Standard Parking Corporation Reports Second Quarter Pre-Tax Income Per Share Increase of 53 Percent

Standard Parking Corporation Reports Second Quarter Pre-Tax Income Per Share Increase of 53 Percent

Raises Full Year 2007 Guidance

Standard Parking Corporation (Nasdaq:STAN), one of the nation’s largest providers of parking management services, today announced that second quarter 2007 pre-tax income increased 45% to $7.3 million, or $0.75 per share, as compared with $5.0 million, or $0.49 per share, in the second quarter of 2006. An increase in the Company’s effective tax rate to 40% in 2007 from 14% last year resulted in net income remaining constant at $4.4 million for the second quarter of 2007, although earnings per share was up to $0.45 from $0.43. Cash taxes for both years were approximately 5% on a year-to-date basis.

Second Quarter Highlights
* Same location revenue growth of more than 6% (revenue figures
exclude reimbursement of management contract expense)
* Gross profit and operating income growth of 12% and 23%,
respectively
* Free cash flow of $8.8 million or $0.91 per share
* Common stock repurchases of $6.6 million

2007 Full-Year Guidance Raised
* EPS expectation of $1.50 – $1.60, an increase of $0.10
* Pre-tax income per share expectation of $2.50 – $2.70, an increase
of $0.20
* Free cash flow still expected to be in the range of $20 million to
$25 million, despite an expected $3.0 million increase in capital
expenditures

James A. Wilhelm, President and Chief Executive Officer, said, “As we mark the third anniversary of our IPO, we look back with great satisfaction on what we have accomplished. During that period, we have grown the number of locations by 4% which contributed to a 25% boost in gross profit. Pre-tax income has increased ten-fold from $2.4 million to $24.6 million over this period, reflecting strong operating leverage and interest savings from significant debt reduction. Our business model which minimizes the requirement for capital investment has enabled us to use consistently robust cash flow to invest in infrastructure to support future growth, to reduce debt and to return $36.0 million to shareholders through our buyback programs.

“While for the most part we have grown gross profit organically for the past three years, we believe that attractive growth opportunities will enable us to integrate small to mid-sized acquisitions into existing operations that will further leverage the infrastructure investments we have made in our core cities. I am happy to report that since quarter-end, we have completed two small acquisitions that fit this profile. They are expected to add $0.6 million to gross profit on an annual basis. We continue to be disciplined in our selection process and are particularly pleased with these transactions. We anticipate that there will be other equally attractive opportunities in the near term.”