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May 11, 2008
Cornell 1Q profit jumps nearly sevenfold
Cornell 1Q profit jumps nearly sevenfold
Associated Press
05.09.08, 1:50 PM ET
http://www.forbes.com - Cornell 1Q profit jumps nearly sevenfold – Forbes.com
HOUSTON - Cornell Cos., a provider of corrections and treatment services to federal and state agencies, said Friday that its first-quarter profit soared nearly sevenfold, with revenue rising mainly due to correctional center and prison projects.
For the quarter ended March 31, Cornell Companies earned $4.6 million, or 32 cents per share, compared with $664,000, or 5 cents per share, in the year-ago quarter.
The company's revenue climbed 6 percent to $95.4 million from $89.6 million.
Cornell Companies said much of the growth resulted from the expansion of the Big Spring Correctional Center and the D. Ray James Prison in November and February, respectively.
The company also said its general and administrative expenses declined to $6.5 million from $8.4 million. Its operating expenses, excluding depreciation, edged up to $70.2 million from $69.6 million.
Cornell Companies shares declined 57 cents to $21.88 in afternoon trading.
Posted by lois at May 11, 2008 11:46 AM