##### 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, 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
 þ o
 o o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o

(Do not check if a smaller reporting company)
    
    Smaller reporting company o
 o þ




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##### 



STANDARD PARKING CORPORATION
FORM 10-Q INDEX
 Part I. Financial InformationItem 1. Financial Statements:Condensed Consolidated Balance Sheets as of June 30, 2010 (Unaudited) and December 31, 2009
    
    
    3Condensed Consolidated Statements of Income (Unaudited) for the three months ended June 30, 2010 and 2009 and the six months ended June 30, 2010 and 2009
    
    
    4Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 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
    
    
    17Item 3. Quantitative and Qualitative Disclosures about Market Risk
    
    
    29Item 4. Controls and Procedures
    
    
    30Part II. Other InformationItem 1. Legal Proceedings
    
    
    30Item 6. Exhibits
    
    
    31Signatures
    
    
    32Index to Exhibits
    
    
    33EX-3.1.1EX-3.1.2EX-3.1.3EX-3.1.4Exhibit 31.1Exhibit 31.2Exhibit 31.3Exhibit 32.1
   2




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PART I. FINANCIAL INFORMATION
 
 Item 1.
    
    Financial Statements
 STANDARD PARKING CORPORATION
 
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (in thousands, except for share and per share data)
 June 30, 2010
    
    
    December 31, 2009(Unaudited)
    
    
    (see Note)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    8,282
    
    
    $
    8,256Notes and accounts receivable, net
    
    
    54,600
    
    
    
    44,490Prepaid expenses and supplies
    
    
    2,893
    
    
    
    5,401Deferred taxes
    
    
    3,457
    
    
    
    3,457Total current assets
    
    
    69,232
    
    
    
    61,604Leasehold improvements, equipment and construction in progress, net
    
    
    17,191
    
    
    
    17,175Advances and deposits
    
    
    4,796
    
    
    
    4,904Long-term receivables, net
    
    
    12,051
    
    
    
    10,325Intangible and other assets, net
    
    
    8,446
    
    
    
    6,765Cost of contracts, net
    
    
    13,374
    
    
    
    12,879Goodwill
    
    
    128,190
    
    
    
    126,853Total assets
    
    $
    253,280
    
    
    $
    240,505LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    47,548
    
    
    $
    48,502Accrued and other current liabilities
    
    
    32,903
    
    
    
    33,156Current portion of long-term borrowings
    
    
    654
    
    
    
    662Total current liabilities
    
    
    81,105
    
    
    
    82,320Deferred taxes
    
    
    9,185
    
    
    
    8,151Long-term borrowings, excluding current portion
    
    
    110,518
    
    
    
    112,549Other long-term liabilities
    
    
    27,555
    
    
    
    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; 15,620,355 and 15,385,428 shares issued and
outstanding as of June 30, 2010 and December 31, 2009,
respectively
    
    
    16
    
    
    
    15Additional paid-in capital
    
    
    95,065
    
    
    
    91,793Accumulated other comprehensive income (loss)
    
    
    (80
    )
    
    
    313Accumulated deficit
    
    
    (70,019
    )
    
    
    (77,372
    )Total Standard Parking Corporation stockholders equity
    
    
    24,982
    
    
    
    14,749Noncontrolling interest
    
    
    (65
    )
    
    
    (72
    )Total equity
    
    
    24,917
    
    
    
    14,677Total liabilities and stockholders equity
    
    $
    253,280
    
    
    $
    240,505
 
 Note:
    
    The balance sheet at December 31, 2009 has been derived from the audited financial
statements at that date but does not include all of the information and footnotes required by
accounting principles generally accepted in the United States for complete financial
statements.   3




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STANDARD PARKING CORPORATION
 
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (in thousands, except for share and per share data, unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30, 2010
    
    
    June 30, 2009
    
    
    June 30, 2010
    
    
    June 30, 2009Parking services revenue:Lease contracts
    
    $
    34,162
    
    
    $
    35,687
    
    
    $
    67,278
    
    
    $
    70,387Management contracts
    
    
    42,081
    
    
    
    37,311
    
    
    
    82,156
    
    
    
    75,60476,243
    
    
    
    72,998
    
    
    
    149,434
    
    
    
    145,991Reimbursed management contract revenue
    
    
    100,757
    
    
    
    97,595
    
    
    
    206,812
    
    
    
    200,152Total revenue
    
    
    177,000
    
    
    
    170,593
    
    
    
    356,246
    
    
    
    346,143Cost of parking services:Lease contracts
    
    
    31,217
    
    
    
    32,932
    
    
    
    62,988
    
    
    
    65,881Management contracts
    
    
    22,278
    
    
    
    19,938
    
    
    
    44,542
    
    
    
    40,32953,495
    
    
    
    52,870
    
    
    
    107,530
    
    
    
    106,210Reimbursed management contract expense
    
    
    100,757
    
    
    
    97,595
    
    
    
    206,812
    
    
    
    200,152Total cost of parking services
    
    
    154,252
    
    
    
    150,465
    
    
    
    314,342
    
    
    
    306,362Gross profit:Lease contracts
    
    
    2,945
    
    
    
    2,755
    
    
    
    4,290
    
    
    
    4,506Management contracts
    
    
    19,803
    
    
    
    17,373
    
    
    
    37,614
    
    
    
    35,275Total gross profit
    
    
    22,748
    
    
    
    20,128
    
    
    
    41,904
    
    
    
    39,781General and administrative expenses (1)
    
    
    12,218
    
    
    
    10,320
    
    
    
    23,778
    
    
    
    23,081Depreciation and amortization
    
    
    1,570
    
    
    
    1,413
    
    
    
    3,030
    
    
    
    2,900Operating income
    
    
    8,960
    
    
    
    8,395
    
    
    
    15,096
    
    
    
    13,800Other expenses (income):Interest expense
    
    
    1,398
    
    
    
    1,528
    
    
    
    2,888
    
    
    
    2,964Interest income
    
    
    (52
    )
    
    
    (95
    )
    
    
    (105
    )
    
    
    (162
    )1,346
    
    
    
    1,433
    
    
    
    2,783
    
    
    
    2,802Income before income taxes
    
    
    7,614
    
    
    
    6,962
    
    
    
    12,313
    
    
    
    10,998Income tax expense
    
    
    3,021
    
    
    
    2,692
    
    
    
    4,868
    
    
    
    4,266Net income
    
    
    4,593
    
    
    
    4,270
    
    
    
    7,445
    
    
    
    6,732Less: Net income attributable to noncontrolling interest
    
    
    85
    
    
    
    42
    
    
    
    92
    
    
    
