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| CCA predicts lower profits |
| By Associated Press |
| Published: 02/11/2009 |
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TENNESSEE - Private prison operator Corrections Corporation of America on Tuesday issued first-quarter and fiscal year profit predictions that undershot average Wall Street predictions, partially as a result of fewer days in the 2009 periods. Corrections Corp. said it expects to post a first-quarter profit of 24 cents to 26 cents per share, while 2009 profit is expected to fall within a range of $1.10 to $1.20 per share. Analysts surveyed by Thomson Reuters expect a first-quarter profit of 30 cents per share and a 2009 profit of $1.34 per share. Corrections Corp. said the 2009 periods will have fewer days than the comparable periods last year as a result of the leap year in 2008. The first quarter's results are also expected to be hurt by unemployment taxes as base wage rates reset for state unemployment tax purposes. Read more. If link has expired, check the website of the article's original news source. |
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