Cornell Companies Inc. reported consolidated earnings results for the third quarter and first nine months ended September 30, 2009. For the quarter, revenues were $103,279,000 against $95,187,000 last year. Income from operations was $18,594,000 against $14,037,000 last year. Income before provision for income taxes and non-controlling interest was $12,218,000 against $8,283,000 last year. Net income available to stockholders was $6,693,000 or $0.45 per basic and diluted share against $4,828,000 or $0.32 per diluted share last year. Revenues grew 8.5% from the year ago period. Much of the increase came from the expansions of the Great Plains Correctional Facility (Great Plains) and the Walnut Grove Youth Correctional Facility (Walnut Grove) in the third quarter of 2008, as well as higher populations at the Regional Correctional Center (RCC). For the first nine months, revenues were $308,323,000 against $285,225,000 last year. Income from operations was $53,972,000 against $43,442,000 last year. Income before provision for income taxes and non-controlling interest was $35,067,000 against $25,827,000 last year. Net income available to stockholders was $19,182,000 or $1.28 per diluted share against $14,809,000 or $1.00 per diluted share last year. The increase in revenue was principally related to the facility expansions and occupancy growth at those programs mentioned earlier. The company expects earnings for the fourth quarter of 2009 to range from $0.32 per share to $0.35 per share. For the full year of 2009, the company anticipates earnings of $1.60 per share to $1.63 per share.

Cornell Companies Inc. expected to Report Fiscal Year 2009 Results on March 1, 2010. This event was calculated by Capital IQ (Created on October 20, 2009).

Cornell Companies Inc., Q3 2009 Earnings Call, Nov-05 2009