    
    
    9,679Less: Net income attributable to noncontrolling interest
    
    
    42
    
    
    
    3
    
    
    
    106
    
    
    
    125Net income attributable to Standard Parking Corporation
    
    $
    4,228
    
    
    $
    5,277
    
    
    $
    6,626
    
    
    $
    9,554Common stock data:Net income per share:Basic
    
    $
    0.28
    
    
    $
    0.29
    
    
    $
    0.43
    
    
    $
    0.53Diluted
    
    $
    0.27
    
    
    $
    0.29
    
    
    $
    0.42
    
    
    $
    0.52Weighted average shares outstanding:Basic
    
    
    15,251,310
    
    
    
    17,891,155
    
    
    
    15,273,796
    
    
    
    18,007,316Diluted
    
    
    15,601,643
    
    
    
    18,265,653
    
    
    
    15,642,234
    
    
    
    18,400,527
 
 (1)
    
    Non-cash stock based compensation expense of $545 and $1,073 for the
three and six months ended June 30, 2009, respectively, and $412 and
$465 for the three and six months ended June 30, 2008, respectively,
is included in general and administrative expenses.   4




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STANDARD PARKING CORPORATION
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  (in thousands, unaudited)
 Six Months EndedJune 30, 2009
    
    
    June 30, 2008Operating activities:Net income
    
    $
    6,732
    
    
    $
    9,679Adjustments to reconcile net income to net cash provided by operations:Depreciation and amortization
    
    
    2,691
    
    
    
    2,775Loss on sale of assets
    
    
    193
    
    
    
    175Amortization of debt issuance costs
    
    
    321
    
    
    
    142Non-cash stock-based compensation
    
    
    1,073
    
    
    
    465Excess tax benefit related to stock option exercises
    
    
    
    
    
    
    (491
    )Provision (reversal) for losses on accounts receivable
    
    
    143
    
    
    
    (49
    )Deferred income taxes
    
    
    2,098
    
    
    
    3,841Change in operating assets and liabilities
    
    
    (5,418
    )
    
    
    614Net cash provided by operating activities
    
    
    7,833
    
    
    
    17,151Investing activities:Acquisitions
    
    
    
    
    
    
    (5,457
    )Purchase of leaseholds improvements and equipment
    
    
    (2,220
    )
    
    
    (2,515
    )Cost of contracts purchased
    
    
    (604
    )
    
    
    (185
    )Contingent purchase payments
    
    
    (259
    )
    
    
    (47
    )Net cash used in investing activities
    
    
    (3,083
    )
    
    
    (8,204
    )Financing activities:Repurchase of common stock
    
    
    (3,885
    )
    
    
    (12,926
    )Proceeds from exercise of stock options
    
    
    
    
    
    
    342Tax benefit related to stock option exercises
    
    
    
    
    
    
    491Proceeds from senior credit facility
    
    
    2,150
    
    
    
    7,450Distribution to noncontrolling interest
    
    
    (108
    )
    
    
    (133
    )Payments on long-term borrowings
    
    
    (59
    )
    
    
    (56
    )Payments of debt issuance costs
    
    
    
    
    
    
    (35
    )Payments on capital leases
    
    
    (571
    )
    
    
    (891
    )Net used in financing activities
    
    
    (2,473
    )
    
    
    (5,758
    )Effect of exchange rate changes on cash and cash equivalents
    
    
    (57
    )
    
    
    (60
    )Increase in cash and cash equivalents
    
    
    2,220
    
    
    
    3,129Cash and cash equivalents at beginning of period
    
    
    8,301
    
    
    
    8,466Cash and cash equivalents at end of period
    
    $
    10,521
    
    
    $
    11,595Supplemental disclosures:Cash paid during the period for:Interest
    
    $
    3,005
    
    
    $
    2,806Income taxes
    
    
    1,770
    
    
    
    1,614
   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
  Variable Interest Entities
 Commencement of
    
    Nature ofEquity
    
    Operations
    
    Activities
    
    % Ownership
    
    LocationsOther investments in VIEs
    
    Sep 93  Jun 08
    
    Management of parking lots,
shuttle operations and parking
meters
    
    
    50
    %
    
    Various states
  Financial Instruments
  2. Stock Split
  3. Stock-Based Compensation
    6




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




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4. Net Income Per Common Share
   Three Months Ended June 30
    
    
    Six Months Ended June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Weighted average common shares outstanding  Basic
    
    
    15,251,310
    
    
    
    17,891,155
    
    
    
    15,273,796
    
    
    
    18,007,316Effect of dilutive options
    
    
    350,333
    
    
    
    374,498
    
    
    
    368,438
    
    
    
    393,211Weighted average common shares outstanding  Diluted
    
    
    15,601,643
    
    
    
    18,265,653
    
    
    
    15,642,234
    
    
    
    18,400,527Net income per share:Basic
    
    $
    0.28
    
    
    $
    0.29
    
    
    $
    0.43
    
    
    $
    0.53Diluted
    
    $
    0.27
    
    
    $
    0.29
    
    
    $
    0.42
    
    
    $
    0.52
    5. Recently Issued Accounting Pronouncements
 Accounting Standards Not Yet Adopted
 The FASB Accounting Standards Codification
and the Hierarchy of Generally Accepted Accounting Principles
 Accounting Standards Adopted
 Subsequent
Events
  8




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Amendments
to FASB Interpretation No. 46(R),
 Accounting
for Transfers of Financial Assetsan amendment of FASB Statement No. 140,
 Determining Fair Value When the Volume and Level
of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions
That Are Not Orderly, Recognition and Presentation of Other-Than-Temporary Impairments, Interim Disclosures About Fair Value of Financial Instruments, Disclosures about Fair Value of Financial
Instruments
 Fair Value
Measurements
 Business
Combinations
 Noncontrolling Interests
in Consolidated Financial Statementsan amendment of ARB No. 51
  9




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6. Acquisitions
  
    
    In November 2008, we acquired certain assets of Downtown Valet, LLC, a valet parking
operator in Seattle, Washington.
 
    
    In February 2008, we acquired certain assets of G.O. Parking, a parking operator in
Chicago, Illinois.
    7. Leasehold Improvements, Equipment and Construction in Progress, Net
  Ranges of Estimated useful life
    
    
    June 30, 2009
    
    
    December 31, 2008(Unaudited)Equipment
    
    2-10 years
    
    $
    29,228
    
    
    $
    29,615Leasehold improvements
    
    Shorter of lease term or economic
    
    
    10,494
    
    
    
    10,340Construction in progress
    
    Life up to 10 years
    
    
    7,337
    
    
    
    6,51747,059
    
    
    
    46,472Less accumulated depreciation and amortization
    
    
    
    
    
    
    (29,234
    )
    
    
    (28,930
    )Leasehold improvements, equipment and
construction in progress, net
    
    
    
    
    
    $
    17,825
    
    
    $
    17,542
  8. Cost of Contracts, Net
   June 30, 2009
    
    
    December 31, 2008(Unaudited)Cost of contracts
    
    $
    15,905
    
    
    $
    15,303Accumulated amortization
    
    
    (5,231
    )
    
    
    (4,431
    )Cost of contracts, net
    
    $
    10,674
    
    
    $
    10,872
   10




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9. Goodwill and Intangible Assets
    11




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Region
    
    
    Region
    
    
    Region
    
    
    RegionOne
    
    
    Two
    
    
    Three
    
    
    Four
    
    
    TotalBalance as of January 1, 2009
    
    $
    61,056
    
    
    $
    5,190
    
    
    $
    32,392
    
    
    $
    24,912
    
    
    $
    123,550Adjustments to purchase price
    
    
    (99
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (99
    )Contingency payments related to acquisitions
    
    
    26
    
    
    
    
    
    
    
    8
    
    
    
    
    
    
    
    34Foreign currency translation
    
    
    
    
    
    
    188
    
    
    
    
    
    
    
    
    
    
    
    188Balance as of June 30, 2009
    
    $
    60,983
    
    
    $
    5,378
    
    
    $
    32,400
    
    
    $
    24,912
    
    
    $
    123,673
 10.
    
