##### 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 September 30, 2010
 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
 YES þ NO o
 YES o NO 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




---



##### 



STANDARD PARKING CORPORATION
FORM 10-Q INDEX
 Part I. Financial InformationItem 1. Financial Statements:Condensed Consolidated Balance Sheets as of September 30, 2010 (Unaudited) and December 31, 2009
    
    
    3Condensed Consolidated Statements of Income (Unaudited) for the three months ended September
30, 2010 and 2009 and the nine months ended September 30, 2010 and 2009
    
    
    4Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September
30, 2010 and 2009
    
    
    5Notes to Condensed Consolidated Interim Financial Statements
    
    
    6Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    18Item 3. Quantitative and Qualitative Disclosures about Market Risk
    
    
    32Item 4. Controls and Procedures
    
    
    32Part II. Other InformationItem 1. Legal Proceedings
    
    
    33Item 6. Exhibits
    
    
    33Signatures
    
    
    34Index to Exhibits
    
    
    35Exhibit 31.1Exhibit 31.2Exhibit 31.3Exhibit 32.1
   2




---



##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 STANDARD PARKING CORPORATION
 
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (in thousands, except for share and per share data)
 September 30, 2010
    
    
    December 31, 2009(Unaudited)
    
    
    (see Note)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    7,404
    
    
    $
    8,256Notes and accounts receivable, net
    
    
    53,146
    
    
    
    44,490Prepaid expenses and supplies
    
    
    3,212
    
    
    
    5,401Deferred taxes
    
    
    3,457
    
    
    
    3,457Total current assets
    
    
    67,219
    
    
    
    61,604Leasehold improvements, equipment and construction in progress, net
    
    
    16,910
    
    
    
    17,175Advances and deposits
    
    
    6,395
    
    
    
    4,904Long-term receivables, net
    
    
    12,982
    
    
    
    10,325Intangible and other assets, net
    
    
    8,462
    
    
    
    6,765Cost of contracts, net
    
    
    13,115
    
    
    
    12,879Goodwill
    
    
    128,320
    
    
    
    126,853Total assets
    
    $
    253,403
    
    
    $
    240,505LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    48,356
    
    
    $
    48,502Accrued and other current liabilities
    
    
    40,173
    
    
    
    33,156Current portion of long-term borrowings
    
    
    664
    
    
    
    662Total current liabilities
    
    
    89,193
    
    
    
    82,320Deferred taxes
    
    
    9,937
    
    
    
    8,151Long-term borrowings, excluding current portion
    
    
    96,848
    
    
    
    112,549Other long-term liabilities
    
    
    26,532
    
    
    
    22,808Standard 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; 15,695,864 and
15,385,428 shares issued and outstanding as of September 30, 2010 and December 31, 2009,
respectively
    
    
    16
    
    
    
    15Additional paid-in capital
    
    
    96,167
    
    
    
    91,793Accumulated other comprehensive (loss) income
    
    
    (37
    )
    
    
    313Accumulated deficit
    
    
    (65,183
    )
    
    
    (77,372
    )Total Standard Parking Corporation stockholders equity
    
    
    30,963
    
    
    
    14,749Noncontrolling interest
    
    
    (70
    )
    
    
    (72
    )Total equity
    
    
    30,893
    
    
    
    14,677Total liabilities and stockholders equity
    
    $
    253,403
    
    
    $
    240,505
 
 Note:
    
    The balance sheet at December 31, 2009 has been derived from the audited financial
statements at that date but does not include all of the information and footnotes required by
accounting principles generally accepted in the United States for complete financial
statements.   3




---



##### Table of Contents



STANDARD PARKING CORPORATION
 
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (in thousands, except for share and per share data, unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30, 2010
    
    
    September 30, 2009
    
    
    September 30, 2010
    
    
    September 30, 2009Parking services revenue:Lease contracts
    
    $
    35,713
    
    
    $
    35,576
    
    
    $
    102,991
    
    
    $
    105,963Management contracts
    
    
    43,713
    
    
    
    39,266
    
    
    
    125,869
    
    
    
    114,87079,426
    
    
    
    74,842
    
    
    
    228,860
    
    
    
    220,833Reimbursed management contract revenue
    
    
    101,500
    
    
    
    97,480
    
    
    
    308,312
    
    
    
    297,632Total revenue
    
    
    180,926
    
    
    
    172,322
    
    
    
    537,172
    
    
    
    518,465Cost of parking services:Lease contracts
    
    
    32,714
    
    
    
    32,899
    
    
    
    95,702
    
    
    
    98,780Management contracts
    
    
    24,357
    
    
    
    20,696
    
    
    
    68,899
    
    
    
    61,02557,071
    
    
    
    53,595
    
    
    
    164,601
    
    
    
    159,805Reimbursed management contract expense
    
    
    101,500
    
    
    
    97,480
    
    
    
    308,312
    
    
    
    297,632Total cost of parking services
    
    
    158,571
    
    
    
    151,075
    
    
    
    472,913
    
    
    
    457,437Gross profit:Lease contracts
    
    
    2,999
    
    
    
    2,677
    
    
    
    7,289
    
    
    
    7,183Management contracts
    
    
    19,356
    
    
    
    18,570
    
    
    
    56,970
    
    
    
    53,845Total gross profit
    
    
    22,355
    
    
    
    21,247
    
    
    
    64,259
    
    
    
    61,028General and administrative expenses (1)
    
    
    11,549
    
    
    
    11,295
    
    
    
    35,327
    
    
    
    34,376Depreciation and amortization
    
    
    1,527
    
    
    
    1,582
    
    
    
    4,557
    
    
    
    4,482Operating income
    
    
    9,279
    
    
    
    8,370
    
    
    
    24,375
    
    
    
    22,170Other expenses (income):Interest expense
    
    
    1,286
    
    
    
    1,546
    
    
    
    4,174
    
    
    
    4,510Interest income
    
    
    (56
    )
    
    
    (54
    )
    
    
    (161
    )
    
    
    (216
    )1,230
    
    
    
    1,492
    
    
    
    4,013
    
    
    
    4,294Income before income taxes
    
    
    8,049
    
    
    
    6,878
    
    
    
    20,362
    
    
    
    17,876Income tax expense
    
    
    3,124
    
    
    
    2,654
    
    
    
    7,992
    
    
    
    6,920Net income
    
    
    4,925
    
    
    
    4,224
    
    
    
    12,370
    
    
    
    10,956Less: Net income attributable to noncontrolling interest
    
    
    89
    
    
    
    38
    
    
    
    181
    
    
    
