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CORECIVIC REPORTS THIRD QUARTER 2019 FINANCIAL RESULTS
INCREASES FULL YEAR 2019 FINANCIAL GUIDANCE
NASHVILLE, Tenn. November 6, 2019 CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the third quarter of 2019.
Highlights of Third Quarter 2019 vs. Third Quarter 2018
Total revenue of $508.5 million, an increase of 10%
CoreCivic Safety revenue of $457.8 million, an increase of 8%
CoreCivic Community revenue of $30.8 million, an increase of 23%
CoreCivic Properties revenue of $19.8 million, an increase of 30%
Net income of $49.0 million, an increase of 20%
Adjusted net income of $55.9 million, an increase of 30%
Diluted EPS of $0.41, an increase of 21%
Adjusted diluted EPS of $0.47, an increase of 31%
Normalized FFO per diluted share of $0.70, an increase of 21%
Adjusted EBITDA of $115.4 million, an increase of 16%
Damon T. Hininger, CoreCivics President and Chief Executive Officer, said, During the third quarter we continued to experience positive growth across all three of our business segments due to the activation of multiple new state and federal contracts and positive contributions from our M&A activity. We have increased our full-year 2019 financial guidance for the third consecutive quarter, and we are seeing a growing number of new opportunities to meet our government partners needs that would potentially make use of most of our available capacity.
We provide mission-critical infrastructure to our government partners, allowing them to more effectively and efficiently carry out the important public services they provide. Our ability to adapt and respond to their evolving needs in a cost effective, humane and flexible manner allows government agencies to solve problems in ways they cannot do alone. We are extremely proud of our mission and of the hard work all of our employees including officers, chaplains, teachers, nurses, veterans and many others perform on a daily basis and their dedication to helping the individuals entrusted to our care.
Third Quarter 2019 Results
Net income generated in the third quarter of 2019 totaled $49.0 million, or $0.41 per diluted share, compared with $41.0 million, or $0.34 per diluted share, in the third quarter of 2018. Adjusted for special items, net income in the third quarter of 2019 was $55.9 million, or $0.47 per diluted share (Adjusted Diluted EPS), compared with adjusted net income in the
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The following information was filed by Corecivic, Inc. (CXW) on Thursday, November 7, 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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