PALM BEACH GARDENS, Fla., Aug. 9 /PRNewswire-FirstCall/ --
CentraCore Properties Trust (NYSE:CPV), a real estate investment
trust (REIT), today announced operating results for the three and
six months ended June 30, 2006. Net income for the quarter ended
June 30, 2006 was $4.5 million, or $0.41 per diluted share on
revenue of $7.7 million, compared to net income of $4.5 million, or
$0.41 per diluted share, on revenue of $7.0 million for the quarter
ended June 30, 2005. Funds from operations (the non-GAAP financial
measure described and reconciled below) for the quarter ended June
30, 2006 was $6.1 million, or $0.55 per diluted share, compared to
$6.0 million, or $0.54 per diluted share, for the second quarter of
2005. Net income for the six months ended June 30, 2006 was $9.2
million, or $0.83 per diluted share on revenue of $15.3 million,
compared to net income of $9.0 million, or $0.81 per diluted share,
on revenue of $13.9 million for the six months ended June 30, 2005.
Funds from operations for the six months ended June 30, 2006 was
$12.3 million, or $1.11 per diluted share, compared to $11.9
million, or $1.07 per diluted share, for the six months ended June
30, 2005. Charles R. Jones, President and CEO, stated, "The overall
demand for correctional beds can be expected to continue to
increase at the state and federal level. Inventory of available
beds and new beds under development is low, while the costs to
construct new beds are increasing at a significant level. These
favorable conditions are expected to produce continued high demand
for the Company's facilities." CentraCore Properties Trust will
conduct an open conference call with analysts and shareholders at
4:00 P.M. (EDT) on August 9, 2006 to discuss its operating results
for the second quarter of 2006 and 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 two
weeks at: http://www.videonewswire.com/event.asp?id=35036
Interested parties who would like to participate in the
teleconference may do so by calling the following telephone number
at 3:45 P.M. (EDT) on August 9, 2006: Participant Dial-In Number:
(866) 238 - 1665 Conference ID Number: 946516 Those who wish to
listen to a telephone replay may do so by calling: Replay Number:
(888) 266 - 2081 Conference ID Number: 946516 The telephone replay
will be available 24 hours a day, starting at 7:30 P.M. (EDT) on
August 9, 2006, through 12:00 A.M. (EDT) on August 23, 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 8,071 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, 2005 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 SIX
MONTHS ENDED JUNE 30, 2006 AND JUNE 30, 2005 (AMOUNTS IN THOUSANDS,
EXCEPT PER SHARE AMOUNTS) (Unaudited) THREE MONTHS SIX MONTHS ENDED
JUNE 30, ENDED JUNE 30, 2006 2005 2006 2005 Revenue Rental $7,696
$6,968 $15,248 $13,828 Interest 17 33 29 71 7,713 7,001 15,277
13,899 Expenses Depreciation 1,578 1,459 3,150 2,908 General and
administrative 1,166 749 2,024 1,470 Interest 459 277 920 553 3,203
2,485 6,094 4,931 Net income $4,510 $4,516 $9,183 $8,968 Net income
per common share Basic $0.41 $0.41 $.84 $.82 Diluted $0.41 $0.41
$.83 $.81 Weighted average number of shares outstanding Basic
10,993 10,992 10,992 10,991 Diluted 11,068 11,084 11,080 11,084
CENTRACORE PROPERTIES TRUST CONSOLIDATED BALANCE SHEETS JUNE 30,
2006 AND DECEMBER 31, 2005 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AND
PER SHARE AMOUNTS) June 30, December 31, 2006 2005 (Unaudited)
Assets Real estate properties, at cost: Correctional and detention
facilities $ 284,967 $ 257,516 Less-accumulated depreciation
(43,211) (40,078) Net real estate properties 241,756 217,438 Cash
and cash equivalents 961 414 Deferred financing costs, net 286 644
Corporate office, net 1,363 1,388 Other assets 2,946 2,535 Total
assets $ 247,312 $ 222,419 Liabilities and shareholders' equity
Liabilities Accounts payable and accrued expenses $ 5,494 $ 4,523
Revolving line of credit 29,300 4,500 Total liabilities 34,794
9,023 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; 11,003,050 and 10,997,250 shares issued and
outstanding, respectively 11 11 Capital in excess of par value
220,822 220,835 Distributions in excess of accumulated earnings
(8,315) (7,370) Unearned compensation -- (80) Total shareholders'
equity 212,518 213,396 Total liabilities and shareholders' equity $
247,312 $ 222,419 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 six months ended June 30, 2006
and 2005. (Amounts in thousands, except per share amounts)
(Unaudited) Three Months Six Months Ended June 30, Ended June 30,
2006 2005 2006 2005 Net income $4,510 $4,516 $9,183 $8,968 Add:
Depreciation and amortization (a) 1,569 1,459 3,133 2,908 Funds
from operations ("FFO") $6,079 $5,975 $12,316 $11,876 (a) Excludes
depreciation of the corporate office and office equipment of $9 and
$0 for the three months ended June 30, 2006 and 2005, respectively,
and $17 and $0 for the six months ended June 30, 2006 and 2005,
respectively. Weighted average shares outstanding, basic 10,993
10,992 10,992 10,991 Weighted average shares outstanding, diluted
11,068 11,084 11,080 11,084 FFO per share Basic $0.55 $0.54 $1.12
$1.08 Diluted $0.55 $0.54 $1.11 $1.07 Other Information
Straight-line rents in excess of contract rents $(27) $9 $(61) $27
Amortization of deferred financing costs $175 $193 $359 $387
http://www.videonewswire.com/event.asp?id=35036DATASOURCE:
CentraCore Properties Trust CONTACT: CentraCore Properties Trust
Shareholder Services, +1-561-630-6336 Web site:
http://www.centracorepropertiestrust.com/
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