SP Plus Corporation (NASDAQ:SP) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition.
Item 7.01. Regulation FD Disclosure.
The following information is furnished to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure.”
On July 31, 2019, SP Plus Corporation (“SP” or the “Company”) issued a press release setting forth its second quarter 2019 results and announced the Company’s new stock repurchase program, as discuss under Item 8.01 below. A copy of SP’s press release is attached hereto as Exhibit 99 and is hereby incorporated by reference.
Item 8.01. Other Events.
On July 31, 2019, the Company’s Board of Directors approved a stock repurchase program granting the Company authority to repurchase up to $50.0 million in common stock, in addition to the approximately $3.0 million remaining available under the Company’s previously approved stock repurchase program.
The Company’s stock purchase programs do not obligate the Company to acquire any particular dollar amount or number of shares or to acquire shares on any particular timetable, and the programs may be suspended at any time at the Company’s discretion. The Company will make any repurchases of shares on the open market, which may include repurchases to Rule 10b5-1 trading plans, at times and prices considered appropriate, from time to time at the discretion of the Company, and subject to its assessment of alternative uses of capital, stock trading price, general market conditions, applicable legal and regulatory requirements and other relevant factors.
Item 9.01. Financial Statements and Exhibits.
99 Press release, dated July 31, 2019, issued by the Company (furnished herewith).
SP Plus Corp Exhibit
EX-99 2 exh_99.htm PRESS RELEASE EdgarFilingEXHIBIT 99SP Plus Corporation Announces Second Quarter and First-Half 2019 Results -Results reflect acquisition and organic growth–Full-year Net Income and EBITDA expected to be at upper-end of range; Raises EPS guidance–Strategic growth plan expected to accelerate gross profit growth rate over time- -New $50 million share repurchase authorization- CHICAGO,…
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About SP Plus Corporation (NASDAQ:SP)
SP Plus Corporation provides parking management, ground transportation and other ancillary services to commercial, institutional and municipal clients in the United States, Puerto Rico and Canada. The Company operates through six segments: Region One (North reporting unit), Region Two (South reporting unit), Region Three (New York Metropolitan tri-state area of New York, New Jersey and Connecticut reporting unit), Region Four (Airport transportation operations around the nation reporting unit) and Region Five (the United States Parking reporting unit and event planning and transportation services reporting unit). Its SP+ brand includes an array of its operating divisions, such as SP+ Airport Services, SP+ GAMEDAY, SP+ Healthcare Services, SP+ Hotel Services, SP+ Municipal Services, SP+ Office Services, SP+ Residential Services, SP+ Retail Services and SP+ University Services. It offers parking services under its SP + Parking, Standard Parking, Central Parking and USA Parking brands.