Welcome to our dedicated page for CoreCivic news (Ticker: CXW), a resource for investors and traders seeking the latest updates and insights on CoreCivic stock.
CoreCivic, Inc. (NYSE: CXW) is a diversified, government-solutions company dedicated to addressing complex governmental challenges through cost-effective measures. As the nation's largest owner of partnership correctional, detention, and residential reentry facilities, CoreCivic operates in three key segments: Safety, Community, and Properties. The CoreCivic Safety segment, which drives the majority of the company's revenue, focuses on the management of correctional and detention facilities owned or controlled via long-term leases. Additionally, the Community segment oversees residential reentry centers aimed at reducing recidivism, while the Properties segment leases real estate to government agencies and third parties.
CoreCivic has been a reliable partner for government entities for over 40 years, providing high-quality corrections and detention management, innovative government real estate solutions, and a growing network of residential reentry centers. The company's commitment to public service is demonstrated through its employees, who maintain high standards of professionalism and a strong sense of duty to improve public welfare.
In recent developments, CoreCivic has secured several new management contracts, including agreements with Harris County, Texas, and the state of Montana. These contracts expand their capacity and enhance their service offerings, reflecting the company's adaptability and dependability. Financially, CoreCivic has made significant strides in debt reduction, repurchasing shares under an authorized program, and refinancing existing debt to improve liquidity and financial stability.
For those interested in CoreCivic's financial performance, the company offers detailed quarterly and annual reports, reflecting its earnings, capital expenditures, and strategic initiatives. With a focus on reducing recidivism and providing cost-saving real estate solutions, CoreCivic continues to play a vital role in supporting government operations across the United States.
For more information, visit www.corecivic.com.
CoreCivic (CXW) has announced its commitment to advocate for new policies aimed at reducing recidivism, including the restoration of Pell Grants and voting rights for formerly incarcerated individuals. Over the past three years, CoreCivic has supported 66 bills, sending nearly 2,000 letters to federal and state officials. CEO Damon T. Hininger emphasizes the importance of treating individuals with dignity and facilitating their reintegration into society. The company has a history of partnering with government agencies to improve corrections and detention services.
CoreCivic, Inc. (NYSE: CXW) will release its third quarter financial results for 2020 after the market closes on November 4, 2020. A live conference call is scheduled for November 5, 2020, at 10:00 a.m. CT, accessible via the company's website or by phone. The call will be followed by an online replay and a telephonic replay available until November 13, 2020. CoreCivic focuses on providing government solutions in corrections and detention management and is the largest owner of partnership correctional facilities in the U.S.
CoreCivic, Inc. (CXW) has entered a new contract under an Intergovernmental Agreement with the United States Marshals Service (USMS) for its Cimarron Correctional Facility in Cushing, Oklahoma. The contract, effective September 15, 2020, has an initial three-year term with unlimited 24-month extensions. This comes after plans to idle the facility due to COVID-19's impact on inmate populations. The activation will incur startup costs of $0.5 million to $1.5 million as the facility transitions to meet USMS standards.
CoreCivic, Inc. (NYSE: CXW) announced its participation in Noble Capital Markets’ Virtual Road Show Series scheduled for August 26, 2020. The event will feature a corporate presentation by President & CEO Damon Hininger and CFO David Garfinkle, followed by a Q&A session with Noble Senior Analyst Joe Gomes. Registration for the event is free, limited to 100 participants. CoreCivic is a diversified government solutions company providing corrections, detention management, and residential reentry services, emphasizing its role in addressing America's recidivism crisis.
CoreCivic (NYSE: CXW) participated in Noble Capital Markets’ C-Suite Interview Series, where CEO Damon Hininger discussed various topics, including the transition from REIT to a taxable C-Corporation. Key points included CoreCivic's role in alleviating prison overcrowding, the impact of COVID-19 on operations, and updates on environmental-social-governance efforts. The interview took place on August 6, 2020, and is accessible via Channelchek. CoreCivic emphasizes its long-standing commitment to provide government solutions in corrections and reentry services.
CoreCivic, Inc. (NYSE: CXW) announced plans to revoke its Real Estate Investment Trust (REIT) election, transitioning to a taxable C corporation effective January 1, 2021. The decision aims to enhance corporate flexibility and capital allocation, focusing on debt reduction with a target leverage ratio of 2.25x to 2.75x. Additionally, the company will discontinue its quarterly dividend to prioritize debt repayment while exploring growth opportunities in its Properties segment. CoreCivic anticipates a more resilient balance sheet and intends to capitalize on new service opportunities unavailable under the REIT structure.
CoreCivic (CXW) reported Q2 2020 total revenue of $472.6 million, down 3.6% year-over-year, with net income of $22.2 million and diluted EPS of $0.18. Adjusted diluted EPS was $0.33, impacted by $11.7 million in asset impairments and $8.2 million in COVID-related expenses. Funds from Operations (FFO) decreased to $57.4 million from $79.2 million a year ago. Cash on hand was $363.8 million. Future outlook remains uncertain due to COVID-19, with no financial guidance provided.
CoreCivic (NYSE: CXW) is set to release its 2020 second quarter financial results after market close on August 5, 2020. The upcoming conference call on August 6 will review these results, along with updates on corporate structure and capital allocation alternatives under evaluation since June 17, 2020. A live broadcast will be available on its website, with a telephonic replay option provided for later access. CoreCivic has over 35 years of experience as a government solutions company, focusing on corrections, detention management, and reentry services.
CoreCivic (NYSE: CXW) announced on June 17, 2020, that its Board of Directors is evaluating corporate structure and capital allocation alternatives, leading to the suspension of its quarterly dividend. This decision allows the company to utilize its substantial free cash flow effectively to enhance shareholder value and meet government partners' needs. Despite concerns about market pricing, management remains confident in the company’s financial strength. CoreCivic generated $158.1 million in revenue in April 2020, with a net income of $10.2 million, showing resilience amid COVID-19 challenges.
CoreCivic (NYSE: CXW) reported its Q1 2020 financial results with total revenue of $491.1 million, up 1.5%. Net income was $32.1 million or $0.27 per diluted share, down from $49.3 million or $0.41 in Q1 2019. Adjusted diluted EPS was $0.30, reflecting challenges due to COVID-19. As of March 31, 2020, the company had $335.5 million in cash and $146.7 million available under its credit facility. No debt maturities are due until October 2022. The company suspended its financial guidance due to uncertainties from the pandemic.
FAQ
What is the current stock price of CoreCivic (CXW)?
What is the market cap of CoreCivic (CXW)?
What is CoreCivic, Inc.?
What services does CoreCivic provide?
How long has CoreCivic been in operation?
What are the main business segments of CoreCivic?
What recent contracts has CoreCivic secured?
What is the primary source of revenue for CoreCivic?
How does CoreCivic contribute to reducing recidivism?
Is CoreCivic a publicly traded company?
How can I find more information about CoreCivic's financial performance?
Where can I learn more about CoreCivic?
