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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 2013 FOURTH QUARTER FINANCIAL RESULTS
PROVIDES 2014 FULL-YEAR EPS GUIDANCE OF $1.84 TO $1.92 PER DILUTED SHARE AND
FULL-YEAR FFO GUIDANCE OF $2.56 TO $2.64 PER DILUTED SHARE
NASHVILLE, Tenn. February 12, 2014 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 2013.
Fourth Quarter 2013 Financial Highlights
|||Diluted EPS of $0.41 as reported, and $0.44 adjusted for special items|
|||Net income increased to $47.5 million from $45.4 million in the fourth quarter of 2012|
|||Net income adjusted for special items increased to $51.8 million from $44.1 million in the fourth quarter of 2012|
|||Normalized FFO increased to $72.8 million from $64.2 million in the fourth quarter of 2012|
|||AFFO increased to $68.9 million from $62.0 million in the fourth quarter of 2012|
Net income per diluted share adjusted for special items (Adjusted Diluted EPS) was $0.44 for both the fourth quarters of 2013 and 2012. For the full year 2013 CCA generated Adjusted Diluted EPS of $1.92 compared to $1.57 for the full year of 2012.
Fourth quarter 2013 per share amounts were negatively impacted by the issuance of 13.9 million shares of common stock in connection with the payment of a special dividend on May 20, 2013. Calculating per share amounts as if the shares were issued at the beginning of all periods, Pro forma Adjusted Diluted EPS was $0.44 in the fourth quarter of 2013 compared with $0.38 in the fourth quarter of 2012, an increase of 15.8%, and Pro forma Normalized FFO per diluted share was $0.62 in the fourth quarter of 2013 compared with $0.56 during the same period in 2012, an increase of 10.7%.
Our conversion to a REIT resulting in a reduction in income tax expense, combined with a reduction in interest expense generated by debt refinancing transactions completed during the second quarter of 2013, were the primary contributors to the increases in Net Income, Adjusted Net Income, Normalized Funds From Operations (Normalized FFO) and Adjusted Funds From Operations (AFFO).
CCA President and Chief Executive Officer, Damon Hininger, stated, We are pleased with our fourth quarter financial results and with our financial performance for the full year 2013, our first year operating as a REIT.
10 Burton Hills Blvd., Nashville, Tennessee 37215
The following information was filed by Corecivic, Inc. (CXW) on Thursday, February 13, 2014 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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