ADDING and REPLACING Correctional Services Corporation Announces Financial Results for Third Quarter 2004.SARASOTA Sarasota (sâr'əsō`tə), city (1990 pop. 50,961), seat of Sarasota co., SW Fla., on Sarasota Bay; settled c.1884, inc. 1914. , Fla. -- Add tabular tab·u·lar adj. 1. Having a plane surface; flat. 2. Organized as a table or list. 3. Calculated by means of a table. tabular resembling a table. information after the last graph of release. The corrected release reads: CORRECTIONAL SERVICES CORPORATION ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER 2004 Correctional Services Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CSCQ CSCQ Centre Suisse de Contrôle de Qualité (French: Organisation for Quality Control of Medical Analysis; Switzerland) CSCQ China Soaring Crane Qigong CSCQ Conseil de la Santé Communautaire du Québec ) today announced financial results for the third quarter 2004. Revenues for the third quarter were $34.3 million versus $30.7 million in the comparative period in 2003. For the 2004 quarter the company reported contribution from operations of $4.7 million and a net loss of $559,000 or $0.05 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. For the third quarter of 2003 the company reported contribution from operations of $3.9 million and net income of $397,000 or $0.04 per diluted share. Diluted shares were 10,167,000 and 10,261,000 in 2004 and 2003, respectively. Included in the reported amounts for the third quarter 2004 and 2003 were the following various pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charges: (in thousands)
2004 2003
---- ----
-- Startup expenses associated with the
opening of new facilities $385 $18
-- Loss from discontinued operations $2,150 $313
The above pre-tax charges total $2.5 million and $331,000 for the third quarters 2004 and 2003 respectively. After taxes these amounts for 2004 and 2003 are $1.5 million or $0.15 per diluted share and $202,000 or $0.02 per diluted share, respectively. The loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. includes the operating results and a $1.4 million asset impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge for the Canadian, Texas Canadian is the county seat and the only community in Hemphill County, Texas, in the United States. As of the 2000 census, the municipal population was 2,233. GR6. juvenile facility that was closed during the third quarter 2004 in addition to the results of those facilities previously classified as discontinued operations. Revenues for the nine months ended September September: see month. 30, 2004 were $99.6 million versus $96.6 million in the comparative period in 2003. For the nine months ended September 30, 2004, the company reported contribution from operations of $10.7 million and a net loss of $2.7 million or $0.26 per diluted share. For the same period of 2003 the company reported contribution from operations of $11.9 million and net income of $1.3 million or $0.12 per diluted share. Diluted shares were 10,164,000 and 10,252,000 in 2004 and 2003, respectively. Included in the reported amounts for the nine months ended September 30, 2004 and 2003 were the following various pre-tax charges: (in thousands)
2004 2003
---- ----
-- Startup expenses associated with the
opening of new facilities $3,224 $18
-- Loss on disposal of assets $549 -
-- Loss from discontinued operations $4,978 $917
The above pre-tax charges total $8.8 million and $935,000 for the nine months ended September 30, 2004 and 2003 respectively. After taxes these amounts for 2004 and 2003 are $5.3 million or $0.53 per diluted share and $570,000 or $0.06 per diluted share, respectively. Commenting on the company's performance James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. F. Slattery Slattery may refer to:
pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) , quality operations and strong earnings contribution. We continue to feel very good about our position in the adult sector and our prospects for new business." Slattery further stated, "During the quarter the company determined it was necessary to discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: operations at our Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Juvenile Detention The act of keeping back, restraining, or withholding, either accidentally or by design, a person or thing. Detention occurs whenever a police officer accosts an individual and restrains his or her freedom to walk away, or approaches and questions an individual, or stops an and Treatment Center, which resulted in an impairment charge of $1.4 million. This facility was our first juvenile operation in Texas and we successfully managed the program for 10 years. Closure was a last resort and only taken after all efforts had been exhausted to identify alternative users and uses for the facility. Year to date we have closed a total of three (3) juvenile facilities representing 506 beds. As discussed over the last several quarters, our work relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc stabilizing stabilizing, v to hold a limb motionless in order to ground its energy; a standard isometric resistance technique, it releases tension and lengthens muscle fibers. and improving the performance of our juvenile division continues. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that this effort will be materially concluded by the end of 2004, positioning the company for much improved juvenile results in 2005." THE COMPANY WILL BE HAVING A CONFERENCE CALL TO DISCUSS THIS RELEASE ON FRIDAY Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant NOVEMBER November: see month. 12, 2004 AT 11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy . THE NUMBER TO CALL IS (888) 858-4066 (U.S. only) or (973) 935-2403 (International). A REPLAY WILL BE AVAILABLE BY CALLING (877) 519-4471 AND THE PIN 5378961. Through its Youth Services International subsidiary, the Company is the nation's leading private provider of juvenile programs for adjudicated youths with 17 facilities and 1,900 juveniles in its care. In addition, the Company is a leading developer and operator of adult correctional facilities operating 14 facilities representing approximately 5,500 beds. On a combined basis, the Company provides services in 12 states, representing approximately 7,400 beds including aftercare af·ter·care n. Follow-up care provided after a medical procedure or treatment program. aftercare the care and treatment of a convalescent patient, especially one that has undergone surgery. services. SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and OF 1995 Certain statements contained in this press release are not historical but are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements regarding the expectations, beliefs, intentions or strategies regarding the future. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's views as of the date they are made with respect to future events and financial performance, but are subject to many uncertainties and risks which could cause the actual results of the Company to differ materially from any future results expressed or implied by such forward-looking statements. Examples of such uncertainties and risks include, but are not limited to: fluctuations in occupancy levels and labor costs; the ability to secure both new contracts and the renewal of existing contracts; the possibility of unforeseen costs relating to facility closings, the ability to achieve profitability and public resistance to privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned ; ability to obtain construction financing; ability to complete new construction projects within budgeted amounts. Additional risk factors include those discussed in reports filed by the Company from time to time on Forms 10-K, 10-Q and 8-K. The Company does not undertake any obligation to update any forward-looking statements.
