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Correctional Properties Trust Reports 2005 First Quarter Earnings
PALM BEACH GARDENS, Fla., May 9 /PRNewswire-FirstCall/ -- Correctional
Properties Trust (NYSE:CPV), a real estate investment trust (REIT), today
announced net income for the three months ended March 31, 2005, of $4.5
million, or $.40 per diluted share. Revenue for the three months ended March
31, 2005 was $6.9 million. Funds from Operations (the non-GAAP financial
measure described and reconciled below) for the three months ended March 31,
2005 was $5.9 million, or $.53 per diluted share.
For the three months ended March 31, 2004, the Company had net income of $4.5
million, or $.41 per diluted share, on revenue of $6.7 million. Funds from
Operations was $6.4 million, or $.58 per diluted share.
Charles R. Jones, President and CEO, stated, "I am pleased with the first
quarter results and our strong financial position. We have adopted a
comprehensive strategy to expand our horizon of property types to include
higher education facilities, and mental health properties. I am optimistic
about the growth opportunities this presents for our Company."
The Company will conduct an open conference call with analysts and shareholders
at 2:00 P.M. (ET) on May 9, 2005 to discuss the Company's results for the first
quarter of 2005 and 2005 guidance.
To listen to the call live, please go to the following website at least 15
minutes prior to the call to register, download and install any necessary audio
software. For those of you unable to listen to the live broadcast, a webcast
replay will be available following the call for four weeks at:
http://phx.corporate-ir.net/playerlink.zhtml?c=93191&s=wm&e=1051235
Those who would like to participate in the teleconference may do so by calling
the following telephone number at 1:45 P.M. (ET), on May 9, 2005:
Dial-In Number: (866) 256-9295
Conference ID Number: 686606
Those who wish to listen to a telephone replay of this teleconference may do so
by calling:
Replay Number: (888) 266-2081
Conference ID Number: 686606
The telephone replay of the teleconference will be available 24 hours a day,
starting at 5:30 P.M., on May 9, 2005 through May 16, 2005.
Correctional Properties Trust, based in Palm Beach Gardens, Florida, was formed
in February 1998 to capitalize on the growing trend toward privatization in the
corrections industry. Correctional Properties Trust is dedicated to ownership
of correctional facilities under long-term, triple-net leases, which minimizes
occupancy risk and development risk.
Correctional Properties Trust currently owns 12 correctional facilities in nine
states, all of which are leased, with an aggregate initial design capacity of
6,856 beds.
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 regarding future events
and future performance of the Company that involve risks and uncertainties that
could materially affect actual results. Such forward- looking statements are
made pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995 and are qualified in their entirety by cautionary
statements and risk factors disclosure contained in certain of the Company's
Securities and Exchange Commission filings. For a description of certain
factors that could cause actual results to vary from current expectations and
forward-looking statements contained in this press release, refer to documents
that the Company files from time to time with the Securities and Exchange
Commission. Such filings include the Company's Form 10-K for the fiscal year
ended December 31, 2004 and subsequent periodic reports. The Company assumes no
obligation to update or supplement forward- looking statements that become
untrue because of subsequent events.
CONTACT: Correctional Properties Trust Shareholder Services (561) 630-6336, or
access Company information at http://www.correctionalpropertiestrust.com/
CORRECTIONAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED
MARCH 31, 2005 AND MARCH 31, 2004
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(Unaudited)
THREE MONTHS
ENDED MARCH 31,
2005 2004
REVENUE
RENTAL $ 6,860 $ 6,694
INTEREST 38 1
6,898 6,695
EXPENSES
DEPRECIATION 1,449 1,449
GENERAL and ADMINISTRATIVE 721 637
INTEREST 276 290
2,446 2,376
INCOME FROM CONTINUING OPERATIONS 4,452 4,319
DISCONTINUED OPERATIONS:
INCOME FROM OPERATIONS OF
DISCONTINUED FACILITIES -- 192
NET INCOME $ 4,452 $ 4,511
BASIC NET INCOME PER COMMON SHARE
CONTINUING OPERATIONS $ 0.41 $ 0.39
DISCONTINUED OPERATIONS -- 0.02
NET INCOME PER COMMON SHARE $ 0.41 $ 0.41
DILUTED NET INCOME PER COMMON
SHARE
CONTINUING OPERATIONS $ 0.40 $ 0.39
DISCONTINUED OPERATIONS -- 0.02
NET INCOME PER COMMON SHARE $ 0.40 $ 0.41
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING
BASIC 10,991 10,973
DILUTED 11,083 11,092
FUNDS FROM OPERATIONS
Management believes Funds from Operations ("FFO") is helpful to investors as a
measure of the performance of an equity REIT. FFO should not be considered as
an alternative to net income (determined in accordance with GAAP) as an
indication of the Company's financial performance or to cash flows from
operating activities (determined in accordance with GAAP) as a measure of the
Company's liquidity, nor is it indicative of funds available to fund the
Company's cash needs, including its ability to make distributions.
The Company computes FFO in accordance with the current standards established
by the White Paper on Funds from Operations approved by the Board of Governors
of the National Association of Real Estate Investment Trusts, which may differ
from the methodology for calculating FFO utilized by other equity REITs, and,
accordingly, may not be comparable to such other REITs. The White Paper defines
FFO as net income (loss), computed in accordance with generally accepted
accounting principles ("GAAP"), excluding gains (or losses) from sales of
property, plus real estate related depreciation and amortization and after
adjustments for unconsolidated partnerships and joint ventures. Further, FFO
does not represent amounts available for management's discretionary use because
of needed capital replacement or expansion, debt service obligations, or other
commitments and uncertainties. The Company believes that in order to facilitate
a clear understanding of its consolidated operating results, FFO should be
examined in conjunction with net income as presented in the unaudited
consolidated financial statements for corresponding periods.
The table below presents a reconciliation of net income to FFO for the three
months ended March 31, 2005 and March 31, 2004. (Amounts in thousands, except
per share amounts) (Unaudited)
THREE MONTHS
ENDED MARCH 31,
2005 2004
Net Income $ 4,452 $ 4,511
Real estate depreciation 1,449 1,449
Real estate depreciation
included in discontinued
operations -- 446
Funds from Operations $ 5,901 $ 6,406
Weighted Average Shares
Outstanding, Basic 10,991 10,973
Weighted Average Shares
Outstanding, Diluted 11,083 11,092
FFO Per Share
Basic $ 0.54 $ 0.58
Diluted $ 0.53 $ 0.58
Other Information
Straight-Line Rents in Excess of
Contract Rents $ 17 $ 102
Amortization of Deferred
Financing Costs $ 193 $ 211
http://phx.corporate-ir.net/playerlink.zhtml?c=93191&s=wm&e=1051235DATASOURCE:
Correctional Properties Trust
CONTACT: Correctional Properties Trust Shareholder Services,
+1-561-630-6336
Web site: http://www.correctionalpropertiestrust.com/