NASHVILLE, TN -- 11/04/09 --
Corrections Corporation of America (NYSE: CXW) (the "Company" or "CCA"), the nation's largest provider of corrections
management services to government agencies, announced today its financial
results for the third quarter and nine-month period ended September 30,
2009.
Financial Review - Third Quarter 2009 Compared with Third Quarter 2008
-- Total revenue increased 5.5% to $426.0 million with increases in
average daily inmate populations of 4.5%
-- Earnings per diluted share (EPS) of $0.39
-- EPS excluding unusual tax benefits (Adjusted Diluted EPS) of $0.33
For the third quarter of 2009, CCA generated net income of $45.3 million,
or $0.39 per diluted share, compared with net income of $37.9 million, or
$0.30 per diluted share, for the third quarter of 2008. Results for the
third quarter of 2009 include unusual income tax benefits aggregating $7.0
million, as further described hereafter. Excluding these income tax
benefits, net income was $38.3 million, or $0.33 per diluted share.
Total revenue for the third quarter of 2009 increased 5.5% to $426.0
million from $403.8 million generated during the prior year period,
primarily driven by a 4.5% increase in average daily inmate populations
combined with a 1.3% increase in revenue per compensated man-day.
Management revenue from state customers increased 6.6% to $224.9 million
during the third quarter of 2009 from $211.0 million for the same period in
2008. The growth in state revenue from the third quarter of 2008 was
primarily attributable to increases in inmate populations from California
and Arizona that were partially offset by a reduction in inmate populations
primarily from the states of Minnesota and Washington. Management revenue
from federal customers increased 4.9% to $166.4 million generated during
the third quarter of 2009, compared with $158.7 million generated during
the third quarter of 2008. The increase in federal revenue was primarily
driven by the commencement of our new management contract with the Federal
Bureau of Prisons ("BOP") at our newly constructed Adams County
Correctional Center during the third quarter of 2009.
Operating income during the third quarter of 2009 increased 6.6% to $79.3
million compared with $74.4 million for the prior year period. Operating
income for the third quarter of 2009 was net of an increase in depreciation
and amortization of $2.3 million for placing into service numerous
expansion and development projects, as well as an increase in general and
administrative expenses of $0.8 million. General and administrative
expenses for the third quarter of 2009 include a $1.5 million accrual for
the contractual severance benefit for our former chief executive officer
who announced his decision to step down in August 2009, and $0.5 million of
additional consulting fees associated with a company-wide initiative to
improve operating efficiency. EBITDA for the third quarter of 2009
increased 7.0% to $104.8 million from $98.0 million during the same period
in the prior year. Adjusted free cash flow increased 9.9% for the third
quarter of 2009 to $68.1 million compared with $62.0 million during the
prior year period. The increase in adjusted free cash flow was primarily
attributable to the $4.9 million increase in operating income and a
reduction in the amount of cash taxes paid resulting from the
implementation of tax planning strategies, partially offset by an increase
in maintenance and technology capital expenditures.
Net income for the third quarter of 2009 includes income tax benefits
totaling $7.0 million for the reversal of a liability for uncertain tax
positions that were effectively settled upon the completion of an audit by
the Internal Revenue Service during the third quarter of 2009, along with
the successful pursuit of additional income tax credits.
Our total average daily compensated population increased 4.5% to 79,081 in
the third quarter of 2009 from 75,691 in the third quarter of 2008.
However, since the end of the second quarter of 2008, we placed
approximately 8,000 new beds into service. As a result of the additional
capacity, total portfolio occupancy decreased to 91.3% during the third
quarter of 2009 from 95.4% during the third quarter of 2008. The average
number of available beds increased 9.2% to 86,632 during the third quarter
of 2009 from 79,337 during the prior year quarter.
As of November 1, 2009, we had more than 8,800 unoccupied beds at
facilities that had availability of 100 or more beds. However, this
inventory of beds available is reduced to approximately 5,900 beds after
taking into consideration the beds committed pursuant to new management
contracts including the beds not yet occupied at the Adams County and North
Georgia facilities, and pursuant to an amended agreement with the state of
California.
Commenting on the financial results, Chief Executive Officer, Damon
Hininger stated, "We are pleased with our third quarter financial results.