    144Net income attributable to Standard Parking Corporation
    
    $
    4,836
    
    
    $
    4,186
    
    
    $
    12,189
    
    
    $
    10,812Common stock data:Net income per share:Basic
    
    $
    0.31
    
    
    $
    0.27
    
    
    $
    0.79
    
    
    $
    0.71Diluted
    
    $
    0.30
    
    
    $
    0.27
    
    
    $
    0.77
    
    
    $
    0.69Weighted average shares outstanding:Basic
    
    
    15,651,586
    
    
    
    15,277,601
    
    
    
    15,526,061
    
    
    
    15,274,214Diluted
    
    
    15,993,631
    
    
    
    15,696,136
    
    
    
    15,893,282
    
    
    
    15,659,351
 
 (1)
    
    Non-cash stock based compensation expense of $533 and $1,770 for the three and nine months
ended September 30, 2010, respectively, and $681 and $1,754 for the three and nine months
ended September 30, 2009, respectively, is included in general and administrative expenses.   4




---



##### Table of Contents



STANDARD PARKING CORPORATION
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands, except for share and per share data, unaudited)
 Nine Months EndedSeptember 30, 2010
    
    
    September 30, 2009Operating activities:Net income
    
    $
    12,370
    
    
    $
    10,956Adjustments to reconcile net income to net cash provided by operations:Depreciation and amortization
    
    
    4,545
    
    
    
    4,173Loss on sale and abandonment of assets
    
    
    50
    
    
    
    286Amortization of debt issuance costs
    
    
    478
    
    
    
    481Non-cash stock-based compensation
    
    
    1,770
    
    
    
    1,754Excess tax benefit related to stock option exercises
    
    
    (1,185
    )
    
    
    (136
    )Provisions (reversal) for losses on accounts receivable
    
    
    102
    
    
    
    (174
    )Deferred income taxes
    
    
    1,786
    
    
    
    4,295Change in operating assets and liabilities
    
    
    (4,149
    )
    
    
    (6,856
    )Net cash provided by operating activities
    
    
    15,767
    
    
    
    14,779Investing activities:Acquisitions
    
    
    
    
    
    
    (2,500
    )Purchase of leasehold improvements and equipment
    
    
    (2,168
    )
    
    
    (2,820
    )Cost of contracts purchased
    
    
    (522
    )
    
    
    (904
    )Proceeds from sale of assets
    
    
    3
    
    
    
    39Capitalized interest
    
    
    (107
    )
    
    
    Contingent purchase payments
    
    
    (104
    )
    
    
    (259
    )Net cash used in investing activities
    
    
    (2,898
    )
    
    
    (6,444
    )Financing activities:Repurchase of common stock
    
    
    
    
    
    
    (3,885
    )Proceeds from exercise of stock options
    
    
    1,450
    
    
    
    125Tax benefit related to stock option exercises
    
    
    1,185
    
    
    
    136Earn-out payments
    
    
    (529
    )
    
    
    Payments on senior credit facility
    
    
    (15,200
    )
    
    
    (3,600
    )Distribution to noncontrolling interest
    
    
    (179
    )
    
    
    (148
    )Payments on long-term borrowings
    
    
    (95
    )
    
    
    (90
    )Payments on debt issuance costs
    
    
    (30
    )
    
    
    (30
    )Payments on capital leases
    
    
    (404
    )
    
    
    (775
    )Net cash used in financing activities
    
    
    (13,802
    )
    
    
    (8,267
    )Effect of exchange rate changes on cash and cash equivalents
    
    
    81
    
    
    
    272(Decrease) increase in cash and cash equivalents
    
    
    (852
    )
    
    
    340Cash and cash equivalents at beginning of period
    
    
    8,256
    
    
    
    8,301Cash and cash equivalents at end of period
    
    $
    7,404
    
    
    $
    8,641Supplemental disclosures:Cash paid during the period for:Interest
    
    $
    3,975
    
    
    $
    4,516Income taxes
    
    
    4,925
    
    
    
    2,449
   5




---



##### Table of Contents



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
    6




---



##### Table of Contents



2. Common and Preferred Stock
  3. Stock-Based Compensation
   Stock Options and Grants
     Performance-Based Incentive Program
   7




---



##### Table of Contents



Restricted Stock Units
    4. Net Income Per Common Share
   Three Months Ended September 30
    
    
    Nine Months Ended September 302010
    
    
    2009
    
    
    2010
    
    
    2009Weighted average common basic shares outstanding
    
    
    15,651,586
    
    
    
    15,277,601
    
    
    
    15,526,061
    
    
    
    15,274,214Effect of dilutive stock options and restricted stock units
    
    
    342,045
    
    
    
    418,535
    
    
    
    367,221
    
    
    
    385,137Weighted average common diluted shares outstanding
    
    
    15,993,631
    
    
    
    15,696,136
    
    
    
    15,893,282
    
    
    
    15,659,351Net income per share:Basic
    
    $
    0.31
    
    
    $
    0.27
    
    
    $
    0.79
    
    
    $
    0.71Diluted
    
    $
    0.30
    
    
    $
    0.27
    
    
    $
    0.77
    
    
    $
    0.69
    8




---



##### Table of Contents



5. Recently Issued Accounting Pronouncements
 Accounting Standards Net Yet Adopted
  Accounting Standards Adopted
   6. Acquisitions
 2009 Acquisitions
     9




---



##### Table of Contents



7. Leasehold Improvements, Equipment and Construction in Progress, Net
  Ranges of Estimateduseful life
    
    September 30, 2010
    
    
    December 31, 2009(Unaudited)Equipment
    
    2-10 years
    
    $
    30,423
    
    
    $
    28,568Leasehold improvements
    
    Shorter of lease term or economic life up to 10 years
    
    
    9,578
    
    
    
    9,708Construction in progress
    
    
    
    
    6,013
    
    
    
    7,54346,014
    
    
    
    45,819Less accumulated depreciation and amortization
    
    
    
    
    (29,104
    )
    
    
    (28,644
    )Leasehold improvements, equipment and construction in progress, net
    
    
    
    $
    16,910
    
    
    $
    17,175
  8. Cost of Contracts, Net
   September 30, 2010
    
    
    December 31, 2009(Unaudited)Cost of contracts
    
    $
    20,302
    
    
    $
    18,885Accumulated amortization
    
    
    (7,187
    )
    
    
    (6,006
    )Cost of contracts, net
    
    $
    13,115
    
    
    $
    12,879
   9. Goodwill
   Region
    
    
    Region
    
    
    Region
    
    
    RegionOne
    
    
    Two
    
    
    Three
    
    
    Four
    
    
    TotalBalance as of January 1, 2010
    
    $
    61,849
    
    
    $
    7,200
    
    
    $
    35,227
    
    
    $
    22,577
    
    
    $
    126,853Adjustments to purchase price*
    
    
    
