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Corrections Corporation of America Message Board

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  • newMK newMK Jan 28, 2000 6:32 PM Flag

    CCA Correctional Officers

    Unfortunately, the numbers you are trying to
    compare don't work (this has been part of PZN's problem
    for the past year). New CCA revenues don't include
    the two PZN subs that have some of the non-RE owned
    contracts. Also PZN assets have been partially stepped up
    twice, so that some of them are carried at about two
    times cost. And of course the mix of owned and not
    owned between CRN and CCA could be very
    different.

    Without all the funny accounting and structure, CCA/PZN
    would probably show close to $1BB ($682MM in 1999)of
    revenue and $1.6 to 2BB of assets. CCA, pre-REIT, enjoyed
    net income of about 11% of revenues, double that of
    any of its competitors.

    But you are still
    correct, under-utilized facilities and financing costs are
    choking it almost to death.

 
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