CentraCore Properties Trust Reports First Quarter 2006 Earnings, Declares Dividend and Announces Earnings Conference Call
10 May 2006 - 3:22AM
PR Newswire (US)
PALM BEACH GARDENS, Fla., May 9 /PRNewswire-FirstCall/ --
CentraCore Properties Trust (NYSE:CPV), a real estate investment
trust (REIT), today announced operating results for the quarter
ended March 31, 2006. Net income for the quarter ended March 31,
2006 was $4.7 million, or $0.42 per diluted share on revenue of
$7.6 million, compared to net income of $4.5 million, or $0.40 per
diluted share, on revenue of $6.9 million for the quarter ended
March 31, 2005. Funds from operations (the non-GAAP financial
measure described and reconciled below) for the quarter ended March
31, 2006 was $6.2 million, or $0.56 per diluted share, compared to
$5.9 million, or $0.53 per diluted share, for the first quarter of
2005. Charles R. Jones, President and CEO, stated, "I am pleased
with our operating results for the first quarter of 2006 and the
increase in earnings due to our recent acquisition of the Mesa
Correctional Facility. The overall strength of the private
corrections sector, combined with strong demand for prison beds
from government, are positive indicators for our Company and
continued high utilization of our properties." CentraCore
Properties Trust also announced that its Board of Trustees declared
a quarterly dividend of $0.46 (forty-six cents) per share on each
common share of beneficial interest, payable June 2, 2006, to
shareholders of record at the close of business May 19, 2006.
CentraCore Properties Trust will conduct an open conference call
with analysts and shareholders at 2:00 P.M. (EDT) on May 19, 2006
to discuss its operating results for the first quarter of 2006 and
2006 guidance. To listen to the audio webcast live, interested
parties may go to the following website at least 15 minutes prior
to the event to register, download and install any necessary audio
software. For those unable to listen to the live webcast, a replay
will be available for two weeks at:
http://www.videonewswire.com/event.asp?id=33911 Interested parties
who would like to participate in the teleconference may do so by
calling the following telephone number at 1:45 P.M. (EDT) on May
19, 2006: Participant Dial-In Number: (866) 259-6033 Conference ID
Number: 904527 Those who wish to listen to a telephone replay may
do so by calling: Replay Number: (888) 266-2081 Conference ID
Number: 904527 The telephone replay will be available 24 hours a
day, starting at 6:00 P.M. (EDT) on May 19, 2006, through 12:00
A.M. (EDT) on June 2, 2006. CentraCore Properties Trust ("CPT" or
the "Company"), based in Palm Beach Gardens, Fla., was formed in
February 1998 to capitalize on the growing trend toward
privatization in the corrections industry. CPT has expanded its
scope to include essential purpose government real estate projects
outside the corrections sector, including mental health and higher
education facilities. CPT is dedicated to ownership of properties
under long-term, triple-net leases, which minimizes occupancy risk
and development risk. CPT currently owns 13 correctional facilities
in nine states, all of which are leased, with an aggregate
completed design capacity of 7,556 beds. This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 regarding future
events and future performance of the Company that involve risks and
uncertainties that could materially affect actual results. Such
forward- looking statements are made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995
and are qualified in their entirety by cautionary statements and
risk factors disclosure contained in certain of the Company's
Securities and Exchange Commission filings. For a description of
certain factors that could cause actual results to vary from
current expectations and forward-looking statements contained in
this press release, refer to documents that the Company files from
time to time with the Securities and Exchange Commission. Such
filings include the Company's Form 10-K for the fiscal year ended
December 31, 2005 and subsequent periodic reports. The Company
assumes no obligation to update or supplement forward- looking
statements that become untrue because of subsequent events.
