When you’re heading for a place to park, there’s a good chance that Standard Parking Corp. (STAN) is managing the parking facility. Headquartered in Chicago, Illinois, with satellite offices in other major North American cities, Standard Parking strives to get their customers parked at a variety of venues on a daily basis.
As part of the Consumer Services sector, they trade on NASDAQ. They have a market capitalization of $399.8M and serve both public and private companies. They provide their services to managers and developers of major office buildings, residential and commercial properties, and shopping centers. They also serve other retail-type properties, sports and special event complexes, hotels, hospitals, and medical centers.
As a leading national provider of parking facility management services, Standard Parking Corp. manages 2,000 facilities containing over one million parking spaces. They do this in 320 cities in the United States and Canada. They provide on-site management services at multi-level and surface parking facilities. This includes parking-related and shuttle bus operations at approximately sixty airports in North America.
Standard Parking’s clients include the Arco Tower and Westfield Shoppingtown Century City in Los Angeles, as well as the Four Seasons Hotel in Chicago. They also serve the Harvard Medical School in Boston and the Nationwide Arena in Columbus. They manage parking-related and shuttle bus operations at Chicago O’Hare International Airport, Cleveland Hopkins International Airport, and Dallas/Fort Worth International Airport.
In addition, they provide valet parking service at urban and airport locations. Standard Parking Corp. knows diversification too. They are a provider of on-street parking enforcement to municipalities, and offer meter collection services to those municipalities as well.
On February 1, 2008 Standard announced completion of the acquisition of certain assets of G.O. Parking in Chicago. This acquisition added 25 locations to Standard Parking’s portfolio. On March 26, 2008 Standard announced they were awarded the contracts to provide parking management services for the current and future Yankee Stadium. The new Yankee stadium will be ready for the 2009 Major League Baseball season. That same day saw Standard announce their award of the contract to serve the Washington Square Office Complex in Minneapolis, Minnesota.
With a growing portfolio of clients, Standard Parking Corp. continues to move forward. On May 6, 2008 they reported a first quarter 2008 EPS increase of 28%. That’s shareholder value; value you can drive up to and park your car in.
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