CORRECTIONS CORP OF AMERICA (CXW) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2007

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Exhibit 99.1
(LOGO)
Contact: Karin Demler: (615) 263-3005
Corrections Corporation of America Announces
Fourth Quarter 2007 and Full—Year Financial Results
Full—Year EPS Up 23.3% to $1.06
Expects 2008 EPS of $1.21 to $1.28
NASHVILLE, Tenn. — February 7, 2008 — Corrections Corporation of America (NYSE: CXW) (the “Company” or “CCA”), the nation’s largest provider of corrections management services to government agencies, today announced its financial results for the fourth quarter and year ended December 31, 2007.
Financial Review
Fourth Quarter of 2007 Compared with Fourth Quarter of 2006
    Net income increased to $34.9 million from $32.2 million
    Net income per diluted share increased to $0.28 from $0.26
    Net income per diluted share, excluding special items (“Adjusted net income per diluted share”) increased to $0.29 from $0.26
    EBITDA increased to $91.8 million from $82.2 million
    1,680 expansion beds placed into service during the fourth quarter of 2007
Financial results for the fourth quarter were positively impacted by an increase in compensated man-days from both federal and state customers. Management revenue from federal customers increased 7.5% to $150.8 million during the fourth quarter of 2007 from $140.3 million during the fourth quarter of 2006. The increase over the fourth quarter of 2006 was primarily the result of an increase in utilization at our Stewart Detention Center resulting from our contract with the Immigration and Customs Enforcement (“ICE”) that became effective in October 2006. Additionally, revenue increased as a result of higher occupancies combined with per-diem increases obtained on several contracts with the ICE and U.S. Marshals Service (“USMS”).
Management revenue from state customers increased 15.1% to $194.0 million during the fourth quarter of 2007 from $168.5 million for the same period in 2006. The increase in state revenue from the prior year quarter was primarily due to contract awards resulting in additional inmates from the state of California, which now utilizes beds in three of our facilities, and the state of Arizona at our Diamondback facility. We also experienced notable increases in populations that we house on behalf of the states of Washington and Colorado at our North Fork Correctional Facility as well as an increase in populations we house on behalf of the state of Hawaii at our new Saguaro Correctional Facility that opened in July 2007. In addition to increasing populations, state revenues were also positively impacted by per diem increases received under several existing contracts. The state of
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10 Burton Hills Boulevard, Nashville, Tennessee 37215, Phone: 615-263-3000

 


The following information was filed by CORRECTIONS CORP OF AMERICA on Thursday, February 7, 2008 as an 8K 2.02 statement, which is a press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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  • Form Type: Annual
  • Number of times amended: 0
  • Accession Number: 0000950144-08-001419
  • Submitted to the SEC: Wednesday, February 27, 2008
  • Accepted by the SEC: Wednesday, February 27, 2008
  • Period Ending: December 2007
Companies
 

CXW Morningstar

CORRECTIONS CORP OF AMERICA

$31.75 -0.79 (-2.43%)

Day's Range:
$31.72 to $32.90

52-Week Range:
$12.99 to $35.33

Volume:
771,966

Volume (Avg):
1,489,290

Earnings per Share:
$1.87

PEG / Short / PE Ratios:
1.82 / 4.31 / 16.98

Market Cap:
$3.74B

Book Value:
12.41

EBITDA:
$471.67M