www.Parctel.com: Macquarie Parking, is the largest provider of off-airport parking services in the United States, whose airport parking business operates 30 facilities in 20 major airports markets across the United States. Together these facilities cover more than 40,000 car parking spaces.
The latest Airport Parking Financials show good steady growth:
- Gross profit at the Company's airport parking business increased 45.0 percent to $21.4 million in 2006. The increase was driven, in part, by the full year contribution from new sites acquired in late 2005.
- Revenue at comparable locations increased 7.2 percent year over year and gross profit percentage increased to 27.9 percent from 25.44 percent.
- EBITDA increased by 45.3 percent over 2005. Adjusting for unrealized (non-cash) loss on interest rate hedges, EBITDA would have increased 52.6 percent.
- The increases reflect the ongoing execution of a strategy to increase average revenue per car out and average length of stay - up 10.0 percent and 3.5 percent, respectively, year over year at comparable locations.
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Net income was reduced by a non-cash impairment charge of $23.5 million related to the write-down of trade name values as a result of the re-branding of the business as FastTrack Airport Parking.
| AIRPORT PARKING BUSINESS |
| |
Full Year 2006 |
Full Year 2005 |
Year on Year Growth |
Dec Quarter 2006 |
Dec Quarter 2005 |
Quarter on Quarter Growth % |
| Revenue ($ Millions) |
76.1 |
59.9 |
27.1% |
19.1 |
17.8 |
7.5% |
| EBITDA * |
19.4 |
13.4 |
45.3% |
4.2 |
3.9 |
8.3% |
| Reconciliation of net loss to EBITDA |
| Net Loss |
(14.6) |
(3.2) |
NM |
(13.5) |
(2.5) |
NM |
| Interest Expense, Net |
17.3 |
10.3 |
67.3% |
4.2 |
3.6 |
14.5% |
| Income tax benefit |
(12.4) |
0.1 |
NM |
(11.6) |
0.1 |
NM |
| Depreciation and amortization |
29.1 |
6.2 |
NM |
25.2 |
2.8 |
NM |
| EBITDA |
19.4 |
13.4 |
45.3% |
4.2 |
3.9 |
8.3% |
* EBITDA - Earnings before Interest, Taxes, Depreciation, and
Amortization.
Macquarie Full Financial Results
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