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Corrections Corporation Of America's CEO Discusses Q1 2012 Results - Earnings Call Transcript

We continued our focus on cost and efficiencies as it is announced in the press release, we had some noise in the quarter with the activation of Jenkins, the ramp up of Puerto Rico and the transition of Lake Erie, but we also for the quarter had a announcement of the closure of two financially unproductive facilities totaling about 1,600 beds. And obviously this will affect the top line where it will be passed to the bottom line long term.

Later in the call, I will also comment on our work on the TRS or taxable REIT subsidiary structure and also our plan of action and I’ll turn the call over to Todd here in a minute. But before I do, I’d like to thank all of our fellow CCA colleagues for their achievements and efforts during the course of this year. And as always, I am eternally grateful for all of them.

So with that, I will turn the call over to Todd.

Todd J. Mullenger

Thank you, Damon, and good morning, everyone. In the first quarter 2012, we generated $0.33 of adjusted EPS, which excludes the cost associated with our recent debt refinancing. Funds from operations or FFO totaled $0.82 per share, while adjusted funds from operations or AFFO totaled $0.69 per share.

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