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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 2019 FINANCIAL RESULTS
DILUTED EPS OF $0.41 AND FFO PER SHARE OF $0.64 EXCEED GUIDANCE
INCREASES FULL YEAR 2019 FINANCIAL GUIDANCE
NASHVILLE, Tenn. May 8, 2019 CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the first quarter of 2019.
First Quarter 2019 Highlights
Total revenue of $484.1 million, up 10% from the prior year quarter
CoreCivic Safety (portfolio of correctional and detention facilities) revenue of $434.3 million, up 7% from the prior year quarter
CoreCivic Community (portfolio of residential reentry centers) revenue of $30.6 million, up 23% from the prior year quarter
CoreCivic Properties (portfolio of government-leased properties) revenue of $19.1 million, up 65% from the prior year quarter
Net income of $49.3 million, up 31% from the prior year quarter
Diluted EPS of $0.41, up 28% from the prior year quarter
Normalized FFO per diluted share of $0.64, up 21% from the prior year quarter
Adjusted EBITDA of $109.7 million, up 19% from the prior year quarter
Damon T. Hininger, CoreCivics President and Chief Executive Officer, said, Each of our business segments had strong financial performance during the first quarter. Multiple new contract awards produced meaningful growth, as we benefitted from strong underlying utilization trends within existing contracts in our CoreCivic Safety segment and generated attractive returns from recent acquisitions that have expanded our CoreCivic Community and Properties segments.
We are increasing our full year financial guidance as a result of our strong momentum and attractive outlook. In addition, we continue to evaluate market opportunities across our diversified portfolio of real estate assets that can contribute to continued earnings and cash flow growth.
We are also pleased to announce that we will publish CoreCivics first environmental, social, and governance report prior to our annual shareholder meeting next week. The report is informed by our engagement with our investors, government partners, employees, the individuals entrusted to our care and local community and industry stakeholders during a multi-year process. We believe it provides a wealth of information documenting how we responsibly and ethically manage our operations, helping our government partners better the public good, Hininger added.
10 Burton Hills Boulevard, Nashville, Tennessee 37215, Phone: 615-263-3000
The following information was filed by Corecivic, Inc. (CXW) on Thursday, May 9, 2019 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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