    Long-Term Receivables, Net  Amount OutstandingJune 30, 2009
    
    
    December 31, 2008(Unaudited)Bradley International AirportDeficiency payments
    
    $
    7,501
    
    
    $
    5,961Other Bradley related, net
    
    
    3,203
    
    
    
    3,203Valuation allowance
    
    
    (2,484
    )
    
    
    (2,484
    )Total long-term receivables, net
    
    $
    8,220
    
    
    $
    6,680
  12




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Agreement
     
    
    Garage and surface operating expenses,
 
    
    Principal and interest on Bonds,
 
    
    Trustee expenses
 
    
    Major maintenance and capital improvement deposits
 
    
    State Minimum Guarantee
  Deficiency Payments
    13




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June 30, 2009
    
    
    December 31, 2008(Unaudited)Deficiency payments:Balance at beginning of period
    
    $
    5,961
    
    
    $
    4,135Deficiency payments made
    
    
    1,540
    
    
    
    2,153Deficiency repayment received
    
    
    
    
    
    
    (327
    )Balance at end of period
    
    
    7,501
    
    
    
    5,961Other Bradley related
    
    
    3,203
    
    
    
    3,203Valuation allowance
    
    
    (2,484
    )
    
    
    (2,484
    )Total long-term receivables
    
    $
    8,220
    
    
    $
    6,680
 Compensation
    11. Borrowing Arrangements
  Amount OutstandingDue Date
    
    
    June 30, 2009
    
    
    December 31, 2008(Unaudited)Senior credit facility
    
    June 2013
    
    $
    122,750
    
    
    $
    120,600Capital lease obligations
    
    Various
    
    
    2,469
    
    
    
    3,039Obligations on Seller notes and other
    
    Various
    
    
    1,366
    
    
    
    1,425126,585
    
    
    
    125,064Less current portion
    
    
    
    
    
    
    789
    
    
    
    1,068$
    125,796
    
    
    $
    123,996
  14




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Senior Credit Facility
         12. Stock Repurchases
 2009 Stock Repurchases
     2008 Stock Repurchases
    15




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13. Business Unit Segment Information
 Disclosures about Segments of an Enterprise and Related Information
    16




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For the three months ended
    
    
    For the six months endedGross
    
    
    
    
    
    
    Gross
    
    
    
    
    
    
    Gross
    
    
    
    
    
    
    GrossJune 30, 2009
    
    
    Margin
    
    
    June 30, 2008
    
    
    Margin
    
    
    June 30, 2009
    
    
    Margin
    
    
    June 30, 2008
    
    
    MarginRevenues:Region OneLease contracts
    
    $
    20,107
    
    
    
    
    
    
    $
    20,741
    
    
    
    
    
    
    $
    39,320
    
    
    
    
    
    
    $
    40,032Management contracts
    
    
    13,298
    
    
    
    
    
    
    
    14,586
    
    
    
    
    
    
    
    26,870
    
    
    
    
    
    
    
    29,019Total Region One
    
    
    33,405
    
    
    
    
    
    
    
    35,327
    
    
    
    
    
    
    
    66,190
    
    
    
    
    
    
    
    69,051Region TwoLease contracts
    
    
    693
    
    
    
    
    
    
    
    285
    
    
    
    
    
    
    
    1,289
    
    
    
    
    
    
    
    565Management contracts
    
    
    2,661
    
    
    
    
    
    
    
    1,050
    
    
    
    
    
    
    
    4,818
    
    
    
    
    
    
    
    1,940Total Region Two
    
    
    3,354
    
    
    
    
    
    
    
    1,335
    
    
    
    
    
    
    
    6,107
    
    
    
    
    
    
    
    2,505Region ThreeLease contracts
    
    
    4,878
    
    
    
    
    
    
    
    7,463
    
    
    
    
    
    
    
    9,784
    
    
    
    
    
    
    
    13,617Management contracts
    
    
    13,233
    
    
    
    
    
    
    
    12,721
    
    
    
    
    
    
    
    27,394
    
    
    
    
    
    
    
    25,784Total Region Three
    
    
    18,111
    
    
    
    
    
    
    
    20,184
    
    
    
    
    
    
    
    37,178
    
    
    
    
    
    
    
    39,401Region FourLease contracts
    
    
    10,023
    
    
    
    
    
    
    
    11,506
    
    
    
    
    
    
    
    19,936
    
    
    
    
    
    
    
    23,422Management contracts
    
    
    8,048
    
    
    
    
    
    
    
    7,899
    
    
    
    
    
    
    
    16,366
    
    
    
    
    
    
    
    15,687Total Region Four
    
    
    18,071
    
    
    
    
    
    
    
    19,405
    
    
    
    
    
    
    
    36,302
    
    
    
    
    
    
    
    39,109OtherLease contracts
    
    
    (14
    )
    
    
    
    
    
    
    8
    
    
    
    
    
    
    
    58
    
    
    
    
    
    
    
    61Management contracts
    
    
    71
    
    
    
    
    
    
    
    159
    
    
    
    
    
    
    
    156
    
    
    
    
    
    
    
    (135
    )Total Other
    
    
    57
    
    
    
    
    
    
    
    167
    
    
    
    
    
    
    
    214
    
    
    
    
    
    
    
    (74
    )Reimbursed expense
    
    
    97,595
    
    
    
    
    
    
    
    99,317
    
    
    
    
    
    
    
    200,152
    
    
    
    
    
    
    
    198,768Total revenues
    
    $
    170,593
    
    
    
    
    
    
    $
    175,735
    
    
    
    
    
    
    $
    346,143
    
    
    
    
    
    
    $
    348,760Gross ProfitRegion OneLease contracts
    
    
    1,774
    
    
    
    9
    %
    
    
    1,814
    
    
    
    9
    %
    
    
    2,507
    
    
    
    6
    %
    
    
    2,928
    
    
    
    7
    %Management contracts
    
    
    6,801
    
    
    
    51
    %
    
    
    7,403
    
    
    
    51
    %
    
    
    13,896
    
    
    
    52
    %
    
    
    14,913
    
    
    
    51
    %Total Region One
    
    
    8,575
    
    
    
    
    
    
    
    9,217
    
    
    
    
    
    
    
    16,403
    
    
    
    
    
    
    
    17,841Region TwoLease contracts
    
    
    49
    
    
    
    7
    %
    
    
    90
    
    
    
    32
    %
    
    
    41
    
    
    
    3
    %
    
    
    175
    
    
    
    31
    %Management contracts
    
    
    982
    
    
    
    37
    %
    
    
    937
    
    
    
    89
    %
    
    
    1,780
    
    
    
    37
    %
    
    
    1,786
    
    
    
    92
    %Total Region Two
    
    
    1,031
    
    
    
    
    
    
    
    1,027
    
    
    
    
    
    
    
    1,821
    
    
    
    
    
    
    
    1,961Region ThreeLease contracts
    
    
    418
    
    
    
    9
    %
    
    
    1,916
    
    
    
    26
    %
    
    
    830
    
    
    
    8
    %
    
    
    2,357
    
    
    
    17
    %Management contracts
    
    
    6,032
    
    
    
    46
    %
    
    
    6,644
    
    
    
    52
    %
    
    
    12,297
    
    
    
    45
    %
    
    
    13,050
    
    
    
    51
    %Total Region Three
    
    
    6,450
    
    
    
    
    
    
    
    8,560
    
    
    
    
    
    
    
    13,127
    
    
    
    
    
    
    
    15,407Region FourLease contracts
    
    
    586
    
    
    
    6
    %
    
    
    1,022
    
    
    
    9
    %
    
    
    1,108
    
    
    
    6
    %
    
    
    2,047
    
    
    
    9
    %Management contracts
    
    
    3,814
    
    
    
    47
    %
    
    
    3,422
    
    
    
    43
    %
    
    
    7,904
    
    
    
