Key Developments: Corrections Corporation of America (CXW)
39.13USD
20 May 2013
$-0.35 (-0.89%)
$39.48
$39.48
$39.90
$38.96
1,045,168
1,865,717
$41.40
$24.74
Latest Key Developments (Source: Significant Developments)
Corrections Corporation of America Updates On Q2, FY 2013 Guidance
Corrections Corporation of America announced that on May 8, 2013, the Company issued guidance, which was calculated without including any adjustment for the additional shares that would be issued in connection with the special dividend. Therefore, the Company is providing updated guidance incorporating the impact of the additional shares to be issued. For the second quarter of 2013, it expects Adjusted Diluted EPS of $0.49 to $0.50. Normalized Funds From Operations (FFO) per diluted share of $0.66 to $0.68 and Adjusted Funds From Operations per diluted share of $0.65 to $0.66 which assumes 109.1 million weighted average shares outstanding for the second quarter of 2013. For fiscal 2013 adjusted Diluted EPS of $1.91 to $1.98. Normalized Funds From Operations per diluted share of $2.60 to $2.67 and adjusted Funds From Operations per diluted share of $2.53 to $2.65 which assumes 111.5 million weighted average shares outstanding for fiscal 2013 no other adjustments have been made to guidance. The guidance excludes REIT conversion costs, debt refinancing costs, and the reversal of certain net deferred tax liabilities associated with the REIT conversion. Full Article
Corrections Corporation of America Declares Regular Quarterly Dividend
Corrections Corporation of America announced that its Board of Directors declared a regular quarterly dividend of $0.48 per share ($1.92 annually) to be paid on July 15, 2013 to shareholders of record as of the close of business on July 3, 2013. Full Article
Corrections Corporation of America Raises FY 2013 FFO Guidance; Issues Q2 2013 FFO Guidance In Line With Analysts' Estimates
Corrections Corporation of America raised its fiscal 2013 guidance and expects adjusted diluted earnings per share (EPS) to be in the range of $2.08 to $2.16, normalized funds from operations per diluted share to be in the range of $2.83 to $2.91 and adjusted funds from operations (FFO) per diluted share to be in the range of $2.75 to $2.88. For second quarter of 2013, it expects adjusted diluted EPS to be in the range of $0.52 to $0.53, normalized FFO to be in the range of $0.70 to $0.72 per diluted share and AFFO per diluted share to be in the range of $0.69 to $0.71. According to I/B/E/S Estimates, analysts were expecting the Company to report FFO of $2.58 for fiscal 2013; FFO of $0.69 for second quarter of 2013. Full Article
Corrections Corporation of America Declares Special Dividend
Corrections Corporation of America announced that Board of Directors declared a special dividend to shareholders of $675 million, or approximately $6.63 per share of common stock, based on the number of shares outstanding at that time, in connection with the Company's plan to qualify as a REIT effective as of January 1, 2013. The special dividend will be paid in satisfaction of a requirement that the Company distribute its previously undistributed accumulated earnings and profits attributable to tax periods ending prior to January 1, 2013. The Company expects to pay the special dividend on May 20, 2013 to shareholders of record as of April 19, 2013. Full Article
Corrections Corporation of America Authorizes Special Dividend of $675 Million
Corrections Corporation of America announced that its Board of Directors has declared a special dividend to shareholders of $675 million, or approximately $6.63 per share of common stock based on the number of shares currently outstanding, in connection with the Company's previously announced plan to qualify as a real estate investment trust (REIT) for federal income tax purposes effective as of January 1, 2013. The special dividend will be paid in satisfaction of requirements that the Company distribute its previously undistributed accumulated earnings and profits attributable to tax periods ending prior to January 1, 2013. The Company expects to pay the special dividend on May 20, 2013 to shareholders of record as of April 19, 2013. Full Article
Corrections Corporation of America Announces Pricing of Senior Notes Offering
Corrections Corporation of America announced the pricing of $325 million aggregate principal amount of its 4.125% senior notes due 2020 and $350 million aggregate principal amount of its 4.625% senior notes due 2023 (collectively, the New Notes). The New Notes will be senior unsecured obligations of the Company and will initially be guaranteed by all of the Company's subsidiaries that guarantee its senior secured credit facility. The closing of the sale of the New Notes is expected to occur on April 4, 2013 and is subject to the satisfaction of customary closing conditions. The Company intends to use its net proceeds from the sale of the New Notes to purchase, redeem or otherwise acquire all of the Company's outstanding 7 3/4% Senior Notes due 2017 either pursuant to its concurrent tender offer for such notes or otherwise, to fund the payment in cash of up to 20% of its required distribution of C-corporation accumulated earnings and profits in connection with its REIT conversion, to pay other REIT conversion costs and for general corporate purposes. Full Article
Corrections Corp Of America Proposes Offering Of Senior Notes
Corrections Corp Of America announced intention to offer up to an aggregate of $675 million in aggregate principal amount of senior notes, comprised of senior notes due 2020 and senior notes due 2023. The New Notes will be senior unsecured obligations of the Company and will initially be guaranteed by all of the Company's subsidiaries that guarantee senior secured credit facility. The Company intends to use its net proceeds from the sale of the New Notes to purchase, redeem or otherwise acquire all of the Company's outstanding 7 3/4% Senior Notes due 2017 either pursuant to concurrent tender offer for such notes or otherwise, to fund the payment in cash of up to 20% of required distribution of C-corporation accumulated earnings and profits in connection with REIT conversion, to pay other REIT conversion costs and for general corporate purposes. Full Article
Corrections Corp Of America Declares $0.53 Dividend For First Quarter 2013
Corrections Corp Of America announced that its Board of Directors declared a dividend for the first quarter of 2013 of $0.53 per share to be paid on April 15, 2013 to shareholders of record as of the close of business on April 3, 2013. Full Article
Corrections Corp Of America Issues Q1 2013 EPS Guidance Above Analysts' Estimates; Reaffirms FY 2013 FFO Guidance
Corrections Corp Of America announced that for first quarter 2013, it expects adjusted EPS in the range of $0.47 to $0.48, FFO to be in the range of $0.66 to $0.68 per diluted share, AFFO Per Diluted Share to be in the range of $0.64 to $0.66. For fiscal 2013, it expects adjusted diluted EPS of $2.05 to $2.15, FFO per diluted share of $2.80 to $2.90 and adjusted FFO per diluted share of $2.72 to $2.87. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $0.42 for first quarter of 2013. Full Article
Corrections Corp Of America Announces Board of Directors Authorizes REIT Conversion
Corrections Corp Of America announced that its Board of Directors (the Board) has unanimously authorized the Company to elect to qualify as a Real Estate Investment Trust (REIT) for the taxable year commencing January 1, 2013 (the REIT Conversion). This decision follows the receipt of a favorable Private Letter Ruling (PLR) from the IRS, and completion of the internal reorganization previously announced. CCA has also received an opinion from Latham & Watkins LLP, which advised CCA on its REIT conversion that as a REIT. As previously announced, the Company completed an internal reorganization of its business operations at the end of last year which will allow it to elect to qualify as a REIT for the taxable year commencing January 1, 2013. Full Article
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