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| Prison Operator CCA Reports Q2 Loss |
| By Associated Press |
| Published: 08/19/2002 |
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CCA, the nation's largest for-profit prison operator, reported a net loss recently of $31.4 million for the second quarter, attributing most of it to a one-time charge associated with debt refinancing The loss of 96 cents per share for the quarter ended June 30 was much greater than last year's second quarter loss of $4.5 million, or 18 cents a share. But Barry Stouffer, an analyst for BB&T Capital Markets who owns stock in the company, said it was 'a good solid quarter' for Nashville-based Corrections Corporation of America. The company has spent the past two years restructuring after profits and stock prices plunged amid concerns about prison breaks and management credibility. He said the key indicator is that the company's cash flow is a little better than expected, even though EBITDA (earnings before interest, taxes, depreciation and amortization) were down from $48.1million to $46 million. 'The company generated solid operating results,' said John Ferguson, company president and CEO, who added that the refinancing of $715 million in debt puts the company 'in a positive working capital position.' |
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