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Investors and Analysts: Karin Demler, CCA at (615) 263-3005
Financial Media: Dave Gutierrez, Dresner Corporate Services at (312) 780-7204
CCA ANNOUNCES 2011 FOURTH QUARTER AND FULL-YEAR FINANCIAL RESULTS
FOURTH QUARTER DILUTED EPS INCREASED 5.1% TO $0.41
FULL YEAR DILUTED EPS UP 10.8% TO $1.54
FULL YEAR ADJUSTED DILUTED EPS UP 9.2%
2012 FULL-YEAR DILUTED EPS GUIDANCE OF $1.60 TO $1.70
NASHVILLE, Tenn. February 8, 2012 CCA (NYSE: CXW) (the Company or Corrections Corporation of America), Americas leader in partnership corrections and the nations largest provider of corrections management services to government agencies, announced today its financial results for the fourth quarter and the year ended December 31, 2011.
Financial Review Fourth Quarter 2011 Compared with Fourth Quarter 2010
Diluted EPS of $0.41
Operating income of $81.1 million
EBITDA of $109.1 million
Adjusted Funds From Operations Per Diluted Share of $0.63
Total management revenue for the fourth quarter of 2011 increased to $438.3 million from $430.8 million during the fourth quarter of 2010. For the fourth quarter of 2011, CCA generated net income of $40.5 million, or $0.41 per diluted share, compared with net income of $43.7 million, or $0.39 per diluted share, for the fourth quarter of 2010.
Management revenue from our federal partners increased 5.9% to $192.6 million generated during the fourth quarter of 2011 compared with $181.8 million generated during the prior year period. The increase in federal revenue resulted from higher populations from the U.S. Marshals Service (USMS) primarily located in the southwest region of the United States, combined with contractual rate increases associated with certain federal management contracts. These revenue increases occurred mostly within the owned and managed segment of our business.
Management revenue from our state partners decreased 1.8% to $216.8 million during the fourth quarter of 2011 compared with $220.7 million during the fourth quarter of 2010. State revenue decreased primarily as a result of a reduction of inmate populations from the state of California due to our strategic decision not to renew the contract for nearly 900 beds at our Florence facility, where we were able to replace such inmates with more inmates from the USMS, combined with lower inmate populations from the state of Hawaii. These decreases were partially offset by higher inmate populations from the state of Georgia.
10 Burton Hills Boulevard, Nashville, Tennessee 37215, Phone: 615-263-3000
The following information was filed by Corecivic, Inc. (CXW) on Thursday, February 9, 2012 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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