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Corrections Corporation of America Message Board

  • stockplusmoney stockplusmoney Feb 8, 2013 12:37 PM Flag

    Positive Pre-Preannouncements

    You can thank me later these ARE ALL positive new CXW will be over 40 next week
    Corrections Corp. raises FY13 adjusted EPS view to $2.05-$2.15, consensus $1.62
    Sees FY13 adjusted FFO $2.72-$2.87. Expected annual dividend $2.04-$2.16 per share. The company's guidance includes an estimate of the impact from ongoing annual REIT compliance costs of $2M- $4M. Guidance excludes charges associated with the one-time REIT conversion costs, debt refinancing expenses, reversal of certain deferred tax items resulting from the REIT conversion and shares of common stock issued as part of the special dividend. During 2013, the company expects to invest approximately $85M to $100M in capital expenditures.

    Corrections Corp. sees Q4 adjusted EPS 43c-44c, had seen 39c-41c, consensus 41c
    Corrections Corp. to declare $650M-$700M special dividend
    In order to comply with REIT rules, CCA's board plans to declare a special one-time dividend to distribute earnings and profits accumulated prior to our REIT election of approximately $650M-$700M during 2013. The company intends to pay the dividend with a combination of approximately 20% cash and 80% common stock. The company estimates it will incur approximately $25M in one-time conversion expenses, excluding any costs associated with issuing new debt, refinancing existing debt or modifying existing debt agreements. We also expect to record a one-time income tax benefit of $115M to $135M in 2013 as a result of the reversal of certain net deferred tax liabilities.


    CCA authorizes the company to elect to qualify as REIT
    CCA, America's leader in partnership corrections, announced that its Board of Directors has unanimously authorized the Company to elect to qualify as a Real Estate Investment Trust, or REIT for the taxable year commencing January 1. This decision follows the receipt of a favorable Private Letter Ruling, or PLR, from the IRS, and completion of the internal reorganization previously announced. CCA has also received an opinion from Latham & Watkins LLP, which advised CCA on its REIT conversion that CCA qualifies as a REIT.

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