NASHVILLE, Tenn.--(BUSINESS WIRE)--May 4, 2006--Central Parking Corporation (NYSE: CPC) today announced that its partnership has been awarded a three-year contract extension to manage parking operations at Washington Dulles International Airport. District of Columbia Parking Associates, a partnership between Central Parking System of Virginia, Inc. and AutoPark, Inc., was originally awarded the contract in 2004. Under the contract extension, the partnership will continue to manage approximately 25,000 parking spaces located in two garages, four economy lots and one hourly lot. In addition to revenue collection and parking management, the partnership manages a fleet of 48 shuttle buses, an on-site bus and vehicle maintenance facility and a valet parking service.
"The decision of the Metropolitan Washington Airports Authority to extend the contract with District of Columbia Parking Associates for three years is based on the outstanding performance of the partnership since the contact commenced on November 1, 2004," said Rochelle L. Cameron, Airport Administration Manager. "During the first year of the contract, parking revenues increased 25% to $75.9 million while overall operating expenses decreased by almost $1 million. The partnership also has provided a number of invaluable recommendations to improve operations and enhance customer service."
"Washington Dulles is one of the world's busiest airports, serving more than 27 million passengers last year," said Emanuel J. Eads, President and Chief Executive Officer of Central Parking Corporation. "The decision of the Airport Authority to extend the current contract through October 31, 2009, is a strong endorsement of our ability to manage the complex parking and shuttle operations of large international airports. Central Parking is a leader in this market, serving major airports in Houston, Miami, Detroit, St. Louis, New Orleans, Toronto and Athens, Greece. Our substantial experience in managing the parking and shuttle operations for major airports enables us to increase revenues, reduce operating costs and enhance customer service for these facilities."
Eads added, "The airport parking market is one of the specialized market segments that we identified in our strategic plan as having significant growth potential. The renewal of this very important contract represents a significant boost to our efforts to grow this segment of our business."
Central Parking Corporation, headquartered in Nashville, TN, is a leading provider of parking and transportation-related services. As of December 31, 2005, the Company operated more than 3,300 parking facilities containing over 1.5 million spaces at locations in 37 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, Chile, Peru, Colombia, Venezuela, Germany, Switzerland, Poland, Spain and Greece.
This press release contains historical and forward-looking information. The words "plans," "potential," "target," "goal," "believe," "expect," "guidance," "looking ahead," "assumptions," "estimates," "anticipates," "outlook," "intend," "continue to expect," "should," "project," "objective," "outlook," "forecast," "will likely result," or "will continue" and similar expressions identify forward-looking statements. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company believes the assumptions underlying these forward-looking statements are reasonable; however, any of the assumptions could be inaccurate, and therefore, actual results may differ materially from those projected in the forward-looking statements. The factors that may result in actual results differing from such forward-looking information include, but are not limited to: the Company's ability to achieve the goals described in this release and other communications, including but not limited to, the Company's ability to implement its strategic plan, maintain reduced operating costs, reduce indebtedness and sell real estate at projected values as well as continued improvement in same store sales, which is dependent on improvements in general economic conditions and office occupancy rates; the loss or renewal on less favorable terms, of management contracts and leases; the timing of pre-opening, start-up and break-in costs of parking facilities; the Company's ability to cover the fixed costs of its leased and owned facilities and its overall ability to maintain adequate liquidity through its cash resources and credit facilities; the Company's ability to comply with the terms of the Company's credit facilities (or obtain waivers for non-compliance); interest rate fluctuations; acts of war or terrorism; changes in demand due to weather patterns and special events including sports events and strikes; higher premium and claims costs relating to the Company's insurance programs, including medical, liability and workers' compensation; the Company's ability to renew and obtain performance and surety bonds on favorable terms; the impact of claims and litigation; and increased regulation or taxation of parking operations and real estate.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release or to reflect the occurrence of unanticipated events. We have provided additional information in our Annual Report on Form 10-K for our fiscal year ended September 30, 2005, on Form 10-Q for the quarter ended December 31, 2005, filed with the Securities and Exchange Commission and in other filings with the Securities and Exchange Commission, which readers are encouraged to review, concerning other factors that could cause actual results to differ materially from those indicated in the forward-looking statements.
CONTACT: Central Parking Corporation, Nashville Emanuel Eads, 615-297-4255 [email protected] KEYWORD: TENNESSEE DISTRICT OF COLUMBIAINDUSTRY KEYWORD: TRAVEL REAL ESTATE BUILDING/CONSTRUCTION MARKETING AGREEMENTSSOURCE: Central Parking Corporation