Once again, we were able to generate earnings ahead of expectations,
despite a challenging environment. Inmate populations at several
facilities came in ahead of expectations and we were able to control our
operating expenses. Although the environment surrounding state budgets
continues to be challenging, we remain optimistic about our long-term
outlook."
First Nine Months of 2009 Compared with First Nine Months of 2008
-- Total revenue increased 5.9% to $1,242.9 million from $1,173.5
million
-- EPS of $0.96 for the nine month period
-- EPS excluding special items (Adjusted Diluted EPS) increased 5.7% to
$0.92 from $0.87
-- EBITDA excluding special items increased 7.0% to $304.6 million from
$284.8 million
For the nine months ended September 30, 2009, the Company generated net
income of $112.5 million, or $0.96 per diluted share, compared with net
income of $110.4 million, or $0.87 per diluted share, for the nine months
ended September 30, 2008. The Company generated net income of $107.9
million, or $0.92 per diluted share excluding the aforementioned tax
benefits reflected during the third quarter of 2009 and the expenses
associated with debt refinancing transactions, net of taxes, incurred
during the second quarter of 2009. Also contributing to the improvement in
earnings per share for the first nine months of 2009 was a share repurchase
program, approved by our Board of Directors in November of 2008. Through
the end of the third quarter of 2009 we purchased 10.7 million shares at a
total cost of $125.0 million.
Operating income increased $11.1 million to $229.2 million during the first
nine months of 2009 from $218.1 million during the same period in the prior
year. The improvement in our operating income for the nine months ended
September 30, 2009 resulted primarily from a 4.0% increase in our average
daily inmate populations to 77,669 for the nine months ended September 30,
2009 from 74,655 during the nine months ended September 30, 2008.
Our financial results reflect an increase in depreciation and amortization
expense of $8.8 million, or 13.2%, an increase in interest expense of $12.3
million, or 28.7%, and an increase in general and administrative expense of
$4.8 million, or 8.0%. The increase in depreciation and amortization was
attributable to placing into service approximately 10,500 beds during 2008
and 2009. Interest expense increased primarily due to the combination of
higher debt balances used to fund the development and expansion projects,
and lower capitalized interest on such projects during 2009 compared with
2008. General and administrative expenses during the nine-month period in
2009 increased as a result of consulting fees of $4.6 million associated
with a company-wide initiative to improve operating efficiency as well as a
$1.5 million accrual for the contractual severance benefit for our former
chief executive officer who announced his decision to step down in August
2009.
Adjusted EPS, EBITDA, Adjusted EBITDA and Adjusted Free Cash Flow are
non-GAAP financial measures. Please refer to the Supplemental Financial
Information and related note following the financial statements herein for
further discussion and reconciliations of these measures to GAAP financial
measures.
Operations Highlights
For the quarters ended September 30, 2009 and 2008, key operating
statistics for the continuing operations of the Company were as follows:
Quarter Ended
September 30,
Metric 2009 2008 % Change
--------- --------- ---------
Average Available Beds 86,632 79,337 9.2%
Average Compensated Occupancy 91.3% 95.4% -4.3%
Total Compensated Man-Days 7,275,451 6,963,538 4.5%
Average Daily Compensated Population 79,081 75,691 4.5%
Revenue per Compensated Man-Day $ 58.39 $ 57.66 1.3%
Operating Expense per Compensated Man-Day:
Fixed 30.71 30.51 0.7%
Variable 9.98 9.84 1.4%
--------- ---------
Total 40.69 40.35 0.8%
--------- ---------
Operating Margin per Compensated Man-Day $ 17.70 $ 17.31 2.3%
========= =========
Operating Margin 30.3% 30.0% 1.0%
Total operating expenses per compensated man-day increased 0.8% during the
third quarter of 2009 compared with the same period in 2008. A significant
component of the increase in operating costs per man-day was due to
continued ramp-up expenses incurred at our Adams County facility as well as
staffing expenses incurred in anticipation of receiving detainees at our
North Georgia facility. Also impacting the increase in operating expenses
were operational inefficiencies associated with our inventory of available
beds. However, we have experienced favorable reductions in certain
operating expenses resulting from pricing concessions related to market
conditions and impacts from a company-wide initiative of improving
operating efficiencies.
