corrections corp of america (CXW) Snapshot

Corrections Corporation of America (CCA) announced that the Texas Department of Criminal Justice (TDCJ) elected not to renew its contracts for the CCA owned and operated 2,103-bed Mineral Wells Pre-Parole Transfer Facility and the 2,216-bed Dawson State Jail, owned by the state of Texas but operated by CCA. The TDCJ was legislatively required to close two facilities due to budget reductions. As a result, in August 2013, upon expiration of the contracts, CCA will cease operations of the Dawson facility and will idle the Mineral Wells facility. Additionally, CCA announced it was not selected for the continued management of the 1,000-bed Wilkinson County Correctional Facility owned by the state of Mississippi. CCA will cease operations of the Wilkinson facility at the end of June 2013, upon expiration of the contract. The Wilkinson facility was operating at a loss.

On May 16, 2013, Corrections Corporation of America held its Annual Meeting. At the Annual Meeting, the company's stockholders approved the proposal regarding amendments to the company's charter and a restatement thereof to give effect to such amendments to: impose certain ownership and transfer restrictions in connection with the company's REIT election for the taxable year commencing January 1, 2013; delete provisions creating two series of preferred stock that are no longer outstanding; and make other non-substantive or administrative amendments.

Corrections Corporation of America announced that its Board of Directors declared a regular quarterly dividend of $0.48 per share $1.92 annually to be paid on July 15, 2013 to shareholders of record as of the close of business on July 3, 2013.