Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.