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| Wackenhut Corrections Reports Third Quarter Results |
| By Press Release |
| Published: 05/09/2003 |
Revenue for the third quarter was $141.7 million compared with $142.2 million in the third quarter of 2001. Revenue for the first nine months of 2002 increased to $423.1 million compared to $418.9 million during the first nine months of last year. Revenues for the nine months of 2002 reflect the discontinuance of an under performing domestic prison contract combined with the absence of construction revenue, offset by the full activation of the Company's two newest domestic facilities in North Carolina and Texas. Contribution from operations for the third quarter 2002 decreased to $15.5 million compared with $15.7 million in the third quarter 2001. Contribution from operations for the first nine-months of the year increased 23 percent to $45.3 million from $36.8 million in the comparable period a year ago. These significant increases are attributable to the discontinuance of unprofitable contracts in the U.S., the full activation of the Company's two newest U.S. facilities, significantly improved financial performance at a number of existing facilities, and a decline in expenses related to the Company's operating lease facility. George C. Zoley, Chairman and Chief Executive Officer of WCC, said, 'I am very pleased with the strength of the Company's 2002 third quarter operating and financial performance. During the quarter, we negotiated a multi-year services agreement providing for the phase out of support from The Wackenhut Corporation. A key element of this agreement is the establishment on October 1, 2002 of WCC's new insurance program. In addition, effective January 1, 2003, the Company plans on assuming full responsibility for independent payroll, human resources, and tax functions. The only TWC support service after January 1, 2003 will be information technology support. The Company also plans to complete our relocation into our new corporate headquarters located in Boca Raton, Florida by next April. These events combine to give us the flexibility we need to ensure a high level of service to our clients and position the Company for new opportunities. I am enthusiastic about the Company's position to actively compete for all growth opportunities on a global basis.' The Company has scheduled a conference call and simultaneous webcast at 4:30 PM (EST) today to discuss the third quarter financial results as well as discuss the Company's progress and outlook. The U.S. call-in number is 800-839-6806 and the international call-in number is 402-220-3724. In addition, a live webcast of the conference call may be accessed on the Company's investor relations' home page at www.wcc-corrections.com. The call will be available for re-broadcast on the website for 30 days. A telephonic replay of the conference call will be available until November 8, 2002 at 800-839-6806. WCC, a world leader in the privatized corrections industry, has contracts/awards to manage 59 correctional/detention facilities in North America, Europe, Australia, South Africa and New Zealand with a total of approximately 42,000 beds. WCC also provides prisoner transportation services, electronic monitoring for home detainees, correctional health care and mental health services. WCC offers government agencies a turnkey approach to the development of new correctional and mental health institutions that includes design, construction, financing and operations. This press release contains forward-looking statements regarding future events and future performance of the Company that involve risks and uncertainties that could materially affect actual results, including statements regarding openings of new facilities and the Company's operational and financial condition. Investors should refer to documents that the Company files from time to time with the Securities and Exchange Commission for a description of certain factors that could cause actual results to vary from current expectations. Such factors include, but are not limited to the following: competitive factors and pricing pressures; the Company's dependence on expansion for revenue and profit growth; ability to win service contracts for which it has submitted proposals and to retain existing management contracts; possible fluctuations in occupancy levels; limited contract duration; reliance upon government appropriations for payment under awarded contracts; governmental regulation; limited acceptance of private prison operation; community opposition to facility location; potential legal liability; insurance costs; adverse publicity; the Company's ability to ensure a positive outcome of the UK governmental review process; the Company's ability to protect the value of its UK interests; the Company's ability to ensure that the majority shareholders' interests are protected as Group 4 Falck divests its interest in Wackenhut Corrections, and other factors contained in the Company's Securities and Exchange Commission filings, including the Forms 10-K, 10-Q and 8-K reports. Contact: Brian Evans Controller of Wackenhut Corrections Corporation 4200 Wackenhut Drive Palm Beach Gardens, FL 33410 561-691-6432 |
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