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Investors: Cameron Hopewell - Managing Director, Investor Relations - (615) 263-3024
Financial Media: David Gutierrez, Dresner Corporate Services (312) 780-7204
CORECIVIC REPORTS FOURTH QUARTER AND FULL YEAR 2016 FINANCIAL RESULTS
INCREASES 2017 FULL YEAR EPS GUIDANCE TO $1.46 TO $1.54
AND FFO GUIDANCE TO $2.22 TO $2.30 PER DILUTED SHARE
NASHVILLE, Tenn. February 8, 2017 CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the fourth quarter and full year 2016.
Fourth Quarter 2016 Highlights
|||Revenue of $464.1 million increased 3.6% from the prior year quarter|
|||Diluted EPS of $0.52, up 26.8% from $0.41 in the fourth quarter of 2015|
|||Adjusted Diluted EPS of $0.52, up 20.9% from $0.43 in the fourth quarter of 2015|
|||Normalized FFO per diluted share of $0.72, up 14.3% from $0.63 in the fourth quarter of 2015|
Full Year 2016 Highlights
|||Total revenue of $1.85 billion in 2016 versus $1.79 billion in 2015|
|||Diluted EPS of $1.87 in 2016 versus $1.88 in 2015|
|||Adjusted diluted EPS of $1.90 in 2016 versus $1.93 in 2015|
|||Normalized FFO per diluted share of $2.70 in 2016 versus $2.69 in 2015|
The final quarter of 2016 was exceptionally busy, with many significant accomplishments of which we are proud. During the quarter we formally launched the CoreCivic brand which more appropriately reflects the range of solutions we can provide, substantially completed the expansion of our Red Rock Correctional Center, entered into two new contracts with Immigration and Customs Enforcement to help address their emergent bed capacity needs, and extended our contract with the Federal Bureau of Prisons at our McRae Correctional Facility, to name a few of those accomplishments, said Damon T. Hininger, CoreCivics President and Chief Executive Officer. We see many opportunities to work with new and existing partners to deliver real estate solutions that address each partners unique needs, and we have the expertise and flexibility to deliver those solutions in an innovative and cost-effective manner.
Fourth Quarter 2016 Results
Total revenue for the fourth quarter of 2016 was $464.1 million compared to $447.8 million in the fourth quarter of 2015. The increase in revenue was primarily attributable to the activation of the newly constructed Trousdale Turner Correctional Center in the first quarter of 2016, higher average daily populations from Immigration and Customs Enforcement (ICE) across multiple facilities in our portfolio, and the acquisition of 19 residential reentry facilities from the beginning of the fourth quarter of 2015 through the fourth quarter of
10 Burton Hills Boulevard, Nashville, Tennessee 37215, Phone: 615-263-3000
The following information was filed by Corecivic, Inc. (CXW) on Thursday, February 9, 2017 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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