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CCA ANNOUNCES RECORD FIRST QUARTER

 CCA ANNOUNCES RECORD FIRST QUARTER
 NASHVILLE, Tenn., April 29 /PRNewswire/ -- Corrections Corporation


of America (NASDAQ: CCAX) today reported first quarter earnings of $412,913 or $.04 per share, versus a loss of $90,402, or ($.01) per share in the first quarter of 1991.
 For the first three months of this year, revenues were $18.1 million, up 9.5 percent, and contribution from operations was $2.9 million, up 21.2 percent from 1991's first period revenues of $16.5 million and operating contribution of $2.4 million.
 CCA President Doctor R. Crants said the earnings were the highest reported for any first quarter in the company's history. "For more than a year we have focused on improving our mix of business to produce higher quality earnings over the long term," he said. "This significant income increase during our seasonally weakest quarter is evidence that the company's repositioning strategy is working."
 During the quarter CCA expanded its beds in operation by approximately 36 percent when it opened two new facilities, the 870-bed Metro Davidson Country Detention Facility in Nashville and the 998-bed South Central Correctional Center in Clifton, Tenn. Excluding those facilities, the company's occupancy rate was 97.4 percent. Including them from their date of start-up made overall occupancy 87.0 percent.
 "We expect our established facilities to run at a combined occupancy rate of 97 percent," noted Crants, "and we look for both of the new facilities to be up to the company's average by the second half of this year."
 CCA manages prisons and other correctional institutions for governmental agencies. The company is the industry leader in private sector corrections with 7,266 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
 Three months ended March 31
 1992 1991
 Revenues $18,073,261 $16,501,177
 Operating expenses 14,322,165 13,445,077
 Depreciation & amortization 838,179 653,630
 Contribution from operations 2,912,917 2,402,470
 G&A expense 1,671,621 1,593,622
 Interest expense, net 819,383 899,250
 Income (loss) before income
 tax $ 421,913 ($ 90,402)
 Income taxes 9,000 -0-
 Net income (loss) $ 412,913 ($ 90,402)
 Net income (loss) per share $ .04 ($ .01)
 Weighted average shares
 outstanding 9,425,186 9,275,285
 Beds in operations (end of
 quarter) 7,002 5,410
 Compensated mandays 443,288 433,988
 Average occupancy 87.0 pct. 93.3 pct.
 March 31, December 31,
 1992 1991
 Current assets $ 17,082,245 $ 16,848,779
 Total assets 102,141,710 96,735,369
 Current liabilities 11,839,491 8,750,580
 Long term debt 57,681,549 57,810,722
 Total liabilities 70,920,042 66,561,302
 Preferred stock 5,000,000 5,000,000
 Stockholders' equity 26,221,668 25,174,067
 -0- 4/29/92
 /CONTACT: Peggy Wilson, Corrections Corporation of America, 615-292-3100/
 (CCAX) CO: Corrections Corporation of America ST: Tennessee IN: SU: ERN


JZ -- CH006 -- 4224 04/29/92 09:38 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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