Business Development Update
On November 2, 2009, we announced that we entered into an amendment of our
agreement with the State of California Department of Corrections and
Rehabilitation (the "CDCR"), providing the CDCR the ability to house up to
10,468 offenders in five facilities we own, an increase from 8,132
offenders under our previous agreement. We currently house approximately
7,900 offenders from the state of California. We currently expect to begin
receiving additional inmates pursuant to the amendment during the first
quarter of 2010, with a gradual ramp-up estimated to be completed during
the first quarter of 2011.
During the third quarter we completed renovations of the 502-bed North
Georgia Detention Center and began receiving detainees from the U.S.
Immigration and Customs Enforcement during October 2009. We currently
house approximately 100 detainees at this facility.
In August 2009, we announced that we were notified by the Alaska Department
of Corrections that we were not selected in Alaska's competitive
solicitation to house up to 1,000 inmates from the state of Alaska. We
currently house approximately 750 Alaskan inmates at our 1,596-bed Red Rock
Correctional Center in Arizona and expect that Alaska will begin
transferring its inmate population out of the Red Rock facility beginning
in November of 2009. In addition to the Alaskan inmates, we house
approximately 650 inmates from other customers at the Red Rock facility.
We expect the state of California to utilize the beds that will be vacated
by Alaska pursuant to the amended agreement with the CDCR.
Liquidity Update
At September 30, 2009, our liquidity was provided by cash on hand of $53.6
million and $188.5 million available under our revolving credit facility.
On July 3, 2009, we redeemed the remaining $77.9 million of the 7.5% senior
notes outstanding at June 30, 2009, after repurchasing $372.1 million of
such notes pursuant to a tender offer in June 2009. We believe we have the
ability to fund our capital expenditure requirements, working capital and
debt service requirements with cash on hand, net cash provided by
operations, and borrowings available under our revolving credit facility.
None of our outstanding debt requires scheduled principal repayments, and
we have no debt maturities until December 2012.
Guidance
We expect EPS for the fourth quarter of 2009 to be in the range of $0.33 to
$0.35 and full year 2009 EPS to be in the range of $1.24 to $1.26,
excluding the aforementioned special items reported through the third
quarter of 2009.
Uncertainty remains around general economic conditions and the potential
impacts on state budgets as state government agencies experience revenue
shortfalls in their fiscal year 2010 budgets. Our earnings guidance
incorporates our best estimate of the range of potential outcomes related
to state budget uncertainties and other variables, including the risk of
population declines from certain customers and the potential for additional
pricing pressure. We believe the long-term growth opportunities of our
business remain very attractive as insufficient bed development by our
customers should result in a continuation of the supply and demand
imbalance that has been benefiting the private corrections industry.
During 2009, we expect to invest approximately $148.3 million in capital
expenditures, consisting of approximately $98.2 million in prison
construction and expansions that have been previously announced, $36.3
million in maintenance capital expenditures and $13.8 million in
information technology. We also expect an effective income tax rate of
approximately 38% for the fourth quarter of 2009, with payments for income
taxes expected to approximate $65.0 million for the full year.
Supplemental Financial Information and Investor Presentations
We have made available on our website supplemental financial information
and other data for the third quarter of 2009. We do not undertake any
obligation, and disclaim any duty to update any of the information
disclosed in this report. Interested parties may access this information
through our website at www.correctionscorp.com under "Financial
Information" of the Investor section.
Management may meet with investors from time to time during the fourth
quarter of 2009. Written materials used in the investor presentations will
also be available on our website beginning on or about November 11, 2009.
Interested parties may access this information through our website at
www.correctionscorp.com under "Webcasts" of the Investor section.
Webcast and Replay Information
We will host a webcast conference call at 10:00 a.m. central time (11:00
a.m. eastern time) tomorrow, November 5, 2009, to discuss our third quarter
2009 financial results. To listen to this discussion, please access
"Webcasts" on the Investor page at www.correctionscorp.com. The conference
call will be archived on our website following the completion of the call.
In addition, a telephonic replay will be available at 6:00 p.m. eastern
time on November 5, 2009 through 11:59 p.m. eastern time on November 12,
2009, by dialing (888) 203-1112 or (719) 457-0820, pass code 4862991.
