Exhibit 99.1

 

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Contact:   

Investors: Cameron Hopewell—Managing Director, Investor Relations—(615) 263-3024

Financial Media: David Gutierrez, Dresner Corporate Services—(312) 780-7204

CORECIVIC REPORTS THIRD QUARTER 2020 FINANCIAL RESULTS

BRENTWOOD, Tenn. – November 4, 2020 – CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the third quarter of 2020.

Financial Highlights – Third Quarter 2020

 

 

Total revenue of $468.3 million

 

   

CoreCivic Safety revenue of $420.0 million

 

   

CoreCivic Community revenue of $24.1 million

 

   

CoreCivic Properties revenue of $24.1 million

 

   

Net income attributable to common stockholders of $26.7 million

 

   

Diluted EPS of $0.22

 

   

Adjusted diluted EPS of $0.28

 

   

Normalized FFO per diluted share of $0.52

 

   

Adjusted EBITDA of $94.6 million

 

   

Repaid $102.2 million in total debt, net of the change in cash

Damon T. Hininger, CoreCivic’s President and Chief Executive Officer, said, “Our business and our dedicated professionals continue to perform admirably through the COVID-19 pandemic, working diligently to provide essential services while attentively implementing and adhering to protocols designed to protect each other and those in our care. We remain a critical solution to our government partners who are also facing pandemic-related challenges. Our cash flow generation remains strong, and we are executing on our revised capital allocation strategy of prioritizing our substantial free cash flow to reduce debt. In the third quarter alone we repaid over $100 million in long-term debt, net of the change in cash, increasing our financial flexibility. We are committed to using our free cash flow in a manner that serves the long-term best interest of our shareholders, our business, our government partners, and the people and communities we together serve, and we are pleased with our progress. Finally, we continue to evaluate the potential sale of certain non-core real estate assets in our Properties segment, and are optimistic with the interest expressed to date. Generating net proceeds from these asset sales should enable us to accelerate our revised capital allocation strategy.

“In continuation of an initiative we began three years ago, we’re also pleased to have announced last month our support for a slate of new policies, including the restoration of Pell Grants for incarcerated individuals, the restoration of voting rights for the formerly incarcerated, and licensure reform to make it easier for the formerly incarcerated to find and keep jobs. With the legislative progress that’s been made, we believe now is the time to step up – not slow down – our commitment to programs and policies that reduce recidivism,” added Hininger.

5501 Virginia Way, Brentwood, Tennessee 37027, Phone: 615-263-3000


The following information was filed by Corecivic, Inc. (CXW) on Thursday, November 5, 2020 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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