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Correctional Services (CSCQ) Message Board

  • tomjoad57 tomjoad57 Apr 24, 1998 1:30 PM Flag

    New Contract

    Friday April 24, 10:40 am Eastern Time

    Company Press Release

    Correctional Services Corp. Finalizes Contract to
    Operate 96 Bed Juvenile Facility in Dallas

    SARASOTA, Fla.--(BUSINESS WIRE)--April 24, 1998--Correctional Services Corp.
    (NASDAQ NMS:CSCQ - news) Friday announced it has finalized a contract to operate a 96 bed
    multi purpose juvenile facility in Dallas.

    The contract with the Dallas County Juvenile Board calls for the company to provide substance
    abuse, boot camp and after-market services for various levels of adjudicated juveniles.

    The facility is expected to open in the third quarter of 1998 and generate revenues of $2.4 million
    annually.

    ``This contract adds to our leadership position in providing innovative and effective services to
    adjudicated Texas Youth,'' stated James F. Slattery, CEO and President. ``Led by James Irving,
    vice president/juvenile division, our dedicated staff of juvenile experts continues to be recognized
    for their ability to design programs to reduce recidivism levels. We are very pleased to having been
    chosen for this important project.''

    Slattery further stated: ``The 96 beds in Dallas, in addition to the previously announced 361 beds in
    Puerto Rico, brings the company's year-to-date growth in juvenile beds under management to over
    34%. This increase is a result of the company's focused efforts to develop business in our target
    markets.''

    Correctional Services Corp. is a leading developer and manager of privatized correctional and
    detention facilities in the United States. Through its three divisions: Adult, Juvenile, and Community
    Corrections, the company provides a diverse range of programs and services to local, state, and
    federal governmental agencies. The company has 28 contracts to manage facilities in Florida, New
    York, Arizona, Texas, New Mexico, Washington, Mississippi and Puerto Rico with an aggregate
    of 4,795 beds.

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    • Hi everyone. Bot 1000 shares today at 13, could
      someone
      tell me why this one dropped from 17 to 12 last two
      month.

      I just checked yahoo profile, company should grow
      earnings
      fast with all these new contracts announced last two
      month
      yet stock is down.

    • You have a great sense of humor (and your math ain't too bad, either).

    • 750 bed facility should add another .15 to the
      revenue numbers for 1999. If the 21 multiple stands that
      should put the stock up 3 3/8 from here.
      And if this
      contract is for real, then they will have proven that they
      are able to get some of the larger deals done and
      should be granted a higher multiple in line with the
      rest of the industry. Maybe good for another point or
      two or three.
      There contracts are 20 or 30 years
      in length. And from state governments. Looks like a
      pretty predictable revenue stream to me!! (Unless or
      course they aren't Y2K compliant and the doors fly open
      at the stroke of midnight and they lose all of their
      guests. Just kidding.)
      This one has winner written all
      over it to me.

 

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