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| Corrections Corp narrows Second Quarter Loss, settle lawsuit |
| By Reuters |
| Published: 08/20/2001 |
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Corrections Corp. of America an operator of private prisons in the United States, said recently it sharply narrowed its second-quarter net loss on strong revenues, and settled a lawsuit related to a canceled restructuring. The Nashville, Tennessee-based operator of prisons in the U.S. and Puerto Rico, reported a second-quarter net loss of $4.5 million, or 18 cents a share, compared with a loss of $81.6 million, or $6.89 a share in the same period last year. The company said second-quarter consolidated revenues soared to $245.7 million from $14.1 million in the second quarter last year. The company said it agreed to pay $15 million in fees to the Blackstone Group and the Fortress Investment Group to settle a lawsuit that was filed after Corrections canceled a proposed restructuring that would have been led by Blackstone and Fortress. Shares of Corrections Corp. rose 10 cents to $13.95 in morning trade on the New York Stock Exchange. |
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