    48
    %
    
    
    6,995
    
    
    
    45
    %Total Region Four
    
    
    4,400
    
    
    
    
    
    
    
    4,444
    
    
    
    
    
    
    
    9,012
    
    
    
    
    
    
    
    9,042OtherLease contracts
    
    
    (72
    )
    
    
    (514
    )%
    
    
    450
    
    
    
    5,625
    %
    
    
    20
    
    
    
    34
    %
    
    
    586
    
    
    
    96
    %Management contracts
    
    
    (256
    )
    
    
    (360
    )%
    
    
    (153
    )
    
    
    (96
    )%
    
    
    (602
    )
    
    
    (386
    )%
    
    
    343
    
    
    
    (3
    )%Total Other
    
    
    (328
    )
    
    
    
    
    
    
    297
    
    
    
    
    
    
    
    (582
    )
    
    
    
    
    
    
    929Total gross profit
    
    
    20,128
    
    
    
    
    
    
    
    23,545
    
    
    
    
    
    
    
    39,781
    
    
    
    
    
    
    
    45,180General and administrative expenses
    
    
    10,320
    
    
    
    
    
    
    
    12,029
    
    
    
    
    
    
    
    23,081
    
    
    
    
    
    
    
    23,440General and administrative expense
percentage of gross profit
    
    
    51
    %
    
    
    
    
    
    
    51
    %
    
    
    
    
    
    
    58
    %
    
    
    
    
    
    
    52
    %Depreciation and amortization
    
    
    1,413
    
    
    
    
    
    
    
    1,579
    
    
    
    
    
    
    
    2,900
    
    
    
    
    
    
    
    2,950Operating income
    
    
    8,395
    
    
    
    
    
    
    
    9,937
    
    
    
    
    
    
    
    13,800
    
    
    
    
    
    
    
    18,790Other expenses (income):Interest expense
    
    
    1,528
    
    
    
    
    
    
    
    1,086
    
    
    
    
    
    
    
    2,964
    
    
    
    
    
    
    
    2,604Interest income
    
    
    (95
    )
    
    
    
    
    
    
    (41
    )
    
    
    
    
    
    
    (162
    )
    
    
    
    
    
    
    (83
    )1,433
    
    
    
    
    
    
    
    1,045
    
    
    
    
    
    
    
    2,802
    
    
    
    
    
    
    
    2,521Income before income taxes
    
    
    6,962
    
    
    
    
    
    
    
    8,892
    
    
    
    
    
    
    
    10,998
    
    
    
    
    
    
    
    16,269Income tax expense
    
    
    2,692
    
    
    
    
    
    
    
    3,612
    
    
    
    
    
    
    
    4,266
    
    
    
    
    
    
    
    6,590Net income
    
    
    4,270
    
    
    
    
    
    
    
    5,280
    
    
    
    
    
    
    
    6,732
    
    
    
    
    
    
    
    9,679Less: Net income attributable to
noncontrolling interest
    
    
    (42
    )
    
    
    
    
    
    
    (3
    )
    
    
    
    
    
    
    (106
    )
    
    
    
    
    
    
    (125
    )Net income attributable to
Standard Parking Corporation
    
    $
    4,228
    
    
    
    
    
    
    $
    5,277
    
    
    
    
    
    
    $
    6,626
    
    
    
    
    
    
    $
    9,554
  17




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##### Table of Contents



14. Comprehensive Income
  For the three months ended
    
    
    For the six months endedJune 30, 2009
    
    
    June 30, 2008
    
    
    June 30, 2009
    
    
    June 30, 2008Net income
    
    $
    4,270
    
    
    $
    5,280
    
    
    $
    6,732
    
    
    $
    9,679Revaluation of interest rate cap
    
    
    
    
    
    
    (62
    )
    
    
    
    
    
    
    33Effect of foreign currency translation
    
    
    177
    
    
    
    (4
    )
    
    
    (57
    )
    
    
    (60
    )Comprehensive income
    
    
    4,447
    
    
    
    5,214
    
    
    
    6,675
    
    
    
    9,652Less: Net income attributable to noncontrolling interest
    
    
    (42
    )
    
    
    (3
    )
    
    
    (106
    )
    
    
    (125
    )Comprehensive income attributable to Standard Parking
Corporation
    
    $
    4,405
    
    
    $
    5,211
    
    
    $
    6,569
    
    
    $
    9,527
  18




---



##### Table of Contents



15.
Income Taxes
  Accounting for Uncertainty in Income Taxes. Accounting for Income Taxes
  2004  2008
    
    United States  federal income tax2003  2008
    
    United States  state and local income tax2004  2008
    
    Canada
 16.
Hurricane Katrina
  17. Subsequent Event
  Subsequent Events,
 
 Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
 The following discussion will assist in understanding our financial position and results of
operations. The information below should be read in conjunction with the consolidated financial
statements, the related notes to the consolidated financial statements and our Form 10-K for the
year ended December 31, 2008.
 In addition to historical information, this Quarterly Report on Form 10-Q contains
forward-looking statements that involve risks and uncertainties that could cause actual results to
differ materially. Factors that might cause or contribute to such differences include, but are not
limited to, those discussed in Managements Discussion and Analysis of Financial Condition and
Results of Operations as well as in this Quarterly Report generally. You should carefully review
the risks described in this Quarterly Report as well as the risks described in other documents
filed by us and from time to time with the Securities and Exchange Commission. In addition, when
used in this Quarterly Report, the words anticipates, plans, believes, estimates, and
expects and similar expressions are generally intended to identify forward-looking statements.
Such statements are subject to a number of risks and
uncertainties. Our actual results, performance or achievements could differ materially from
the results expressed in, or implied by these forward-looking statements or us. We undertake no
obligation to revise these forward-looking statements to reflect any future events or
circumstances.
 We continue to be subject to certain factors that could cause our results to differ materially
from expected and historical results (see the Risk Factors set forth in our 2008 Form 10-K filed
on March 13, 2009 and this Form 10-Q ).
  19




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##### Table of Contents



Overview
 Our Business
    General Business Trends
   Summary of Operating Facilities
  June 30, 2009
    
    
    December 31, 2008
    
    
    June 30, 2008Managed facilities
    
    
    1,919
    
    
    
    1,986
    
    
    
    1,979Leased facilities
    
    
    223
    
    
    
    229
    
    
    
    240Total facilities
    
    
    2,142
    
    
    
    2,215
    
    
    
    2,219
  20




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##### Table of Contents



Revenue
  
    
    Parking services revenuelease contracts. Parking services revenues 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 revenues do 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.
  Reimbursement of 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.
 Gross Profit
  General and Administrative Expenses
   21




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##### Table of Contents



Depreciation and Amortization
  Valuation Allowance Related to Long-Term Receivables
  Seasonality
  Results of Operations
 Three Months ended June 30, 2009 Compared to Three Months ended June 30, 2008
  Three Months EndedJune 30,
    
    
    Variance2009
    
    
    2008
    
    
    Amount
    
    
    %Lease contract revenue:New location
    
    $
    2.1
    
    
    $
    0.1
    
    
    $
    2.0
    
    
    
    2,000.0Contract expirations
    
    
    0.1
    
    
    
    4.1
    
    
    
    (4.0
    )
    
    
    (97.6
    )Same location:Short-term parking
    
    
    21.4
    
    
    
    22.4
    
    
    
    (1.0
    )
    
    
    (4.5
    )Monthly parking
    
    
    9.4
    
    
    
    10.2
    
    
    
    (0.8
    )
    
    
    (7.8
    )Total same location
    
    
    30.8
    
    
    
    32.6
    
    
    
    (1.8
    )
    
    
    (5.5
    )Conversions
    
    
    0.1
    
    
    
    1.3
    
    
    
    (1.2
    )
    
    
    (92.3
    )Acquisitions
    
    
    2.6
    
    
    
    1.9
    
    
    
    0.7
    
    
    
    36.8Total lease contract revenue
    
    $
    35.7
    
    
    $
    40.0
    
    
    $
    (4.3
    )
    
