NASHVILLE, Tenn.--(BUSINESS WIRE)--Oct. 20, 2004--Corrections Corporation of America (NYSE:CXW - News) announced today that it will release its 2004 third-quarter financial results on Wednesday, November 3, 2004. A live broadcast of Corrections Corporation of America's conference call will be available on-line through the Company's website at www.correctionscorp.com (under the "Webcasts" section of the Investor page) on November 3, 2004, at 2:00 p.m. central time. The on-line replay will be archived on the Company's website promptly following the conference call. In addition, there will be a telephonic replay available beginning at 4:00 p.m. central time on November 3, 2004, through 11:59 p.m. central time on November 10, 2004. To access the telephonic replay, dial 1-800-405-2236 and enter confirmation number 11011667.
The quarterly investors t/c will be held the day after election. If Bush loses, CCA loses. Kerry isn't going to keep tens of thousands of penny-ante alien criminals locked up. Those unfortunates kept CCA out of bankruptcy a few years ago. Here's a story from Georgia this week: Wheeler Correctional Facility could close next year under a Georgia Department of Corrections proposal that calls for shutting down one of the state's private prisons. The prison, operated by Corrections Corporation of America, went into operation in 1998. The facility employs 333 people, and 80 percent of the workforce comes from either Wheeler or an adjoining county.
Here is some more information on the Georgia facility Indian Cycle mentioned.
Comments by Brian Owen (Executive Assistant to DOC Commissioner James Donald), Ralph Kemp (Warden) and Wheeler employee on the possible close of a Georgia facility:
Owens: Many discussions are left to be held, he said, before a final decision is made. "This is a worst-case scenario". "It's way too early for anyone to be concerned. I'm cautiously optimistic we can avoid it."
Kemp said he was informed via e-mail two weeks ago that budget plans called for closing one private prison, which could be either Wheeler, another CCA prison in Coffee County or a prison in Folkston owned by Cornell Corp.
Kemp argues that the state shouldn't close any prison, even the one owned by CCA's competitor. "All of these prisons are in small, rural communities," Kemp said. "It's going to have a tremendous economic impact."
The idea of closing a private prison, Owens said, bears no reflection on the performance of private prisons.
A state monitor is at the prison full-time to make sure all regulations are being followed, Kemp said. He also noted that the prison has not had escapes or serious assaults. "All we've had are a few fights," he said. "I would put our facility up against any in the state.
"We fought a long time to get this prison here, not to have to go outside the county to work," said Tina Hodge, a quality assurance manager at the prison, whose husband also works there. "I can see the economic impact on several local businesses."
She and her husband worked in the state prison system, and she said they like working in a private prison better. "It's like one big family," Hodge said. "The state doesn't have that camaraderie-type atmosphere."