About CCA
CCA is the nation's largest owner and operator of privatized correctional
and detention facilities and one of the largest prison operators in the
United States, behind only the federal government and three states. We
currently operate 65 facilities, including 44 company-owned facilities,
with a total design capacity of approximately 87,000 beds in 19 states and
the District of Columbia. We specialize in owning, operating and managing
prisons and other correctional facilities and providing inmate residential
and prisoner transportation services for governmental agencies. In
addition to providing the fundamental residential services relating to
inmates, our facilities offer a variety of rehabilitation and educational
programs, including basic education, religious services, life skills and
employment training and substance abuse treatment. These services are
intended to reduce recidivism and to prepare inmates for their successful
re-entry into society upon their release. We also provide health care
(including medical, dental and psychiatric services), food services and
work and recreational programs.
Forward-Looking Statements
This press release contains statements as to our beliefs and expectations
of the outcome of future events that are forward-looking statements as
defined within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from the
statements made. These include, but are not limited to, the risks and
uncertainties associated with: (i) general economic and market conditions,
including the impact governmental budgets can have on our per diem rates
and occupancy; (ii) fluctuations in our operating results because of, among
other things, changes in occupancy levels, competition, increases in cost
of operations, fluctuations in interest rates and risks of operations;
(iii) our ability to obtain and maintain correctional facility management
contracts, including as a result of sufficient governmental appropriations
and as a result of inmate disturbances; (iv) changes in the privatization
of the corrections and detention industry, the public acceptance of our
services, the timing of the opening of and demand for new prison facilities
and the commencement of new management contracts; (v) risks associated with
judicial challenges regarding the transfer of California inmates to out of
state private correctional facilities; and (vi) increases in costs to
construct or expand correctional facilities that exceed original estimates,
or the inability to complete such projects on schedule as a result of
various factors, many of which are beyond our control, such as weather,
labor conditions and material shortages, resulting in increased
construction costs. Other factors that could cause operating and financial
results to differ are described in the filings made from time to time by us
with the Securities and Exchange Commission.
CCA takes no responsibility for updating the information contained in this
press release following the date hereof to reflect events or circumstances
occurring after the date hereof or the occurrence of unanticipated events
or for any changes or modifications made to this press release.
CORRECTIONS CORPORATION OF AMERICA AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
September 30, December 31,
ASSETS 2009 2008
----------- -----------
Cash and cash equivalents $ 53,626 $ 34,077
Accounts receivable, net of allowance of $1,746
and $2,689, respectively 278,453 261,101
Deferred tax assets 15,167 16,108
Prepaid expenses and other current assets 26,624 23,472
Current assets of discontinued operations 66 3,541
----------- -----------
Total current assets 373,936 338,299
Property and equipment, net 2,486,080 2,478,670
Restricted cash 6,745 6,710
Investment in direct financing lease 12,506 13,414
Goodwill 13,672 13,672
Other assets 27,709 20,455
Non-current assets of discontinued operations - 154
----------- -----------
Total assets $ 2,920,648 $ 2,871,374
=========== ===========
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued expenses $ 213,316 $ 189,049
Income taxes payable 482 450
Current portion of long-term debt - 290
Current liabilities of discontinued operations 708 2,034
----------- -----------
Total current liabilities 214,506 191,823
Long-term debt, net of current portion 1,198,792 1,192,632
Deferred tax liabilities 81,949 68,349
Other liabilities 32,050 38,211
----------- -----------
Total liabilities 1,527,297 1,491,015
----------- -----------
Commitments and contingencies
Common stock - $0.01 par value; 300,000 shares