    
    
    
    1,260
    
    
    
    
    
    
    
    
    
    
    
    1,260Contingency payments related to acquisitions
    
    
    93
    
    
    
    
    
    
    
    11
    
    
    
    
    
    
    
    104Foreign currency translation
    
    
    
    
    
    
    103
    
    
    
    
    
    
    
    
    
    
    
    103Balance as of September 30, 2010
    
    $
    61,942
    
    
    $
    8,563
    
    
    $
    35,238
    
    
    $
    22,577
    
    
    $
    128,320
 
 *
    
    The Company engaged a third-party valuation firm to provide a fair value analysis.  10




---



##### Table of Contents



10. Long-Term Receivables, Net
 Amount OutstandingSeptember 30, 2010
    
    
    December 31, 2009(Unaudited)Bradley International AirportDeficiency payments
    
    $
    12,263
    
    
    $
    9,606Other Bradley related, net
    
    
    3,203
    
    
    
    3,203Valuation allowance
    
    
    (2,484
    )
    
    
    (2,484
    )Total long-term receivables, net
    
    $
    12,982
    
    
    $
    10,325
 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.
   11




---



##### Table of Contents



Deficiency Payments
      September 30, 2010
    
    
    December 31, 2009(Unaudited)Deficiency payments:Balance at beginning of period
    
    $
    9,606
    
    
    $
    5,961Deficiency payments made
    
    
    2,657
    
    
    
    3,645Deficiency repayment received
    
    
    
    
    
    
    Balance at end of period
    
    
    12,263
    
    
    
    9,606Other Bradley related
    
    
    3,203
    
    
    
    3,203Valuation allowance
    
    
    (2,484
    )
    
    
    (2,484
    )Total long-term receivables
    
    $
    12,982
    
    
    $
    10,325
 Compensation
    12




---



##### Table of Contents



11. Borrowing Arrangements
  Amount OutstandingDue Date
    
    September 30, 2010
    
    
    December 31, 2009(Unaudited)Revolving senior credit facility
    
    June 2013
    
    $
    94,650
    
    
    $
    109,850Capital lease obligations
    
    Various
    
    
    1,652
    
    
    
    2,056Obligations on seller notes and other
    
    Various
    
    
    1,210
    
    
    
    1,30597,512
    
    
    
    113,211Less current portion
    
    
    
    
    664
    
    
    
    662$
    96,848
    
    
    $
    112,549
 Senior Credit Facility
          13




---



##### Table of Contents



12. Stock Repurchases
    13. Business Unit Segment Information
     14




---



##### Table of Contents



For the three months ended
    
    
    For the nine months endedSeptember 30,
    
    
    Gross
    
    
    September 30,
    
    
    Gross
    
    
    September 30,
    
    
    Gross
    
    
    September 30,
    
    
    Gross2010
    
    
    Margin
    
    
    2009
    
    
    Margin
    
    
    2010
    
    
    Margin
    
    
    2009
    
    
    MarginRevenues:Region OneLease contracts
    
    $
    20,253
    
    
    
    
    
    
    $
    20,557
    
    
    
    
    
    
    $
    55,598
    
    
    
    
    
    
    $
    59,877Management contracts
    
    
    12,142
    
    
    
    
    
    
    
    13,428
    
    
    
    
    
    
    
    36,123
    
    
    
    
    
    
    
    40,407Total Region One
    
    
    32,395
    
    
    
    
    
    
    
    33,985
    
    
    
    
    
    
    
    91,721
    
    
    
    
    
    
    
    100,284Region TwoLease contracts
    
    
    508
    
    
    
    
    
    
    
    665
    
    
    
    
    
    
    
    1,815
    
    
    
    
    
    
    
    1,953Management contracts
    
    
    5,776
    
    
    
    
    
    
    
    4,046
    
    
    
    
    
    
    
    18,723
    
    
    
    
    
    
    
    8,864Total Region Two
    
    
    6,284
    
    
    
    
    
    
    
    4,711
    
    
    
    
    
    
    
    20,538
    
    
    
    
    
    
    
    10,817Region ThreeLease contracts
    
    
    5,638
    
    
    
    
    
    
    
    4,796
    
    
    
    
    
    
    
    15,764
    
    
    
    
    
    
    
    14,580Management contracts
    
    
    13,272
    
    
    
    
    
    
    
    13,982
    
    
    
    
    
    
    
    38,589
    
    
    
    
    
    
    
    41,412Total Region Three
    
    
    18,910
    
    
    
    
    
    
    
    18,778
    
    
    
    
    
    
    
    54,353
    
    
    
    
    
    
    
    55,992Region FourLease contracts
    
    
    9,297
    
    
    
    
    
    
    
    9,550
    
    
    
    
    
    
    
    29,782
    
    
    
    
    
    
    
    29,486Management contracts
    
    
    12,496
    
    
    
    
    
    
    
    7,916
    
    
    
    
    
    
    
    32,369
    
    
    
    
    
    
    
    24,278Total Region Four
    
    
    21,793
    
    
    
    
    
    
    
    17,466
    
    
    
    
    
    
    
    62,151
    
    
    
    
    
    
    
    53,764OtherLease contracts
    
    
    17
    
    
    
    
    
    
    
    8
    
    
    
    
    
    
    
    32
    
    
    
    
    
    
    
    67Management contracts
    
    
    27
    
    
    
    
    
    
    
    (106
    )
    
    
    
    
    
    
    65
    
    
    
    
    
    
    
    (91
    )Total Other
    
    
    44
    
    
    
    
    
    
    
    (98
    )
    
    
    
    
    
    
    97
    
    
    
    
    
    
    
    (24
    )Reimbursed revenue
    
    
    101,500
    
    
    
    
    
    
    
    97,480
    
    
    
    
    
    
    
    308,312
    
    
    
    
    
    
    
    297,632Total revenues
    
    $
    180,926
    
    
    
    
    
    
    $
    172,322
    
    
    
    
    
    
    $
    537,172
    
    
    
    
    
    
    $
    518,465Gross ProfitRegion OneLease contracts
    
    $
    1,628
    
    
    
    8
    %
    
    $
    1,633
    
    
    
    8
    %
    
    $
    3,390
    
    
    
    6
    %
    
    $
    4,140
    
    
    
    7
    %Management contracts
    
    
    7,073
    
    
    
    58
    %
    
    
    7,223
    
    
    
    54
    %
    
    
    20,401
    
    
    
    56
    %
    
    
    21,083
    
    
    
    52
    %Total Region One
    
    
    8,701
    
    
    
    
    
    
    
    8,856
    
    
    
    
    
    
    
    23,791
    
    
    
    
    
    
    
