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Corrections Corporation of America Message Board

  • mcprison mcprison Aug 15, 2000 8:11 PM Flag

    2nd Quarter results

    Prison Realty Reports Second Quarter
    Results

    NASHVILLE, Tenn., Aug. 15 /PRNewswire/ --
    Prison Realty
    Trust, Inc. (NYSE: PZN) announced today results for the
    second
    quarter ended June 30, 2000. Prison Realty reported
    revenues of $17.5 million
    and a net loss available to
    common shareholders of $74.3 million, or
    ($0.63) per
    common share for the quarter.

    Prison Realty has
    proposed a comprehensive restructuring, including
    the
    merger of Prison Realty with CCA and its operation as a
    taxable subchapter C
    corporation rather than as a REIT
    beginning with its 2000 taxable year.

    The company's
    revenues were reduced for the second quarter of 2000
    to
    reflect a reserve of $72.6 million to offset lease
    revenues from Prison
    Realty's primary tenant,
    Corrections Corporation of America (CCA), due to
    the
    uncertainty regarding the collectibility of the
    payments.

    The results for the second quarter of 2000 include
    $4.4 million in
    write-offs of amounts under lease
    agreements related to tenant incentive fees
    due CCA on
    two facilities opened in 2000, $28.1 million reserved
    for merger
    transaction fees related to the
    termination of previously announced
    transactions, and $7.5
    million in foreign currency transaction losses as
    a
    result of the strong U.S. dollar against the UK pound
    arising from receivables
    related to the Company's HMP
    Forrest Bank facility in Salford, England.

    CCA,
    Prison Realty's primary tenant, had second quarter
    revenues of
    $142.4 million and a net loss of $76.8
    million. The loss includes gross lease
    expenses before
    amortization of deferred credits of $81.6 million related
    to
    leases with Prison Realty. In addition to CCA, the two
    service companies had
    combined revenues of $72.9
    million and combined net income before taxes of
    $2.0
    million for the quarter. Prison Realty's economic
    interest in the two
    service companies is reported as
    equity in earnings of subsidiaries.

    Systemwide,
    the three companies doing business as CCA had 64,260
    prison
    and jail beds in operation at the end of the second
    quarter of 2000, versus
    50,513 beds at June 30, 1999.
    Occupancy for the quarter was 84.8% this year
    compared
    with 92.7% last year, and compensated mandays for the
    quarter rose
    1.9% to 4.6 million from 4.1 million in
    the second quarter of 1999.

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    • my female antecedent instructed me to invariably
      respond politely:

      "You're welcome."

      taught
      (by) mama- always curtsey: keep earning
      respect

      tmacker must acknowledge courteous, kind, excellent
      replies

    • from PRNewsWire, courtesy of Y*hoo
      news:

      Following the earnings release, Prison Realty will hold a
      conference call at 9:00 a.m. Central Daylight Time on
      Wednesday, August 16, 2000. Those who would like to
      participate in the conference call are invited to dial
      800-810-0924, confirmation code 841321. International callers
      should dial 913-981-4900. A simulcast of the call will
      be available on the following Internet sites:
      www.streetevents.com ; www.streetfusion.com ; and www.vcall.com
      .

      Those who are unable to participate are invited to call
      719-457-0820 until August 21st at 5:00 p.m. CDT for a 24-hour
      replay. Confirmation code: 841321. The replay will also
      be posted on the Internet sites mentioned above for
      30 days.

    • See what you did. You invited that spammer. {:>))

    • Not out of the woods yet but the candor was
      definitely a refreshing change. Any opinions on relative
      merit of common vs. preferred to ease into a position?
      As always I'll pay the going rate for free advice.

    • Several Wall Street Analysts such
      as Jerry
      Doctrow were upset about
      CCA buyout and suggested it
      would be
      better for shareholders to let CCA
      go
      bankrupt.Management said their
      consultants thought letting CCA
      go
      bankrupt would ruin industry and delay stock recovery. I
      am still
      undecided and will call PZN before
      I
      make my vote.

    • John also said they would review
      Blackstone
      deal to see if they were
      liable for breakup
      fee.They also
      said Calif City to be occupied or
      95%
      pay in Sept.They also mentioned
      they have 3000
      beds to fill in Georgia.As Calif City is
      filled
      revenues jump as they are paid
      around $60 per day
      versus $46.84
      for their average today.This
      will
      increase profit per day which dropped
      to $9.37 from
      $11.30.

    • I concur with your comments on the call. I have a
      thousand shares which I inherited. I was impressed with
      the way the call was handled. The responses to
      inquiries, I thought were straight forward and to the point.
      I think these folks have a handle on the problem. I
      just hope they can pull a recovery off. I will vote
      for the merger. It is a shame we have to pay off Doc
      Crants and his son but after listening to the call, I
      don;t see any other options.

    • I wasn't even aware that there was going to be a CC. Is there any place to hear a replay?

    • I was a little disappointed that the 10 %
      Guarantee on the 137mm note that Doc personally guaranteed
      was never discussed. Or that the loans that he and
      his son and others took out haven't been paid back.
      But I will say that as a long term investor since
      1986 that the only solution is to vote yes and move
      forward rather than dragging out. The banks have opened
      the door for a solution to the ballooning credit
      facilty and we don't have time to waste. Personally, Doc
      should have been fired without pay or benefits.

    • I'll leave the number crunching to you and newMK,
      Brendy, Chacal, Flipper and others more suited than I am
      - but, to me that was a CC that we should have had
      a year ago. Sounded like a professionally run,
      big-time, big board company. Hopefully this is a sign of
      things to come.
      For John to say that communications
      will definitely improve, and we will have a better run
      company, we have moved positively forward already.
      I
      will anxiously await the comments from this board.

    • View More Messages
 
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