Cornell Companies Inc. expected to Report Q1 2010 Results on May 7, 2010. This event was calculated by Capital IQ (Created on February 25, 2010).

Cornell Companies Inc. reported earnings results for the fourth quarter and full year ended December 31, 2009. Revenues grew 2.5% to $104.1 million for the fourth quarter of 2009 from $101.5 million in the 2008 period. Much of the increase came from the activation of Hudson during the fourth quarter of 2009, as well as higher populations at several facilities including the Regional Correctional Center (RCC) and the Reid Community Residential Facility. Average contract occupancy levels were 89.8% for residential facilities compared with 90.2% in last year's fourth quarter. Excluding start-up in the 2009 fourth quarter, average contract occupancy level was 90.7%. Income from operations of $15.7 million for the fourth quarter of 2009 decreased from $18.8 million in the fourth quarter of 2008. Results in the fourth quarter of 2009 included $2.9 million of pre-opening and start-up expenses (net of revenues) related to the opening and ramp of Hudson. The 2008 period included a net claim settlement received of $1.5 million as well as a gain on the settlement of a life insurance policy pertaining to the Company's founder of approximately $0.7 million. In the fourth quarter of 2009 the Company also reported income available to stockholders of $5.4 million, or $0.36 per diluted share, compared with income available to stockholders of $7.4 million, or $0.50 per diluted share, in the prior year's fourth quarter. The company reported income before provision for income taxes and non-controlling interest of $9.462 million compared to $12.412 million for the same period a year ago. For the twelve months ended December 31, 2009, revenues grew 6.6% to $412.4 million from $386.7 million for the twelve months ended December 31, 2008. The increase was principally related to the facility expansions at the Great Plains Correctional Facility (Great Plains) and the Walnut Grove Youth Correctional Facility in the third quarter of 2008, the activation of Hudson facility in the fourth quarter of 2009 and occupancy growth at those programs mentioned earlier. In addition, the 2008 period included approximately $1.5 million resulting from the guaranteed population contract at the RCC for the contract period ended March 2008. Higher revenues increased income from operations to $69.7 million for the 2009 twelve month period compared with $62.2 million in the prior year's twelve month period. Net income in 2009 was $26.6 million compared with net income of $22.6 million in 2008. For the twelve months ended December 31, 2009, the Company reported an increase in income available to stockholders of 11.0% to $24.6 million, or $1.64 per diluted share, from income available to stockholders of $22.2 million, or $1.49 per diluted share, in last year's twelve month period. The company reported income before provision for income taxes and non-controlling interest of $44.528 million compared to $38.239 million for the same period a year ago. Because of the previously mentioned repositioning of its D.Ray James facility to the BOP contract, management expects lower earnings in 2010 than in 2009. Specifically, for the full year 2010, management anticipates earnings per share to range from $1.31 to $1.41 per share. For the first quarter of 2010, management expects earnings of $0.18 to $0.22 per share.

Cornell Companies Inc. announced that Section 3.6 (Lead Director) was added to incorporate into the Amended Bylaws the Companys existing policy of having the independent directors elect from among them a lead, independent director to, among other things, preside at Board executive sessions, when the Chairman of the Board is not an independent director (as determined in accordance with the rules of the NYSE). Section 4.11 (Removal) was revised (now Section 4.2 (Election; Removal)) to provide that if the officer subject to removal is also a director, such officer will not be counted for purposes of determining whether (i) a quorum of the board is present at the meeting to determine such removal or (ii) the affirmative vote of a majority of the Board has been obtained. Article 6 (Indemnification) was revised to provide the maximum indemnification permitted under the DGCL. Article 7 (Notices) was revised to (i) consolidate all notice provisions in Article 7, (ii) provide that notice to a stockholder or a director may be given by electronic mail where the stockholder or director, as the case may be, has consented to the receipt of notice by electronic mail, (iii) clarify when notice pursuant to alternative methods will be deemed given, (iv) provide that a waiver of notice may be given by electronic transmission, and (v) provide that attendance of a person at a meeting either in person or by proxy will constitute a waiver of notice of such meeting, except when the person attends the meeting solely to object to the transaction of business because the meeting is not lawfully called.

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UPDATE - Corrections Corp Q4 profit beats Street, sees weak Q1

Cornell Cos. gets $205M Georgia prison contract

Cornell Cos. gets $205M Georgia prison contract

Cornell Companies Announces Contract Award With Federal Bureau of Prisons

Cornell Companies Announces Contract Award With Federal Bureau of Prisons

UPDATE - Cornell gets $205 mln contract from prisons bureau