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  • investorgroup investorgroup Sep 8, 1999 8:50 AM Flag

    Historical Pespective necessary

    Manboking, your facts on CRN seem to be abit odd.
    You mention they have a bulk of their facilities in
    Big Spring, are a secondary stock, etc.
    However,
    the last press release I saw from CRN indicated they
    had 56 facilities in 12 states + DC, with over 13,000
    beds (only about 2000 +/- were in Big Spring)?
    In
    addition, while CRN has accumulated some debt (I wouldn't
    call it "loaded" though), they have more Real Estate
    $$$ than any others (even more than WHC used to start
    it's REIT/CPV). One reason WHC paid down it's debt is
    from their sale of real estate to its REIT; I'd guess
    that CRN will eventually sell its real estate and
    realize a similiar debt paydown. With a smaller share
    base, CRN seems to grow at a faster EPS % than the
    others (although the others grow at a healthy rate
    too).

    I do agree with your point that disturbances at
    prisons go with the territory, and the pressure on all
    the corrections stocks (PZN, WHC, CRN, etc) seems to
    be more media-hype related, and not due to any
    fundamental changes in the corrections industry.

    I'm
    still Long on this entire industry.

 
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