    25,223Region TwoLease contracts
    
    
    33
    
    
    
    6
    %
    
    
    (30
    )
    
    
    (5
    )%
    
    
    167
    
    
    
    9
    %
    
    
    11
    
    
    
    1
    %Management contracts
    
    
    1,713
    
    
    
    30
    %
    
    
    1,390
    
    
    
    34
    %
    
    
    5,467
    
    
    
    29
    %
    
    
    3,198
    
    
    
    36
    %Total Region Two
    
    
    1,746
    
    
    
    
    
    
    
    1,360
    
    
    
    
    
    
    
    5,634
    
    
    
    
    
    
    
    3,209Region ThreeLease contracts
    
    
    540
    
    
    
    10
    %
    
    
    458
    
    
    
    10
    %
    
    
    1,340
    
    
    
    9
    %
    
    
    1,289
    
    
    
    9
    %Management contracts
    
    
    6,130
    
    
    
    46
    %
    
    
    6,249
    
    
    
    45
    %
    
    
    18,360
    
    
    
    48
    %
    
    
    18,455
    
    
    
    45
    %Total Region Three
    
    
    6,670
    
    
    
    
    
    
    
    6,707
    
    
    
    
    
    
    
    19,700
    
    
    
    
    
    
    
    19,744Region FourLease contracts
    
    
    762
    
    
    
    8
    %
    
    
    654
    
    
    
    7
    %
    
    
    2,285
    
    
    
    8
    %
    
    
    1,762
    
    
    
    6
    %Management contracts
    
    
    4,335
    
    
    
    35
    %
    
    
    3,850
    
    
    
    49
    %
    
    
    12,214
    
    
    
    38
    %
    
    
    11,754
    
    
    
    48
    %Total Region Four
    
    
    5,097
    
    
    
    
    
    
    
    4,504
    
    
    
    
    
    
    
    14,499
    
    
    
    
    
    
    
    13,516OtherLease contracts
    
    
    36
    
    
    
    212
    %
    
    
    (38
    )
    
    
    (475
    )%
    
    
    107
    
    
    
    334
    %
    
    
    (19
    )
    
    
    (28
    )%Management contracts
    
    
    105
    
    
    
    389
    %
    
    
    (142
    )
    
    
    (134
    )%
    
    
    528
    
    
    
    812
    %
    
    
    (645
    )
    
    
    (709
    )%Total Other
    
    
    141
    
    
    
    
    
    
    
    (180
    )
    
    
    
    
    
    
    635
    
    
    
    
    
    
    
    (664
    )Total gross profit
    
    
    22,355
    
    
    
    
    
    
    
    21,247
    
    
    
    
    
    
    
    64,259
    
    
    
    
    
    
    
    61,028General and administrative expenses
    
    
    11,549
    
    
    
    
    
    
    
    11,295
    
    
    
    
    
    
    
    35,327
    
    
    
    
    
    
    
    34,376General and administrative expense percentage of gross
profit
    
    
    52
    %
    
    
    
    
    
    
    53
    %
    
    
    
    
    
    
    55
    %
    
    
    
    
    
    
    56
    %Depreciation and amortization
    
    
    1,527
    
    
    
    
    
    
    
    1,582
    
    
    
    
    
    
    
    4,557
    
    
    
    
    
    
    
    4,482Operating income
    
    
    9,279
    
    
    
    
    
    
    
    8,370
    
    
    
    
    
    
    
    24,375
    
    
    
    
    
    
    
    22,170Other expenses (income):Interest expense
    
    
    1,286
    
    
    
    
    
    
    
    1,546
    
    
    
    
    
    
    
    4,174
    
    
    
    
    
    
    
    4,510Interest income
    
    
    (56
    )
    
    
    
    
    
    
    (54
    )
    
    
    
    
    
    
    (161
    )
    
    
    
    
    
    
    (216
    )1,230
    
    
    
    
    
    
    
    1,492
    
    
    
    
    
    
    
    4,013
    
    
    
    
    
    
    
    4,294Income before income taxes
    
    
    8,049
    
    
    
    
    
    
    
    6,878
    
    
    
    
    
    
    
    20,362
    
    
    
    
    
    
    
    17,876Income tax expense
    
    
    3,124
    
    
    
    
    
    
    
    2,654
    
    
    
    
    
    
    
    7,992
    
    
    
    
    
    
    
    6,920Net income
    
    
    4,925
    
    
    
    
    
    
    
    4,224
    
    
    
    
    
    
    
    12,370
    
    
    
    
    
    
    
    10,956Less: Net income attributable to noncontrolling interest
    
    
    89
    
    
    
    
    
    
    
    38
    
    
    
    
    
    
    
    181
    
    
    
    
    
    
    
    144Net income attributable to Standard Parking Corporation
    
    $
    4,836
    
    
    
    
    
    
    $
    4,186
    
    
    
    
    
    
    $
    12,189
    
    
    
    
    
    
    $
    10,812
  15




---



##### Table of Contents



14. Comprehensive Income
  For the three months ended
    
    
    For the nine months endedSeptember 30, 2010
    
    
    September 30, 2009
    
    
    September 30, 2010
    
    
    September 30, 2009Net income
    
    $
    4,925
    
    
    $
    4,224
    
    
    $
    12,370
    
    
    $
    10,956Revaluation of interest rate cap
    
    
    (71
    )
    
    
    
    
    
    
    (431
    )
    
    
    Effect of foreign currency translation
    
    
    114
    
    
    
    329
    
    
    
    81
    
    
    
    272Comprehensive income
    
    
    4,968
    
    
    
    4,553
    
    
    
    12,020
    
    
    
    11,228Less: comprehensive income attributable to noncontrolling interest
    
    
    89
    
    
    
    38
    
    
    
    181
    
    
    
    144Comprehensive income attributable to Standard Parking Corporation
    
    $
    4,879
    
    
    $
    4,515
    
    
    $
    11,839
    
    
    $
    11,084
 15. Income Taxes
    2004  2009
    
    United States  federal income tax2003  2009
    
    United States  state and local income tax2006  2009
    
    Canada
  16




---



##### Table of Contents



16. Legal Proceedings
   17. Fair Value Measurement
   
 
 
  Total Fair ValueMeasurement
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3Assets:Interest Rate Cap
    
    $
    88
    
    
    $
    
    
    
    $
    88
    
    
    $
    Liabilities:Due to seller
    
    $
    (4,496
    )
    
    $
    
    
    
    $
    
    
    
