Private Correctional Facilities

Wackenhut Corrections Corporation

The Company

Wackenhut Corrections <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WHC)") else Response.Write("(NYSE: WHC)") end if %> controls roughly 25% of the market for correctional services with awards or contracts for the management of 37 correctional/detention facilities in North America, Europe and Australia. The combined capacity under contract for Wackenhut comes to a total of over 25,500 beds. The company offers government agencies a turnkey approach to the development of new institutions that includes design, construction, and financing. Its array of services extends to facility management, security, medical, nutrition, and rehabilitation services for juveniles and adults, including basic education, vocational training, chemical dependency treatment and counseling.

Latest Financials

Wackenhut Corrections reported first quarter 1997 net income increased 75.8% to $2.6 million, from $1.5 million in the first quarter of 1996. Earnings per share increased to 11 cents from 7 cents, with 22.6 million weighted average shares outstanding in the period compared with 20.9 million a year ago. First quarter revenue increased 40.1% to $41.2 million.

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