    106Net income attributable to Standard Parking Corporation
    
    $
    4,508
    
    
    $
    4,228
    
    
    $
    7,353
    
    
    $
    6,626Common stock data:Net income per share:Basic
    
    $
    0.29
    
    
    $
    0.28
    
    
    $
    0.48
    
    
    $
    0.43Diluted
    
    $
    0.28
    
    
    $
    0.27
    
    
    $
    0.46
    
    
    $
    0.42Weighted average shares outstanding:Basic
    
    
    15,531,726
    
    
    
    15,251,310
    
    
    
    15,461,904
    
    
    
    15,273,796Diluted
    
    
    15,877,258
    
    
    
    15,601,643
    
    
    
    15,841,713
    
    
    
    15,642,234
 
 (1)
    
    Non-cash stock based compensation expense of $729 and $1,237 for the three and six months
ended June 30, 2010, respectively, and $545 and $1,073 for the three and six months ended June
30, 2009, respectively, is included in general and administrative expenses.   4




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STANDARD PARKING CORPORATION
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands, except for share and per share data, unaudited)
 Six Months EndedJune 30, 2010
    
    
    June 30, 2009Operating activities:Net income
    
    $
    7,445
    
    
    $
    6,732Adjustments to reconcile net income to net cash provided by operations:Depreciation and amortization
    
    
    2,998
    
    
    
    2,691Loss on sale of assets
    
    
    37
    
    
    
    193Amortization of debt issuance costs
    
    
    319
    
    
    
    321Non-cash stock-based compensation
    
    
    1,237
    
    
    
    1,073Excess tax benefit related to stock option exercises
    
    
    (968
    )
    
    
    (Reversal) provision for losses on accounts receivable
    
    
    (55
    )
    
    
    143Deferred income taxes
    
    
    1,034
    
    
    
    2,098Change in operating assets and liabilities
    
    
    (10,044
    )
    
    
    (5,418
    )Net cash provided by operating activities
    
    
    2,003
    
    
    
    7,833Investing activities:Purchase of leasehold improvements and equipment
    
    
    (1,560
    )
    
    
    (2,131
    )Cost of contracts purchased
    
    
    (121
    )
    
    
    (604
    )Capitalized interest
    
    
    (71
    )
    
    
    (89
    )Contingent purchase payments
    
    
    (104
    )
    
    
    (259
    )Net cash used in investing activities
    
    
    (1,856
    )
    
    
    (3,083
    )Financing activities:Repurchase of common stock
    
    
    
    
    
    
    (3,885
    )Proceeds from exercise of stock options
    
    
    1,069
    
    
    
    Tax benefit related to stock option exercises
    
    
    968
    
    
    
    (Payments on) proceeds from senior credit facility
    
    
    (1,700
    )
    
    
    2,150Distribution to noncontrolling interest
    
    
    (85
    )
    
    
    (108
    )Payments on long-term borrowings
    
    
    (63
    )
    
    
    (59
    )Payments on capital leases
    
    
    (276
    )
    
    
    (571
    )Net cash used in financing activities
    
    
    (87
    )
    
    
    (2,473
    )Effect of exchange rate changes on cash and cash equivalents
    
    
    (34
    )
    
    
    (57
    )Increase in cash and cash equivalents
    
    
    26
    
    
    
    2,220Cash and cash equivalents at beginning of period
    
    
    8,256
    
    
    
    8,301Cash and cash equivalents at end of period
    
    $
    8,282
    
    
    $
    10,521Supplemental disclosures:Cash paid during the period for:Interest
    
    $
    2,691
    
    
    $
    3,005Income taxes
    
    
    3,032
    
    
    
    1,770
   5




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




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3. Stock-Based Compensation
   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 302010
    
    
    2009
    
    
    2010
    
    
    2009Weighted average common basic shares outstanding
    
    
    15,531,726
    
    
    
    15,251,310
    
    
    
    15,461,904
    
    
    
    15,273,796Effect of dilutive stock options and restricted stock units
    
    
    345,532
    
    
    
    350,333
    
    
    
    379,809
    
    
    
    368,438Weighted average common diluted shares outstanding
    
    
    15,877,258
    
    
    
    15,601,643
    
    
    
    15,841,713
    
    
    
    15,642,234Net income per share:Basic
    
    $
    0.29
    
    
    $
    0.28
    
    
    $
    0.48
    
    
    $
    0.43Diluted
    
    $
    0.28
    
    
    $
    0.27
    
    
    $
    0.46
    
    
    $
    0.42
    5. Recently Issued Accounting Pronouncements
 Accounting Standards Net Yet Adopted
   8




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Accounting Standards Adopted
   6. Acquisitions
 2009 Acquisitions
    7. Leasehold Improvements, Equipment and Construction in Progress, Net
  Ranges of Estimateduseful life
    
    
    June 30, 2010
    
    
    December 31, 2009(Unaudited)Equipment
    
    2-10 years
    
    $
    31,378
    
    
    $
    28,568Leasehold improvements
    
    Shorter of lease term or economic life up to 10 years
    
    
    9,631
    
    
    
    9,708Construction in progress
    
    
    
    
    
    
    5,817
    
    
    
    7,54346,826
    
    
    
    45,819Less accumulated depreciation and amortization
    
    
    
    
    
    
    (29,635
    )
    
    
    (28,644
    )Leasehold improvements, equipment and
construction in progress, net
    
    
    
    
    
    $
    17,191
    
    
    $
    17,175
  9




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8. Cost of Contracts, Net
   June 30, 2010
    
    
    December 31, 2009(Unaudited)Cost of contracts
    
    $
    20,017
    
    
    $
    18,885Accumulated amortization
    
    
    (6,643
    )
    
    
    (6,006
    )Cost of contracts, net
    
    $
    13,374
    
    
    $
    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
    
    
    $
    126,853Acquisitions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Adjustments to purchase price*
    
    
    
    
    
    
    1,270
    
    
    
    
    
    
    
    
    
    
    
    1,270Contingency payments related to acquisitions
    
    
    93
    
    
    
    
    
    
    
    11
    
    
    
    
    
    
    
    104Foreign currency translation
    
    
    
    
    
    
    (37
    )
    
    
    
    
    
    
    
    
    
    
    (37
    )Balance as of June 30, 2010
    
    $
    61,942
    
    
    $
    8,433
    
    
    $
    35,238
    
    
    $
    22,577
    
    
    $
    128,190
 
 *
    
    The Company engaged a third-party valuation firm to provide a fair value analysis. These
estimates are subject to revision after the Company completes its fair value analysis.  10




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10. Long-Term Receivables, Net
 Amount OutstandingJune 30, 2010
    