    $
    (4,496
    )
  Due to SellerBalance per final purchase price allocation
    
    $
    (5,090
    )Contingent earn-out payments-payments made to seller
    
    
    529Contingent earn-out payments-change in fair value
    
    
    65Balance at September 30, 2010
    
    $
    (4,496
    )
    17




---



##### Table of Contents



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




---



##### Table of Contents



General Business Trends
   Summary of Operating Facilities
  September 30, 2010
    
    
    December 31, 2009
    
    
    September 30, 2009Managed facilities
    
    
    1,959
    
    
    
    1,921
    
    
    
    1,976Leased facilities
    
    
    211
    
    
    
    208
    
    
    
    220Total facilities
    
    
    2,170
    
    
    
    2,129
    
    
    
    2,196
 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.
   19




---



##### Table of Contents



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.
 Reimbursed Management Contract Expense
  Gross Profit
  General and Administrative Expenses
  Depreciation and Amortization
  Seasonality
   20




---



##### Table of Contents



Results of Operations
 Segments
         Three Months ended September 30, 2010 Compared to Three Months ended September 30, 2009
  Three Months Ended September 30,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total
    
    
    Variance2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    %(in millions)Lease contract revenue:New location
    
    $
    1.5
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    1.1
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    2.6
    
    
    $
    
    
    
    $
    2.6
    
    
    
    100.0Contract expirations
    
    
    
    
    
    
    1.7
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    0.3
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2.4
    
    
    
    (2.4
    )
    
    
    (100.0
    )Same location
    
    
    18.8
    
    
    
    18.9
    
    
    
    0.5
    
    
    
    0.5
    
    
    
    4.5
    
    
    
    4.4
    
    
    
    9.3
    
    
    
    8.8
    
    
    
    
    
    
    
    
    
    
    
    33.1
    
    
    
    32.6
    
    
    
    0.5
    
    
    
    1.5Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.6
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.6
    
    
    
    (0.6
    )
    
    
    (100.0
    )Total lease contract
revenue
    
    $
    20.3
    
    
    $
    20.6
    
    
    $
    0.5
    
    
    $
    0.7
    
    
    $
    5.6
    
    
    $
    4.7
    
    
    $
    9.3
    
    
    $
    9.6
    
    
    $
    
    
    
    $
    
    
    
    $
    35.7
    
    
    $
    35.6
    
    
    $
    0.1
    
    
    
    0.3Management contract
revenue:New location
    
    $
    0.9
    
    
    $
    0.1
    
    
    $
    1.0
    
    
    $
    0.2
    
    
    $
    0.9
    
    
    $
    
    
    
    $
    4.9
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    7.7
    
    
    $
    0.3
    
    
    $
    7.4
    
    
    
    2466.7Contract expirations
    
    
    0.1
    
    
    
    1.7
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    1.3
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    3.1
    
    
    
    (2.9
    )
    
    
    (93.5
    )Same location
    
    
    11.1
    
    
    
    11.7
    
    
    
    4.8
    
    
    
    3.9
    
    
    
    12.3
    
    
    
    12.6
    
    
    
    7.5
    
    
    
    7.8
    
    
    
    
    
    
    
    (0.1
    )
    
    
    35.7
    
    
    
    35.9
    
    
    
    (0.2
    )
    
    
    (0.6
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    0.1
    
    
    
    100.0Total management
contract revenue
    
    $
    12.1
    
    
    $
    13.5
    
    
    $
    5.8
    
    
    $
    4.1
    
    
    $
    13.3
    
    
    $
    13.9
    
    
    $
    12.5
    
    
    $
    7.9
    
    
    $
    
    
    
    $
    (0.1
    )
    
    $
    43.7
    
    
    $
    39.3
    
    
    $
    4.4
    
    
    
    11.2
 Parking services revenuelease contracts.
 Parking services revenuemanagement contracts.
  21




---



##### Table of Contents



Reimbursed management contract revenue.
    Three Months Ended September 30,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total
    
    
    Variance2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    %(in millions)Cost of parking
services lease
contracts:New location
    
    $
    1.3
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    1.1
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    2.4
    
    
    $
    
    
    
    $
    2.4
    
    
    
    100.0Contract expirations
    
    
    
    
    
    
    1.6
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    0.3
    
    
    
    
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2.4
    
    
    
    (2.4
    )
    
    
    (100.0
    )Same location
    
    
    17.3
    
    
    
    17.4
    
    
    
    0.5
    
    
    
    0.5
    
    
    
    4.0
    
    
    
    4.0
    
    
    
    8.5
    
    
    
    8.1
    
    
    
    
    
    
    
    
    
    
    
    30.3
    
    
    
    30.0
    
    
    
    0.3
    
    
    
    1.0Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.5
    
    
    
    (0.5
    )
    
    
    (100.0
    )Total cost of parking
services lease
contracts
    
    $
    18.6
    
    
    $
    19.0
    
    
    $
    0.5
    
    
    $
    0.7
    
    
    $
    5.1
    
    
    $
    4.3
    
    
    $
    8.5
    
    
    $
    8.9
    
    
    $
    
    
    
    $
    
    
    
    $
    32.7
    
    
    $
    32.9
    
    
    $
    (0.2
    )
    
    
    (0.6
    )Cost of parking
services management
contracts:New location
    
    $
    0.3
    
    
    $
    
    
    
    $
    0.6
    
    
    $
    0.2
    
    
    $
    0.6
    
    
    $
    
    
    
    $
    4.3
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    5.8
    
    
    $
    0.2
    
    
    $
    5.6
    
    
    
    2800.0Contract expirations
    
    
    
    
    
    
    1.0
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    0.9
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    2.0
    
    
    
    (1.9
    )
    
    
    (95.0
    )Same location
    
    
    4.7
    
    
    
    5.2
    
    
    
    3.5
    
    
    
    2.5
    
    
    
    6.6
    
    
    
    6.9
    
    
    
    3.8
    
    
    
    3.9
    
    
    
    (0.1
    )
    
    
    
    
    
    
    18.5
    
    
    
    18.5
    
    
    
    
    
    
    
    Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total cost of parking
services management
contracts
    
    $
    5.0
    
    
    $
    6.2
    
    
    $
    4.1
    
    
    $
    2.7
    
    
    $
    7.3
    
    
    $
    7.8
    
    
    $
    8.1
    
    
    $
    4.0
    
    
    $
    (0.1
    )
    
    $
    
    
    
    $
    24.4
    
    
    $
    20.7
    
    
    $
    3.7
    
    
    
    17.9
 Cost of parking serviceslease contracts.
 Cost of parking servicesmanagement contracts.
 Reimbursed management contract expense.
   22




---



##### Table of Contents



Three Months Ended September 30,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total
    
    
    Variance2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    %(in millions)Gross profit lease
contracts:New location
    
    $
    0.2
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    0.2
    
    
    $
    
    
    
    $
    0.2
    
    
    
