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TheStreet Open House

Corrections Corporation Of America's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Stock quotes in this article: CXW

Participating on today’s call will be our President and CEO, Damon Hininger, and Chief Financial Officer, Todd Mullenger.

I’d now like to turn the call over to Mr. Hininger. Please go ahead, sir.

Damon Hininger

Thank you, Lauren. Good morning and thank you, all, for joining our call today. With me today also is our Chairman, John Ferguson, and CFO, Todd Mullenger. Also joining us is our Chief Corrections Officer, Harley Lappin, and our VP of Finance, David Garfinkle.

In a few minutes, Todd will take you through the numbers for the quarter and the year and I will discuss the marketplace and new opportunities after which we look forward to taking your questions.

First, I’d like to make some comments on the past quarter and the full year. I am very pleased with the fourth quarter results which capped off another successful year overall. I believe that our performance over the past year demonstrates clearly that we’re executing on a strategy very well.

From a financial perspective, our full year diluted EPS was 10.8%. This made for 11 consecutive years of EPS growth for CCA in with the worst economic environment of our lifetime, a compounded annual growth rate over the last three years is just under 9%. Revenue was up nearly 4% and income was nearly 3.5%, even though we reinstated our merit increase program in 2011.

But more importantly, 2011 will be seen as a very significant year for CCA. During the year, we made real progress on many fronts at a time when there has been a lot of doubt and uncertainty about the economy. After I received a call back from Todd, I will outline the factors that have given us real momentum as we head into 2012.

So, overall, I am very pleased with our performance in 2011. I’d especially like to thank all of my fellow CCA colleagues for their commendable achievements. They have been able to achieve and accomplish for our company during the course of 2011. I am eternally grateful to all of them.

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