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.