    
    December 31, 2009(Unaudited)Bradley International AirportDeficiency payments
    
    $
    11,332
    
    
    $
    9,606Other Bradley related, net
    
    
    3,203
    
    
    
    3,203Valuation allowance
    
    
    (2,484
    )
    
    
    (2,484
    )Total long-term receivables, net
    
    $
    12,051
    
    
    $
    10,325
 Agreement
     
    
    Garage and surface operating expenses,
 
    
    Principal and interest on bonds,
 
    
    Trustee expenses
 
    
    Major maintenance and capital improvement deposits
 
    
    State Minimum Guarantee
   11




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Deficiency Payments
      June 30, 2010
    
    
    December 31, 2009(Unaudited)Deficiency payments:Balance at beginning of period
    
    $
    9,606
    
    
    $
    5,961Deficiency payments made
    
    
    1,726
    
    
    
    3,645Deficiency repayment received
    
    
    
    
    
    
    Balance at end of period
    
    
    11,332
    
    
    
    9,606Other Bradley related
    
    
    3,203
    
    
    
    3,203Valuation allowance
    
    
    (2,484
    )
    
    
    (2,484
    )Total long-term receivables
    
    $
    12,051
    
    
    $
    10,325
 Compensation
     12




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11. Borrowing Arrangements
  Amount OutstandingDue Date
    
    
    June 30, 2010
    
    
    December 31, 2009(Unaudited)Senior credit facility
    
    June 2013
    
    $
    108,150
    
    
    $
    109,850Capital lease obligations
    
    Various
    
    
    1,779
    
    
    
    2,056Obligations on seller notes and other
    
    Various
    
    
    1,243
    
    
    
    1,305111,172
    
    
    
    113,211Less current portion
    
    
    
    
    
    
    654
    
    
    
    662$
    110,518
    
    
    $
    112,549
 Senior Credit Facility
          13




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12. Stock Repurchases
    13. Business Unit Segment Information
     14




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For the three months ended
    
    
    For the six months endedJune 30,
    
    
    Gross
    
    
    June 30,
    
    
    Gross
    
    
    June 30,
    
    
    Gross
    
    
    June 30,
    
    
    Gross2010
    
    
    Margin
    
    
    2009
    
    
    Margin
    
    
    2010
    
    
    Margin
    
    
    2009
    
    
    MarginRevenues:Region OneLease contracts
    
    $
    18,309
    
    
    
    
    
    
    $
    20,107
    
    
    
    
    
    
    $
    35,344
    
    
    
    
    
    
    $
    39,320Management contracts
    
    
    12,000
    
    
    
    
    
    
    
    13,301
    
    
    
    
    
    
    
    23,951
    
    
    
    
    
    
    
    26,907Total Region One
    
    
    30,309
    
    
    
    
    
    
    
    33,408
    
    
    
    
    
    
    
    59,295
    
    
    
    
    
    
    
    66,227Region TwoLease contracts
    
    
    561
    
    
    
    
    
    
    
    669
    
    
    
    
    
    
    
    1,307
    
    
    
    
    
    
    
    1,289Management contracts
    
    
    4,856
    
    
    
    
    
    
    
    2,661
    
    
    
    
    
    
    
    12,947
    
    
    
    
    
    
    
    4,818Total Region Two
    
    
    5,417
    
    
    
    
    
    
    
    3,330
    
    
    
    
    
    
    
    14,254
    
    
    
    
    
    
    
    6,107Region ThreeLease contracts
    
    
    5,171
    
    
    
    
    
    
    
    4,878
    
    
    
    
    
    
    
    10,126
    
    
    
    
    
    
    
    9,784Management contracts
    
    
    12,884
    
    
    
    
    
    
    
    13,234
    
    
    
    
    
    
    
    25,374
    
    
    
    
    
    
    
    27,428Total Region Three
    
    
    18,055
    
    
    
    
    
    
    
    18,112
    
    
    
    
    
    
    
    35,500
    
    
    
    
    
    
    
    37,212Region FourLease contracts
    
    
    10,110
    
    
    
    
    
    
    
    10,023
    
    
    
    
    
    
    
    20,485
    
    
    
    
    
    
    
    19,936Management contracts
    
    
    12,312
    
    
    
    
    
    
    
    8,048
    
    
    
    
    
    
    
    19,873
    
    
    
    
    
    
    
    16,366Total Region Four
    
    
    22,422
    
    
    
    
    
    
    
    18,071
    
    
    
    
    
    
    
    40,358
    
    
    
    
    
    
    
    36,302OtherLease contracts
    
    
    11
    
    
    
    
    
    
    
    10
    
    
    
    
    
    
    
    16
    
    
    
    
    
    
    
    58Management contracts
    
    
    29
    
    
    
    
    
    
    
    67
    
    
    
    
    
    
    
    11
    
    
    
    
    
    
    
    85Total Other
    
    
    40
    
    
    
    
    
    
    
    77
    
    
    
    
    
    
    
    27
    
    
    
    
    
    
    
    143Reimbursed revenue
    
    
    100,757
    
    
    
    
    
    
    
    97,595
    
    
    
    
    
    
    
    206,812
    
    
    
    
    
    
    
    200,152Total revenues
    
    $
    177,000
    
    
    
    
    
    
    $
    170,593
    
    
    
    
    
    
    $
    356,246
    
    
    
    
    
    
    $
    346,143Gross ProfitRegion OneLease contracts
    
    $
    1,610
    
    
    
    9
    %
    
    $
    1,773
    
    
    
    9
    %
    
    $
    1,762
    
    
    
    5
    %
    
    $
    2,507
    
    
    
    6
    %Management contracts
    
    
    7,126
    
    
    
    59
    %
    
    
    6,802
    
    
    
    51
    %
    
    
    13,397
    
    
    
    56
    %
    
    
    13,927
    
    
    
    52
    %Total Region One
    
    
    8,736
    
    
    
    
    
    
    
    8,575
    
    
    
    
    
    
    
    15,159
    
    
    
    
    
    
    
    16,434Region TwoLease contracts
    
    
    58
    
    
    
    10
    %
    
    
    25
    
    
    
    4
    %
    
    
    133
    
    
    
    10
    %
    
    
    41
    
    
    
    3
    %Management contracts
    
    
    1,518
    
    
    
    31
    %
    
    
    982
    
    
    
    37
    %
    
    
    3,724
    
    
    
    29
    %
    
    
    1,794
    
    
    
    37
    %Total Region Two
    
    
    1,576
    
    
    
    
    
    
    
    1,007
    
    
    
    
    
    
    
    3,857
    
    
    
    
    
    
    
