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Exhibit 99.1
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Cornell Companies, Inc. |
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AT THE COMPANY: |
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Chris Coonfield, Manager- Investor Relations |
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(713) 623-0790 |
Cornell Companies Reports Fourth-Quarter Earnings Above Guidance
Provides Earnings Guidance for First Quarter and Full Year 2010
Houston, TX (February 24, 2010) — Cornell Companies, Inc. (NYSE: CRN) today reported results for the three and twelve months ended December 31, 2009, and provided guidance for the first quarter and full year for 2010.
James E. Hyman, Cornell’s chairman, president and chief executive officer, said, “In the fourth quarter, Cornell executed both operationally and financially to cap another strong year in sustaining the growth in value to shareholders. In particular, we successfully completed the construction of our new Hudson Correctional Facility (Hudson) in Colorado and rapidly ramped the initial population under our contract with the Alaska Department of Corrections. As important, at the start of this year, the Federal Bureau of Prisons (BOP) awarded us a contract of up to 10 years to house up to 2,507 federal inmates at our D. Ray James Prison (DRJ) facility in Georgia. We believe this sets a trajectory for Cornell of solid long-term growth despite the challenging budget environment that we face with our customers in 2010.”
Fourth-Quarter Summary (in thousands, except per share data)
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Three Months Ended |
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Twelve Months Ended |
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As Reported |
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12/31/2009 |
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12/31/2008 |
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12/31/2009 |
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12/31/2008 |
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Revenue from operations |
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$ |
104,054 |
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$ |
101,499 |
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$ |
412,377 |
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$ |
386,724 |
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Income from operations |
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15,729 |
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18,756 |
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69,701 |
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62,197 |
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Net income |
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6,007 |
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7,740 |
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26,573 |
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22,636 |
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Income available to stockholders |
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5,446 |
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7,384 |
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24,626 |
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22,191 |
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EPS — diluted |
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$ |
0.36 |
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$ |
0.50 |
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$ |
1.64 |
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$ |
1.49 |
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Diluted shares outstanding used in per share computation |
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15,042 |
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14,862 |
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14,986 |
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14,847 |
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Fourth Quarter Results
Revenues grew 2.5 percent to $104.1 million for the fourth quarter of 2009 from $101.5 million in the 2008 period. Much of the increase came from the activation of Hudson during the fourth quarter of 2009, as well as higher populations at several facilities including the Regional Correctional Center (RCC) and the Reid Community Residential Facility. Average contract occupancy levels were 89.8 percent for our residential facilities compared with 90.2 percent in last year’s fourth quarter. Excluding start-up in the 2009 fourth quarter, our average contract occupancy level was 90.7 percent.
Income from operations of $15.7 million for the fourth quarter of 2009 decreased from $18.8 million in the fourth quarter of 2008. Results in the fourth quarter of 2009 included $2.9 million of pre-opening and start-up expenses (net of revenues) related to the opening and ramp of Hudson. The 2008 period included a net claim settlement received of $1.5 million as well as a gain on the settlement of a life insurance policy pertaining to the Company’s founder of approximately $0.7 million.
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The following information was filed by Cornell Companies Inc on Thursday, February 25, 2010 as an 8K 2.02 statement, which is an earnings 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.
View differences made from one year to another to evaluate Cornell Companies Inc's financial trajectory
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Cornell Companies Inc provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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CIK: 1016152
Form Type: 10-K Annual Report
Accession Number: 0001104659-10-010293
Submitted to the SEC: Fri Feb 26 2010 4:31:52 PM EST
Accepted by the SEC: Fri Feb 26 2010
Period: Thursday, December 31, 2009
Industry: Facilities Support Management Services
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