    
    (10.8
    )Management contract revenue:New location
    
    $
    2.6
    
    
    $
    0.2
    
    
    $
    2.4
    
    
    
    1,200.0Contract expirations
    
    
    0.6
    
    
    
    5.0
    
    
    
    (4.4
    )
    
    
    (88.0
    )Same location
    
    
    31.6
    
    
    
    29.1
    
    
    
    2.5
    
    
    
    8.6Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Acquisitions
    
    
    2.5
    
    
    
    2.1
    
    
    
    0.4
    
    
    
    19.0Total management contract revenue
    
    $
    37.3
    
    
    $
    36.4
    
    
    $
    0.9
    
    
    
    2.5Reimbursement of management contract expense
    
    $
    97.6
    
    
    $
    99.3
    
    
    $
    (1.7
    )
    
    
    (1.7
    )
 Parking services revenuelease contracts.
  22




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##### Table of Contents



Parking services revenuemanagement contracts.
 Reimbursement of management contract expense.
  Three Months EndedJune 30,
    
    
    Variance2009
    
    
    2008
    
    
    Amount
    
    
    %Cost of parking services lease contracts:New location
    
    $
    1.9
    
    
    $
    
    
    
    $
    1.9
    
    
    
    100.00Contract expirations
    
    
    0.1
    
    
    
    2.1
    
    
    
    (2.0
    )
    
    
    (95.2
    )Same location:Rent
    
    
    21.8
    
    
    
    22.7
    
    
    
    (0.9
    )
    
    
    (4.0
    )Payroll and payroll related
    
    
    4.3
    
    
    
    4.5
    
    
    
    (0.2
    )
    
    
    (4.4
    )Other operating costs
    
    
    2.5
    
    
    
    2.7
    
    
    
    (0.2
    )
    
    
    (7.4
    )Total same location
    
    
    28.6
    
    
    
    29.9
    
    
    
    (1.3
    )
    
    
    (4.3
    )Conversions
    
    
    0.1
    
    
    
    1.1
    
    
    
    (1.0
    )
    
    
    (90.9
    )Acquisitions
    
    
    2.2
    
    
    
    1.6
    
    
    
    0.6
    
    
    
    37.5Total cost of parking services lease contracts
    
    $
    32.9
    
    
    $
    34.7
    
    
    $
    (1.8
    )
    
    
    (5.2
    )Cost of parking services management contracts:New locations
    
    $
    1.2
    
    
    $
    0.1
    
    
    $
    1.1
    
    
    
    1,100.0Contract expirations
    
    
    0.8
    
    
    
    3.4
    
    
    
    (2.6
    )
    
    
    (76.5
    )Same location:Payroll and payroll related
    
    
    8.0
    
    
    
    7.7
    
    
    
    0.3
    
    
    
    3.9Other operating expenses
    
    
    8.1
    
    
    
    5.5
    
    
    
    2.6
    
    
    
    47.3Total same location
    
    
    16.1
    
    
    
    13.2
    
    
    
    2.9
    
    
    
    22.0Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Acquisitions
    
    
    1.8
    
    
    
    1.5
    
    
    
    0.3
    
    
    
    20.0Total cost of parking services management contracts
    
    $
    19.9
    
    
    $
    18.2
    
    
    $
    1.7
    
    
    
    9.3Reimbursed management contract expense
    
    $
    97.6
    
    
    $
    99.3
    
    
    $
    (1.7
    )
    
    
    (1.7
    )
 Cost of parking serviceslease contracts.
 Cost of parking servicesmanagement contracts.
 Reimbursed management contract expense.
  23




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##### Table of Contents



Three Months EndedJune 30,
    
    
    Variance2009
    
    
    2008
    
    
    Amount
    
    
    %(in millions)Gross profit lease contracts:New location
    
    $
    0.2
    
    
    $
    0.1
    
    
    $
    0.1
    
    
    
    100.0Contract expirations
    
    
    
    
    
    
    2.0
    
    
    
    (2.0
    )
    
    
    (100.0
    )Same location
    
    
    2.2
    
    
    
    2.7
    
    
    
    (0.5
    )
    
    
    (18.5
    )Conversions
    
    
    
    
    
    
    0.2
    
    
    
    (0.2
    )
    
    
    (100.0
    )Acquisitions
    
    
    0.4
    
    
    
    0.3
    
    
    
    0.1
    
    
    
    33.3Total gross profit lease contracts
    
    $
    2.8
    
    
    $
    5.3
    
    
    $
    (2.5
    )
    
    
    (47.2
    )Gross profit percentage lease contracts:New location
    
    
    9.5
    %
    
    
    100.0
    %Contract expirations
    
    
    
    
    
    
    48.8
    %Same location
    
    
    7.1
    %
    
    
    8.3
    %Conversions
    
    
    
    
    
    
    15.4
    %Acquisitions
    
    
    15.4
    %
    
    
    15.8
    %Total gross profit percentage lease contracts
    
    
    7.8
    %
    
    
    13.3
    %Gross profit management contracts:New location
    
    $
    1.4
    
    
    $
    0.1
    
    
    $
    1.3
    
    
    
    1,300.0Contract expirations
    
    
    (0.2
    )
    
    
    1.6
    
    
    
    (1.8
    )
    
    
    (112.5
    )Same location
    
    
    15.5
    
    
    
    15.9
    
    
    
    (0.4
    )
    
    
    (2.5
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Acquisitions
    
    
    0.7
    
    
    
    0.6
    
    
    
    0.1
    
    
    
    16.7Total gross profit management contracts
    
    $
    17.4
    
    
    $
    18.2
    
    
    $
    (0.8
    )
    
    
    (4.4
    )Gross profit percentage management contracts:New location
    
    
    53.8
    %
    
    
    50.0
    %Contract expirations
    
    
    (33.3
    %)
    
    
    32.0
    %Same location
    
    
    49.1
    %
    
    
    54.6
    %Conversions
    
    
    
    
    
    
    Acquisitions
    
    
    28.0
    %
    
    
    28.6
    %Total gross profit percentage management contracts
    
    
    46.6
    %
    
    
    50.0
    %
 Gross profitlease contracts.
 Gross profitmanagement contracts.
 General and administrative expenses.
  24




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##### Table of Contents



Interest expense.
 Interest income.
 Income tax expense.
 Segments
 Disclosures about Segments of an Enterprise and Related Information
         Three Months Ended June 30,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008(in millions)Lease contract revenue:New location
    
    $
    0.7
    
    
    $
    0.1
    
    
    $
    0.5
    
    
    $
    
    
    
    $
    0.8
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    2.1
    
    
    $
    0.1Contract expirations
    
    
    
    
    
    
    0.9
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    3.1
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    0.1
    
    
    
    4.1Same location
    
    
    16.7
    
    
    
    17.5
    
    
    
    0.2
    
    
    
    0.2
    
    
    
    4.0
    
    
    
    4.3
    
    
    
    9.9
    
    
    
    10.7
    
    
    
    
    
    
    
    (0.1
    )
    
    
    30.8
    
    
    
    32.6Conversions
    
    
    0.1
    
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.8
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    1.3Acquisitions
    
    
    2.6
    
    
    
    1.8
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    (0.1
    )
    
    
    
    
    
    
    2.6
    
    
    
    1.9Total lease contract revenue
    
    $
    20.1
    
    
    $
    20.8
    
    
    $
    0.7
    
    
    $
    0.3
    
    
    $
    4.9
    
    
    $
    7.5
    
    
    $
    10.0
    
    
    $
    11.5
    
    
    $
    
    
    
    $
    (0.1
    )
    
    $
    35.7
    
    
    $
    40.0Management contract revenue:New location
    
    $
    0.6
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    1.4
    
    
    $
    0.2
    
    
    $
    0.5
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    2.6
    
    
    $
    0.2Contract expirations
    
    
    0.4
    
    
    
    3.1
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    1.7
    
    
    
    0.1
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    0.6
    
    
    
    5.0Same location
    
    
    11.4
    
    
    