    1,835Region ThreeLease contracts
    
    
    432
    
    
    
    8
    %
    
    
    418
    
    
    
    9
    %
    
    
    800
    
    
    
    8
    %
    
    
    830
    
    
    
    8
    %Management contracts
    
    
    6,484
    
    
    
    50
    %
    
    
    6,006
    
    
    
    45
    %
    
    
    12,285
    
    
    
    48
    %
    
    
    12,272
    
    
    
    45
    %Total Region Three
    
    
    6,916
    
    
    
    
    
    
    
    6,424
    
    
    
    
    
    
    
    13,085
    
    
    
    
    
    
    
    13,102Region FourLease contracts
    
    
    840
    
    
    
    8
    %
    
    
    596
    
    
    
    6
    %
    
    
    1,522
    
    
    
    7
    %
    
    
    1,108
    
    
    
    6
    %Management contracts
    
    
    4,252
    
    
    
    35
    %
    
    
    3,814
    
    
    
    47
    %
    
    
    7,883
    
    
    
    40
    %
    
    
    7,904
    
    
    
    48
    %Total Region Four
    
    
    5,092
    
    
    
    
    
    
    
    4,410
    
    
    
    
    
    
    
    9,405
    
    
    
    
    
    
    
    9,012OtherLease contracts
    
    
    5
    
    
    
    45
    %
    
    
    (57
    )
    
    
    (570
    )%
    
    
    73
    
    
    
    456
    %
    
    
    20
    
    
    
    34
    %Management contracts
    
    
    423
    
    
    
    1,458
    %
    
    
    (231
    )
    
    
    (345
    )%
    
    
    325
    
    
    
    2,954
    %
    
    
    (622
    )
    
    
    (732
    )%Total Other
    
    
    428
    
    
    
    
    
    
    
    (288
    )
    
    
    
    
    
    
    398
    
    
    
    
    
    
    
    (602
    )Total gross profit
    
    
    22,748
    
    
    
    
    
    
    
    20,128
    
    
    
    
    
    
    
    41,904
    
    
    
    
    
    
    
    39,781General and administrative expenses
    
    
    12,218
    
    
    
    
    
    
    
    10,320
    
    
    
    
    
    
    
    23,778
    
    
    
    
    
    
    
    23,081General and administrative expense
percentage of gross profit
    
    
    54
    %
    
    
    
    
    
    
    51
    %
    
    
    
    
    
    
    57
    %
    
    
    
    
    
    
    58
    %Depreciation and amortization
    
    
    1,570
    
    
    
    
    
    
    
    1,413
    
    
    
    
    
    
    
    3,030
    
    
    
    
    
    
    
    2,900Operating income
    
    
    8,960
    
    
    
    
    
    
    
    8,395
    
    
    
    
    
    
    
    15,096
    
    
    
    
    
    
    
    13,800Other expenses (income):Interest expense
    
    
    1,398
    
    
    
    
    
    
    
    1,528
    
    
    
    
    
    
    
    2,888
    
    
    
    
    
    
    
    2,964Interest income
    
    
    (52
    )
    
    
    
    
    
    
    (95
    )
    
    
    
    
    
    
    (105
    )
    
    
    
    
    
    
    (162
    )1,346
    
    
    
    
    
    
    
    1,433
    
    
    
    
    
    
    
    2,783
    
    
    
    
    
    
    
    2,802Income before income taxes
    
    
    7,614
    
    
    
    
    
    
    
    6,962
    
    
    
    
    
    
    
    12,313
    
    
    
    
    
    
    
    10,998Income tax expense
    
    
    3,021
    
    
    
    
    
    
    
    2,692
    
    
    
    
    
    
    
    4,868
    
    
    
    
    
    
    
    4,266Net income
    
    
    4,593
    
    
    
    
    
    
    
    4,270
    
    
    
    
    
    
    
    7,445
    
    
    
    
    
    
    
    6,732Less: Net income attributable to
noncontrolling interest
    
    
    85
    
    
    
    
    
    
    
    42
    
    
    
    
    
    
    
    92
    
    
    
    
    
    
    
    106Net income attributable to
Standard Parking Corporation
    
    $
    4,508
    
    
    
    
    
    
    $
    4,228
    
    
    
    
    
    
    $
    7,353
    
    
    
    
    
    
    $
    6,626
   15




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##### Table of Contents



14. Comprehensive Income
  For the three months ended
    
    
    For the six months endedJune 30, 2010
    
    
    June 30, 2009
    
    
    June 30, 2010
    
    
    June 30, 2009Net income
    
    $
    4,593
    
    
    $
    4,270
    
    
    $
    7,445
    
    
    $
    6,732Revaluation of interest rate cap
    
    
    (201
    )
    
    
    
    
    
    
    (360
    )
    
    
    Effect of foreign currency translation
    
    
    (176
    )
    
    
    177
    
    
    
    280
    
    
    
    (57
    )Comprehensive income
    
    
    4,216
    
    
    
    4,447
    
    
    
    7,365
    
    
    
    6,675Less: comprehensive income attributable to noncontrolling interest
    
    
    85
    
    
    
    42
    
    
    
    92
    
    
    
    106Comprehensive income attributable to Standard Parking Corporation
    
    $
    4,131
    
    
    $
    4,405
    
    
    $
    7,273
    
    
    $
    6,569
 15. Income Taxes
  .
  2004  2009
    
    United States  federal income tax2003  2009
    
    United States  state and local income tax2006  2009
    
    Canada
  16




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##### Table of Contents



16. Legal Proceedings
   
 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
     17




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##### Table of Contents



General Business Trends
   Summary of Operating Facilities
  June 30, 2010
    
    
    December 31, 2009
    
    
    June 30, 2009Managed facilities
    
    
    1,966
    
    
    
    1,921
    
    
    
    1,919Leased facilities
    
    
    210
    
    
    
    208
    
    
    
    223Total facilities
    
    
    2,176
    
    
    
    2,129
    
    
    
    2,142
 Revenue
  
    
    Parking services revenuelease contracts. Parking services revenue related to lease
contracts consist of all revenue received at a leased facility, including parking receipts
(net of parking tax), consulting and real estate development fees, gains on sales of contracts
and payments for exercising termination rights.
 
