Private Correctional Facilities

Correctional Services Corporation

The Company

Correctional Service Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CSCQ)") else Response.Write("(Nasdaq: CSCQ)") end if %> is involved in all stages of bringing a private correctional facility into operation, including the design, construction, and management of the facilities. Correctional Service Corp. competes for government contracts in three areas of detention: secure adult facilities, juvenile corrections, and community correctional facilities or "halfway houses." The company was formerly known as Esmor Correctional Services, founded in 1987, and it entered the private correctional facilities market in 1989. CSCQ came public in early 1994 with seven facilities housing 1,229 beds. At present, the company has 17 contracts and manages facilities in Florida, New York, Arizona, Texas, New Mexico and Washington State with a total of 3,421 beds.

Latest Financials

Correctional Services Corp. reported that revenues for the first quarter ended March 31, 1997 increased 62% to $11,598,986 and net income jumped to $325,940, or $0.04 per share, compared to $7,143,393 in revenues and $10,722 in net income, or no earnings per share, in the first quarter of 1996. The company's results for the first quarter of 1997 benefited from a number of new facility openings, the continued leveraging of the company's infrastructure, and population improvements.

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