From the Wires
Corrections Corporation of America Announces Contract Award From the State of Arizona
By: Marketwired .
Mar. 11, 2009 04:30 PM
NASHVILLE, TN -- (Marketwire) -- 03/11/09 -- Corrections Corporation of America ("CCA") (NYSE: CXW), the nation's largest provider of corrections management services to government agencies, announced that the state of Arizona has awarded a contract to CCA to manage up to 752 Arizona inmates at its 752-bed Huerfano County Correctional Center in Colorado. The Company currently houses approximately 2,100 inmates from the state of Arizona at its Diamondback Correctional Facility located in Oklahoma pursuant to a separate management contract.
The new contract includes an initial term ending March 9, 2010, which may be renewed by mutual agreement for four consecutive terms of one year each. Additionally, the new contract includes a guaranteed 90 percent occupancy level effective upon initially reaching 90 percent occupancy. The Company is currently working with the state of Colorado to relocate approximately 600 inmates housed at the Huerfano facility to CCA's three other facilities located in Colorado. Concurrently, the Company is working with the state of Arizona to establish a ramp-up schedule for their inmates.
"We are grateful that the state of Arizona has expanded our relationship and entrusted these additional inmates into our care," stated CCA's Chief Executive Officer John Ferguson. "We are also pleased to continue executing our strategy of providing just-in-time beds to meet our customers' needs."
CCA is the nation's largest owner and operator of privatized correctional and detention facilities and one of the largest prison operators in the United States, behind only the federal government and three states. CCA currently operates 64 facilities, including 44 company-owned facilities, with a total design capacity of approximately 85,000 beds in 19 states and the District of Columbia. CCA specializes in owning, operating and managing prisons and other correctional facilities and providing inmate residential and prisoner transportation 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. These services are intended to reduce recidivism and to prepare inmates for their successful re-entry into society upon their release. CCA also provides health care (including medical, dental and psychiatric services), food services and work and recreational programs. To learn more about CCA, visit www.correctionscorp.com.
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 the press release.
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