    
    Parking services revenuemanagement contracts.Management contract revenue consists of
management fees, including both fixed and performance-based fees, and amounts attributable to
ancillary services such as accounting, equipment leasing, payments received for exercising
termination rights, consulting, developmental fees, gains on sales of contracts, as well as
insurance and other value-added services with respect to managed locations. We believe we
generally purchase required insurance at lower rates than our clients can obtain on their own
because we effectively self-insure for all liability and workers compensation claims by
maintaining a large per-claim deductible. As a result, we have generated operating income on
the insurance provided under our management contracts by focusing on our risk management
efforts and controlling losses. Management contract revenue does not include gross customer
collections at the managed locations as this revenue belongs to the property owner rather than
to us. Management contracts generally provide us with a management fee regardless of the
operating performance of the underlying facility.
  Reimbursed Management Contract Revenue
   18




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##### Table of Contents



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
  Results of Operations
 Segments
    19




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##### Table of Contents



Three Months ended June 30, 2010 Compared to Three Months ended June 30, 2009
  Three Months Ended June 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
    
    $
    0.4
    
    
    $
    0.2
    
    
    $
    
    
    
    $
    
    
    
    $
    0.9
    
    
    $
    
    
    
    $
    0.2
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    1.5
    
    
    $
    0.3
    
    
    $
    1.2
    
    
    
    400.0Contract expirations
    
    
    
    
    
    
    1.5
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    0.4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2.1
    
    
    
    (2.1
    )
    
    
    (100.0
    )Same location
    
    
    17.9
    
    
    
    18.4
    
    
    
    0.6
    
    
    
    0.5
    
    
    
    4.3
    
    
    
    4.5
    
    
    
    9.9
    
    
    
    9.5
    
    
    
    
    
    
    
    
    
    
    
    32.7
    
    
    
    32.9
    
    
    
    (0.2
    )
    
    
    (0.6
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.4
    
    
    

    
    
    
    
    
    
    
    
    
    
    
    0.4
    
    
    
    (0.4
    )
    
    
    (100.0
    )Total lease contract revenue
    
    $
    18.3
    
    
    $
    20.1
    
    
    $
    0.6
    
    
    $
    0.7
    
    
    $
    5.2
    
    
    $
    4.9
    
    
    $
    10.1
    
    
    $
    10.0
    
    
    $
    
    
    
    $
    
    
    
    $
    34.2
    
    
    $
    35.7
    
    
    $
    (1.5
    )
    
    
    (4.2
    )Management contract revenue:New location
    
    $
    1.9
    
    
    $
    0.1
    
    
    $
    2.2
    
    
    $
    
    
    
    $
    0.9
    
    
    $
    0.1
    
    
    $
    4.7
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    9.7
    
    
    $
    0.2
    
    
    $
    9.5
    
    
    
    4750.0Contract expirations
    
    
    0.1
    
    
    
    1.8
    
    
    
    
    
    
    
    0.1
    
    
    
    0.2
    
    
    
    1.3
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    0.3
    
    
    
    3.4
    
    
    
    (3.1
    )
    
    
    (91.2
    )Same location
    
    
    10.0
    
    
    
    11.4
    
    
    
    2.7
    
    
    
    2.6
    
    
    
    11.8
    
    
    
    11.9
    
    
    
    7.6
    
    
    
    7.8
    
    
    
    
    
    
    
    
    
    
    
    32.1
    
    
    
    33.7
    
    
    
    (1.6
    )
    
    
    (4.7
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total management contract
revenue
    
    $
    12.0
    
    
    $
    13.3
    
    
    $
    4.9
    
    
    $
    2.7
    
    
    $
    12.9
    
    
    $
    13.3
    
    
    $
    12.3
    
    
    $
    8.0
    
    
    $
    
    
    
    $
    
    
    
    $
    42.1
    
    
    $
    37.3
    
    
    $
    4.8
    
    
    
    12.9
 Parking services revenuelease contracts.
 Parking services revenuemanagement contracts.
 Reimbursed management contract revenue.
    20




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##### Table of Contents



Three Months Ended June 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
    
    $
    0.3
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    0.8
    
    
    $
    
    
    
    $
    0.2
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    1.3
    
    
    $
    0.2
    
    
    $
    1.1
    
    
    
    550.0Contract expirations
    
    
    
    
    
    
    1.3
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    0.4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.9
    
    
    
    (1.9
    )
    
    
    (100.0
    )Same location
    
    
    16.4
    
    
    
    16.9
    
    
    
    0.5
    
    
    
    0.5
    
    
    
    3.9
    
    
    
    4.1
    
    
    
    9.0
    
    
    
    8.9
    
    
    
    0.1
    
    
    
    
    
    
    
    29.9
    
    
    
    30.4
    
    
    
    (0.5
    )
    
    
    (1.6
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.4
    
    
    
    (0.4
    )
    
    
    (100.0
    )Total cost of parking
services lease
contracts
    
    $
    16.7
    
    
    $
    18.3
    
    
    $
    0.5
    
    
    $
    0.7
    
    
    $
    4.7
    
    
    $
    4.5
    
    
    $
    9.2
    
    
    $
    9.4
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    31.2
    
    
    $
    32.9
    
    
    $
    (1.7
    )
    
    
    (5.2
    )Cost of parking
services management
contracts:New location
    
    $
    0.8
    
    
    $
    
    
    
    $
    1.8
    
    
    $
    
    
    
    $
    0.5
    
    
    $
    
    
    
    $
    4.2
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    7.3
    
    
    $
    
    
    
    $
    7.3
    
    
    
    100..0Contract expirations
    
    
    
    
    
    
    1.4
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    0.8
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    2.3
    
    
    
    (2.2
    )
    
    
    (95.7
    )Same location
    
    
    4.0
    
    
    
    5.1
    
    
    
    1.6
    
    
    
    1.7
    
    
    
    5.8
    
    
    
    6.4
    
    
    
    3.9
    
    
    
    4.1
    
    
    
    (0.4
    )
    
    
    0.3
    
    
    
    14.9
    
    
    
    17.6
    
    
    
    (2.7
    )
    
    
    (15.3
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total cost of parking
services management
contracts
    
    $
    4.8
    
    
    $
    6.5
    
    
    $
    3.4
    
    
    $
    1.7
    
    
    $
    6.4
    
    
    $
    7.2
    
    
    $
    8.1
    
    
    $
    4.2
    
    
    $
    (0.4
    )
    
    $
    0.3
    
    
    $
    22.3
    
    
    $
    19.9
    
    
    $
    2.4
    
    
    
    12.1
 Cost of parking serviceslease contracts.
 Cost of parking servicesmanagement contracts.
 Reimbursed management contract expense.
    21




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##### Table of Contents



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
    
    $
    0.1
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    
    
    
    
    $
    0.2
    
    
    $
    0.1
    
    
    $
    0.1
    
    
    
    100.0Contract expirations
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    (0.2
    )
    
    
    (100.0
    )Same location
    
    
    1.5
    
    
    
    1.5
    
    
    
