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  • DreamMaster5_4 DreamMaster5_4 Aug 5, 1999 10:38 AM Flag

    Historical Pespective necessary

    Wackenhut Corrections Corporation (NYSE: WHC -
    news) today reported second quarter 1999 net income of
    $5.4 million compared to $4.7 million in the second
    quarter 1998. Diluted earnings per share increased to 24
    cents from 20 cents a year ago. Second quarter revenue
    increased to $106 million from $74.6 million in the second
    quarter 1998.

    Net income for the first six months
    of the year increased to $10.2 million or 46 cents a
    share from $8.0 million or 36 cents a share during the
    first six months of the previous year, before the
    cumulative effect of a change in accounting for start-up
    costs implemented in the first quarter of 1998. Revenue
    for the first half of the year increased to $203.5
    million compared to $145.9 million during the first half
    of last year.

    Dr. George C. Zoley, vice
    chairman and chief executive officer of Wackenhut
    Corrections, said, ``I am very pleased with the income and
    revenue increases during the second quarter. They reflect
    our continued growth and the addition of 6,509
    revenue-producing beds due to new or expanding facilities since the
    end of the second quarter 1998. We opened eight new
    facilities during the 12-month period and expanded the
    capacity at eight other locations. We also assumed
    management of the 350-bed South Florida State Hospital
    during the fourth quarter of last year.

    anticipate our company's dynamic growth to continue, given
    our present backlog of over 8,000 beds under
    development and scheduled to come on line. New awards were
    announced during the past three months including a 384-bed
    facility in New Zealand, and the increase to 3,024 beds of
    a facility previously sized at 1,500 beds in South
    Africa. These two awards have further increased our
    dominant lead in the international marketplace. It was
    also announced in the second quarter that our two
    facilities in Arkansas would be enlarged by a total of 600

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