    100.0Contract
expirations
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Same location
    
    
    1.5
    
    
    
    1.5
    
    
    
    
    
    
    
    
    
    
    
    0.5
    
    
    
    0.4
    
    
    
    0.8
    
    
    
    0.7
    
    
    
    
    
    
    
    
    
    
    
    2.8
    
    
    
    2.6
    
    
    
    0.2
    
    
    
    7.7Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    (0.1
    )
    
    
    (100.0
    )Total gross profit
lease contracts
    
    $
    1.7
    
    
    $
    1.6
    
    
    $
    
    
    
    $
    
    
    
    $
    0.5
    
    
    $
    0.4
    
    
    $
    0.8
    
    
    $
    0.7
    
    
    $
    
    
    
    $
    
    
    
    $
    3.0
    
    
    $
    2.7
    
    
    $
    0.3
    
    
    
    11.1(percentages)Gross profit
percentage lease
contracts:New location
    
    
    13.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7.7
    
    
    
    Contract
expirations
    
    
    
    
    
    
    5.9
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (50.0
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Same location
    
    
    8.0
    
    
    
    7.9
    
    
    
    
    
    
    
    
    
    
    
    11.1
    
    
    
    9.1
    
    
    
    8.6
    
    
    
    8.0
    
    
    
    
    
    
    
    
    
    
    
    8.5
    
    
    
    8.0Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    16.7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    16.7Total gross profit
percentage
    
    
    8.4
    
    
    
    7.8
    
    
    
    
    
    
    
    
    
    
    
    8.9
    
    
    
    8.5
    
    
    
    8.6
    
    
    
    7.3
    
    
    
    
    
    
    
    
    
    
    
    8.4
    
    
    
    7.6(in millions)Gross profit
management
contracts:New location
    
    $
    0.6
    
    
    $
    0.1
    
    
    $
    0.4
    
    
    $
    
    
    
    $
    0.3
    
    
    $
    
    
    
    $
    0.6
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    1.9
    
    
    $
    0.1
    
    
    $
    1.8
    
    
    
    1800.0Contract
expirations
    
    
    0.1
    
    
    
    0.7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    1.1
    
    
    
    (1.0
    )
    
    
    (90.9
    )Same location
    
    
    6.4
    
    
    
    6.5
    
    
    
    1.3
    
    
    
    1.4
    
    
    
    5.7
    
    
    
    5.7
    
    
    
    3.7
    
    
    
    3.9
    
    
    
    0.1
    
    
    
    (0.1
    )
    
    
    17.2
    
    
    
    17.4
    
    
    
    (0.2
    )
    
    
    (1.1
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    0.1
    
    
    
    Total gross profit
management
contracts
    
    $
    7.1
    
    
    $
    7.3
    
    
    $
    1.7
    
    
    $
    1.4
    
    
    $
    6.0
    
    
    $
    6.1
    
    
    $
    4.4
    
    
    $
    3.9
    
    
    $
    0.1
    
    
    
    (0.1
    )
    
    $
    19.3
    
    
    $
    18.6
    
    
    $
    0.7
    
    
    
    3.8(percentages)Gross profit
percentage
management
contracts:New location
    
    
    66.7
    
    
    
    100.0
    
    
    
    40.0
    
    
    
    
    
    
    
    33.3
    
    
    
    
    
    
    
    12.2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24.7
    
    
    
    33.3Contract
expirations
    
    
    100.0
    
    
    
    41.2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    30.8
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    50.0
    
    
    
    35.5Same location
    
    
    57.7
    
    
    
    55.6
    
    
    
    27.1
    
    
    
    35.9
    
    
    
    46.3
    
    
    
    45.2
    
    
    
    49.3
    
    
    
    50.0
    
    
    
    
    
    
    
    100.0
    
    
    
    48.2
    
    
    
    48.5Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    100.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    100.0
    
    
    
    Total gross profit
percentage
    
    
    58.7
    
    
    
    54.1
    
    
    
    29.3
    
    
    
    34.1
    
    
    
    45.1
    
    
    
    43.9
    
    
    
    35.2
    
    
    
    49.4
    
    
    
    
    
    
    
    100.0
    
    
    
    44.2
    
    
    
    47.3
 Gross profitlease contracts.
 Gross profitmanagement contracts.
  23




---



##### Table of Contents



General and administrative expenses.
 Interest expense.
 Interest income.
 Income tax expense.
 Nine Months ended September 30, 2010 Compared to Nine Months ended September 30, 2009
  Nine Months Ended September 30,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total
    
    
    Variance2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    %(in millions)Lease contract revenue:New location
    
    $
    2.6
    
    
    $
    0.6
    
    
    $
    
    
    
    $
    
    
    
    $
    2.8
    
    
    $
    0.1
    
    
    $
    0.7
    
    
    $
    0.4
    
    
    $
    
    
    
    $
    
    
    
    $
    6.1
    
    
    $
    1.1
    
    
    $
    5.0
    
    
    
    454.5Contract expirations
    
    
    0.4
    
    
    
    5.3
    
    
    
    0.2
    
    
    
    0.5
    
    
    
    0.1
    
    
    
    1.2
    
    
    
    0.5
    
    
    
    0.8
    
    
    
    
    
    
    
    
    
    
    
    1.2
    
    
    
    7.8
    
    
    
    (6.6
    )
    
    
    (84.6
    )Same location
    
    
    52.6
    
    
    
    54.0
    
    
    
    1.6
    
    
    
    1.4
    
    
    
    12.9
    
    
    
    13.3
    
    
    
    28.0
    
    
    
    26.6
    
    
    
    
    
    
    
    0.1
    
    
    
    95.1
    
    
    
    95.4
    
    
    
    (0.3
    )
    
    
    (0.3
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.6
    
    
    
    1.7
    
    
    
    
    
    
    
    
    
    
    
    0.6
    
    
    
    1.7
    
    
    
    (1.1
    )
    
    
    (64.7
    )Total lease contract revenue
    
    $
    55.6
    
    
    $
    59.9
    
    
    $
    1.8
    
    
    $
    1.9
    
    
    $
    15.8
    
    
    $
    14.6
    
    
    $
    29.8
    
    
    $
    29.5
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    103.0
    
    
    $
    106.0
    
    
    $
    (3.0
    )
    
    
    (2.8
    )Management contract revenue:New location
    
    $
    4.8
    
    
    $
    0.7
    
    
    $
    11.4
    
    
    $
    1.9
    
    
    $
    3.5
    
    
    $
    1.0
    
    
    $
    9.8
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    29.5
    
    
    $
    3.7
    
    
    $
    25.8
    
    
    
    697.3Contract expirations
    
    
    1.3
    
    
    
    6.6
    
    
    