    0.1
    
    
    
    
    
    
    
    0.4
    
    
    
    0.4
    
    
    
    0.9
    
    
    
    0.6
    
    
    
    (0.1
    )
    
    
    
    
    
    
    2.8
    
    
    
    2.5
    
    
    
    0.3
    
    
    
    12.0Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total gross profit lease contracts
    
    $
    1.6
    
    
    $
    1.8
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    0.5
    
    
    $
    0.4
    
    
    $
    0.9
    
    
    $
    0.6
    
    
    $
    (0.1
    )
    
    
    
    
    
    $
    3.0
    
    
    $
    2.8
    
    
    $
    0.2
    
    
    
    7.1(percentages)Gross profit percentage lease
contracts:New location
    
    
    25.0
    
    
    
    50.0
    
    
    
    
    
    
    
    
    
    
    
    11.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13.3
    
    
    
    33.3Contract expirations
    
    
    
    
    
    
    13.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9.5Same location
    
    
    8.4
    
    
    
    8.2
    
    
    
    16.7
    
    
    
    
    
    
    
    9.3
    
    
    
    8.9
    
    
    
    9.1
    
    
    
    6.3
    
    
    
    
    
    
    
    
    
    
    
    8.6
    
    
    
    7.6Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total gross profit percentage
    
    
    8.7
    
    
    
    9.0
    
    
    
    16.7
    
    
    
    
    
    
    
    9.6
    
    
    
    8.2
    
    
    
    8.9
    
    
    
    6.0
    
    
    
    
    
    
    
    
    
    
    
    8.8
    
    
    
    7.8(in millions)Gross profit management contracts:New location
    
    $
    1.1
    
    
    $
    0.1
    
    
    $
    0.4
    
    
    $
    
    
    
    $
    0.4
    
    
    $
    0.1
    
    
    $
    0.5
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    2.4
    
    
    $
    0.2
    
    
    $
    2.2
    
    
    
    1100.0Contract expirations
    
    
    0.1
    
    
    
    0.4
    
    
    
    
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    0.5
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    1.1
    
    
    
    (0.9
    )
    
    
    (81.8
    )Same location
    
    
    6.0
    
    
    
    6.3
    
    
    
    1.1
    
    
    
    0.9
    
    
    
    6.0
    
    
    
    5.5
    
    
    
    3.7
    
    
    
    3.7
    
    
    
    0.4
    
    
    
    (0.3
    )
    
    
    17.2
    
    
    
    16.1
    
    
    
    1.1
    
    
    
    6.8Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total gross profit management
contracts
    
    $
    7.2
    
    
    $
    6.8
    
    
    $
    1.5
    
    
    $
    1.0
    
    
    $
    6.5
    
    
    $
    6.1
    
    
    $
    4.2
    
    
    $
    3.8
    
    
    $
    0.4
    
    
    
    (0.3
    )
    
    $
    19.8
    
    
    $
    17.4
    
    
    $
    2.4
    
    
    
    13.8(percentages)Gross profit percentage
management contracts:New location
    
    
    57.9
    
    
    
    100.0
    
    
    
    18.2
    
    
    
    
    
    
    
    44.4
    
    
    
    100.0
    
    
    
    10.6
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24.7
    
    
    
    100.0Contract expirations
    
    
    100.0
    
    
    
    22.2
    
    
    
    
    
    
    
    100.0
    
    
    
    50.0
    
    
    
    38.5
    
    
    
    
    
    
    
    50.0
    
    
    
    
    
    
    
    
    
    
    
    66.7
    
    
    
    32.4Same location
    
    
    60.0
    
    
    
    55.3
    
    
    
    40.7
    
    
    
    34.6
    
    
    
    50.8
    
    
    
    46.2
    
    
    
    48.7
    
    
    
    47.4
    
    
    
    
    
    
    
    
    
    
    
    53.6
    
    
    
    47.8Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total gross profit percentage
    
    
    60.0
    
    
    
    51.1
    
    
    
    30.6
    
    
    
    37.0
    
    
    
    50.4
    
    
    
    45.9
    
    
    
    34.1
    
    
    
    47.5
    
    
    
    
    
    
    
    
    
    
    
    47.0
    
    
    
    46.6
 Gross profitlease contracts.
 Gross profitmanagement contracts.
   General and administrative expenses.
 Interest expense.
 Interest income.
  22




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##### Table of Contents



Income tax expense.
 Six Months ended June 30, 2010 Compared to Six Months ended June 30, 2009
  Six Months Ended June 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
    
    $
    0.7
    
    
    $
    0.2
    
    
    $
    
    
    
    $
    
    
    
    $
    1.6
    
    
    $
    0.1
    
    
    $
    0.5
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    2.8
    
    
    $
    0.4
    
    
    $
    2.4
    
    
    
    600.0Contract expirations
    
    
    
    
    
    
    3.1
    
    
    
    0.2
    
    
    
    0.4
    
    
    
    
    
    
    
    0.8
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    4.3
    
    
    
    (4.1
    )
    
    
    (95.3
    )Same location
    
    
    34.7
    
    
    
    36.0
    
    
    
    1.1
    
    
    
    1.0
    
    
    
    8.5
    
    
    
    8.9
    
    
    
    19.7
    
    
    
    19.0
    
    
    
    
    
    
    
    0.1
    
    
    
    64.0
    
    
    
    65.0
    
    
    
    (1.0
    )
    
    
    (1.5
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.3
    
    
    
    0.7
    
    
    
    
    
    
    
    
    
    
    
    0.3
    
    
    
    0.7
    
    
    
    (0.4
    )
    
    
    (57.1
    )Total lease contract revenue
    
    $
    35.4
    
    
    $
    39.3
    
    
    $
    1.3
    
    
    $
    1.4
    
    
    $
    10.1
    
    
    $
    9.8
    
    
    $
    20.5
    
    
    $
    19.8
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    67.3
    
    
    $
    70.4
    
    
    $
    (3.1
    )
    
    
    (4.4
    )Management contract revenue:New location
    
    $
    3.0
    
    
    $
    0.2
    
    
    $
    8.0
    
    
    $
    
    
    
    $
    2.0
    
    
    $
    0.4
    
    
    $
    5.0
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    18.0
    
    
    $
    0.7
    
    
    $
    17.3
    
    
    
    2471.4Contract expirations
    
    
    0.4
    
    
    
    4.1
    
    
    
    
    
    
    
    0.2
    
    
    
    0.6
    
    
    
    3.5
    
    
    
    
    
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    1.0
    
    
    
    8.3
    
    
    
    (7.3
    )
    
    
    (88.0
    )Same location
    
    
    20.6
    
    
    
