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Investors: Cameron Hopewell - Managing Director, Investor Relations - (615) 263-3024
Financial Media: David Gutierrez, Dresner Corporate Services (312) 780-7204
CORECIVIC REPORTS FOURTH QUARTER AND FULL YEAR 2018 FINANCIAL RESULTS
PROVIDES FIRST QUARTER AND FULL YEAR 2019 EPS AND FFO GUIDANCE
NASHVILLE, Tenn. February 19, 2019 CoreCivic, Inc. (NYSE: CXW) (the Company) announced its financial results for the fourth quarter and full year 2018.
Fourth Quarter 2018 Highlights
Total revenue of $482.2 million, up 9.4% from the prior year quarter
CoreCivic Safety (portfolio of correctional and detention facilities) revenue of $436.0 million, up 6.4% from the prior year quarter
CoreCivic Community (portfolio of residential reentry centers) revenue of $27.2 million, up 33% from the prior year quarter
CoreCivic Properties (portfolio of government-leased properties) revenue of $19.0 million, up 84% from the prior year quarter
Net income of $41.2 million, Adjusted Net Income of $48.1 million
Diluted EPS of $0.35, Adjusted Diluted EPS of $0.40
Normalized FFO per diluted share of $0.63, up 5.0% from the prior year quarter
Adjusted EBITDA of $106.7 million, up 8.5% from the prior year quarter
Damon T. Hininger, CoreCivics President and Chief Executive Officer, said, Our fourth quarter financial performance was in-line with our expectations, reflecting continued top-line growth across all three of our business segments. Our CoreCivic Safety segment is benefitting from increased needs from our state and federal partners, and recent acquisitions in our CoreCivic Properties and Community segments are driving attractive returns.
Through prudent capital allocation, we have grown the footprint of our Community and Properties segments and positioned our portfolio to create long-term shareholder value, while also expanding the scope of innovative, problem-solving services we can deliver to our government partners. We see opportunities to continue to execute on our strategy and further diversify in the coming year, and our 2019 financial guidance reflects our expectations for accelerated incremental growth, Hininger said.
Fourth Quarter 2018 Results
Net income generated in the fourth quarter of 2018 totaled $41.2 million, or $0.35 per diluted share, compared with $41.3 million, or $0.35 per diluted share, in the fourth quarter of 2017. Adjusted for special items, net income in the fourth quarter of 2018 was $48.1 million, or $0.40 per diluted share (Adjusted Diluted EPS), compared with adjusted net income in the fourth quarter of 2017 of $46.9 million, or $0.40 per diluted share. Special items in the fourth quarter of 2018 included a $6.1 million charge for contingent consideration associated with the acquisition in 2017 of residential reentry service provider
10 Burton Hills Boulevard, Nashville, Tennessee 37215, Phone: 615-263-3000
The following information was filed by Corecivic, Inc. (CXW) on Wednesday, February 20, 2019 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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