Correctional Services (NASDAQ:CSCQ)
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From Jun 2019 to Jun 2024
Correctional Services Corporation (Nasdaq:CSCQ) today
announced the signing of an inter-governmental agreement between
Jefferson County Texas and the Texas Department of Criminal Justice
(TDCJ) to house and provide services at the Jefferson County Detention
Center for up to 250 TDCJ inmates for a two (2) year period commencing
July 1, 2005.
Correctional Services Corp. has been managing the Jefferson County
Detention Center for the County since June 1998, and previously
provided services at the Jefferson County facility to TDCJ.
The Company expects TDCJ inmates to begin arriving the first week
of July with the final transfer occurring in early August. The
facility is expected to be at full capacity in August, as it will
continue to house Immigration & Customs Enforcement & United States
Marshal Services detainees in addition to the TDCJ inmates. In the
event the 250 TDCJ inmates are transferred to the facility, they are
expected to generate $3.6 million in additional annual revenue for the
Company.
Commenting on the new contract, James F. Slattery, President and
CEO, stated, "TDCJ has been preparing for some time to renew their
placement of inmates in county facilities as part of their plan to
manage their growing inmate population, which now exceeds the capacity
of the state system. We are pleased TDCJ has chosen the Jefferson
County facility as their first placement alternative."
Slattery further stated, "We have a very strong track record of
providing quality services in Jefferson County to various federal,
state and local agencies and look forward to renewing our relationship
with TDCJ under this new contract."
Through its Youth Services International subsidiary, the Company
is the nation's leading private provider of juvenile programs for
adjudicated youths with 17 facilities and 1,300 juveniles in its care.
In addition, the Company is a leading developer and operator of adult
correctional facilities, operating 14 facilities with approximately
5,500 beds. On a combined basis, the Company provides services in 12
states, representing approximately 6,800 beds including aftercare
services.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Certain statements contained in this press release are not
historical but are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended and Section 21E
of the Securities Exchange Act of 1934, as amended. These include
statements regarding the expectations, beliefs, intentions or
strategies regarding the future. The Company intends that all
forward-looking statements be subject to the safe-harbor provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements reflect the Company's views as of the date
they are made with respect to future events and financial performance,
but are subject to many uncertainties and risks which could cause the
actual results of the Company to differ materially from any future
results expressed or implied by such forward-looking statements.
Examples of such uncertainties and risks include, but are not limited
to: fluctuations in occupancy levels and labor costs; the ability to
secure both new contracts and the renewal of existing contracts; the
possibility of unforeseen costs relating to facility closings, the
ability to achieve profitability and public resistance to
privatization; ability to obtain construction financing; and ability
to complete new construction projects within budgeted amounts.
Additional risk factors include those discussed in reports filed by
the Company from time to time on Forms 10-K, 10-Q and 8-K. The Company
does not undertake any obligation to update any forward-looking
statements.