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| Corrections Corp. of America shows strong gains in '03 |
| By Nashville Business Journal |
| Published: 02/13/2004 |
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Nashville-based prison owner and manager Corrections Corp. of America showed a profit in 2003 of $126.5 million, an upturn from the $29 million the company recorded in 2002. In the fourth quarter, CCA showed a profit of $79 million compared to $38 million in the last quarter of 2002. The company's fourth quarter 2003 results include a tax allowance and other non-recurring income tax benefits totaling $54 million. Excluding those benefits, the company generated $24.5 million in net income during the quarter. CCA had $269 million in revenues in the fourth quarter, up from $242 million during the last quarter of 2002. For the year, the company had revenues of $1 billion, up from $938 million during 2002. "We are clearly pleased with the company's financial results for 2003. Revenues, occupancy, operating margins and earnings all increased and our financial position improved significantly as a result of several financing transactions over the course of the year," says John Ferguson, president and CEO. "As we enter 2004, prisons remain overcrowded and ongoing fiscal difficulties facing many states have restricted the supply of new prison beds. CCA is well positioned to take advantage of this environment." During the year the company renewed contracts to manage four jails and two prisons in Texas with more than 7,300 beds combined. In January the company signed a deal with the state of Vermont to manage a facility with 700 inmates - the first private prison contract the state has entered. Also in January the company signed a contract with the United States Marshals Service to manage its 800-inmate Leavenworth Detention Center in Kansas. CCA currently operates 64 correctional facilities, including 38 it owns, with a capacity of 65,000 inmates in 20 states. |
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