authorized; 115,482 and 124,673 shares issued
and outstanding at September 30, 2009 and
December 31, 2008, respectively 1,155 1,247
Additional paid-in capital 1,476,798 1,576,177
Retained deficit (84,602) (197,065)
----------- -----------
Total stockholders’ equity 1,393,351 1,380,359
----------- -----------
Total liabilities and stockholders’ equity $ 2,920,648 $ 2,871,374
=========== ===========
CORRECTIONS CORPORATION OF AMERICA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
------------------------ ------------------------
2009 2008 2009 2008
----------- ----------- ----------- -----------
REVENUE:
Management and other $ 425,563 $ 403,107 $ 1,241,381 $ 1,171,590
Rental 455 650 1,484 1,926
----------- ----------- ----------- -----------
426,018 403,757 1,242,865 1,173,516
----------- ----------- ----------- -----------
EXPENSES:
Operating 299,441 285,243 873,521 828,839
General and
administrative 21,704 20,866 65,015 60,222
Depreciation and
amortization 25,532 23,251 75,124 66,373
----------- ----------- ----------- -----------
346,677 329,360 1,013,660 955,434
----------- ----------- ----------- -----------
OPERATING INCOME 79,341 74,397 229,205 218,082
----------- ----------- ----------- -----------
OTHER EXPENSES
(INCOME):
Interest expense, net 18,339 15,087 54,935 42,671
Expenses associated
with debt
refinancing
transactions - - 3,838 -
Other (income)
expenses 49 (314) (242) (309)
----------- ----------- ----------- -----------
18,388 14,773 58,531 42,362
----------- ----------- ----------- -----------
INCOME FROM CONTINUING
OPERATIONS
BEFORE INCOME TAXES 60,953 59,624 170,674 175,720
Income tax expense (15,701) (21,862) (57,422) (66,214)
----------- ----------- ----------- -----------
INCOME FROM CONTINUING
OPERATIONS 45,252 37,762 113,252 109,506
Income (loss) from
discontinued
operations, net of
taxes - 129 (789) 910
----------- ----------- ----------- -----------
NET INCOME $ 45,252 $ 37,891 $ 112,463 $ 110,416
=========== =========== =========== ===========
BASIC EARNINGS PER
SHARE:
Income from
continuing
operations $ 0.39 $ 0.30 $ 0.98 $ 0.88
Income (loss) from
discontinued
operations, net of
taxes - - (0.01) 0.01
----------- ----------- ----------- -----------
Net income $ 0.39 $ 0.30 $ 0.97 $ 0.89
=========== =========== =========== ===========
DILUTED EARNINGS PER
SHARE:
Income from
continuing
operations $ 0.39 $ 0.30 $ 0.97 $ 0.86
Income (loss) from
discontinued
operations, net of
taxes - - (0.01) 0.01
----------- ----------- ----------- -----------
Net income $ 0.39 $ 0.30 $ 0.96 $ 0.87
=========== =========== =========== ===========
CORRECTIONS CORPORATION OF AMERICA AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS)
CALCULATION OF ADJUSTED DILUTED EARNINGS PER SHARE
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
--------------------- ---------------------
2009 2008 2009 2008
--------- ---------- --------- ----------
Net income $ 45,252 $ 37,891 $ 112,463 $ 110,416
Special Items:
Reversal of reserve for
uncertain tax positions and
other additional income
tax credits (6,974) - (6,974) -
Expenses associated with debt
refinancing transactions - - 3,838 -
Income tax benefit for
special items - - (1,465) -
--------- ---------- --------- ----------
Diluted adjusted net income $ 38,278 $ 37,891 $ 107,862 $ 110,416
========= ========== ========= ==========
Weighted average common shares
outstanding - basic 114,771 124,696 116,391 124,366
Effect of dilutive securities:
Stock options and warrants 1,154 1,596 870 1,722
Restricted stock-based
compensation 244 255 191 214
--------- ---------- --------- ----------
Weighted average shares and
assumed conversions - diluted 116,169 126,547 117,452 126,302
========= ========== ========= ==========
Adjusted Diluted Earnings Per
Share $ 0.33 $ 0.30 $ 0.92 $ 0.87
========= ========== ========= ==========
CALCULATION OF ADJUSTED FREE CASH FLOW
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
-------------------- --------------------
2009 2008 2009 2008
--------- --------- --------- ---------
Income from continuing
operations before income taxes $ 60,953 $ 59,624 $ 170,674 $ 175,720
Expenses associated with debt
refinancing transactions - - 3,838 -
Income tax benefit for debt
refinancing transactions - - (1,465) -
Income taxes paid (8,852) (16,702) (49,691) (39,474)
Depreciation and amortization 25,532 23,251 75,124 66,373
Depreciation and amortization
for discontinued operations - 313 4 779
Income (loss) from discontinued
operations, net of taxes - 129 (789) 910
Income tax expense (benefit)
