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Investors: Cameron HopewellManaging Director, Investor Relations(615) 263-3024
Financial Media: David Gutierrez, Dresner Corporate Services(312) 780-7204
CORECIVIC REPORTS FIRST QUARTER 2021 FINANCIAL RESULTS
BRENTWOOD, Tenn. May 5, 2021 CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the first quarter of 2021.
Financial Highlights First Quarter 2021
Total revenue of $454.7 million
CoreCivic Safety revenue of $409.8 million
CoreCivic Community revenue of $23.7 million
CoreCivic Properties revenue of $21.3 million
Special items include income tax expense of $114.2 million primarily associated with change in corporate tax structure and $51.7 million for a shareholder litigation settlement
Net loss attributable to common stockholders of $125.6 million
Diluted loss per share of $1.05
Adjusted diluted EPS of $0.24
Normalized FFO per diluted share of $0.44
Adjusted EBITDA of $96.3 million
Damon T. Hininger, CoreCivics President and Chief Executive Officer, said, While our GAAP financial results were impacted by certain non-recurring charges related to our conversion from a REIT to a taxable C-corporation and a shareholder litigation settlement, we are pleased with the strong underlying performance of the business despite the challenges of operating during the COVID-19 pandemic. We continue to generate strong cash flows and remain focused on repaying debt to improve our credit profile. Following the revocation of our REIT status, in April we were able to successfully access the credit markets to extend our debt maturities by issuing unsecured senior notes.
We are dedicated to helping those in our care be successful in their next step in life. Every day, our chaplains, counselors and instructors help nearly 1,500 inmates learn the life and vocational skills they need to find and keep employment once released. Every year, our dedicated teachers help more than 1,500 inmates earn a GED, which research shows makes them 30% less likely to return to prison after theyre released. We help our government partners solve some of their toughest challenges by providing flexibility to manage constantly changing needs and populations and delivering on proven reentry programs that fight recidivism and change lives.
First Quarter 2021 Financial Results Compared With First Quarter 2020
Net loss attributable to common stockholders in the first quarter of 2021 totaled $125.6 million, or $1.05 per diluted share, and was driven by $154.8 million, or $1.29 per share, of special items, compared with net income attributable to common stockholders generated in the first quarter of 2020 of $32.1 million, or $0.27 per diluted share. Adjusted for special items, net income in the first
5501 Virginia Way, Brentwood, Tennessee 37027, Phone: 615-263-3000
The following information was filed by Corecivic, Inc. (CXW) on Thursday, May 6, 2021 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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