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|Contact:||Investors and Analysts: Karin Demler, CCA at (615) 263-3005|
|Financial Media: Dave Gutierrez, Dresner Corporate Services at (312) 780-7204|
CCA ANNOUNCES 2012 FOURTH QUARTER FINANCIAL RESULTS
DILUTED EARNINGS PER SHARE UP 9.8%
ADJUSTED DILUTED EARNINGS PER SHARE UP 7.3%
NORMALIZED FFO PER DILUTED SHARE UP 8.5%
AFFO PER DILUTED SHARE UP 13.0%
NASHVILLE, Tenn. February 13, 2013 CCA (NYSE: CXW) (the Company or Corrections Corporation of America), Americas largest owner of partnership correctional and detention facilities, announced today its financial results for the fourth quarter of 2012.
Fourth Quarter 2012 Highlights
Diluted EPS up 9.8% to $0.45
Adjusted Diluted EPS up 7.3% to $0.44
Normalized FFO Per Diluted Share up 8.5% to $0.64
AFFO Per Diluted Share up 13.0% to $0.61
For the fourth quarter of 2012, the Company reported Normalized FFO of $0.64 per share compared to $0.59 per share in the same period of 2011. The 8.5% increase in Normalized FFO per share reflects a slight increase in operating income, adjusted to exclude REIT conversion costs, combined with a reduction in interest expense.
Normalized FFO is calculated by eliminating certain items from FFO which, by their nature, are not comparable from period to period or that tend to obscure the Companys actual operating performance. A reconciliation of Normalized FFO can be found later in this release.
CCA President and Chief Executive Officer, Damon Hininger, stated, We are pleased to report financial results that were above expectations. As we reported last week, we are also very excited to have announced our decision to elect REIT status effective January 1, 2013. We believe this demonstrates our commitment to creating value for our shareholders.
Revenue for the fourth quarter of 2012 totaled $436.9 million compared to $437.1 million in the same period of 2011. Revenue for the fourth quarter of 2012 reflects:
Stable compensated man-days: 7.38 million in the fourth quarter of 2012 compared to 7.39 million in the fourth quarter of 2011
A slight increase in revenue per compensated man-day: $59.09 in the fourth quarter of 2012 compared to $58.97 in the fourth quarter of 2011
The following information was filed by Corecivic, Inc. (CXW) on Thursday, February 14, 2013 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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