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CCA Reports Second Quarter 2016 Financial Results

NASHVILLE, Tenn., Aug. 03, 2016 (GLOBE NEWSWIRE) -- Corrections Corporation of America (CXW) (the “Company” or “CCA”), America's largest owner of partnership correctional, detention, and reentry facilities, announced today its financial results for the second quarter of 2016.

Second Quarter 2016 Highlights

  • Revenue of $463.3 million increased 0.9% from the prior year quarter
  • Diluted EPS of $0.49
  • Funds From Operations (FFO) per diluted share of $0.69
  • Normalized Funds From Operations (Normalized FFO) per diluted share of $0.69

"Throughout the second quarter we continued to execute on our strategic growth initiatives while maintaining our operational focus and delivering strong financial results," said Damon Hininger, CCA's chief executive officer. "We are currently in the process of activating two correctional facilities on the behalf of state partners in Tennessee and Arizona, representing an addition of over 3,500 beds of needed capacity for those states. We also entered into a long-term lease for our North Fork Correctional Facility, our largest previously idle facility at 2,400 beds, to help alleviate overcrowding in Oklahoma. We continue to execute on our acquisition strategy by completing two acquisitions during the quarter, adding over 700 beds to our residential reentry portfolio and expanding on our vision of providing high-quality services in this critical area for our partners. In keeping with that vision, in July we were awarded a new 120-bed contract from California to provide residential reentry services at our...