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CORRECTIONS CORPORATION OF AMERICA ANNOUNCES SECOND QUARTER AND SIX MONTHS EARNINGS REACH NEW HIGHS

 CORRECTIONS CORPORATION OF AMERICA ANNOUNCES SECOND QUARTER
 AND SIX MONTHS EARNINGS REACH NEW HIGHS
 NASHVILLE, Tenn., Aug. 4 /PRNewswire/ -- Corrections Corporation of America (NASDAQ-NMS: CCAX) today announced second quarter and six month earnings topping any previously recorded for the company.
 For the quarter ended June 30, 1992, CCA earned $734,769, or $.08 per share, compared to $78,833, or $.01 per share, last year. Revenues increased 30.2 percent to $22.3 million from $17.1 million in the second quarter of 1991.
 Net income for the first half of 1992 was $1,171,682, or $.12 per share, versus a loss of $11,569, or ($.00) per share, during the same period of 1991. Revenues for the six months ended June 30, 1992, grew 20.0 percent to $40.4 million from $33.6 million in the same six months of 1991.
 CCA President and CEO Doctor R. Crants said the results continued the earnings turnaround begun earlier this year. "Prior to this, our best performance was in the third and fourth quarters of 1989 when the company earned in excess of $500,000 each quarter with 100 percent occupancy," Crants said. "Over the next two years we refocused our marketing strategy to develop a mix of business that would be more profitable at lower levels of occupancy.
 "The process was painstakingly slow and required great sacrifice in near-term earnings, but our strategy began paying off in the first quarter this year," continued Crants. "The significant increase in second quarter earnings with 87 percent occupancy confirms the turnaround and the soundness of the strategy. We believe 1992 will reward the hard work and patience of our employees and our shareholders, and we look forward to sharing the company's long-term success with them."
 Since 1989 CCA has added seven facilities with 3,636 beds under contract, primarily in adult state-level and federal Marshals Service facilities. During the second quarter it opened the 256-bed Leavenworth Detention Center in Leavenworth, Kan., and announced a 576-bed expansion of its Winnfield, La., prison to open in the third quarter of 1992.
 CCA manages prisons and other correctional institutions for governmental agencies. The company is the industry leader in private sector corrections with 7,852 beds in 21 facilities under contract. 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 Six Months Ended
 June 30 June 30
 1992 1991 1992 1991
 Total revenues $22,298,896 $17,133,013 $40,372,158 $33,634,190
 Operating
 expenses 16,993,728 13,809,938 31,315,893 27,255,015
 Depreciation &
 amortization 1,678,031 801,520 2,516,211 1,455,150
 Contribution from
 operations 3,627,137 2,521,555 6,540,054 4,924,025
 G&A expenses 1,848,957 1,526,765 3,520,578 3,120,386
 Interest expense,
 net 1,028,411 915,957 1,847,794 1,815,208
 Income before
 income tax 749,769 78,833 1,171,682 ( 11,569)
 Income taxes 15,000 0 24,000 0
 Net income $ 734,769 $ 78,833 $ 1,147,682 ($ 11,569)
 Net income per share:
 Primary $ .08 $ .01 $ .12 $ .00
 Fully diluted .07 .01 .11 .00
 Weighted average
 shares outstanding:
 Primary 9,503,801 9,221,035 9,465,641 9,248,372
 Fully diluted 10,203,801 9,221,035 10,165,641 9,248,372
 Beds in operation 7,258 5,410 7,258 5,410
 Compensated mandays 537,727 439,427 981,015 873,414
 Average occupancy 87.4pct 93.5pct 87.2pct 93.4pct
 June 30, 1992 December 31, 1991
 Current assets $20,751,055 $16,848,779
 Total assets 101,386,415 96,735,369
 Current liabilities 13,989,965 8,750,580
 Long term debt 54,250,337 57,810,722
 Total liabilities 69,295,549 66,561,302
 Preferred stock 5,000,000 5,000,000
 Stockholders' equity 27,090,866 25,174,067
 -0- 8/4/92
 /CONTACT: Peggy W. Lawrence, Corrections Corporation of America, 615-292-3100/
 (CCAX) CO: Corrections Corporation of America ST: Tennessee IN: SU: ERN


JZ-CM -- CH003 -- 6546 08/04/92 10:09 EDT
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Date:Aug 4, 1992
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