Last $33.09 USD
Change Today +0.15 / 0.46%
Volume 493.2K
As of 6:40 PM 07/22/14 All times are local (Market data is delayed by at least 15 minutes).

corrections corp of america (CXW) Snapshot

Open
$33.08
Previous Close
$32.94
Day High
$33.14
Day Low
$32.75
52 Week High
10/29/13 - $38.13
52 Week Low
02/10/14 - $30.37
Market Cap
3.9B
Average Volume 10 Days
505.8K
EPS TTM
$1.88
Shares Outstanding
116.4M
EX-Date
06/30/14
P/E TM
17.6x
Dividend
$2.04
Dividend Yield
5.99%
Current Stock Chart for CORRECTIONS CORP OF AMERICA (CXW)

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corrections corp of america (CXW) Details

Corrections Corporation of America, together with its subsidiaries, owns and operates privatized correctional and detention facilities in the United States. It owns, operates, and manages prisons and other correctional facilities; and provides inmate residential and prisoner transportation services for governmental agencies. The company also offers various rehabilitation and educational programs, including basic education, religious services, life skills and employment training, and substance abuse treatment, as well as food services, work and recreational programs, and healthcare services, such as medical, dental, and mental health services. In addition, it leases its facilities to third-party operators. The company serves federal, state, and local correctional and detention authorities. As of December 31, 2012, the company owned and managed 47 correctional and detention facilities; and managed 20 correctional and detention facilities, which it did not own. Corrections Corporation of America was founded in 1983 and is based in Nashville, Tennessee.

15,400 Employees
Last Reported Date: 02/27/14
Founded in 1983

corrections corp of america (CXW) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: $737.2K
Chief Development Officer and Executive Vice ...
Total Annual Compensation: $332.7K
Chief Corrections Officer and Executive Vice ...
Total Annual Compensation: $332.7K
Executive Vice President, General Counsel and...
Total Annual Compensation: $282.3K
Compensation as of Fiscal Year 2013.

corrections corp of america (CXW) Key Developments

CCA Provides Update on Correctional Facility

CCA in May 2014 announced that it had entered into an agreement with Trousdale County whereby CCA agreed to finance, design, build and operate a 2,552-bed correctional facility. This facility will meet the responsibilities of a separate intergovernmental service agreement (IGSA) between Trousdale County and the State of Tennessee regarding correctional services. At that time, CCA announced that it expected Trousdale County and the State of Tennessee to formalize the agreement during the second quarter of 2014. On July 7, 2014, CCA has been provided formal notification that Trousdale County and the State of Tennessee have finalized the IGSA. The facility is expected to be completed and prepared to receive inmates in the fourth quarter of 2015, and will be operated under a five-year contract. As previously announced, CCA currently expects construction to be completed at an estimated total cost of $140.0 million, of which approximately $31.0 million has been invested to date. CCA will own and operate the Whiteville Correctional Facility for the State of Tennessee, and to manage Tennessee inmates at three other facilities: South Central Correctional Center, Metro-Davidson County Detention Facility and Hardeman County Correctional Facility.

Corrections Corporation of America Declares Quarterly Cash Dividend Payable on July 15, 2014

Corrections Corporation of America announced that its board of directors declared a quarterly dividend of $0.51 per share to be paid on July 15, 2014 to shareholders of record as of the close of business on July 2, 2014.

Corrections Corporation of America Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Second Quarter Ending June 30, 2014 and Year Ending December 31, 2014

Corrections Corporation of America reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net income of $51.7 million or $0.44 per diluted share compared with net income of $181.092 million or $1.78 per diluted share a year ago. Normalized FFO per diluted share was $0.62 compared with pro forma normalized FFO per share of $0.61 in the first quarter of 2013. Operating income increased to $63.1 million from $59.9 million in the prior year quarter. Operating income during the first quarter of 2014 was negatively impacted by the ramp-up of inmate populations at its Red Rock facility, which was operating near full capacity in the prior year quarter housing California populations, as well as contract losses. Total revenue was $404.2 million, compared to $416.7 million in the prior year quarter. First quarter 2014 revenues were impacted by a decline of approximately $20.2 million resulting from contract losses. Total revenue during the first quarter of 2014 was also negatively impacted by a contract adjustment by one of its federal partners previously disclosed in the fourth quarter of 2013. Income from continuing operations before income taxes was $53.105 million against $47.000 million a year ago. Income from continuing operations was $51.738 million or $0.44 per diluted share against $181.447 million or $1.78 per diluted share a year ago. Funds from operations were $72.815 million against $200.839 million a year ago. Normalized funds from operations were $72.815 million against $70.837 million a year ago. Maintenance capital expenditures on real estate assets were $8.728 million against $4.134 million a year ago. Adjusted funds from operations were $68.135 million against $70.955 million a year ago. Diluted adjusted net income was $51.738 million or $0.44 per diluted share against $51.090 million or $0.50 per diluted share a year ago. Pro forma adjusted diluted earnings per share were $0.44 against $0.44 a year ago. Adjusted funds from operations per diluted share were $0.58 against $0.70 a year ago. Pro forma normalized FFO per diluted share were $0.62 against $0.61 a year ago. Pro forma AFFO per diluted share were $0.58 against $0.61 a year ago. The company expects adjusted diluted EPS for the second quarter of 2014 to be in the range of $0.45 to $0.47. Adjusted net income expected to be $53,000 to $55,000. Funds from operations expected to be $74,000 to $76,000. Maintenance capital expenditures on real estate assets expected to be $5,000 to $5,000. Adjusted funds from operations expected to be $73,200 to $75,300. Normalized funds from operations per diluted share expected to be $0.63 to $0.65. Adjusted funds from operations per diluted share expected to be $0.62 to $0.64. The company is assuming a consolidated GAAP income tax rate of approximately 8% to 9%. For the full year 2014, the company expects adjusted diluted EPS to be in the range of $1.84 to $1.92. The company expects Normalized FFO for the full-year 2014 to be in the range of $2.56 to $2.64 per diluted share, while full-year 2014 AFFO per diluted share is expected to be in the range of $2.49 to $2.58. During 2014, the company expects to invest approximately $165.0 million to $180.0 million in capital expenditures, consisting of $115.0 million to $125.0 million in on-going prison construction and expenditures related to potential land acquisitions, approximately $25.0 million in maintenance capital expenditures on real estate assets, and $25.0 million to $30.0 million for capital expenditures on other assets and information technology. Adjusted net income expected to be $217,000 to $227,000. Funds from operations expected to be $302,000 to $312,000. Adjusted funds from operations expected to be $294,200 to $304,300. Depreciation expense for the full year 2014 is estimated at $115 million to $117 million. The company is assuming a consolidated GAAP income tax rate an average of 7% to 8% for the full year because of the low rate in first quarter.

 

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Valuation CXW Industry Range
Price/Earnings 21.7x
Price/Sales 2.3x
Price/Book 2.6x
Price/Cash Flow 13.4x
TEV/Sales 1.5x
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