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Corrections Corporation of America Message Board

  • indian_cycle_buyer indian_cycle_buyer May 6, 2005 10:55 AM Flag

    Shorter sentences? Net down $25 M?

    CCA: Worried about Supreme Court ruling.

    http://miva.jacksonsun.com/miva/cgi-bin/miva?NEWS/news_storyV2005.mv+link=20
    0505067188020

    Having fewer inmates may cut CCA's profits

    NASHVILLE - A U.S. Supreme Court ruling affecting federal sentencing guidelines could hinder long-term prospects for private prison operator Corrections Corporation of America, which reported a first-quarter loss
    Thursday.

    In addition to declining inmate populations at CCA facilities in the first quarter, the nation's largest private prison operator also said in an SEC filing Wednesday that business may take a hit after the Supreme Court
    declared in January that federal sentencing guidelines - previously considered mandatory - are unconstitutional.

    ''Although it is too early to predict the impact, if any, on our business, the ruling could lead to federal sentences becoming more varied which could lead to a reduction in the length of sentences at correctional facilities,'' the SEC filing stated.

    On Thursday, Nashville-based CCA said it had a net loss of $8.9 million, or 24 cents a share, compared to a profit of $14.4 million, or 37 cents per share, in the same period last year.

 
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