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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 2019 FINANCIAL RESULTS
PROVIDES FIRST QUARTER AND FULL YEAR 2020 EPS AND FFO GUIDANCE
NASHVILLE, Tenn. February 12, 2020 CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the fourth quarter and full year 2019.
Highlights of Full Year 2019
Total revenue of $1.98 billion, an increase of 8%
CoreCivic Safety revenue of $1.78 billion, an increase of 6%
CoreCivic Community revenue of $123.3 million, an increase of 21%
CoreCivic Properties revenue of $77.3 million, an increase of 34%
Net income of $188.9 million, an increase of 19%
Adjusted net income of $204.8 million, an increase of 19%
Diluted EPS of $1.59, an increase of 19%
Adjusted diluted EPS of $1.72, an increase of 19%
Normalized FFO per diluted share of $2.62, an increase of 13%
Adjusted EBITDA of $443.9 million, an increase of 12%
Damon T. Hininger, CoreCivics President and Chief Executive Officer, said, Throughout the year we had many achievements, including strong full year financial performance and growth across each of our business segments. We also expanded our commitment to, and investment in, innovative recidivism-reducing programming, publicly advocated for the removal of barriers that create challenges for individuals reentering society, and issued the Companys first ESG report.
While we experienced positive growth trends for the full year 2019, our fourth quarter included lower utilization by Immigration and Customs Enforcement than we forecasted. Our initial guidance for 2020 does not assume ICE utilization will return to the elevated levels experienced in 2019, when the agency and the country faced a humanitarian crisis. However, we believe our efforts to diversify the Companys business, including through M&A activity and new state contracts, will mitigate the normalization of ICE utilization.
Highlights of Fourth Quarter 2019
Net income of $42.0 million, an increase of 2%
Adjusted net income of $42.8 million, a decrease of 11%
Diluted EPS of $0.35, equal to prior year quarter
Adjusted diluted EPS of $0.36, a decrease of 10%
Normalized FFO per diluted share of $0.59, a decrease of 6%
Adjusted EBITDA of $103.5 million, a decrease of 3%
5501 Virginia Way, Brentwood, Tennessee 37027, Phone: 615-263-3000
The following information was filed by Corecivic, Inc. (CXW) on Thursday, February 13, 2020 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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