WASHINGTON (dpa-AFX) - Corrections Corporation of America (CXW) reported that its first-quarter net income was $31.7 million, or $0.32 per share, down from $40.3 million, or $0.37 per share, for the first quarter of 2011.
During the first quarter of 2012, CCA incurred approximately $1.0 million, net of taxes, for expenses associated with debt refinancing transactions. After adjusting for these expenses the company generated $0.33 of earnings per share.
Funds From Operations was $82.2 million during the first quarter of 2012 compared to $95.5 million in the prior year quarter. Funds From Operations Per Share was $0.82, compared to $0.87 last year.
Adjusted Funds From Operations, for the first quarter of 2012 was $69.4 million compared with $90.7 million during the prior year period. Adjusted Funds From Operations Per Share was $0.69, compared to $0.83 last year.
Revenues for the quarter rose to $435.31 million from $425.18 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share on revenues of $431.01 million for the quarter. Analysts' estimates typically exclude special items.
The company expect earnings per share for the second quarter of 2012 to be in the range of $0.36 to $0.37. Analysts expect the company to report earnings of $0.41 per share for the second-quarter.
The company said it revised its full-year 2012 Adjusted earnings per share to be in the range of $1.53 to $1.61 with Funds From Operations for the full year 2012 to be in the range of $2.82 to $2.91, while full year Adjusted Funds From Operations Per Share is in the range of $2.28 to $2.42. Analysts expect the company to report earnings of $1.64 per share for fiscal 2012.
Previously, the company had expected full-year 2012 adjusted earnings per share to be in the range of $1.60 - $1.70.
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