    10.6
    
    
    
    2.7
    
    
    
    1.0
    
    
    
    10.1
    
    
    
    9.5
    
    
    
    7.4
    
    
    
    7.7
    
    
    
    
    
    
    
    0.3
    
    
    
    31.6
    
    
    
    29.1Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Acquisitions
    
    
    0.9
    
    
    
    0.8
    
    
    
    
    
    
    
    
    
    
    
    1.6
    
    
    
    1.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2.5
    
    
    
    2.1Total management contract
revenue
    
    $
    13.3
    
    
    $
    14.5
    
    
    $
    2.7
    
    
    $
    1.0
    
    
    $
    13.2
    
    
    $
    12.7
    
    
    $
    8.0
    
    
    $
    7.9
    
    
    $
    0.1
    
    
    $
    0.3
    
    
    $
    37.3
    
    
    $
    36.4
  25




---



##### Table of Contents



Three Months June 30,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008(in millions)Cost of parking
services lease
contracts:New location
    
    $
    0.6
    
    
    $
    
    
    
    $
    0.5
    
    
    $
    
    
    
    $
    0.7
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    1.9
    
    
    $
    Contract expirations
    
    
    
    
    
    
    0.9
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.6
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    (0.4
    )
    
    
    0.1
    
    
    
    2.1Same location
    
    
    15.4
    
    
    
    16.1
    
    
    
    0.2
    
    
    
    0.2
    
    
    
    3.7
    
    
    
    3.8
    
    
    
    9.3
    
    
    
    9.8
    
    
    
    
    
    
    
    
    
    
    
    28.6
    
    
    
    29.9Conversions
    
    
    0.1
    
    
    
    0.4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.7
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    1.1Acquisitions
    
    
    2.2
    
    
    
    1.5
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    (0.1
    )
    
    
    
    
    
    
    2.2
    
    
    
    1.6Total cost of parking
services lease
contracts
    
    $
    18.3
    
    
    $
    18.9
    
    
    $
    0.7
    
    
    $
    0.2
    
    
    $
    4.5
    
    
    $
    5.5
    
    
    $
    9.4
    
    
    $
    10.5
    
    
    $
    
    
    
    $
    (0.4
    )
    
    $
    32.9
    
    
    $
    34.7Cost of parking
services management
contracts:New location
    
    $
    0.2
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    0.6
    
    
    $
    
    
    
    $
    0.3
    
    
    $
    
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    1.2
    
    
    $
    0.1Contract expirations
    
    
    0.7
    
    
    
    2.0
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    0.8
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    0.4
    
    
    
    0.8
    
    
    
    3.4Same location
    
    
    5.1
    
    
    
    4.7
    
    
    
    1.6
    
    
    
    0.1
    
    
    
    5.2
    
    
    
    4.2
    
    
    
    3.9
    
    
    
    4.3
    
    
    
    0.3
    
    
    
    (0.1
    )
    
    
    16.1
    
    
    
    13.2Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Acquisitions
    
    
    0.5
    
    
    
    0.4
    
    
    
    
    
    
    
    
    
    
    
    1.2
    
    
    
    1.0
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    1.8
    
    
    
    1.5Total cost of parking
services management
contracts
    
    $
    6.5
    
    
    $
    7.1
    
    
    $
    1.7
    
    
    $
    0.1
    
    
    $
    7.1
    
    
    $
    6.0
    
    
    $
    4.2
    
    
    $
    4.5
    
    
    $
    0.4
    
    
    $
    0.5
    
    
    $
    19.9
    
    
    $
    18.2
    26




---



##### Table of Contents



Three Months Ended June 30,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008(in millions)Gross profit lease contracts:New location
    
    $
    0.1
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    0.2
    
    
    $
    0.1Contract expirations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    1.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.4
    
    
    
    
    
    
    
    2.0Same location
    
    
    1.3
    
    
    
    1.4
    
    
    
    
    
    
    
    
    
    
    
    0.3
    
    
    
    0.5
    
    
    
    0.6
    
    
    
    0.9
    
    
    
    
    
    
    
    (0.1
    )
    
    
    2.2
    
    
    
    2.7Conversions
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.2Acquisitions
    
    
    0.4
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.4
    
    
    
    0.3Total gross profit lease contracts
    
    $
    1.8
    
    
    $
    1.9
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    0.4
    
    
    $
    2.0
    
    
    $
    0.6
    
    
    $
    1.0
    
    
    $
    
    
    
    $
    0.3
    
    
    $
    2.8
    
    
    $
    5.3(percentages)Gross profit percentage lease contracts:New location
    
    
    14.3
    
    
    
    100.0
    
    
    
    
    
    
    
    
    
    
    
    12.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9.5
    
    
    
    100.0Contract expirations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    100.0
    
    
    
    
    
    
    
    48.4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    48.8Same location
    
    
    7.8
    
    
    
    8.0
    
    
    
    
    
    
    
    
    
    
    
    7.5
    
    
    
    11.6
    
    
    
    6.1
    
    
    
    8.4
    
    
    
    
    
    
    
    100.0
    
    
    
    7.1
    
    
    
    8.3Conversions
    
    
    
    
    
    
    20.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15.4Acquisitions
    
    
    15.4
    
    
    
    16.7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15.4
    
    
    
    15.8Total gross profit percentage
    
    
    9.0
    
    
    
    9.1
    
    
    
    
    
    
    
    33.3
    
    
    
    8.2
    
    
    
    26.7
    
    
    
    6.0
    
    
    
    8.7
    
    
    
    
    
    
    
    (300.0
    )
    
    
    7.8
    
    
    
    13.3(in millions)Gross profit management contracts:New location
    
    $
    0.4
    
    
    $
    
    
    
    $
    (0.1
    )
    
    $
    
    
    
    $
    0.8
    
    
    $
    0.2
    
    
    $
    0.2
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    (0.1
    )
    
    $
    1.4
    
    
    $
    0.1Contract expirations
    
    
    (0.3
    )
    
    
    1.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.9
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    (0.4
    )
    
    
    (0.2
    )
    
    
    1.6Same location
    
    
    6.3
    
    
    
    5.9
    
    
    
    1.1
    
    
    
    0.9
    
    
    
    4.9
    
    
    
    5.3
    
    
    
    3.5
    
    
    
    3.4
    
    
    
    (0.3
    )
    
    
    0.4
    
    
    
    15.5
    
    
    
    15.9Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Acquisitions
    
    
    0.4
    
    
    
    0.4
    
    
    
    
    
    
    
    
    
    
    
    0.4
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    (0.1
    )
    
    
    (0.1
    )
    
    
    0.7
    
    
    
    0.6Total gross profit management contracts
    
    $
    6.8
    
    
    $
    7.4
    
    
    $
    1.0
    
    
    $
    0.9
    
    
    $
    6.1
    
    
    $
    6.7
    
    
    $
    3.8
    
    
    $
    3.4
    
    
    $
    (0.3
    )
    
    $
    (0.2
    )
    
    $
    17.4
    
    
    $
    18.2(percentages)Gross profit percentage management
contracts:New location
    
    
    66.7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    57.1
    
    
    
    100.0
    
    
    
    40.0
    
    
    
    
    
    
    
    100.0
    
    
    
    
    
    
    
    53.8
    
    
    
    50.0Contract expirations
    
    
    (75.0
    )
    
    
    35.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    52.9
    
    
    
    100.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (33.3
    )
    
    
    32.0Same location
    
    
    55.3
    
    
    
    55.7
    
    
    
    40.7
    
    
    
    90.0
    
    
    
    48.5
    
    
    
    55.8
    
    
    
    47.3
    
    
    
    44.2
    
    
    
    
    
    
    
    133.3
    
    
    
    49.1
    
    
    
    54.6Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Acquisitions
    
    
    44.4
    
    
    
    50.0
    
    
    
    
    
    
    
    
    
    
    
    25.0
    
    
    
    23.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    28.0
    
    
    
    28.6Total gross profit percentage
    
    
    51.1
    
    
    
