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CCA FIRST QUARTER EARNINGS UP OVER 100 PERCENT

 NASHVILLE, Tenn., May 5 /PRNewswire/ -- Corrections Corporation of America (NASDAQ: CCAX) today announced more than a 100 percent increase in first quarter 1993 earnings from the first quarter of 1992.
 For the three months ended March 31, 1993, CCA reported record earnings of $932,688, or $.09 per primary share, versus $412,913, or $.04 per primary share, in the first quarter of 1992. Revenues during the most recent period grew 35 percent to $24.4 million from $18.1 million in last year's first quarter.
 "The first quarter of 1993 was far and away the strongest in our history," said CCA President Doctor R. Crants in commenting on the results. "We are realizing the benefits of the beds we brought online in 1992. As expected, earnings reflect the implementation of our redefined, long-term business plan."
 The company opened or expanded four facilities during 1992, two during the latter half of the first quarter. The 870-bed Metro Davidson County Detention Facility opened in February and the 998-bed South Central Correctional Facility opened in March of 1992. Additionally, 256 beds in Leavenworth, Kan., and 596 beds in Winnfield, La., were brought on line later in the year and were fully operational in the 1993 first quarter. Deleted from operating capacity was the 144-bed Mountain View Youth Development Center that CCA exited Dec. 31, 1992.
 "We are on target with our efforts to achieve another year of substantial growth in revenues and net income," Crants said.
 CCA manages prisons and other correctional institutions for governmental agencies. The company is the industry leader in private sector corrections with 8,687 beds in 21 facilities under contract in six U.S. states, Australia and the United Kingdom. CCA provides a full range of services that includes finance, design, construction, renovation and management of new or existing facilities.
 CORRECTIONS CORPORATION OF AMERICA
 Financial Highlights
 Three months ended March 31
 1993 1992
 Revenues $ 24,436,890 $ 18,073,261
 Operating expenses 19,466,511 14,322,165
 Depreciation & amortization 960,729 838,179
 Contribution from operations 4,009,650 2,912,917
 G & A expense 1,963,042 1,671,621
 Interest expense, net 1,093,920 819,383
 Income before income tax $ 952,688 $ 421,913
 Income taxes 20,000 9,000
 Net income $ 932,688 $ 412,913
 Preferred stock dividends 106,250 ---
 Net income allocable to stockholders $ 826,438 $ 412,913
 Net income per share:
 Primary $ .09 $ .04
 Fully diluted $ .08 $ .04
 Weighted average shares outstanding:
 Primary $ 9,573,718 $ 9,425,186
 Fully diluted $ 11,160,112 $ 10,125,186
 Beds in operation (end of quarter) 7,844 7,002
 Compensated mandays 622,201 443,288
 Average occupancy 91.0 pct. 87.0 pct.
 March 31, Dec. 31,
 1993 1992
 Cash and cash equivalents $ 7,886,031 $ 5,208,220
 Current assets 23,814,183 24,306,719
 Total assets 101,213,498 102,357,312
 Current liabilities 14,499,863 13,436,325
 Long term debt 52,358,186 55,392,011
 Total liabilities 66,858,049 68,828,336
 Preferred stock 5,000,000 5,000,000
 Stockholders' equity 29,355,449 28,528,976
 -0- 5/4/93
 /CONTACT: Peggy W. Lawrence of CCA, 615-292-3100/
 (CCAX)


CO: Corrections Corporation of America ST: Tennessee IN: SU: ERN

CM-SB -- CH004 -- 4218 05/04/93 10:04 EDT
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Publication:PR Newswire
Date:May 4, 1993
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