Central: Spinning the earnings…

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Central: Spinning the earnings…

Here’s what the business press is saying about Central. 

Central Parking Sees Earnings Slashed

Central Parking Corp. reported net revenues of $279.1 million for the
second quarter ended March 31, a 3.7 percent increase compared to net
revenues of $270.1 million for the year-ago period.

The company also
reported net earnings of $989,000, or 3 cents per diluted share for its
fiscal second quarter, which is about half of its net earnings of $1.9
million, or 6 cents per diluted share, for the year-ago quarter.

Here’s what its CEO says about its earnings:

“We continued to see the positive impact of our strategic
plan in the second quarter of fiscal 2007,” said Emanuel J. Eads, President and
Chief Executive Officer. “Operating earnings before property related gains and
losses increased over the prior year period for the fifth consecutive quarter despite
the negative effects of winter storms, which resulted in snow removal costs of
approximately   $2.0 million as well as reduced revenues. Same store
sales remained strong during the quarter, increasing 3.6 percent over the prior
year period while general and administrative costs decreased by $3.1 million,
or 14.7 percent.

As you know, I know nothing about high finance. However even giving it the best face you can and using Butch Ead’s numbers, a less than 1% profit on over a quarter of a billion dollars seems problematic to me. All those rumors about Kohlberg et all buying real estate and not really caring about the ongoing company may just have some truth in them.

JVH

John Van Horn

John Van Horn

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