    51.0
    
    
    
    37.0
    
    
    
    90.0
    
    
    
    46.2
    
    
    
    52.8
    
    
    
    47.5
    
    
    
    43.0
    
    
    
    (300.0
    )
    
    
    (66.7
    )
    
    
    46.6
    
    
    
    50.0
    Three Months Ended June 30,Region One
    
    
    Region Two
    
    
    Region Three
    
    

Region
Four
    
    
    Other
    
    
    Total2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    

2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008(in millions)General and administrative expenses
    
    $
    2.3
    
    
    $
    2.2
    
    
    $
    0.4
    
    
    $
    0.5
    
    
    $
    2.7
    
    
    $
    2.4
    
    
    $
    0.8
    
    
    $
    0.8
    
    
    $
    4.1
    
    
    $
    6.1
    
    
    $
    10.3
    
    
    $
    12.0
   27




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##### Table of Contents



Six Months ended June 30, 2009 Compared to Six Months ended June 30, 2008
  Six Months EndedJune 30,
    
    
    Variance2009
    
    
    2008
    
    
    Amount
    
    
    %Lease contract revenue:New location
    
    $
    5.0
    
    
    $
    0.9
    
    
    $
    4.1
    
    
    
    455.6Contract expirations
    
    
    0.4
    
    
    
    6.9
    
    
    
    (6.5
    )
    
    
    (94.2
    )Same location:Short-term parking
    
    
    41.1
    
    
    
    44.1
    
    
    
    (3.0
    )
    
    
    (6.8
    )Monthly parking
    
    
    18.8
    
    
    
    20.1
    
    
    
    (1.3
    )
    
    
    (6.5
    )Total same location
    
    
    59.9
    
    
    
    64.2
    
    
    
    (4.3
    )
    
    
    (6.7
    )Conversions
    
    
    0.3
    
    
    
    2.5
    
    
    
    (2.2
    )
    
    
    (88.0
    )Acquisitions
    
    
    4.8
    
    
    
    3.2
    
    
    
    1.6
    
    
    
    50.0Total lease contract revenue
    
    $
    70.4
    
    
    $
    77.7
    
    
    $
    (7.3
    )
    
    
    (9.4
    )Management contract revenue:New location
    
    $
    6.3
    
    
    $
    1.2
    
    
    $
    5.1
    
    
    
    425.0Contract expirations
    
    
    2.2
    
    
    
    10.8
    
    
    
    (8.6
    )
    
    
    (79.6
    )Same location
    
    
    61.6
    
    
    
    56.0
    
    
    
    5.6
    
    
    
    10.0Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Acquisitions
    
    
    5.5
    
    
    
    4.3
    
    
    
    1.2
    
    
    
    27.9Total management contract revenue
    
    $
    75.6
    
    
    $
    72.3
    
    
    $
    3.3
    
    
    
    4.6Reimbursement of management contract expense
    
    $
    200.2
    
    
    $
    198.8
    
    
    $
    1.4
    
    
    
    0.7
 Parking services revenuelease contracts.
 Parking services revenuemanagement contracts.
 Reimbursement of management contract expense.
  28




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##### Table of Contents



Six Months EndedJune 30,
    
    
    Variance2009
    
    
    2008
    
    
    Amount
    
    
    %Cost of parking services lease contracts:New location
    
    $
    4.9
    
    
    $
    0.9
    
    
    $
    4.0
    
    
    
    444.4Contract expirations
    
    
    0.4
    
    
    
    4.7
    
    
    
    (4.3
    )
    
    
    (91.5
    )Same location:Rent
    
    
    42.4
    
    
    
    44.7
    
    
    
    (2.3
    )
    
    
    (5.1
    )Payroll and payroll related
    
    
    8.3
    
    
    
    8.8
    
    
    
    (0.5
    )
    
    
    (5.7
    )Other operating costs
    
    
    5.2
    
    
    
    5.4
    
    
    
    (0.2
    )
    
    
    (3.7
    )Total same location
    
    
    55.9
    
    
    
    58.9
    
    
    
    (3.0
    )
    
    
    (5.1
    )Conversions
    
    
    0.2
    
    
    
    2.2
    
    
    
    (2.0
    )
    
    
    (90.9
    )Acquisitions
    
    
    4.5
    
    
    
    2.9
    
    
    
    1.6
    
    
    
    55.2Total cost of parking services lease contracts
    
    $
    65.9
    
    
    $
    69.6
    
    
    $
    (3.7
    )
    
    
    (5.3
    )Cost of parking services management contracts:New locations
    
    $
    3.0
    
    
    $
    0.6
    
    
    $
    2.4
    
    
    
    400.0Contract expirations
    
    
    1.9
    
    
    
    6.9
    
    
    
    (5.0
    )
    
    
    (72.5
    )Same location:Payroll and payroll related
    
    
    15.6
    
    
    
    14.6
    
    
    
    1.0
    
    
    
    6.8Other operating expenses
    
    
    15.9
    
    
    
    10.2
    
    
    
    5.7
    
    
    
    55.9Total same location
    
    
    31.5
    
    
    
    24.8
    
    
    
    6.7
    
    
    
    27.0Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Acquisitions
    
    
    3.9
    
    
    
    2.9
    
    
    
    1.0
    
    
    
    34.5Total cost of parking services management contracts
    
    $
    40.3
    
    
    $
    35.2
    
    
    $
    5.1
    
    
    
    14.5Reimbursed management contract expense
    
    $
    200.2
    
    
    $
    198.8
    
    
    $
    1.4
    
    
    
    0.7
 Cost of parking serviceslease contracts.
 Cost of parking servicesmanagement contracts.
 Reimbursed management contract expense.
  29




---



##### Table of Contents



Six Months EndedJune 30,
    
    
    Variance2009
    
    
    2008
    
    
    Amount
    
    
    %(in millions)Gross profit lease contracts:New location
    
    $
    0.1
    
    
    $
    
    
    
    $
    0.1
    
    
    
    100.0Contract expirations
    
    
    
    
    
    
    2.2
    
    
    
    (2.2
    )
    
    
    (100.0
    )Same location
    
    
    4.0
    
    
    
    5.3
    
    
    
    (1.3
    )
    
    
    (24.5
    )Conversions
    
    
    0.1
    
    
    
    0.3
    
    
    
    (0.2
    )
    
    
    (66.7
    )Acquisitions
    
    
    0.3
    
    
    
    0.3
    
    
    
    
    
    
    
    Total gross profit lease contracts
    
    $
    4.5
    
    
    $
    8.1
    
    
    $
    (3.6
    )
    
    
    (44.4
    )Gross profit percentage lease contracts:New location
    
    
    2.0
    %
    
    
    Contract expirations
    
    
    
    
    
    
    31.9
    %Same location
    
    
    6.7
    %
    
    
    8.3
    %Conversions
    
    
    33.3
    %
    
    
    12.0
    %Acquisitions
    
    
    6.3
    %
    
    
    9.4
    %Total gross profit percentage lease contracts
    
    
    6.4
    %
    
    
    10.4
    %Gross profit management contracts:New location
    
    $
    3.3
    
    
    $
    0.6
    
    
    $
    2.7
    
    
    
    450.0Contract expirations
    
    
    0.3
    
    
    
    3.9
    
    
    
    (3.6
    )
    
    
    (92.3
    )Same location
    
    
    30.1
    
    
    
    31.2
    
    
    
    (1.1
    )
    
    
    (3.5
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Acquisitions
    
    
    1.6
    
    
    
    1.4
    
    
    
    0.2
    
    
    
    14.3Total gross profit management contracts
    
    $
    35.3
    
    
    $
    37.1
    
    
    $
    (1.8
    )
    
    
    (4.9
    )Gross profit percentage management contracts:New location
    
    
    52.4
    %
    
    
    50.0
    %Contract expirations
    
    
    13.6
    %
    
    
    36.1
    %Same location
    
    
    48.9
    %
    
    
    55.7
    %Conversions
    
    
    
    
    