    
    
    
    
    
    
    
    
    1.2
    
    
    
    5.3
    
    
    
    0.1
    
    
    
    0.7
    
    
    
    
    
    
    
    
    
    
    
    2.6
    
    
    
    12.6
    
    
    
    (10.0
    )
    
    
    (79.4
    )Same location
    
    
    30.0
    
    
    
    33.1
    
    
    
    7.4
    
    
    
    6.9
    
    
    
    33.9
    
    
    
    35.2
    
    
    
    22.2
    
    
    
    23.5
    
    
    
    0.1
    
    
    
    (0.1
    )
    
    
    93.6
    
    
    
    98.6
    
    
    
    (5.0
    )
    
    
    (5.1
    )Conversion
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    0.2
    
    
    
    100.0Total management contract
revenue
    
    $
    36.1
    
    
    $
    40.4
    
    
    $
    18.8
    
    
    $
    8.8
    
    
    $
    38.6
    
    
    $
    41.5
    
    
    $
    32.3
    
    
    $
    24.3
    
    
    $
    0.1
    
    
    $
    (0.1
    )
    
    $
    125.9
    
    
    $
    114.9
    
    
    $
    11.0
    
    
    
    9.6
 Parking services revenuelease contracts.
 Parking services revenuemanagement contracts.
  24




---



##### Table of Contents



Reimbursed management contract revenue.
    Nine Months Ended September 30,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total
    
    
    Variance2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    %(in millions)Cost of parking
services lease
contracts:New
location
    
    $
    2.3
    
    
    $
    0.5
    
    
    $
    
    
    
    $
    
    
    
    $
    2.7
    
    
    $
    0.1
    
    
    $
    0.6
    
    
    $
    0.3
    
    
    $
    
    
    
    $
    
    
    
    $
    5.6
    
    
    $
    0.9
    
    
    $
    4.7
    
    
    
    522.2Contract
expirations
    
    
    0.5
    
    
    
    5.0
    
    
    
    0.2
    
    
    
    0.5
    
    
    
    
    
    
    
    1.2
    
    
    
    0.5
    
    
    
    0.8
    
    
    
    
    
    
    
    
    
    
    
    1.2
    
    
    
    7.5
    
    
    
    (6.3
    )
    
    
    (84.0
    )Same location
    
    
    49.4
    
    
    
    50.2
    
    
    
    1.5
    
    
    
    1.4
    
    
    
    11.7
    
    
    
    12.1
    
    
    
    25.8
    
    
    
    25.0
    
    
    
    
    
    
    
    0.1
    
    
    
    88.4
    
    
    
    88.8
    
    
    
    (0.4
    )
    
    
    (0.5
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.5
    
    
    
    1.6
    
    
    
    
    
    
    
    
    
    
    
    0.5
    
    
    
    1.6
    
    
    
    (1.1
    )
    
    
    (68.8
    )Total cost of
parking services
lease contracts
    
    $
    52.2
    
    
    $
    55.7
    
    
    $
    1.7
    
    
    $
    1.9
    
    
    $
    14.4
    
    
    $
    13.4
    
    
    $
    27.4
    
    
    $
    27.7
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    95.7
    
    
    $
    98.8
    
    
    $
    (3.1
    )
    
    
    (3.1
    )Cost of parking
services management
contracts:New
location
    
    $
    1.9
    
    
    $
    0.1
    
    
    $
    9.0
    
    
    $
    1.4
    
    
    $
    2.1
    
    
    $
    0.5
    
    
    $
    8.7
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    21.7
    
    
    $
    2.1
    
    
    $
    19.6
    
    
    
    933.3Contract
expirations
    
    
    0.5
    
    
    
    3.8
    
    
    
    
    
    
    
    
    
    
    
    0.6
    
    
    
    3.3
    
    
    
    0.1
    
    
    
    0.4
    
    
    
    
    
    
    
    
    
    
    
    1.2
    
    
    
    7.5
    
    
    
    (6.3
    )
    
    
    (84.0
    )Same location
    
    
    13.3
    
    
    
    15.4
    
    
    
    4.3
    
    
    
    4.2
    
    
    
    17.6
    
    
    
    19.2
    
    
    
    11.2
    
    
    
    12.0
    
    
    
    (0.5
    )
    
    
    0.6
    
    
    
    45.9
    
    
    
    51.4
    
    
    
    (5.5
    )
    
    
    (10.7
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    0.1
    
    
    
    100.0Total cost of
parking services
management
contracts
    
    $
    15.7
    
    
    $
    19.3
    
    
    $
    13.3
    
    
    $
    5.6
    
    
    $
    20.3
    
    
    $
    23.0
    
    
    $
    20.1
    
    
    $
    12.5
    
    
    $
    (0.5
    )
    
    $
    0.6
    
    
    $
    68.9
    
    
    $
    61.0
    
    
    $
    7.9
    
    
    
    13.0
 Cost of parking serviceslease contracts.
 Cost of parking servicesmanagement contracts.
  25




---



##### Table of Contents



Reimbursed management contract expense.
    Nine Months Ended September 30,Region One
    
    
    Region Two
    
    
    Region Three
    
    
    Region Four
    
    
    Other
    
    
    Total
    
    
    Variance2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    %(in millions)Gross profit lease contracts:New location
    
    $
    0.3
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    0.5
    
    
    $
    0.2
    
    
    $
    0.3
    
    
    
    150.0Contract expirations
    
    
    (0.1
    )
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.3
    
    
    
    (0.3
    )
    
    
    (100.0
    )Same location
    
    
    3.2
    
    
    
    3.8
    
    
    
    0.1
    
    
    
    
    
    
    
    1.2
    
    
    
    1.2
    
    
    
    2.2
    
    
    
    1.6
    
    
    
    
    
    
    
    
    
    
    
    6.7
    
    
    
    6.6
    
    
    
    0.1
    
    
    
    1.5Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    
    
    
    
    Total gross profit lease
contracts
    
    $
    3.4
    
    
    $
    4.2
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    1.4
    
    
    $
    1.2
    
    
    $
    2.4
    
    
    $
    1.8
    
    
    $
    
    
    
    $
    
    
    
    $
    7.3
    
    
    $
    7.2
    
    
    $
    0.1
    
    
    
    1.4(percentages)Gross profit percentage
lease contracts:New location
    
    
    11.5
    
    
    
    16.7
    
    
    
    
    
    
    
    
    
    
    
    3.6
    
    
    
    
    
    
    
    14.3
    
    
    
    25.0
    
    
    
    
    
    
    
    
    
    
    
    8.2
    
    
    
    18.2Contract expirations
    
    
    (25.0
    )
    
    
    5.7
    
    
    
    
    
    
    
