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CCA ANNOUNCES 1991 RESULTS; COMPLETES REPOSITIONING WITH $2 MILLION WRITE-OFF

 CCA ANNOUNCES 1991 RESULTS; COMPLETES
 REPOSITIONING WITH $2 MILLION WRITE-OFF
 NASHVILLE, Tenn., March 2 /PRNewswire/ -- Corrections Corporation of America (NASDAQ: CCAX) today announced 1991 results and the completion of its repositioning strategy, including approximately $2 million in one-time, non-cash charges to its income statement.
 For the full 1991 year, revenues climbed 22.3 percent to $67.9 million from $55.5 million in 1990. The company lost $1.9 million in 1991, or ($.20) per share, after recording a series of write-offs and reserves totaling approximately $2 million. For 1990, CCA reported a profit of $198,478, or $.02 per share.
 In the last quarter of 1991, CCA's revenues grew 11.8 percent to $17.3 million from $15.5 million in the fourth quarter of 1990. For the final period of the year the company reported a loss of $1.9 million, or ($.20) per share, as a result of the charges, compared with a loss of $289,506, or ($.03) per share, in 1990.
 According to President and CEO Doctor R. Crants, "The $2 million charge to the fourth quarter represents adjustments that either eliminate or provide reserves for vulnerable assets on the company's books.
 "For the past year we have worked to position the company to generate substantial earnings per share and meet its return-on-investment targets," Crants said. "Part of the plan has been to develop fewer but larger and more profitable projects, such as the most recent facilities we have opened. Another part has been to maintain a consistent average occupancy level in our existing facilities. For the past three months, by tradition a seasonally weak period, we have averaged 95 percent occupancy for the company as a whole," he continued.
 "The last part of the plan was to reduce long-term debt, increase shareholder equity and strengthen our balance sheet.
 "Our intention was to enter 1992 with as few contingencies as possible so that investors could focus on the strength of our facilities and their earnings potential. We are confident that has been accomplished and are comfortable with the published earnings estimates for 1992."
 Since year end, CCA has opened two facilities in Tennessee totaling 1,870 beds. It currently is constructing another 256-bed Marshal Service facility in Kansas due to open in July.
 CCA manages prisons and other correctional institutions for governmental agencies. The company is the industry leader in private sector corrections with 7,260 beds in 21 facilities under management contract or construction. CCA provides a full range of services that include finance, design, construction, renovation and management of new or existing facilities.
 CORRECTIONS CORPORATION OF AMERICA
 Financial Highlights
 3 Months Ended 12 Months Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Total revenues $17,299,142 $15,467,202 $67,883,076 $55,515,219
 Operating
 expenses 14,526,344 13,066,052 55,448,541 45,683,379
 Depreciation and
 amortization 909,132 581,190 3,126,476 2,158,894
 Contribution from
 operations 1,863,666 1,819,960 9,308,059 7,672,946
 G&A expense 2,857,913 1,481,699 7,505,207 6,017,776
 Interest expense 897,656 631,767 3,665,712 1,451,692
 Income (loss) before
 income tax (1,891,903) (293,506) (1,862,860) 203,478
 Income taxes (3,000) (4,000) -0- 5,000
 Net income
 (loss) $(1,888,903) $ (289,506) $(1,862,860) $198,478
 Net income (loss)
 per share
 Primary $ (.20) $ (.03) $ (.20) $ .02
 Fully diluted $ (.20) $ (.03) $ (.20) $ .02
 Weighted average
 shares outstanding
 Primary 9,285,406 9,308,218 9,215,955 9,425,327
 Fully diluted 9,204,052 9,308,218 9,215,955 9,425,327
 Beds in operation 5,134 5,410 5,134 5,410
 Compensated mandays 427,450 415,746 1,740,380 1,573,401
 Average occupancy 95.0pct 91.4pct 94.1pct 95.1pct
 Dec. 31, Dec.31,
 1991 1990
 Cash and equivalents $5,171,467 $5,718,556
 Current assets 16,848,779 17,918,775
 Total assets 96,735,369 93,928,919
 Current liabilities 8,750,580 7,076,732
 Long term debt 57,810,722 60,704,989
 Other -0- 1,111,788
 Total liabilities 66,561,302 68,893,509
 Preferred stock 5,000,000 -0-
 Stockholders' equity 25,174,067 25,035,410
 -0- 3/2/92
 /CONTACT: Peggy Wilson, Corrections Corporation of America, 615-292-3100/
 (CCAX) CO: Corrections Corporation of America ST: Tennessee IN: SU: ERN


CM -- CH003 -- 3833 03/02/92 10:12 EST
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Date:Mar 2, 1992
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