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February 25, 2010
Cornell Companies Reports Fourth-Quarter Earnings Above Guidance Provides Earnings Guidance for First Quarter and Full Year 2010
Cornell Companies Reports Fourth-Quarter Earnings Above Guidance
Provides Earnings Guidance for First Quarter and Full Year 2010
Feb. 24, 2010
HOUSTON, Feb 24, 2010 (GlobeNewswire via COMTEX) -- Cornell Companies, Inc. /quotes/comstock/13*!crn/quotes/nls/crn (CRN 18.71, -1.95, -9.44%) today reported results for the three and twelve months ended December 31, 2009, and provided guidance for the first quarter and full year for 2010.
James E. Hyman, Cornell's chairman, president and chief executive officer, said, "In the fourth quarter, Cornell executed both operationally and financially to cap another strong year in sustaining the growth in value to shareholders. In particular, we successfully completed the construction of our new Hudson Correctional Facility (Hudson) in Colorado and rapidly ramped the initial population under our contract with the Alaska Department of Corrections. As important, at the start of this year, the Federal Bureau of Prisons (BOP) awarded us a contract of up to 10 years to house up to 2,507 federal inmates at our D. Ray James Prison (DRJ) facility in Georgia. We believe this sets a trajectory for Cornell of solid long-term growth despite the challenging budget environment that we face with our customers in 2010."
Posted by lois at February 25, 2010 03:34 PM