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Investorsand Analysts: Cameron Hopewell, CCA at (615) 263-3024
|Financial Media: Dave Gutierrez, Dresner Corporate Services at (312) 780-7204|
CCA REPORTS FOURTH QUARTER AND FULL YEAR 2014 FINANCIAL RESULTS
PROVIDES 2015 FULL-YEAR EPS GUIDANCE OF $1.94 TO $2.02 PER DILUTED SHARE
AND FFO GUIDANCE OF $2.67 TO $2.75 PER DILUTED SHARE
NASHVILLE, Tenn. February 11, 2015 CCA (Corrections Corporation of America) (NYSE: CXW), Americas largest owner of partnership correctional and detention facilities, announced today its financial results for the fourth quarter and full year 2014.
Fourth Quarter 2014 Highlights Compared with Fourth Quarter 2013
|||Diluted EPS of $0.25 or $0.49 adjusted for special items, an 11.4% increase|
|||Adjusted net income increased 11.5% to $57.7 million from $51.8 million|
|||Normalized FFO per diluted share increased 8.1% to $0.67|
|||AFFO per diluted share increased 10.2% to $0.65|
Full Year 2014 Highlights Compared with Full Year 2013
|||Diluted EPS of $1.66 or $1.92 adjusted for special items, a 4.9% increase|
|||Adjusted net income increased 5.4% to $225.0 million from $213.4 million|
|||Normalized FFO per diluted share increased 4.7% to $2.65|
|||AFFO per diluted share increased 3.2% to $2.57|
We are pleased to have concluded 2014 with a fourth quarter that delivered strong Adjusted EPS and Adjusted FFO per share growth, said Damon Hininger, CCAs chief executive officer. We successfully activated operations of the first 480 beds for U.S. Immigration and Customs Enforcement at the South Texas Family Residential Center in the quarter, and in early January 2015 we began receiving an additional 500 inmates from the state of Arizona at our Red Rock Correctional Center. We are encouraged by the positive momentum these accomplishments provide as we begin 2015 and look for additional partnership opportunities to generate growth.
Fourth Quarter Results
Total revenue for the fourth quarter of 2014 was $423.5 million compared to $431.1 million in the fourth quarter of 2013. The decline in revenue was primarily attributable to the termination of contracts in 2014 that resulted in a year-over-year reduction in total revenue of $23.7 million, while facility net operating income (NOI) for these terminated contracts represented a $1.5 million loss in the fourth quarter of 2013. The decline in revenue was also attributable to a one-time contract adjustment by one of our federal partners that resulted in the recognition of $13.0 million of revenue in the fourth quarter of 2013, as well as an offsetting $13.0 million expense accrual, as previously disclosed in the prior year quarter.
10 Burton Hills Boulevard, Nashville, Tennessee 37215, Phone: 615-263-3000
The following information was filed by Corecivic, Inc. (CXW) on Thursday, February 12, 2015 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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