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Corrections Corp Of America (CXW) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Corecivic, Inc.

CIK: 1070985 Ticker: CXW

Exhibit 99.1

 

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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”), America’s 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders Equity
Consolidated Statements Of Stockholders Equity (parenthetical)
Accounts Payable And Accrued Expenses
Accounts Payable And Accrued Expenses (tables)
Accounts Payable And Accrued Expenses - Additional Information (detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (detail)
Components Of Deferred Tax Assets And Liabilities (detail)
Components Of Income Tax (benefit) Expense (detail)
Condensed Consolidating Balance Sheet (detail)
Condensed Consolidating Financial Statements Of Cca And Subsidiaries
Condensed Consolidating Financial Statements Of Cca And Subsidiaries (tables)
Condensed Consolidating Statement Of Cash Flows (detail)
Condensed Consolidating Statement Of Operations (detail)
Consolidated Balance Sheets Of Discontinued Operations (detail)
Debt
Debt (tables)
Debt - Additional Information (detail)
Declared Common Stock Dividends (detail)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Additional Information (detail)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Additional Information (detail)
Goodwill
Goodwill - Additional Information (detail)
Idled Facilities And Respective Carrying Values Excluding Equipment And Other Assets (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Investment In Affiliate
Investment In Affiliate - Additional Information (detail)
Investment In Direct Financing Lease
Investment In Direct Financing Lease (detail)
Investment In Direct Financing Lease (tables)
Investment In Direct Financing Lease - Additional Information (detail)
Organization And Operations
Organization And Operations - Additional Information (detail)
Other Assets
Other Assets (tables)
Property And Equipment
Property And Equipment (detail)
Property And Equipment (tables)
Property And Equipment - Additional Information (detail)
Real Estate Activations, Acquisitions, Developments, And Closures
Real Estate Activations, Acquisitions, Developments, And Closures (tables)
Real Estate Activations, Acquisitions, Developments, And Closures - Additional Information (detail)
Reconciliation Of Income Tax Provision At Statutory Income Tax Rate And Effective Tax Rate (detail)
Schedule Iii - Real Estate And Accumulated Depreciation (detail)
Schedule Iii - Real Estate And Accumulated Depreciation (parenthetical) (detail)
Schedule Iii - Real Estate And Accumulated Depreciation Summary Of Transactions (detail)
Schedule Iii Real Estate Assets And Accumulated Depreciation
Schedule Of Accounts Payable And Accrued Expenses (detail)
Schedule Of Assets For Reportable Segments (detail)
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share (detail)
Schedule Of Debt Outstanding (detail)
Schedule Of Debt Outstanding (parenthetical) (detail)
Schedule Of Estimated Fair Value Of Option Grant Using Black-scholes Option Pricing Model (detail)
Schedule Of Financial Instruments Having Difference Between Carrying Amount And Fair Value (detail)
Schedule Of Future Minimum Lease Payments (detail)
Schedule Of Other Assets (detail)
Schedule Of Other Assets (parenthetical) (detail)
Schedule Of Principal Payments (detail)
Schedule Of Revenue And Facility Net Operating Income Of Reportable Segments And Reconciliation To Cca's Operating Income (detail)
Schedule Of Selected Quarterly Financial Information (detail)
Schedule Of Selected Quarterly Financial Information (parenthetical) (detail)
Schedule Of Useful Life Of Property And Equipment (detail)
Segment Reporting
Segment Reporting (tables)
Segment Reporting - Additional Information (detail)
Selected Quarterly Financial Information (unaudited)
Selected Quarterly Financial Information (unaudited) (tables)
Stockholders Equity - Additional Information (detail)
Stockholders' Equity
Stockholders' Equity (tables)
Subsequent Events
Subsequent Events - Additional Information (detail)
Summarized Results Of Operations For Discontinued Facilities (detail)
Summary Of Capital Expenditures Including Accrued Amounts For Reportable Segments (detail)
Summary Of Nonvested Restricted Common Stock Transactions (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Stock Option Transactions Relating To Non-qualified Stock Option Plans (detail)
Ticker: CXW
CIK: 1070985
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-072723
Submitted to the SEC: Thu Feb 27 2014 3:29:12 PM EST
Accepted by the SEC: Thu Feb 27 2014
Period: Tuesday, December 31, 2013
Industry: Real Estate Investment Trusts

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