    
    Acquisitions
    
    
    29.1
    %
    
    
    32.6
    %Total gross profit percentage management contracts
    
    
    46.7
    %
    
    
    51.3
    %
 Gross profitlease contracts.
 Gross profitmanagement contracts.
 General and administrative expenses.
  30




---



##### Table of Contents



Interest expense.
 Interest income.
 Income tax expense.
 Segments
 Disclosures about Segments of an Enterprise and Related Information
         Six Months Ended June 30,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008(in millions)Lease contract revenue:New location
    
    $
    2.3
    
    
    $
    0.9
    
    
    $
    1.0
    
    
    $
    
    
    
    $
    1.5
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    5.0
    
    
    $
    0.9Contract expirations
    
    
    0.2
    
    
    
    1.9
    
    
    
    
    
    
    
    0.2
    
    
    
    0.2
    
    
    
    4.8
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.4
    
    
    
    6.9Same location
    
    
    31.9
    
    
    
    33.4
    
    
    
    0.3
    
    
    
    0.4
    
    
    
    7.9
    
    
    
    8.6
    
    
    
    19.8
    
    
    
    21.8
    
    
    
    
    
    
    
    
    
    
    
    59.9
    
    
    
    64.2Conversions
    
    
    0.3
    
    
    
    0.9
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.6
    
    
    
    
    
    
    
    
    
    
    
    0.3
    
    
    
    2.5Acquisitions
    
    
    4.6
    
    
    
    3.0
    
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4.8
    
    
    
    3.2Total lease contract revenue
    
    $
    39.3
    
    
    $
    40.1
    
    
    $
    1.3
    
    
    $
    0.6
    
    
    $
    9.8
    
    
    $
    13.6
    
    
    $
    19.9
    
    
    $
    23.4
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    70.4
    
    
    $
    77.7Management contract revenue:New location
    
    $
    1.8
    
    
    $
    0.5
    
    
    $
    
    
    
    $
    
    
    
    $
    3.2
    
    
    $
    0.5
    
    
    $
    1.3
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    6.3
    
    
    $
    1.2Contract expirations
    
    
    1.1
    
    
    
    6.5
    
    
    
    
    
    
    
    
    
    
    
    1.0
    
    
    
    3.9
    
    
    
    0.2
    
    
    
    0.4
    
    
    
    (0.1
    )
    
    
    
    
    
    
    2.2
    
    
    
    10.8Same location
    
    
    22.0
    
    
    
    20.6
    
    
    
    4.8
    
    
    
    1.9
    
    
    
    19.7
    
    
    
    18.4
    
    
    
    14.9
    
    
    
    15.2
    
    
    
    0.2
    
    
    
    (0.1
    )
    
    
    61.6
    
    
    
    56.0Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Acquisitions
    
    
    2.0
    
    
    
    1.4
    
    
    
    
    
    
    
    
    
    
    
    3.5
    
    
    
    2.9
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5.5
    
    
    
    4.3Total management contract
revenue
    
    $
    26.9
    
    
    $
    29.0
    
    
    $
    4.8
    
    
    $
    1.9
    
    
    $
    27.4
    
    
    $
    25.7
    
    
    $
    16.4
    
    
    $
    15.7
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    75.6
    
    
    $
    72.3
  31




---



##### Table of Contents



Six Months June 30,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008(in millions)Cost of parking
services lease
contracts:New location
    
    $
    2.5
    
    
    $
    0.9
    
    
    $
    0.9
    
    
    $
    
    
    
    $
    1.4
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    4.9
    
    
    $
    0.9Contract expirations
    
    
    0.2
    
    
    
    1.8
    
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    3.4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (0.5
    )
    
    
    0.4
    
    
    
    4.7Same location
    
    
    29.5
    
    
    
    30.9
    
    
    
    0.3
    
    
    
    0.4
    
    
    
    7.3
    
    
    
    7.7
    
    
    
    18.7
    
    
    
    20.0
    
    
    
    0.1
    
    
    
    (0.1
    )
    
    
    55.9
    
    
    
    58.9Conversions
    
    
    0.2
    
    
    
    0.8
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.4
    
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    2.2Acquisitions
    
    
    4.4
    
    
    
    2.7
    
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    (0.1
    )
    
    
    
    
    
    
    4.5
    
    
    
    2.9Total cost of parking
services lease
contracts
    
    $
    36.8
    
    
    $
    37.1
    
    
    $
    1.2
    
    
    $
    0.4
    
    
    $
    9.1
    
    
    $
    11.3
    
    
    $
    18.8
    
    
    $
    21.4
    
    
    $
    
    
    
    $
    (0.6
    )
    
    $
    65.9
    
    
    $
    69.6Cost of parking
services management
contracts:New location
    
    $
    0.7
    
    
    $
    0.2
    
    
    $
    0.2
    
    
    $
    
    
    
    $
    1.5
    
    
    $
    0.2
    
    
    $
    0.7
    
    
    $
    
    
    
    $
    (0.1
    )
    
    $
    0.2
    
    
    $
    3.0
    
    
    $
    0.6Contract expirations
    
    
    1.1
    
    
    
    4.1
    
    
    
    
    
    
    
    
    
    
    
    0.7
    
    
    
    2.0
    
    
    
    0.1
    
    
    
    0.3
    
    
    
    
    
    
    
    0.5
    
    
    
    1.9
    
    
    
    6.9Same location
    
    
    10.2
    
    
    
    9.0
    
    
    
    2.9
    
    
    
    0.2
    
    
    
    10.0
    
    
    
    8.2
    
    
    
    7.7
    
    
    
    8.3
    
    
    
    0.7
    
    
    
    (0.9
    )
    
    
    31.5
    
    
    
    24.8Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Acquisitions
    
    
    1.1
    
    
    
    0.6
    
    
    
    
    
    
    
    
    
    
    
    2.8
    
    
    
    2.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3.9
    
    
    
    2.9Total cost of parking
services management
contracts
    
    $
    13.1
    
    
    $
    13.9
    
    
    $
    3.1
    
    
    $
    0.2
    
    
    $
    15.0
    
    
    $
    12.7
    
    
    $
    8.5
    
    
    $
    8.6
    
    
    $
    0.6
    
    
    $
    (0.2
    )
    
    $
    40.3
    
    
    $
    35.2
    32




---



##### Table of Contents



Six Months Ended June 30,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008(in millions)Gross profit lease contracts:New location
    
    $
    (0.2
    )
    
    $
    
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    Contract expirations
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    1.4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.5
    
    
    
    
    
    
    
    2.2Same location
    
    
    2.4
    
    
    
    2.5
    
    
    
    
    
    
    
    
    
    
    
    0.6
    
    
    
    0.9
    
    
    
    1.1
    
    
    
    1.8
    
    
    
    (0.1
    )
    
    
    0.1
    
    
    
    4.0
    
    
    
    5.3Conversions
    
    
    0.1
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    0.3Acquisitions
    
    
    0.2
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    0.3
    
    
    
    0.3Total gross profit lease contracts
    
    $
    $2.5
    
    
    $
    3.0
    
    
    $
    0.1
    
    
    $
    0.2
    
    
    $
    0.7
    
    
    $
    2.3
    
    
    $
    1.1
    
    
    $
    2.0
    
    
    $
    0.1
    
    
    $
    0.6
    
    
    $
    4.5
    
    
    $
    8.1(percentages)Gross profit percentage lease contracts:New location
    
    
    (8.7
    )
    
    
    
    
    
    
    10.0
    
    
    
    
    
    
    
    6.7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    100.0
    
    
    
    
    
    
    
    2.0
    
    
    
    Contract expirations
    
    
    
    
    
    
    5.3
    
    
    
    
    
    
    
    100.0
    
    
    
    
    
    
    
    29.2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    31.9Same location
    
    
    7.5
    
    
    
    7.5
    
    
    
    
    
    
    
    
    
    
    
    7.6
    
    
    
    10.5
    
    
    
    5.6
    
    
    
    8.3
    
    
    
    
    
    
    
