Exhibit 99.1

 

Cornell Companies, Inc.

 

AT THE COMPANY:

Chris Coonfield, Manager- Investor Relations

(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)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

As Reported

 

12/31/2009

 

12/31/2008

 

12/31/2009

 

12/31/2008

 

Revenue from operations

 

$

104,054

 

$

101,499

 

$

412,377

 

$

386,724

 

Income from operations

 

15,729

 

18,756

 

69,701

 

62,197

 

Net income

 

6,007

 

7,740

 

26,573

 

22,636

 

Income available to stockholders

 

5,446

 

7,384

 

24,626

 

22,191

 

EPS — diluted

 

$

0.36

 

$

0.50

 

$

1.64

 

$

1.49

 

Diluted shares outstanding used in per share computation

 

15,042

 

14,862

 

14,986

 

14,847

 

 

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.

 

MORE

 


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.

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