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Correctional Services Corp. Loses $5.88M

MIAMI-The Sarasota, FL-based national prison developer has discontinued operations at five unprofitable facilities; sold $11 million in assets; and reduced total debt to $28 million, the company's lowest level in the last five years. Sarasota is 180 miles northwest of Downtown Miami.

By Alex Finkelstein | Updated on March 22, 2002

MIAMI-Correctional Services Corp. of Sarasota, FL is reporting a 2001 loss of $5.58 million or a loss of 58 cents per diluted share compared to net income of $5.79 million or 51 cents per diluted share in fiscal 2000.

Company president/CEO James F. Slattery isn’t discouraged by the red ink. In a prepared statement, he expects 2002 revenue of about $150 million; a contribution from operations of about $14.5 million; and earnings per share in the 18 cents to 25-cent range.

In first quarter 2002, Slattery is aiming for revenue of about $40 million; operations revenue of $3.5 million; and earnings per share of about four cents.

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