Correctional Properties Trust Reports Third Quarter Earnings and Declares Dividend
03 November 2004 - 12:32AM
PR Newswire (US)
Correctional Properties Trust Reports Third Quarter Earnings and
Declares Dividend PALM BEACH GARDENS, Fla., Nov. 2
/PRNewswire-FirstCall/ -- Correctional Properties Trust (NYSE:CPV),
a real estate investment trust (REIT), today announced net income
for the three months ended September 30, 2004, of $5.0 million, or
$.46 per diluted share, on revenue of $6.8 million. Funds from
operations (the non-GAAP financial measure described below) for the
three months ended September 30, 2004, was $6.6 million, or $.59
per diluted share. For the three months ended September 30, 2003,
the Trust previously reported net income of $3.4 million, or $.33
per diluted share, on revenue of $6.7 million. Funds from
operations were $5.3 million or $.52 per diluted share in 2003.
Correctional Properties Trust also announced that its Board of
Trustees declared a quarterly dividend of $0.45 (forty-five cents)
per share on each common share of beneficial interest, payable
December 2, 2004, to shareholders of record at the close of
business November 17, 2004. Charles R. Jones, President and CEO,
stated, "I am pleased with the third quarter financial results, and
the favorable market conditions we are seeing. We have a very
strong balance sheet and are optimistic about our acquisition
opportunities." Correctional Properties Trust, based in Palm Beach
Gardens, Florida, was formed in February 1998, to capitalize on the
growing trend toward privatization in the corrections industry.
Correctional Properties Trust is dedicated to ownership of
correctional facilities under long-term, triple-net leases, which
minimizes occupancy risk and development risk. Correctional
Properties Trust currently owns 14 correctional facilities in ten
states, all of which are leased, with an aggregate initial design
capacity of 8,008 beds. This press release contains forward-looking
statements regarding future events and future performance of the
Company that involve risks and uncertainties that could materially
affect actual results. This information is qualified in its
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, without
limitation, the Company's Form 10-K, Forms 10-Q, Registration
Statements on Form S-11 and S-3, and Form 8-K CONTACT: Correctional
Properties Trust Shareholder Services (561) 630-6336, or access
Company information at http://www.correctionalpropertiestrust.com/
CORRECTIONAL PROPERTIES TRUST CONSOLIDATED STATEMENTS OF INCOME FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2004 AND SEPTEMBER
30, 2003 (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(Unaudited) THREE MONTHS NINE MONTHS ENDED SEPT. 30, ENDED SEPT.
30, 2004 2003 2004 2003 REVENUES RENTAL $6,799 $6,643 $20,261
$18,752 INTEREST 5 19 7 44 6,804 6,662 20,268 18,796 EXPENSES
DEPRECIATION 1,449 1,449 4,346 4,164 GENERAL and ADMINISTRATIVE 593
460 1,869 1,342 INTEREST 278 1,504 852 4,935 2,320 3,413 7,067
10,441 INCOME FROM CONTINUING OPERATIONS $4,484 3,249 $13,201
$8,355 DISCONTINUED OPERATIONS: INCOME FROM ASSETS HELD FOR SALE
566 183 945 532 NET INCOME $5,050 $3,432 $14,146 $8,887 BASIC NET
INCOME PER COMMON SHARE CONTINUING OPERATIONS $0.41 $0.32 $1.20
$1.00 DISCONTINUED OPERATIONS 0.05 0.02 0.09 0.06 NET INCOME PER
COMMON SHARE $0.46 $0.34 $1.29 $1.06 DILUTED NET INCOME PER COMMON
SHARE CONTINUING OPERATIONS $0.41 $0.31 $1.19 $0.99 DISCONTINUED
OPERATIONS $0.05 $0.02 $0.09 0.06 NET INCOME PER COMMON SHARE $0.46
$0.33 $1.28 $1.05 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
BASIC 10,983 10,161 10,978 8,405 DILUTED 11,078 10,263 11,083 8,497
FUNDS FROM OPERATIONS Management believes Funds from Operations
("FFO") is helpful to investors as a measure of the performance of
an equity REIT. Funds from Operations should not be considered as
an alternative to net income (determined in accordance with 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 Funds from
Operations 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 ("NAREIT"), which may differ from the methodology for
calculating Funds from Operations utilized by other equity REITs,
and accordingly, may not be comparable to such other REITs. The
White Paper defines Funds from Operations as net income (loss),
computed in accordance with generally accepted accounting
principles ("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, Funds from Operations 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 the consolidated
operating results of the Company, Funds from Operations should be
examined in conjunction with net income as presented in the
consolidated financial statements. The table below presents the
Company's Funds from Operations for the three and nine months ended
September 30, 2004 and September 30, 2003. (Unaudited) (Amounts in
thousands, except per share amounts) Three Months Nine Months Ended
September 30, Ended September 30, 2004 2003 2004 2003 Net Income
$5,050 $3,432 $14,146 $8,887 Real estate depreciation and
amortization 1,449 1,449 4,346 4,164 Real Estate Depreciation and
Amortization Included In Discontinued Operations 71 446 964 1,338
Funds from Operations $6,570 $5,327 $19,456 $14,389 Weighted
Average Shares Outstanding, Basic 10,983 10,161 10,978 8,405
Weighted Average Shares Outstanding, Diluted 11,078 10,263 11,083
8,497 FFO Per Share Basic $0.60 $0.52 $1.77 $1.71 Diluted $0.59
$0.52 $1.76 $1.69 Other Information Straight-Line Rents in Excess
of Contract Rents $84 $162 $281 $373 Amortization of Deferred
Financing Costs $211 $315 $632 $779 DATASOURCE: Correctional
Properties Trust CONTACT: Correctional Properties Trust Shareholder
Services, +1-561-630-6336 Web site:
http://www.correctionalpropertiestrust.com/
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