CoreCivic, Inc. - CXW STOCK NEWS

CoreCivic, Inc. (NYSE: CXW) has secured a 90-day contract extension with the United States Marshals Service for its Northeast Ohio Correctional Center, effective March 1, 2021. This contract will house approximately 800 federal detainees. However, the USMS does not plan to extend the contract post-extension. President Biden's executive order against renewing contracts with privately operated detention facilities adds uncertainty to CoreCivic's future operations. The company, a leader in government solutions, emphasizes its role in addressing public safety and recidivism issues.

CoreCivic, Inc. (NYSE: CXW) announced the appointment of Dr. Glenda Baskin Glover to its Board of Directors, effective March 1, 2021. This addition expands the Board to twelve members, one-third of whom are women, emphasizing gender diversity. Dr. Glover, President of Tennessee State University, brings extensive expertise in business and education. CoreCivic aims to enhance educational opportunities for individuals in its programs, aligning with Dr. Glover's vision for community engagement. CoreCivic is a leader in providing government solutions, including correctional and rehabilitation services.

CoreCivic, Inc. (CXW) reported its fourth quarter and full year financial results for 2020 on February 10, revealing full-year revenues of $1.91 billion. The company generated net income of $54.2 million for the year and a diluted EPS of $0.45. The fourth-quarter results showed a net loss of $26.8 million, primarily due to special items including $47.6 million in asset impairments. In 2020, CoreCivic focused on debt reduction, repaying over $125 million in long-term debt and anticipating net cash proceeds of $150 million from asset sales.

CoreCivic, Inc. (NYSE: CXW) announced it will release its 2020 fourth-quarter financial results on February 10, 2021, post-market close. A conference call will follow at 10:00 AM CT on February 11, 2021, accessible via the company's website. CoreCivic, the largest owner of partnership correctional and detention facilities in the U.S., emphasizes its role in providing flexible government solutions aimed at addressing public challenges, including corrections and residential reentry.

CoreCivic has appointed Daren Swenson as the first Vice President of Reentry Partnerships and Innovation, aiming to enhance the company’s reentry programming to combat recidivism. Swenson, who previously led CoreCivic Community, will foster partnerships with experts and policymakers to operationalize innovative solutions. His role emphasizes the critical nature of collaboration in addressing the challenges faced by justice-involved individuals. The company, a leader in corrections and reentry services, remains committed to improving outcomes and reducing recidivism through high-quality programming.

CoreCivic, Inc. (NYSE: CXW) announced tax allocations of its 2020 dividend distributions. Shareholders will receive a $0.44 dividend per share, payable on April 15, 2020. The Form 1099-DIV serves as a summary for reporting these dividends on federal income tax returns. The company emphasizes its government solutions role, highlighting its extensive experience and commitment to public service, while providing a range of correctional and reentry solutions.

CoreCivic, Inc. (NYSE: CXW) announced its participation in NobleCon17, a virtual investor conference, on January 20, 2021, at 4:30 p.m. EST. CEO Damon Hininger and CFO David Garfinkle will present, and attendees can join at no cost. A video webcast of the presentation will be available the following day on the Company’s website and through Channelchek. CoreCivic is a leader in government solutions, providing flexible and cost-effective services in corrections, reentry, and real estate management.

CoreCivic, Inc. (NYSE: CXW) has successfully sold 42 non-core government leased properties for $106.5 million, generating net proceeds of approximately $27 million after costs. These properties spanned about 573,000 gross rentable square feet, with the sale aimed at reallocating capital to higher-return opportunities. The original purchase price was $98.7 million. Following the transaction, CoreCivic's remaining portfolio includes 15 properties totaling 2.7 million square feet. The company operates 48 correctional facilities, with a design capacity of around 71,000 beds.

CoreCivic (CXW) reported Q3 2020 financial results, revealing total revenue of $468.3 million, with net income of $26.7 million or $0.22 per diluted share. Adjusted diluted EPS stood at $0.28, down from $0.47 year-over-year. The company repaid $102.2 million in debt, enhancing financial flexibility. Despite lower contract utilization due to COVID-19, new contracts with USMS and Idaho Department of Correction show promise for future revenue. The firm remains cautious, withholding guidance amid ongoing uncertainties.