PRESS RELEASE GlobeNewswire
Nov. 8, 2017, 04:15 PM
Business Development Update
Blogger Note: The City of Mesa projected annual savings of about $2M using Core Civic rather than Maricopa County facilities to deal with a $17,000,000 2018 City Budget Shortfall
In July 2017, we began receiving offenders from the City of Mesa, Arizona at our Central Arizona Florence Correctional Complex under a new three-year contract. We currently care for detainees from USMS, ICE, and the U.S. Virgin Islands at the Central Arizona Florence Correctional complex in addition to caring for approximately 120 offenders on behalf of the City of Mesa.
Sources:
See what the IHS Markit Score report has to say about Corecivic Inc.
Corrections Corp. of America (CXW) Receiving Favorable Press ...
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NASHVILLE, Tenn., Nov. 08, 2017 (GLOBE NEWSWIRE) -- CoreCivic, Inc. (NYSE:CXW) (the Company) announced today its financial results for the third quarter of 2017.
Third Quarter 2017 Highlights - Diluted EPS of $0.35
- Adjusted Diluted EPS of $0.36
- Normalized FFO per diluted share of $0.56
- Net Income of $41.2 million
- Adjusted Net Income of $42.6 million
- Adjusted EBITDA of $93.1 million
"The second half of the year has already included a number of positive developments for CoreCivic. In addition to entering into or commencing five new contracts with government partners, we advanced our strategy of diversifying the Company by expanding our residential reentry portfolio through additional acquisitions," said Damon T. Hininger, CoreCivic's President and Chief Executive Officer. "We continue to be pleased with the opportunities we see in the market to meaningfully grow our CoreCivic Community and CoreCivic Properties platforms as we continue to expand and diversify the solutions we offer a growing number of government partners."
Third Quarter 2017 ResultsTotal revenue in the third quarter of 2017 was $442.8 million compared to $474.9 million in the third quarter of 2016. In the third quarter of 2017, we generated $7.6 million of additional revenue compared with the prior year quarter at our newly constructed Trousdale Turner Correctional Center and at our newly expanded Red Rock Correctional Center pursuant to new contracts with the States of Tennessee and Arizona, respectively, that both commenced in 2016. We also generated $6.0 million of additional revenue under existing contracts from the U.S. Marshals Service (USMS) and the States of Colorado and Hawaii. However, these increases were offset by the previously disclosed amendment and extension of the contract for our South Texas Family Residential Center (STFRC) effective in November 2016, and the previously disclosed expiration of two contracts with the Federal Bureau of Prisons (BOP) at our Eden Detention Center and our Cibola County Corrections
Center. . .
2017 Financial Guidance
Based on current business conditions we have provided the following updated financial guidance for the fourth quarter of 2017 and the full year 2017:
| Fourth Quarter 2017 | Full Year 2017 | ||
| Prior Guidance | Current Guidance | ||
| $0.35 to $0.36 | $1.50 to $1.54 | $1.50 to $1.52 |
| $0.35 to $0.37 | $1.52 to $1.56 | $1.52 to $1.54 |
| $0.55 to $0.57 | $2.28 to $2.33 | $2.31 to $2.32 |
| $0.55 to $0.57 | $2.31 to $2.35 | $2.33 to $2.35 |
We have made available on our website supplemental financial information and other data for the third quarter 2017. We do not undertake any obligation, and disclaim any duties to update any of the information disclosed in this report. Interested parties may access this information through our website at www.corecivic.com/investors under “Financial Reports” of the Investors section.
Management may meet with investors from time to time during the fourth quarter of 2017. Written materials used in the investor presentations will also be available on our website beginning on or about November 13, 2017. Interested parties may access this information through our website at www.corecivic.com/investors under “Presentations, Webcasts and Events” of the Investors section.
Webcast and Replay InformationWe will host a webcast conference call at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) on Thursday, November 9, 2017, to discuss our third quarter 2017 financial results and future outlook. Interested parties may access this information through our website at www.corecivic.com/investors under “Presentations, Webcasts and Events” of the Investors section. The conference call will be archived on our website following the completion of the call. In addition, there will be a telephonic replay available beginning at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) on November 9, 2017, through 1:00 p.m. Central Time (2:00 p.m. Eastern Time) on November 17, 2017. To access the telephonic replay, dial 866-548-4713 in the U.S. and Canada. International callers may dial +1 323-794-2093 and enter passcode 1044509.
About CoreCivic
CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, innovative and cost-saving government real estate solutions, and a growing network of residential reentry centers to help address America’s recidivism crisis. We are a publicly traded real estate investment trust (REIT) and the nation’s largest owner of partnership correctional, detention and residential reentry facilities. CoreCivic has been a flexible and dependable partner for government for more than 30 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at http://www.corecivic.com/.
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