Contact: CentraCore Properties Trust Shareholder Services (561)
630-6336, or access Company information at
http://www.centracorepropertiestrust.com/ CENTRACORE PROPERTIES
TRUST CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED
MARCH 31, 2006 AND MARCH 31, 2005 (AMOUNTS IN THOUSANDS, EXCEPT PER
SHARE AMOUNTS) (Unaudited) THREE MONTHS ENDED MARCH 31, 2006 2005
Revenue Rental $7,552 $6,860 Interest 12 38 7,564 6,898 Expenses
Depreciation 1,572 1,449 General and administrative 858 721
Interest 461 276 2,891 2,446 Net income $4,673 $4,452 Net income
per common share Basic $0.43 $0.41 Diluted $0.42 $0.40 Weighted
average number of shares outstanding Basic 10,992 10,991 Diluted
11,093 11,083 CENTRACORE PROPERTIES TRUST CONSOLIDATED BALANCE
SHEETS MARCH 31, 2006 AND DECEMBER 31, 2005 (AMOUNTS IN THOUSANDS,
EXCEPT SHARE AND PER SHARE AMOUNTS) March 31, December 31, 2006
2005 (Unaudited) Assets Real estate properties, at cost:
Correctional and detention facilities $ 280,425 $ 257,516
Less-accumulated depreciation (41,642) (40,078) Net real estate
properties 238,783 217,438 Cash and cash equivalents 149 414
Deferred financing costs, net 465 644 Corporate office, net 1,381
1,388 Other assets 2,617 2,535 Total assets $ 243,395 $ 222,419
Liabilities and shareholders' equity Liabilities Accounts payable
and accrued expenses $ 4,550 $ 4,523 Revolving line of credit
25,800 4,500 Total liabilities 30,350 9,023 Commitments and
contingencies Shareholders' equity Preferred shares, $.001 par
value; 50,000,000 shares authorized; none outstanding -- -- Common
shares, $.001 par value; 150,000,000 shares authorized; 11,003,050
and 10,997,250 shares issued and outstanding, respectively 11 11
Capital in excess of par value 220,794 220,835 Distributions in
excess of accumulated earnings (7,760) (7,370) Unearned
compensation -- (80) Total shareholders' equity 213,045 213,396
Total liabilities and shareholders' equity $ 243,395 $ 222,419
FUNDS FROM OPERATIONS Management believes funds from operations
("FFO") is helpful to investors as a measure of the performance of
an equity REIT. FFO should not be considered as an alternative to
net income (determined in accordance with generally accepted
accounting principles ("GAAP")) as an indication of the Company's
financial performance or to cash flows from operating activities
(determined in accordance with GAAP) as a measure of the Company's
liquidity, nor is it indicative of funds available to fund the
Company's cash needs, including its ability to make distributions.
The Company computes FFO in accordance with the current standards
established by the White Paper on Funds from Operations approved by
the Board of Governors of the National Association of Real Estate
Investment Trusts, which may differ from the methodology for
calculating FFO utilized by other equity REITs, and, accordingly,
may not be comparable to such other REITs. The White Paper defines
FFO as net income (loss), computed in accordance with GAAP,
excluding gains (or losses) from sales of property, plus real
estate related depreciation and amortization and after adjustments
for unconsolidated partnerships and joint ventures. Further, FFO
does not represent amounts available for management's discretionary
use because of needed capital replacement or expansion, debt
service obligations, or other commitments and uncertainties. The
Company believes that in order to facilitate a clear understanding
of its consolidated operating results, FFO should be examined in
conjunction with net income as presented in the unaudited
consolidated financial statements for corresponding periods. The
table below presents a reconciliation of net income to FFO for the
three months ended March 31, 2006 and 2005. (Amounts in thousands,
except per share amounts) (Unaudited) Three Months Ended March 31,
2006 2005 Net income $4,673 $4,452 Add: Depreciation and
amortization (a) 1,564 1,449 Funds from operations ("FFO") $6,237
$5,901 (a) Excludes depreciation of the corporate office and office
equipment of $8 and $0 for the three months ended March 31, 2006
and 2005, respectively. Weighted average shares outstanding, basic
10,992 10,991 Weighted average shares outstanding, diluted 11,093
11,083 FFO per share Basic $0.57 $0.54 Diluted $0.56 $0.53 Other
Information Straight-line rents in excess of contract rents $(34)
$17 Amortization of deferred financing costs $184 $193
http://www.videonewswire.com/event.asp?id=33911DATASOURCE:
CentraCore Properties Trust CONTACT: CentraCore Properties Trust
Shareholder Services, +1-561-630-6336 Web site:
http://www.centracorepropertiestrust.com/
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