Corrections Corporation of America Receives Award from Wisconsin for New Contract for Corrections Management Services
Wisconsin law required a competitive procurement process for the new management contract, and CCA was awarded the contract over other competitive corrections management companies. Terms of the agreement include a three-year contract with two one-year renewal options and contract provisions that are comparable to the Company's existing contract with Wisconsin.
"CCA has served Wisconsin for the previous five years, in what we believe has represented an effective partnership between the public and private sector. We are delighted that the Wisconsin administration has selected our company to continue providing flexible solutions as dictated by their fluctuating population demands and budget constraints," stated John Ferguson, President and CEO. "The fact that 95 percent of our existing customers choose to continue using our services speaks well for the quality management services we offer our governmental partners."
About the CompanyThe Company 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 four states. The Company currently owns 40 correctional, detention and juvenile facilities, three of which are leased to other operators, and one additional facility which is not yet in operation. Following the previously announced termination of the Delta Correctional Facility located in Greenwood, Mississippi, which is expected to cease operations in October 2002, and including the McRae, Georgia facility which is anticipated to commence full operations in December 2002, the Company will operate 60 facilities, including 37 company-owned facilities, with a total design capacity of approximately 59,000 beds in 21 states and the District of Columbia. The Company 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, the Company's 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. The Company also provides health care (including medical, dental and psychiatric services), food services and work and recreational programs.
Forward-Looking StatementsThis press release contains statements as to the Company's 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) fluctuations in the Company's 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; (ii) the growth in the privatization of the corrections and detention industry, the public acceptance of the Company's services and the timing of the opening of new prison facilities; and (iii) general economic and market conditions. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the Securities and Exchange Commission.
The Company 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 or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.
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