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CCA Reports Third Quarter 2016 Financial Results

NASHVILLE, Tenn., Nov. 02, 2016 (GLOBE NEWSWIRE) -- Corrections Corporation of America (CXW) (the “Company” or “CCA”), which will be renamed "CoreCivic" for financial and public reporting purposes later in 2016 consistent with its announcement on October 28, 2016 to rebrand and rename the corporate enterprise, today published its financial results for the third quarter of 2016.

Third Quarter 2016 Highlights

  • Revenue of $474.9 million increased 3.3%
  • Diluted EPS of $0.47 increased 9.3%
  • Adjusted Diluted EPS of $0.49 increased 8.9%
  • Normalized Funds From Operations per diluted share of $0.69 increased 7.8%

"I am very proud of the focus our team has maintained in delivering solid third quarter results while securing an important contract extension with Immigration and Customs Enforcement ("ICE") at our South Texas Family Residential Center, and in executing a new contract to address an emergent need of ICE. We have worked diligently to provide dependable, professional service to our government partners," said Damon Hininger, chief executive officer.

Hininger continued, "Solving the tough challenges facing government is at the core of our business, and the recently announced contract award with ICE at our 1,129-bed Cibola County Corrections Center is another great example of how we provide flexible, cost-effective solutions when our partners...