Breaking News

Tweet TWEET

CCA Awarded Three-Year Contract Renewal With California

CCA Awarded Three-Year Contract Renewal With California 
NASHVILLE, TN -- (Marketwired) -- 07/10/13 --   CCA (Corrections
Corporation of America) (NYSE: CXW), America's largest owner of
partnership correctional and detention facilities, announced today
that it has renewed its contract with the California Department of
Corrections and Rehabilitation (CDCR) for an additional three years.  
The contract renewal, which is effective July 1, 2013, includes the
following provisions:  
1. Up to 8,244 beds are made available to CDCR for the next three
years at the following three facilities which currently house
approximately 7,450 California inmates: 


 
--  La Palma Correctional Center: 3,160 beds
--  North Fork Correctional Facility: 2,400 beds
--  Tallahatchie County Correctional Facility: 2,684 beds

  
2. Allows CCA and CDCR to transition California inmates currently
housed at our 1,596-bed Red Rock Correctional Center to other CCA
facilities as necessary, upon mutual agreement. Red Rock currently
houses approximately 1,550 California inmates. 
As previously disclosed, CCA is working with California to develop a
transition plan to remove all of its inmates from our Red Rock
Correctional Center before the end of the year, in order to make room
for inmates under our new contract with the State of Arizona
effective January 1, 2014. While the transition plan may result in
the loss of some or all of the inmates currently housed at the Red
Rock facility, the transition plan could include retention and
transfer of inmates to other CCA facilities. 
Damon Hininger, president and CEO, stated, "We appreciate the
opportunity to continue our relationship with the state of
California. This partnership exemplifies the flexibility that CCA is
able to provide CDCR to safely and securely manage its populations." 
About CCA
 CCA, a publicly traded real estate investment trust
(REIT), is the nation's largest owner of partnership correction and
detention facilities and one of the largest prison operators in the
United States, behind only the federal government and three states.
We currently operate 66 facilities, including 51 facilities that we
own or control, with a total design capacity of approximately 92,000
beds in 20 states and the District of Columbia. CCA specializes in
owning, operating and managing prisons and other correctional
facilities and providing inmate residential services for governmental
agencies. In addition to providing the fundamental residential
services relating to inmates, our facilities offer a variety of
rehabilitation and educational programs, including basic education,
religious services, life skills and employment training and substance
abuse treatment.  
Forward-Looking Statements 
 This press release contains statements
as to our beliefs and expectations of the outcome of future events
that are forward-looking statements as defined within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the
statements made. These include, but are not limited to, the risks and
uncertainties associated with: (i) general economic and market
conditions, including the impact governmental budgets can have on our
per diem rates, occupancy, and overall utilization; (ii) fluctuations
in our operating results because of, among other things, changes in
occupancy levels, competition, increases in cost of operations,
fluctuations in interest rates and risks of operations; (iii) our
ability to obtain and maintain correctional facility management
contracts, including as a result of sufficient governmental
appropriations and as a result of inmate disturbances; (iv) changes
in the privatization of the corrections and detention industry, the
public acceptance of our services, the timing of the opening of and
demand for new prison facilities and the commencement of new
management contracts; (v) the outcome of California's realignment
program and its utilization of out of state private correctional
capacity; and (vi) increases in costs to construct or expand
correctional facilities that exceed original estimates, or the
inability to complete such projects on schedule as a result of
various factors, many of which are beyond our control, such as
weather, labor conditions and material shortages, resulting in
increased construction costs. Other factors that could cause
operating and financial results to differ are described in the
filings made from time to time by us with the Securities and Exchange
Commission.  
CCA takes no responsibility for updating the information contained in
this press release following the date hereof to reflect events or
circumstances occurring after the date hereof or the occurrence of
unanticipated events or for any changes or modifications made to this
press release. 
Contact: 
Karin Demler
Investors
615-263-3005 
Steve Owen
Media
615-263-3107