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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 THIRD QUARTER 2018 FINANCIAL RESULTS
REVISES 2018 GUIDANCE TO POSITION FOR GROWTH PROSPECTS
NASHVILLE, Tenn. November 5, 2018 CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the third quarter of 2018.
Third Quarter 2018 Highlights
Total revenue of $462.7 million, up 4.5% from the prior year quarter
Net income of $41.0 million, Adjusted Net Income of $43.0 million
Strong performance by both diversifying segments:
CoreCivic Properties revenue of $15.3 million, up 50% from the prior year quarter
CoreCivic Community revenue of $25.1 million, up 31% from the prior year quarter
Diluted EPS of $0.34, Adjusted EPS per diluted share of $0.36
Normalized FFO per diluted share of $0.58, up 3.6% from the prior year quarter
Adjusted EBITDA of $99.7 million, up 6.8% from the prior year
Our third quarter financial and strategic accomplishments highlight CoreCivics ability to drive growth both organically and through acquisitions. We grew FFO per share and closed acquisitions that will generate attractive risk-adjusted returns as we continue to transform our portfolio through the diversification and expansion of our industry-leading government-leased real estate portfolio, said Damon T. Hininger, CoreCivics President and Chief Executive Officer.
Our revenue and normalized FFO per share growth were primarily the result of seven new Safety contracts, representing approximately 4,500 beds. Five of these contracts were with state agencies, four of which are new state partners, and two with federal agencies. An additional new contract with Vermont executed after quarter-end, coupled with numerous opportunities for accretive acquisitions, position us well to increase cash flow generated by our portfolio and create long-term shareholder value.
Third Quarter 2018 Results
Net income generated in the third quarter of 2018 totaled $41.0 million, or $0.34 per diluted share, compared with $41.2 million, or $0.35 per diluted share, in the third quarter of 2017. Adjusted for special items, net income in the third quarter of 2018 was $43.0 million, or $0.36 per diluted share (Adjusted Diluted EPS), compared with adjusted net income in the third quarter of 2017 of $42.6 million, or $0.36 per diluted share. Special items in the third quarter of 2018 included expenses associated with mergers and acquisitions (M&A) of $1.0
10 Burton Hills Boulevard, Nashville, Tennessee 37215, Phone: 615-263-3000
The following information was filed by Corecivic, Inc. (CXW) on Tuesday, November 6, 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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