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CCA SECOND QUARTER CONTINUES RECORD-SETTING EARNINGS GROWTH

 NASHVILLE, Tenn., July 29 /PRNewswire/ -- Corrections Corporation of America (NASDAQ: CCAX) (CCA) today announced second quarter earnings that topped the million dollar mark and set a new record for the company.
 For the three months ended June 30, 1993, CCA earned $1,017,224, the equivalent of $.09 per primary share, which was 38.4 percent more than the $734,769, or $.08 per primary share, earned in the second quarter of 1992. Revenues in the 1993 second quarter were up 11.6 percent to $24.9 million from $22.3 million in the second quarter last year.
 Net income for the first half of 1993 was $1,949,912, compared with $1,147,682 in the same period of 1992. For the year to date, CCA has earned $.17 per primary share, versus $.12 at the half-way mark of 1992. Revenues for the first six months of 1993 were $49.3 million, 22.2 percent greater than the $40.4 million reported last year.
 "We are well pleased with our continued earnings growth," said CCA President Doctor R. Crants. "Our turnaround in income began in the second quarter last year with a strong report at that time. Exceeding it by 38 percent in the 1993 second quarter is particularly gratifying."
 During the first six months of the year the company reduced long-term debt by $5 million and debt-to-equity from 2:1 to 1.7:1. "Our debt level has been manageable with the cash flow from our operations, but our recent refinancing and pay downs serve to strengthen our financial condition further," Crants said. "Earnings in the second half of 1993 will be aided by a reduction in interest expense.
 "The company is financially postured to take advantage of the expansion opportunities before it," he continued, "and increased profitability from our existing operations should produce a stronger second half and a full 1993 year in line with our earnings expectations."
 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 June 30 Six Months Ended June 30
 1993 1992 1993 1992
 Total Revenues $24,878,600 $22,298,896 $49,315,491 $40,372,158
 Operating Expenses 19,739,275 16,993,728 39,205,786 31,315,893
 Depreciation &
 amortization 994,695 1,678,031 1,955,424 2,516,211
 Contribution from
 operations 4,144,630 3,627,137 8,154,281 6,540,054
 G & A Expenses 1,950,392 1,848,957 3,913,434 3,520,578
 Interest
 Expense, net 1,156,014 1,028,411 2,249,935 1,847,794
 Income before
 income taxes 1,038,224 749,769 1,990,912 1,171,682
 Income taxes 21,000 15,000 41,000 24,000
 Net income 1,017,224 734,769 1,949,912 1,147,682
 Preferred stock
 dividends 106,250 -- 212,500 --
 Net income
 allocable to common
 stockholders $910,974 $734,769 $1,737,412 $1,147,682
 Net income per share:
 Primary $.09 $.08 $.17 $.12
 Fully diluted $.09 $.07 $.17 $.11
 Weighted average
 shares outstanding:
 Primary 10,270,497 9,503,801 10,092,906 9,465,641
 Fully diluted 10,270,497 10,203,801 10,092,906 10,165,641
 Beds in operation 8,349 7,258 8,349 7,258
 Compensated mandays 621,621 537,727 1,243,822 981,015
 Average
 occupancy (Percent) 91.6 87.4 92.2 87.2
 June 30, 1993 Dec. 31, 1992
 Cash and equivalents $ 3,972,765 $ 5,208,220
 Current assets 20,715,243 24,306,719
 Total assets 97,953,156 102,357,312
 Current liabilities 12,521,955 13,436,325
 Long-term debt 50,557,419 55,392,011
 Total liabilities 63,079,374 68,828,336
 Preferred stock 5,000,000 5,000,000
 Stockholders' equity 29,873,782 28,528,976
 -0- 7/29/93
 /CONTACT: Peggy Wilson Lawrence, Corrections Corporation of America, 615-292-3100/
 (CCAX)


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

SB-DF -- CH010 -- 7239 07/29/93 13:16 EDT
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Date:Jul 29, 1993
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