    
    
    
    
    6.7
    
    
    
    8.3Conversions
    
    
    33.3
    
    
    
    11.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12.5
    
    
    
    
    
    
    
    
    
    
    
    33.3
    
    
    
    12.0Acquisitions
    
    
    4.3
    
    
    
    10.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6.2
    
    
    
    9.4Total gross profit percentage
    
    
    6.4
    
    
    
    7.5
    
    
    
    7.7
    
    
    
    33.3
    
    
    
    7.1
    
    
    
    16.9
    
    
    
    5.5
    
    
    
    8.5
    
    
    
    100.0
    
    
    
    
    
    
    
    6.4
    
    
    
    10.4(in millions)Gross profit management contracts:New location
    
    $
    1.1
    
    
    $
    0.3
    
    
    $
    (0.2
    )
    
    $
    
    
    
    $
    1.7
    
    
    $
    0.3
    
    
    $
    0.6
    
    
    $
    0.1
    
    
    $
    0.1
    
    
    $
    (0.1
    )
    
    $
    3.3
    
    
    $
    0.6Contract expirations
    
    
    
    
    
    
    2.4
    
    
    
    
    
    
    
    
    
    
    
    0.3
    
    
    
    1.9
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    (0.1
    )
    
    
    (0.5
    )
    
    
    0.3
    
    
    
    3.9Same location
    
    
    11.8
    
    
    
    11.6
    
    
    
    1.9
    
    
    
    1.7
    
    
    
    9.7
    
    
    
    10.2
    
    
    
    7.2
    
    
    
    6.9
    
    
    
    (0.5
    )
    
    
    0.8
    
    
    
    30.1
    
    
    
    31.2Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Acquisitions
    
    
    0.9
    
    
    
    0.8
    
    
    
    
    
    
    
    
    
    
    
    0.7
    
    
    
    0.6
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.6
    
    
    
    1.4Total gross profit management contracts
    
    $
    13.8
    
    
    $
    15.1
    
    
    $
    1.7
    
    
    $
    1.7.
    
    
    $
    12.4
    
    
    $
    13.0
    
    
    $
    7.9
    
    
    $
    7.1
    
    
    $
    (0.5
    )
    
    $
    0.2
    
    
    $
    35.3
    
    
    $
    37.1(percentages)New location
    
    
    61.1
    
    
    
    60.0
    
    
    
    
    
    
    
    
    
    
    
    53.1
    
    
    
    60.0
    
    
    
    46.2
    
    
    
    100.0
    
    
    
    
    
    
    
    (100.0
    )
    
    
    52.4
    
    
    
    50.0Contract expirations
    
    
    
    
    
    
    36.9
    
    
    
    
    
    
    
    
    
    
    
    30.0
    
    
    
    48.7
    
    
    
    50.0
    
    
    
    25.0
    
    
    
    100.0
    
    
    
    
    
    
    
    13.6
    
    
    
    36.1Same location
    
    
    53.6
    
    
    
    56.3
    
    
    
    39.6
    
    
    
    89.5
    
    
    
    49.2
    
    
    
    55.4
    
    
    
    48.3
    
    
    
    45.4
    
    
    
    (250.0
    )
    
    
    (800.0
    )
    
    
    48.9
    
    
    
    55.7Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Acquisitions
    
    
    45.0
    
    
    
    57.1
    
    
    
    
    
    
    
    
    
    
    
    20.0
    
    
    
    20.7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    29.1
    
    
    
    32.6Total gross profit percentage
    
    
    51.3
    
    
    
    52.1
    
    
    
    35.4
    
    
    
    89.5
    
    
    
    45.3
    
    
    
    50.6
    
    
    
    48.2
    
    
    
    45.2
    
    
    
    (500.0
    )
    
    
    
    
    
    
    46.7
    
    
    
    51.3
    Six Months Ended June 30,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008(in millions)General and administrative expenses
    
    $
    4.5
    
    
    $
    4.4
    
    
    $
    0.9
    
    
    $
    1.0
    
    
    $
    6.3
    
    
    $
    5.5
    
    
    $
    1.7
    
    
    $
    1.5
    
    
    $
    9.7
    
    
    $
    11.0
    
    
    $
    23.1
    
    
    $
    23.4
   33




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##### Table of Contents



Liquidity and Capital Resources
 Outstanding Indebtedness
  
    
    $122.8 million under our senior credit facility; and
    
    $3.8 million of other debt including capital lease obligations and obligations on seller
notes and other indebtedness.
  Senior Credit Facility
       Interest Rate Cap Transactions
     34




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##### Table of Contents



Stock Repurchases
 2009 Stock Repurchases
     2008 Stock Repurchases
    Letters of Credit
   Deficiency Payments
    35




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##### Table of Contents



Daily Cash Collections
   Net Cash Provided by Operating Activities
   Net Cash Used in Investing Activities
   Net Cash Used in Financing Activities
   Cash and Cash Equivalents
   36




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##### 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
  Changes in Internal Controls Over Financial Reporting
   37




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##### Table of Contents



Limitations of the Effectiveness of Internal Control
  
 PART II. OTHER INFORMATION
 
 Item 1A.
    
    Risk Factors
  The offer or sale of a substantial amount of our common stock by our largest stockholders could
have an adverse impact on the market price of our common stock.
   38




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##### Table of Contents



Item 6.
    
    Exhibits
 ExhibitNumber
    
    Description3.1
    
    
    Third Amended and Restated Bylaws of Standard Parking
Corporation dated June 17, 2009 (incorporated by reference to
exhibit 3.1 of the Companys Current Report on Form 8-K/A
filed on June 22, 2009).10.1
    
    
    Registration Rights Agreement dated June 2, 2004 between the
Company and Steamboat, as amended to join additional financial
institutions as parties on May 15, 2009 (incorporated by
reference to exhibit 10.2 of the Companys Current Report on
Form 8-K as filed on May 18, 2009).31.1
    
    
    Section 302 Certification dated August 7, 2009 for James A.
Wilhelm, Director, President and Chief Executive Officer31.2
    
    
    Section 302 Certification dated August 7, 2009 for G. Marc
Baumann, Executive Vice President, Chief Financial Officer and
Treasurer (Principal Financial Officer)31.3
    
    
    Section 302 Certification dated August 7, 2009 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 August 7, 2009
  39




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##### Table of Contents



SIGNATURES
  STANDARD PARKING CORPORATIONDated: August 7, 2009
    By:
    /s/ JAMES A. WILHELMJames A. WilhelmDirector, President and Chief
Executive Officer
(Principal Executive Officer)Dated: August 7, 2009
    By:
    /s/ G. MARC BAUMANNG. Marc BaumannExecutive Vice President, 
Chief Financial Officer and Treasurer(Principal Financial Officer)Dated: August 7, 2009
    By:
    /s/ DANIEL R. MEYERDaniel R. Meyer Senior Vice President,Corporate Controller and
Assistant Treasurer(Principal Accounting Officer and
Duly Authorized Officer)  40




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##### Table of Contents



INDEX TO EXHIBITS
 ExhibitNumber
    
    Description3.1
    
    
    Third Amended and Restated Bylaws of Standard Parking
Corporation dated June 17, 2009 (incorporated by reference to
exhibit 3.1 of the Companys Current Report on Form 8-K/A
filed on June 22, 2009).10.1
    
    
    Registration Rights Agreement dated June 2, 2004 between the
Company and Steamboat, as amended to join additional financial
institutions as parties on May 15, 2009 (incorporated by
reference to exhibit 10.2 of the Companys Current Report on
Form 8-K as filed on May 18, 2009).31.1
    
    
    Section 302 Certification dated August 7, 2009 for James A.
Wilhelm, Director, President and Chief Executive Officer31.2
    
    
    Section 302 Certification dated August 7, 2009 for G. Marc
Baumann, Executive Vice President, Chief Financial Officer and
Treasurer (Principal Financial Officer)31.3
    
    
    Section 302 Certification dated August 7, 2009 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 August 7, 2009
  41