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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 FIRST QUARTER 2018 FINANCIAL RESULTS
NASHVILLE, Tenn. May 2, 2018 CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the first quarter of 2018.
First Quarter 2018 Highlights
|||Total revenue of $440.9 million|
|||Net income of $37.8 million|
|||CoreCivic Community revenue of $24.8 million, up 45% from the prior year quarter|
|||CoreCivic Properties revenue of $11.6 million, up 18% from the prior year quarter|
|||Diluted EPS of $0.32|
|||Normalized FFO per diluted share of $0.53|
|||Adjusted EBITDA of $92.1 million|
Our first quarter presented multiple positive developments for the Company as we were activating two new state contracts in Ohio and Kentucky, completed acquisitions that continue to diversify the services and real estate solutions we provide to our government partners, and are actively pursuing multiple market opportunities that have the potential to contribute positively to our future growth, said Damon T. Hininger, CoreCivics President and Chief Executive Officer. We are also pleased with the recent private placement of 20-year notes to fully finance the construction of our new facility in Lansing, Kansas, and believe the investment grade pricing of these notes provide us with a very competitive solution for other jurisdictions in need of replacement facilities.
First Quarter 2018 Results
Net income generated in the first quarter of 2018 totaled $37.8 million, or $0.32 per diluted share, compared with $50.0 million, or $0.42 per diluted share, in the first quarter of 2017. Adjusted for special items, net income in the first quarter of 2018 was $38.3 million, or $0.32 per diluted share (Adjusted Diluted EPS), compared with adjusted net income in the first quarter of 2017 of $50.4 million, or $0.43 per diluted share. Special items in the first quarter of 2018 included expenses associated with mergers and acquisitions (M&A) of $0.5 million, while special items in the first quarter of 2017 included M&A expenses of $0.1 million and asset impairments of $0.3 million.
Funds From Operations (FFO) was $62.2 million, or $0.52 per diluted share, in the first quarter of 2018, compared with $73.7 million, or $0.62 per diluted share, in the first quarter of 2017. Normalized FFO, which excludes the aforementioned special items, was $62.7 million, or $0.53 per diluted share, in the first quarter of 2018, compared with $74.1 million, or $0.63 per diluted share, in the first quarter of 2017.
10 Burton Hills Boulevard, Nashville, Tennessee 37215, Phone: 615-263-3000
The following information was filed by Corecivic, Inc. (CXW) on Thursday, May 3, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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