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PALM BEACH GARDENS, FL-Wackenhut Corrections Corp. is attributing a 10% increase in second-quarter net income to the successful startup of a 1,200-bed federal correctional facility in North Carolina.

The Palm Beach Gardens-based provider of correctional and related institutional services met a quarterly earnings forecast of 25 cents a share as tracked by Thompson/First Call.

“Contract terms for (the NC) facility provide for 95% payment from the facility activation date, effective March 7, 2001,” George C. Zoley, Wackenhut vice chairman and chief executive officer, says in a prepared statement.

The company reported a net gain of $5.3 million, or 25 cents a share, on revenue $141.7 million for the 13 weeks ended July 1, compared with a net gain of $4.8 million, or 23 cents per share, on revenue of $133.9 million for the same period in 2000.

News of the positive earnings gain, however, had little impact on the company’s publicly traded stock, which closed up three cents Thursday at $13.61 on volume of 105,400–just $1.69 off the 52-week high of $15.30. Shares have traded as low as $5.87 over the same period.

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