CORRECTIONAL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share data)
Three Months Ended September 30,
---------------------------------
2004 2003
---------------- ----------------
Revenues $34,302 100.00% $30,671 100.00%
-------- ------- -------- -------
Facility expenses:
Operating expenses 29,236 85.23% 26,753 87.23%
Startup costs 385 1.12% 18 0.06%
-------- ------- -------- -------
29,621 86.35% 26,771 87.29%
-------- ------- -------- -------
Contribution from operations 4,681 13.65% 3,900 12.71%
-------- ------- -------- -------
Other operating expenses:
General and administrative 2,052 5.98% 2,369 7.72%
Loss (gain) on disposal of
assets 8 0.02% (24) -0.08%
-------- ------- -------- -------
2,060 6.00% 2,345 7.64%
-------- ------- -------- -------
Operating income 2,621 7.65% 1,555 5.07%
Interest expense, net 1,232 3.59% 533 1.74%
-------- ------- -------- -------
Income from continuing operations
before income taxes 1,389 4.06% 1,022 3.33%
Income tax expense 636 1.85% 442 1.44%
-------- ------- -------- -------
Income from continuing operations 753 2.21% 580 1.89%
Loss from discontinued operations,
net of tax benefit of $838 and $130 (1,312) -3.82% (183) -0.60%
-------- ------- -------- -------
Net income (loss) $(559) -1.61% $397 1.29%
======== ======= ======== =======
Basic and diluted earnings (loss) per
share:
Earnings per share from continuing
operations $0.07 $0.06
Loss per share from discontinued
operations (0.12) (0.02)
-------- --------
Earnings (loss) per share ($0.05) $0.04
======== ========
Number of shares used to compute EPS:
Basic 10,167 10,157
======== ========
Diluted 10,167 10,261
======== ========
Other Information
Beds under management (includes
aftercare) 7,366 7,034
Compensated mandays 600,741 578,242
CORRECTIONAL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share data)
Nine Months Ended September 30,
-------------------------------------
2004 2003
------------------ ------------------
Revenues $99,578 100.00% $96,643 100.00%
---------- ------- ---------- -------
Facility expenses:
Operating expenses 85,698 86.06% 84,717 87.66%
Startup costs 3,224 3.24% 18 0.02%
---------- ------- ---------- -------
88,922 89.30% 84,735 87.68%
---------- ------- ---------- -------
Contribution from operations 10,656 10.70% 11,908 12.32%
---------- ------- ---------- -------
Other operating expenses:
General and
administrative 6,383 6.41% 7,154 7.40%
Loss (gain) on disposal
of assets 549 0.55% (45) -0.05%
---------- ------- ---------- -------
6,932 6.96% 7,109 7.35%
---------- ------- ---------- -------
Operating income 3,724 3.74% 4,799 4.97%
Interest expense, net 2,863 2.88% 1,657 1.71%
---------- ------- ---------- -------
Income from continuing
operations before income taxes 861 0.86% 3,142 3.26%
Income tax expense 495 0.50% 1,326 1.37%
---------- ------- ---------- -------
Income from continuing
operations 366 0.36% 1,816 1.89%
Loss from discontinued
operations, net of tax
benefit of $1,942 and $358 (3,036) -3.05% (559) -0.58%
---------- ------- ---------- -------
Net income (loss) $(2,670) -2.69% $1,257 1.31%
========== ======= ========== =======
Basic and diluted earnings
(loss) per share:
Earnings per share from
continuing operations $0.04 $0.18
Loss per share from discontinued
operations (0.30) (0.06)
---------- ----------
Earnings (loss) per share ($0.26) $0.12
========== ==========
Number of shares used to compute
EPS:
Basic 10,164 10,156
========== ==========
Diluted 10,164 10,252
========== ==========
Other Information
Beds under management (includes
aftercare) 7,366 7,034
Compensated mandays 1,771,247 1,757,998
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