PALM BEACH GARDENS, Fla., March 2 /PRNewswire-FirstCall/ --
CentraCore Properties Trust (NYSE:CPV), a real estate investment
trust (REIT), today announced operating results for the quarter and
year ended December 31, 2005. Net income for the quarter ended
December 31, 2005 was $4.5 million, or $0.41 per diluted share on
revenue of $7.1 million, compared to net income of $9.5 million, or
$0.86 per diluted share, on revenue of $6.8 million for the quarter
ended December 31, 2004. Net income for the quarter ended December
31, 2004 included a net gain on the sale of the Mountain View and
Pamlico facilities of approximately $5.0 million. Funds from
operations (the non-GAAP financial measure described and reconciled
below) for the quarter ended December 31, 2005 was $6.0 million, or
$0.54 per diluted share, compared to $6.0 million, or $0.54 per
diluted share, for the fourth quarter of 2004. Net income for the
year ended December 31, 2005 was $18.1 million, or $1.63 per
diluted share on revenue of $28.1 million, compared to net income
of $23.7 million, or $2.14 per diluted share, on revenue of $27.1
million for the year ended December 31, 2004. Net income for the
year ended December 31, 2004 included a net gain on the sale of the
Mountain View and Pamlico facilities of approximately $5.0 million.
Funds from operations for the year ended December 31, 2005 was
$23.9 million, or $2.16 per diluted share, compared to $25.5
million, or $2.30 per diluted share, for the year ended December
31, 2004. Charles R. Jones, President and CEO, stated, "I am
pleased with our operating results in 2005. We also implemented
important business development initiatives during the year,
including expanding our property types and changing the Company's
name." CentraCore Properties Trust will conduct an open conference
call with analysts and shareholders at 3:00 P.M. (EST) on March 2,
2006 to discuss its operating results for the fourth quarter of
2005 and to present 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 one week at:
http://phx.corporate-ir.net/playerlink.zhtml?c=93191&s=wm&e=1208373
Interested parties who would like to participate in the
teleconference may do so by calling the following telephone number
at 2:45 P.M. (EST) on March 2, 2006: Participant Dial-In Number:
(866) 814-1917 Conference ID Number: 851862 Those who wish to
listen to a telephone replay may do so by calling: Replay Number:
(888) 266-2081 Conference ID Number: 851862 The telephone replay
will be available 24 hours a day, starting at 6:30 P.M. (EST) on
March 2, 2006, through 12:00 A.M. (EST) on March 10, 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, 2004 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 AND TWELVE
MONTHS ENDED DECEMBER 31, 2005 AND DECEMBER 31, 2004 (AMOUNTS IN
THOUSANDS, EXCEPT PER SHARE AMOUNTS) (Unaudited) THREE MONTHS
TWELVE MONTHS ENDED ENDED DECEMBER 31, DECEMBER 31, 2005 2004 2005
2004 Revenue Rental $7,067 $6,815 $27,945 $27,076 Interest 7 21 108
28 7,074 6,836 28,053 27,104 Expenses Depreciation 1,477 1,449
5,859 5,795 General and administrative 789 815 3,025 2,684 Interest
274 278 1,106 1,130 2,540 2,542 9,990 9,609 Income from continuing
operations 4,534 4,294 18,063 17,495 Discontinued operations:
Income from operations of discontinued facilities (including net
gain on sale of $4,969 in 2004) -- 5,230 -- 6,175 Net income $4,534
$9,524 $18,063 $23,670 Basis net income per common share Continuing
operations $0.41 $0.39 $1.64 $1.60 Discontinued operations -- 0.48
-- 0.56 Net income per common share $0.41 $0.87 $1.64 $2.16 Diluted
net income per common share Continuing operations $0.41 $0.39 $1.63
$1.58 Discontinued operations -- 0.47 -- 0.56 Net income per common
share $0.41 $0.86 $1.63 $2.14 Weighted average number of shares
outstanding Basic 10,992 10,987 10,991 10,980 Diluted 11,097 11,090
11,092 11,084 CENTRACORE PROPERTIES TRUST CONSOLIDATED BALANCE
SHEETS DECEMBER 31, 2005 AND DECEMBER 31, 2004 (AMOUNTS IN
THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) December 31,
December 31, 2005 2004 (Unaudited) Assets Real estate properties,
at cost: Correctional and detention facilities $ 257,516 $ 243,747
Less-accumulated depreciation (40,078) (34,221) Net real estate
properties 217,438 209,526 Cash and cash equivalents 414 5,004
Deferred financing costs, net 644 1,345 Corporate office, net 1,388
-- Other assets 2,535 2,441 Total assets $ 222,419 $ 218,316
Liabilities and shareholders' equity Liabilities Accounts payable
and accrued expenses $ 4,523 $ 3,243 Revolving line of credit 4,500
-- Total liabilities 9,023 3,243 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; 10,997,250 and 10,992,750
shares issued and outstanding, respectively 11 11 Capital in excess
of par value 220,835 220,709 Distributions in excess of accumulated
earnings (7,370) (5,625) Unearned compensation (80) (22) Total
shareholders' equity 213,396 215,073 Total liabilities and
shareholders' equity $ 222,419 $ 218,316 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 and twelve months ended December 31, 2005 and December 31,
2004. (Amounts in thousands, except per share amounts) (Unaudited)
Three Months Twelve Months Ended Dec. 31, Ended Dec. 31, 2005 2004
2005 2004 Net income $4,534 $9,524 $18,063 $23,670 Add:
Depreciation and amortization (a) 1,475 1,449 5,857 5,795 Add:
Depreciation and amortization included in discontinued operations
-- -- -- 964 Gain on sale of facilities -- (4,969) -- (4,969) Funds
from operations ("FFO") $6,009 $6,004 $23,920 $25,460 (a) Excludes
depreciation of the corporate office and office equipment of $2 and
$0 for the three months ended December 31, 2005 and 2004,
respectively, and $2 and $0 for the twelve months ended December
31, 2005 and 2004, respectively. Weighted average shares
outstanding, basic 10,992 10,987 10,991 10,980 Weighted average
shares outstanding, diluted 11,097 11,090 11,092 11,084 FFO per
share Basic $0.55 $0.55 $2.18 $2.32 Diluted $0.54 $0.54 $2.16 $2.30
Other Information Straight-line rents in excess of contract rents
$(2) $54 $23 $335 Amortization of deferred financing costs $191
$200 $771 $832
http://phx.corporate-ir.net/playerlink.zhtml?c=93191&s=wm&e=1208373DATASOURCE:
CentraCore Properties Trust CONTACT: CentraCore Properties Trust
Shareholder Services, +1-561-630-6336 Web site:
http://www.centracorepropertiestrust.com/
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