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Corrections Corporation of America Message Board

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  • newMK newMK May 7, 1999 11:43 PM Flag

    Bad News!!!

    Deep in the numbers again...

    Sure enough,
    right after I posted about the special dividend, I saw
    your post 1155 which explained it in detail. But I
    think I disagree with your conclusion re the year-end
    special dividend.

    I understood that the
    $20,000,000 excess distribution was being paid quarterly
    also. It reduces CCA E&P not if it exceeds 95% of
    taxable income (min tax distrib), but only to the extent
    it exceeds current year E&P (earnings). You can see
    this in the 3/31 balance sheet which accompanies the
    1st qtr press release. It shows $60,595,000 of
    accumulated (1st quarter) income and $64,323,000 of
    distributions, so almost $4,000,000 of the distribution in March
    was part of this $20 million excess, I
    believe.

    If this is correct, then the special dividend at the
    end of the year will indeed be $1.54, assuming no
    further equity issues.

 
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