Corrections Corporation of America (NYSE: CXW) (the "Company" or "CCA"), the nation's largest provider of corrections management services to government agencies, today announced its financial results for the fourth quarter and year ended December 31, 2007.
Fourth Quarter of 2007 Compared with Fourth Quarter of 2006
-- Net income increased to $34.9 million from $32.2 million
-- Net income per diluted share increased to $0.28 from $0.26
-- Net income per diluted share, excluding special items ("Adjusted net
income per diluted share") increased to $0.29 from $0.26
-- EBITDA increased to $91.8 million from $82.2 million
-- 1,680 expansion beds placed into service during the fourth quarter of
Financial results for the fourth quarter were positively impacted by an increase in compensated man-days from both federal and state customers. Management revenue from federal customers increased 7.5% to $150.8 million during the fourth quarter of 2007 from $140.3 million during the fourth quarter of 2006. The increase over the fourth quarter of 2006 was primarily the result of an increase in utilization at our Stewart Detention Center resulting from our contract with the Immigration and Customs Enforcement ("ICE") that became effective in October 2006. Additionally, revenue increased as a result of higher occupancies combined with per-diem increases obtained on several contracts with the ICE and U.S. Marshals Service ("USMS").