CoreCivic Enters Into New Management Contract With Hinds County
September 25 2023 - 8:00AM
CoreCivic, Inc. (NYSE: CXW) ("CoreCivic")
announced today it signed a new management contract with Hinds
County, Mississippi for up to 250 adult male pre-trial detainees at
the Company's 2,672-bed Tallahatchie County Correctional Facility
in Tutwiler, Mississippi. The initial contract term is for two
years, which may be extended for an additional year upon mutual
agreement.
Damon T. Hininger, President and Chief Executive
Officer commented, "We are pleased to enter into a new management
contract with Hinds County and are honored to be entrusted with the
care of a portion of their detainee population."
CoreCivic currently cares for residents at the
Tallahatchie County Correctional Facility from the United States
Marshals Service, Vermont, South Carolina, the U.S. Virgin Islands,
and Tallahatchie County.
Hininger continued, "We continue to see increasing
demand for our correctional and detention solutions, evidenced by
the new contract with Hinds County. The Tallahatchie County
Correctional Facility is a flexible facility, which has capacity to
accommodate additional government customers. We have been in
discussions with additional federal, state, and local government
agencies to utilize capacity in numerous of our facilities,
including at the Tallahatchie facility. We have recently accepted
approximately 160 additional residents from the state of Idaho
under an existing contract at our Saguaro Correctional Facility in
Arizona to meet their increasing needs. We have also recently
signed contract extensions with the state of Vermont at the
Tallahatchie facility, which was scheduled to expire September 30,
2023, with U.S. Immigration & Customs Enforcement at our
Elizabeth Detention Center in New Jersey, and with the Texas
Department of Criminal Justice for five residential reentry centers
in Texas, all of which expired August 31, 2023, and with the state
of Montana at our Crossroads Correctional Center in Montana, which
expired June 30, 2023."
About CoreCivic
CoreCivic is a diversified, government-solutions company with
the scale and experience needed to solve tough government
challenges in flexible, cost-effective ways. We provide a broad
range of solutions to government partners that serve the public
good through high-quality corrections and detention management, a
network of residential and non-residential alternatives to
incarceration to help address America’s recidivism crisis, and
government real estate solutions. We are the nation’s largest owner
of partnership correctional, detention and residential reentry
facilities, and one of the largest prison operators in the United
States. We have been a flexible and dependable partner for
government for 40 years. Our employees are driven by a deep sense
of service, high standards of professionalism and a responsibility
to help government better the public good. Learn more at
www.corecivic.com.
Forward-Looking Statements
This press release contains statements as to our beliefs and
expectations of the outcome of future events that are
"forward-looking" statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995, as amended. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the
statements made. These include, but are not limited to, the risks
and uncertainties associated with: (i) changes in government
policy, legislation and regulations that affect utilization of the
private sector for corrections, detention, and residential reentry
services, in general, or our business, in particular, including,
but not limited to, the continued utilization of our correctional
and detention facilities by the federal government, including as a
consequence of the United States Department of Justice, or DOJ, not
renewing contracts as a result of President Biden's Executive Order
on Reforming Our Incarceration System to Eliminate the Use of
Privately Operated Criminal Detention Facilities, impacting
utilization primarily by the BOP and the United States Marshals
Service, and the impact of any changes to immigration reform and
sentencing laws (we do not, under longstanding policy, lobby for or
against policies or legislation that would determine the basis for,
or duration of, an individual’s incarceration or detention); (ii)
our ability to obtain and maintain correctional, detention, and
residential reentry facility management contracts because of
reasons including, but not limited to, sufficient governmental
appropriations, contract compliance, negative publicity and effects
of inmate disturbances; (iii) changes in the privatization of
the corrections and detention industry, the acceptance of our
services, the timing of the opening of new facilities and the
commencement of new management contracts (including the extent and
pace at which new contracts are utilized), as well as our ability
to utilize available beds; (iv) general economic and market
conditions, including, but not limited to, the impact governmental
budgets can have on our contract renewals and renegotiations, per
diem rates, and occupancy; (v) fluctuations in our operating
results because of, among other things, changes in occupancy
levels; competition; contract renegotiations or terminations;
inflation and other increases in costs of operations, including a
continuing rise in labor costs; fluctuations in interest rates and
risks of operations; (vi) the impact resulting from the termination
of Title 42, the federal government's policy to deny entry at the
United States southern border to asylum-seekers and anyone crossing
the southern border without proper documentation or authority in an
effort to contain the spread of the coronavirus and related
variants, or COVID-19; (vii) our ability to successfully identify
and consummate future development and acquisition opportunities and
realize projected returns resulting therefrom; (viii) our ability
to have met and maintained qualification for taxation as a real
estate investment trust, or REIT, for the years we elected REIT
status; and (ix) the availability of debt and equity financing on
terms that are favorable to us, or at all. Other factors that could
cause operating and financial results to differ are described in
the filings we make from time to time with the Securities and
Exchange Commission.
We take no responsibility for updating the information contained
in this press release following the date hereof to reflect events
or circumstances occurring after the date hereof or the occurrence
of unanticipated events or for any changes or modifications made to
this press release or the information contained herein by any
third-parties, including, but not limited to, any wire or internet
services.
Contact: |
Investors: Cameron Hopewell - Managing Director, Investor Relations
- (615) 263-3024 |
|
Financial Media: David Gutierrez, Dresner Corporate Services -
(312) 780-7204 |
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