for discontinued operations - 61 (481) 525
Stock-based compensation
reflected in G&A expenses 2,063 2,198 6,422 6,336
Amortization of debt costs and
other non-cash interest 1,088 940 2,935 2,900
Maintenance and technology
capital expenditures (12,667) (7,861) (30,856) (23,053)
--------- --------- --------- ---------
Adjusted Free Cash Flow $ 68,117 $ 61,953 $ 175,715 $ 191,016
========= ========= ========= =========
CALCULATION OF EBITDA AND ADJUSTED EBITDA
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
-------------------- --------------------
2009 2008 2009 2008
---------- --------- ---------- ---------
Net income $ 45,252 $ 37,891 $ 112,463 $ 110,416
Interest expense, net 18,339 15,087 54,935 42,671
Depreciation and amortization 25,532 23,251 75,124 66,373
Income tax expense 15,701 21,862 57,422 66,214
(Income) loss from discontinued
operations, net of taxes - (129) 789 (910)
---------- --------- ---------- ---------
EBITDA 104,824 97,962 300,733 284,764
Expenses associated with debt
refinancing transactions - - 3,838 -
---------- --------- ---------- ---------
ADJUSTED EBITDA $ 104,824 $ 97,962 $ 304,571 $ 284,764
========== ========= ========== =========
NOTE TO SUPPLEMENTAL FINANCIAL INFORMATION
Adjusted Diluted Earnings Per Share (Adjusted EPS), EBITDA, Adjusted EBITDA
and Adjusted Free Cash Flow are non-GAAP financial measures. The Company
believes that these measures are important operating measures that
supplement discussion and analysis of the Company's results of operations
and are used to review and assess operating performance of the Company and
its correctional facilities and their management teams. The Company
believes that it is useful to provide investors, lenders and security
analysts disclosures of its results of operations on the same basis as that
used by management.
Management and investors review both the Company's overall performance
(including GAAP EPS, net income, Adjusted EPS and Adjusted Free Cash Flow)
and the operating performance of the Company's correctional facilities
(EBITDA and Adjusted EBITDA). EBITDA and Adjusted EBITDA are useful as
supplemental measures of the performance of the Company's correctional
facilities because they do not take into account depreciation and
amortization, tax provisions, or with respect to Adjusted EBITDA, the
impact of the Company's financing strategies. Because the historical cost
accounting convention used for real estate assets requires depreciation
(except on land), this accounting presentation assumes that the value of
real estate assets diminishes at a level rate over time. Because of the
unique structure, design and use of the Company's correctional facilities,
management believes that assessing performance of the Company's
correctional facilities without the impact of depreciation or amortization
is useful. The calculation of Adjusted Free Cash Flow substitutes capital
expenditures incurred to maintain the functionality and condition of the
Company's correctional facilities in lieu of a provision for depreciation;
Adjusted Free Cash Flow also excludes certain other non-cash expenses that
do not affect the Company's ability to service debt.
The Company may make adjustments to GAAP net income, Adjusted EBITDA and
Adjusted Free Cash Flow from time to time for certain other income and
expenses that it considers non-recurring, infrequent or unusual, such as
the special items in the preceding calculation of Adjusted Diluted Earnings
Per Share, even though such items may require cash settlement, because such
items do not reflect a necessary component of the ongoing operations of the
Company. Other companies may calculate Adjusted EPS, EBITDA, Adjusted
EBITDA and Adjusted Free Cash Flow differently than the Company does, or
adjust for other items, and therefore comparability may be limited.
Adjusted EPS, EBITDA, Adjusted EBITDA and Adjusted Free Cash Flow are not
measures of performance under GAAP, and should not be considered as an
alternative to cash flows from operating activities, a measure of liquidity
or an alternative to net income as indicators of the Company's operating
performance or any other measure of performance derived in accordance with
GAAP. This data should be read in conjunction with the Company's
consolidated financial statements and related notes included in its filings
with the Securities and Exchange Commission.
Contact:
Investors and Analysts:
Karin Demler
CCA
(615) 263-3005
Financial Media:
David Gutierrez
Dresner Corporate Services
(312) 780-7204