    22.6
    
    
    
    4.9
    
    
    
    4.6
    
    
    
    22.8
    
    
    
    23.5
    
    
    
    14.9
    
    
    
    15.9
    
    
    
    
    
    
    
    
    
    
    
    63.2
    
    
    
    66.6
    
    
    
    (3.4
    )
    
    
    (5.1
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total management contract
revenue
    
    $
    24.0
    
    
    $
    26.9
    
    
    $
    12.9
    
    
    $
    4.8
    
    
    $
    25.4
    
    
    $
    27.4
    
    
    $
    19.9
    
    
    $
    16.5
    
    
    $
    
    
    
    $
    
    
    
    $
    82.2
    
    
    $
    75.6
    
    
    $
    6.6
    
    
    
    8.7
 Parking services revenuelease contracts.
 Parking services revenuemanagement contracts.
 Reimbursed management contract revenue.
    23




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##### Table of Contents



Six Months Ended June 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
    
    $
    0.6
    
    
    $
    0.2
    
    
    $
    
    
    
    $
    
    
    
    $
    1.5
    
    
    $
    
    
    
    $
    0.4
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    2.5
    
    
    $
    0.3
    
    
    $
    2.2
    
    
    
    733.3Contract expirations
    
    
    
    
    
    
    3.0
    
    
    
    0.2
    
    
    
    0.3
    
    
    
    
    
    
    
    0.8
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    4.1
    
    
    
    (3.9
    )
    
    
    (95.1
    )Same location
    
    
    33.0
    
    
    
    33.8
    
    
    
    1.0
    
    
    
    0.9
    
    
    
    7.8
    
    
    
    8.1
    
    
    
    18.2
    
    
    
    18.0
    
    
    
    
    
    
    
    
    
    
    
    60.0
    
    
    
    60.8
    
    
    
    (0.8
    )
    
    
    (1.3
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.3
    
    
    
    0.7
    
    
    
    
    
    
    
    
    
    
    
    0.3
    
    
    
    0.7
    
    
    
    (0.4
    )
    
    
    (57.1
    )Total cost of parking
services lease
contracts
    
    $
    33.6
    
    
    $
    37.0
    
    
    $
    1.2
    
    
    $
    1.2
    
    
    $
    9.3
    
    
    $
    8.9
    
    
    $
    18.9
    
    
    $
    18.8
    
    
    $
    
    
    
    $
    
    
    
    $
    63.0
    
    
    $
    65.9
    
    
    $
    (2.9
    )
    
    
    (4.4
    )Cost of parking
services management
contracts:New location
    
    $
    1.2
    
    
    $
    
    
    
    $
    6.3
    
    
    $
    
    
    
    $
    1.2
    
    
    $
    0.3
    
    
    $
    4.5
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    13.2
    
    
    $
    0.3
    
    
    $
    12.9
    
    
    
    4300.0Contract expirations
    
    
    0.2
    
    
    
    2.5
    
    
    
    
    
    
    
    
    
    
    
    0.3
    
    
    
    2.2
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    0.5
    
    
    
    4.9
    
    
    
    (4.4
    )
    
    
    (89.8
    )Same location
    
    
    9.2
    
    
    
    10.6
    
    
    
    2.9
    
    
    
    3.0
    
    
    
    11.6
    
    
    
    12.7
    
    
    
    7.5
    
    
    
    8.2
    
    
    
    (0.4
    )
    
    
    0.6
    
    
    
    30.8
    
    
    
    35.1
    
    
    
    (4.3
    )
    
    
    (12.3
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total cost of parking
services management
contracts
    
    $
    10.6
    
    
    $
    13.1
    
    
    $
    9.2
    
    
    $
    3.0
    
    
    $
    13.1
    
    
    $
    15.2
    
    
    $
    12.0
    
    
    $
    8.4
    
    
    $
    (0.4
    )
    
    $
    0.6
    
    
    $
    44.5
    
    
    $
    40.3
    
    
    $
    4.2
    
    
    
    10.4
 Cost of parking serviceslease contracts.
 Cost of parking servicesmanagement contracts.
 Reimbursed management contract expense.
    24




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##### Table of Contents



Six Months Ended June 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
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    0.1
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    0.3
    
    
    $
    0.1
    
    
    $
    0.2
    
    
    
    200.0Contract expirations
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    (0.2
    )
    
    
    (100.0
    )Same location
    
    
    1.7
    
    
    
    2.2
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    0.7
    
    
    
    0.8
    
    
    
    1.5
    
    
    
    1.0
    
    
    
    
    
    
    
    0.1
    
    
    
    4.0
    
    
    
    4.2
    
    
    
    (0.2
    )
    
    
    (4.8
    )Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total gross profit lease contracts
    
    $
    1.8
    
    
    $
    2.3
    
    
    $
    0.1
    
    
    $
    0.2
    
    
    $
    0.8
    
    
    $
    0.9
    
    
    $
    1.6
    
    
    $
    1.0
    
    
    $
    
    
    
    $
    0.1
    
    
    $
    4.3
    
    
    $
    4.5
    
    
    $
    (0.2
    )
    
    
    (4.4
    )(percentages)Gross profit percentage lease contracts:New location
    
    
    14.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6.3
    
    
    
    100.0
    
    
    
    20.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10.7
    
    
    
    25.0Contract expirations
    
    
    
    
    
    
    3.2
    
    
    
    
    
    
    
    25.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4.7Same location
    
    
    4.9
    
    
    
    6.1
    
    
    
    9.1
    
    
    
    10.0
    
    
    
    8.2
    
    
    
    9.0
    
    
    
    7.6
    
    
    
    5.3
    
    
    
    
    
    
    
    100.0
    
    
    
    6.3
    
    
    
    6.5Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total gross profit percentage
    
    
    5.1
    
    
    
    5.9
    
    
    
    7.7
    
    
    
    14.3
    
    
    
    7.9
    
    
    
    9.2
    
    
    
    7.8
    
    
    
    5.1
    
    
    
    
    
    
    
    100.0
    
    
    
    6.4
    
    
    
    6.4(in millions)Gross profit management contracts:New location
    
    $
    1.8
    
    
    $
    0.2
    
    
    $
    1.7
    
    
    $
    
    
    
    $
    0.8
    
    
    $
    0.1
    
    
    $
    0.5
    
    
    $
    0.1
    
    
    $
    
    
    
    $
    
    
    
    $
    4.8
    
    
    $
    0.4
    
    
    $
    4.4
    
    
    
    1,100.0Contract expirations
    
    
    0.2
    
    
    
    1.6
    
    
    
    
    
    
    
    0.2
    
    
    
