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Corrections Corporation of America Message Board

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  • newMK newMK Sep 9, 1999 9:36 AM Flag

    badly broken

    You stated: "I don't know what PZN's adjusted
    TAXABLE income was for the 1st 6 months of 1999, but
    their net earnings were about $.35 total for the first
    two quarters combined."

    I didn't recheck these
    numbers for precision, but Q1 included a .85/sh charge
    for elimination of deferred taxes due to the merger
    and expected REIT qualification. This doesn't reduce
    E&P, so book net income (close to E&P) for the first
    six months is closer to $1.20.

    Quite a while
    ago there were numerous posts discussing the
    quarterly reduction of CCA's E&P (avilable for special
    dividend).
    It's estimated to be the .05/sh per quarter plus
    another $20-25MM due to "regular" dividends in excess of
    current E&P.

    So, again, the special dividend, if
    paid in cash will be $1.54, less about 10% dilution
    and .05 to .10 for operating expense increases. Even
    if not paid in cash, the special dividend will be
    that amount, and will be taxable to that extent.


    (Good job, socksey).

 
CXW
30.42Apr 29 4:02 PMEDT