PALM BEACH GARDENS, FL-Wackenhut Corrections Corp. is attributing the successful opening of three new correctional facilities, containing a total of 2,600 beds, for an estimated 146% increase in third-quarter earnings.

The privatized correctional management and facilities development company is awaiting results of pending bids that could result in contracts to develop another 6,400 beds. Over the next 12 to 18 months, the company anticipates it will be competing on bids that cover around 17,000 beds.

“The third quarter’s diluted earnings of 27 cents per share reflect the successful opening of three new facilities,” George C. Zoley, Wackenhut Corrections’ vice chairman and chief executive officer, says in a prepared statement. “The third quarter earnings are consistent with management’s prior guidance.”

The company reported net income of $5.8 million, or 27 cents per diluted share, on total revenue of $142 million for the three months ended Sept. 30, compared with a net gain of $2.4 million, or 11 cents per share, on revenue of $136 million for the same period in 2000.

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