    0.3
    
    
    
    1.3
    
    
    
    
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    0.5
    
    
    
    3.4
    
    
    
    (2.9
    )
    
    
    (85.3
    )Same location
    
    
    11.4
    
    
    
    12.0
    
    
    
    2.0
    
    
    
    1.6
    
    
    
    11.2
    
    
    
    10.8
    
    
    
    7.4
    
    
    
    7.7
    
    
    
    0.4
    
    
    
    (0.6
    )
    
    
    32.4
    
    
    
    31.5
    
    
    
    0.9
    
    
    
    2.9Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total gross profit management contracts
    
    $
    13.4
    
    
    $
    13.8
    
    
    $
    3.7
    
    
    $
    1.8
    
    
    $
    12.3
    
    
    $
    12.2
    
    
    $
    7.9
    
    
    $
    8.1
    
    
    $
    0.4
    
    
    $
    (0.6
    )
    
    $
    37.7
    
    
    $
    35.3
    
    
    $
    2.4
    
    
    
    6.8(percentages)Gross profit percentage management
contracts:New location
    
    
    60.0
    
    
    
    100.0
    
    
    
    21.3
    
    
    
    
    
    
    
    40.0
    
    
    
    25.0
    
    
    
    10.0
    
    
    
    100.0
    
    
    
    
    
    
    
    
    
    
    
    26.7
    
    
    
    57.1Contract expirations
    
    
    50.0
    
    
    
    39.0
    
    
    
    
    
    
    
    100.0
    
    
    
    50.0
    
    
    
    37.1
    
    
    
    
    
    
    
    60.0
    
    
    
    
    
    
    
    
    
    
    
    50.0
    
    
    
    41.0Same location
    
    
    55.3
    
    
    
    53.1
    
    
    
    40.8
    
    
    
    34.8
    
    
    
    49.1
    
    
    
    46.0
    
    
    
    49.7
    
    
    
    48.4
    
    
    
    
    
    
    
    
    
    
    
    51.3
    
    
    
    47.3Conversions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total gross profit percentage
    
    
    55.8
    
    
    
    51.3
    
    
    
    28.7
    
    
    
    37.5
    
    
    
    48.4
    
    
    
    44.5
    
    
    
    39.7
    
    
    
    49.1
    
    
    
    
    
    
    
    
    
    
    
    45.9
    
    
    
    46.7
 Gross profitlease contracts.
 Gross profitmanagement contracts.
   General and administrative expenses.
 Interest expense.
 Interest income.
  25




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##### Table of Contents



Income tax expense.
 Liquidity and Capital Resources
 Outstanding Indebtedness
  
    
    $108.2 million under our senior credit facility; and
 
    
    $3.0 million of other debt including capital lease obligations and obligations on seller
notes and other indebtedness.
  Senior Credit Facility
         26




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##### Table of Contents



Interest Rate Cap Transactions
   Stock Repurchases
   Letters of Credit
   Deficiency Payments
   Daily Cash Collections
    27




---



##### Table of Contents



Net Cash Provided by Operating Activities
   Net Cash Used in Investing Activities
   Net Cash Used in Financing Activities
   Cash and Cash Equivalents
   28




---



##### Table of Contents



Forward-Looking Information
    Risk Factors
  
 Item 3.
    
    Quantitative and Qualitative Disclosures about Market Risk
 Interest Rates
      29




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##### Table of Contents



Foreign Currency Risk
  
 Item 4.
    
    Controls and Procedures
 Evaluation of Disclosure Controls and Procedures
  Changes in Internal Controls Over Financial Reporting
  Limitations of the Effectiveness of Internal Control
  
 PART II. OTHER INFORMATION
 
 Item 1.
    
    Legal Proceedings
    30




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##### Table of Contents



Item 6.
    
    Exhibits
 ExhibitNumber
    
    Description3.1.1
    
    
    Second Amended and Restated Certificate of Incorporation of
Standard Parking Corporation as filed on June 2, 2004.3.1.2
    
    
    Certificate of Amendment of Second Amended and Restated
Certificate of Incorporation of Standard Parking Corporation
as filed on January 7, 2008.3.1.3
    
    
    Certificate of Amendment of Second Amended and Restated
Certificate of Incorporation of Standard Parking Corporation
as filed on April 29, 2010.3.1.4
    
    
    Certificate of Amendment of Second Amended and Restated
Certificate of Incorporation of Standard Parking Corporation
as filed on May 6, 2010.31.1
    
    
    Section 302 Certification dated August 6, 2010 for James A.
Wilhelm, Director, President and Chief Executive Officer.31.2
    
    
    Section 302 Certification dated August 6, 2010 for G. Marc
Baumann, Executive Vice President, Chief Financial Officer and
Treasurer (Principal Financial Officer).31.3
    
    
    Section 302 Certification dated August 6, 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 August 6, 2010.
  31




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##### Table of Contents



SIGNATURES
  STANDARD PARKING CORPORATIONDated: August 6, 2010
    By:
    /s/ JAMES A. WILHELMJames A. WilhelmDirector, President and Chief Executive Officer (Principal Executive Officer)Dated: August 6, 2010
    By:
    /s/ G. MARC BAUMANNG. Marc BaumannExecutive Vice President, 
Chief Financial Officer and Treasurer (Principal Financial Officer)Dated: August 6, 2010
    By:
    /s/ DANIEL R. MEYERDaniel R. MeyerSenior Vice President, 
Corporate Controller and Assistant Treasurer (Principal Accounting Officer and Duly Authorized Officer)  32




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##### Table of Contents



INDEX TO EXHIBITS
 ExhibitNumber
    
    Description3.1.1
    
    
    Second Amended and Restated Certificate of Incorporation of
Standard Parking Corporation as filed on June 2, 2004.3.1.2
    
    
    Certificate of Amendment of Second Amended and Restated
Certificate of Incorporation of Standard Parking Corporation
as filed on January 7, 2008.3.1.3
    
    
    Certificate of Amendment of Second Amended and Restated
Certificate of Incorporation of Standard Parking Corporation
as filed on April 29, 2010.3.1.4
    
    
    Certificate of Amendment of Second Amended and Restated
Certificate of Incorporation of Standard Parking Corporation
as filed on May 6, 2010.31.1
    
    
    Section 302 Certification dated August 6, 2010 for James A.
Wilhelm, Director, President and Chief Executive Officer.31.2
    
    
    Section 302 Certification dated August 6, 2010 for G. Marc
Baumann, Executive Vice President, Chief Financial Officer and
Treasurer (Principal Financial Officer).31.3
    
    
    Section 302 Certification dated August 6, 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 August 6, 2010.
  33