    
    
    
    
    100.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3.8Same location
    
    
    6.1
    
    
    
    7.0
    
    
    
    6.3
    
    
    
    
    
    
    
    9.3
    
    
    
    9.0
    
    
    
    7.9
    
    
    
    6.0
    
    
    
    
    
    
    
    
    
    
    
    7.0
    
    
    
    6.9Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    16.7
    
    
    
    5.9
    
    
    
    
    
    
    
    
    
    
    
    16.7
    
    
    
    5.9Total gross profit percentage
    
    
    6.1
    
    
    
    7.0
    
    
    
    5.6
    
    
    
    
    
    
    
    8.9
    
    
    
    8.2
    
    
    
    8.1
    
    
    
    6.1
    
    
    
    
    
    
    
    
    
    
    
    7.1
    
    
    
    6.8(in millions)Gross profit management
contracts:New location
    
    $
    2.9
    
    
    $
    0.6
    
    
    $
    2.4
    
    
    $
    0.5
    
    
    $
    1.4
    
    
    $
    0.5
    
    
    $
    1.1
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    7.8
    
    
    $
    1.6
    
    
    $
    6.2
    
    
    
    387.5Contract expirations
    
    
    0.8
    
    
    
    2.8
    
    
    
    
    
    
    
    
    
    
    
    0.6
    
    
    
    2.0
    
    
    
    
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    1.4
    
    
    
    5.1
    
    
    
    (3.7
    )
    
    
    (72.5
    )Same location
    
    
    16.7
    
    
    
    17.7
    
    
    
    3.1
    
    
    
    2.7
    
    
    
    16.3
    
    
    
    16.0
    
    
    
    11.0
    
    
    
    11.5
    
    
    
    0.6
    
    
    
    (0.7
    )
    
    
    47.7
    
    
    
    47.2
    
    
    
    0.5
    
    
    
    1.1Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    0.1
    
    
    
    100.0Total gross profit management
Contracts
    
    $
    20.4
    
    
    $
    21.1
    
    
    $
    5.5
    
    
    $
    3.2
    
    
    $
    18.3
    
    
    $
    18.5
    
    
    $
    12.2
    
    
    $
    11.8
    
    
    $
    0.6
    
    
    $
    (0.7
    )
    
    $
    57.0
    
    
    $
    53.9
    
    
    $
    3.1
    
    
    
    5.8(percentages)Gross profit percentage
management contracts:New location
    
    
    60.4
    
    
    
    85.7
    
    
    
    21.1
    
    
    
    26.3
    
    
    
    40.0
    
    
    
    50.0
    
    
    
    11.2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    26.4
    
    
    
    43.2Contract expirations
    
    
    61.5
    
    
    
    42.4
    
    
    
    
    
    
    
    
    
    
    
    50.0
    
    
    
    37.7
    
    
    
    
    
    
    
    42.9
    
    
    
    
    
    
    
    
    
    
    
    53.8
    
    
    
    40.5Same location
    
    
    55.7
    
    
    
    53.5
    
    
    
    41.9
    
    
    
    39.1
    
    
    
    48.1
    
    
    
    45.5
    
    
    
    49.5
    
    
    
    48.9
    
    
    
    600.0
    
    
    
    700.0
    
    
    
    51.0
    
    
    
    47.9Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    50.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    50.0
    
    
    
    Total gross profit percentage
    
    
    56.5
    
    
    
    52.2
    
    
    
    29.3
    
    
    
    36.4
    
    
    
    47.4
    
    
    
    44.6
    
    
    
    37.8
    
    
    
    48.6
    
    
    
    600.0
    
    
    
    700.0
    
    
    
    45.3
    
    
    
    46.9
  26




---



##### Table of Contents



Gross profitlease contracts.
 Gross profitmanagement contracts.
   General and administrative expenses.
 Interest expense.
 Interest income.
 Income tax expense.
 Liquidity and Capital Resources
 Outstanding Indebtedness
  
    
    $94.7 million under our senior credit facility; and
 
    
    $2.8 million of other debt including capital lease obligations and obligations on seller
notes and other indebtedness.
  27




---



##### Table of Contents



Senior Credit Facility
        Interest Rate Cap Transactions
    28




---



##### Table of Contents



Stock Repurchases
   Letters of Credit
    29




---



##### Table of Contents



Deficiency Payments
   Daily Cash Collections
   Net Cash Provided by Operating Activities
    30




---



##### Table of Contents



Net Cash Used in Investing Activities
   Net Cash Used in Financing Activities
   Cash and Cash Equivalents
  Forward-Looking Information
     31




---



##### Table of Contents



Risk Factors
 Form 8-K.
 
 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
   32




---



##### 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 November 5, 2010 for James A.
Wilhelm, Director, President and Chief Executive Officer
(Principal Executive Officer).31.2
    
    
    Section 302 Certification dated November 5, 2010 for G. Marc
Baumann, Executive Vice President, Chief Financial Officer and
Treasurer (Principal Financial Officer).31.3
    
    
    Section 302 Certification dated November 5, 2010 for Daniel R.
Meyer, Senior Vice President, Corporate Controller and Assistant
Treasurer (Principal Accounting Officer).32.1
    
    
    Certification pursuant to 18 USC Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, dated November
5, 2010.
  33




---



##### Table of Contents



SIGNATURES
  STANDARD PARKING CORPORATIONDated: November 5, 2010
    
    By:
    
    /s/ JAMES A. WILHELMJames A. Wilhelm
Director, President and Chief Executive Officer(Principal Executive Officer)Dated: November 5, 2010
    
    By:
    
    /s/ G. MARC BAUMANNG. Marc Baumann
Executive Vice President,
Chief Financial Officer and Treasurer(Principal Financial Officer)Dated: November 5, 2010
    
    By:
    
    /s/ DANIEL R. MEYERDaniel R. Meyer
Senior Vice President,
Corporate Controller and Assistant Treasurer(Principal Accounting Officer and Duly Authorized Officer)
  34




---



##### Table of Contents



INDEX TO EXHIBITS
 ExhibitNumber
    
    Description31.1
    
    
    Section 302 Certification dated November 5, 2010 for James A.
Wilhelm, Director, President and Chief Executive Officer
(Principal Executive Officer).31.2
    
    
    Section 302 Certification dated November 5, 2010 for G. Marc
Baumann, Executive Vice President, Chief Financial Officer and
Treasurer (Principal Financial Officer).31.3
    
    
    Section 302 Certification dated November 5, 2010 for Daniel R.
Meyer, Senior Vice President, Corporate Controller and Assistant
Treasurer (Principal Accounting Officer).32.1
    
    
    Certification pursuant to 18 USC Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, dated November
5, 2010.
  35