CPV Cbs Corp. New Senior Notes

PALM BEACH GARDENS, Fla., Aug. 8 /PRNewswire-FirstCall/ -- Correctional Properties Trust (NYSE:CPV), a real estate investment trust (REIT), today announced net income for the three months ended June 30, 2005, of $4.5 million, or $0.41 per diluted share. Revenue for the three months ended June 30, 2005 was $7.0 million. Funds from Operations (the non-GAAP financial measure described and reconciled below) for the three months ended June 30, 2005, was $6.0 million, or $0.54 per diluted share. The Trust previously reported net income of $4.6 million for the three months ended June 30, 2004, or $0.41 per diluted share, on revenue of $6.8 million. Funds from Operations for the three months ended June 30, 2004 was $6.5 million or $0.58 per diluted share. For the six months ended June 30, 2005, the Trust reported net income of $9.0 million, or $0.81 per diluted share. Revenue for the six months ended June 30, 2005 was $13.9 million. Funds from Operations for the six months ended June 30, 2005 was $11.9 million or $1.07 per diluted share. For the six months ended June 30, 2004, the Trust previously reported net income of $9.1 million, or $0.82 per diluted share, on revenue of $13.5 million. Funds from Operations for the six months ended June 30, 2004 was $12.9 million or $1.16 per diluted share. Correctional Properties Trust also announced that its Board of Trustees declared a quarterly dividend of $0.45 (forty-five cents) per share on each common share of beneficial interest, payable September 2, 2005, to shareholders of record at the close of business August 19, 2005. Charles R. Jones, President and CEO, stated, "This has been a very active quarter for the Company, and we are pleased with the financial results. Construction of the $23 million addition to our Lawton, Oklahoma facility has begun, which is a significant event, and expected to have a positive impact on our 2006 revenues." The Company will conduct an open conference call with analysts and shareholders today at 3:00 P.M. (ET) to discuss the Company's results for the second quarter of 2005 and 2005 guidance. To listen to the audio webcast live, interested parties may go to the following website at least 15 minutes prior to the event to register, download and install any necessary audio software. For those unable to listen to the live webcast, a replay will be available for one week at: http://phx.corporate-ir.net/playerlink.zhtml?c=93191&s=wm&e=1091744 Interested parties who would like to participate in the teleconference may do so by calling the following telephone number at 2:45 P.M. (ET) today: Dial-In Number: 866 - 238 - 0637 Conference ID Number: 733040 Those who wish to listen to a telephone replay may do so by calling: Replay Number: 888 - 266 - 2081 Conference ID Number: 733040 The telephone replay will be available 24 hours a day, starting at 6:30 P.M., on August 8, 2005 through August 15, 2005. Correctional Properties Trust, based in Palm Beach Gardens, Florida, was formed in February 1998 to capitalize on the growing trend toward privatization in the corrections industry. Correctional Properties Trust is dedicated to ownership of correctional facilities under long-term, triple-net leases, which minimizes occupancy risk and development risk. Correctional Properties Trust currently owns 12 correctional facilities in nine states, all of which are leased, with an aggregate initial design capacity of 7,156 beds. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and future performance of the Company that involve risks and uncertainties that could materially affect actual results. Such forward- looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are qualified in their entirety by cautionary statements and risk factors disclosure contained in certain of the Company's Securities and Exchange Commission filings. For a description of certain factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release, refer to documents that the Company files from time to time with the Securities and Exchange Commission. Such filings include the Company's Form 10-K for the fiscal year ended December 31, 2004 and subsequent periodic reports. The Company assumes no obligation to update or supplement forward- looking statements that become untrue because of subsequent events. CONTACT: Correctional Properties Trust Shareholder Services (561) 630-6336, or access Company information at http://www.correctionalpropertiestrust.com/ CORRECTIONAL PROPERTIES TRUST CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2005 AND JUNE 30, 2004 (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (Unaudited) THREE MONTHS SIX MONTHS ENDED JUNE 30, ENDED JUNE 30, 2005 2004 2005 2004 REVENUE RENTAL $6,968 $6,767 $13,828 $13,461 INTEREST 33 1 71 2 7,001 6,768 13,899 13,463 EXPENSES DEPRECIATION 1,459 1,449 2,908 2,898 GENERAL and ADMINISTRATIVE 749 638 1,470 1,275 INTEREST 277 283 553 573 2,485 2,370 4,931 4,746 INCOME FROM CONTINUING OPERATIONS 4,516 4,398 8,968 8,717 DISCONTINUED OPERATIONS: INCOME FROM OPERATIONS OF DISCONTINUED FACILITIES -- 187 -- 379 NET INCOME $4,516 $4,585 $8,968 $9,096 BASIC NET INCOME PER COMMON SHARE CONTINUING OPERATIONS $0.41 $0.40 $0.82 $0.79 DISCONTINUED OPERATIONS -- 0.02 -- 0.04 NET INCOME PER COMMON SHARE $0.41 $0.42 $0.82 $0.83 DILUTED NET INCOME PER COMMON SHARE CONTINUING OPERATIONS $0.41 $0.39 $0.81 $0.79 DISCONTINUED OPERATIONS -- 0.02 -- 0.03 NET INCOME PER COMMON SHARE $0.41 $0.41 $0.81 $0.82 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC 10,992 10,977 10,991 10,975 DILUTED 11,084 11,078 11,084 11,085 FUNDS FROM OPERATIONS Management believes Funds from Operations ("FFO") is helpful to investors as a measure of the performance of an equity REIT. FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of the Company's financial performance or to cash flows from operating activities (determined in accordance with GAAP) as a measure of the Company's liquidity, nor is it indicative of funds available to fund the Company's cash needs, including its ability to make distributions. The Company computes FFO in accordance with the current standards established by the White Paper on Funds from Operations approved by the Board of Governors of the National Association of Real Estate Investment Trusts, which may differ from the methodology for calculating FFO utilized by other equity REITs, and, accordingly, may not be comparable to such other REITs. The White Paper defines FFO as net income (loss), computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Further, FFO does not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties. The Company believes that in order to facilitate a clear understanding of its consolidated operating results, FFO should be examined in conjunction with net income as presented in the unaudited consolidated financial statements for corresponding periods. The table below presents a reconciliation of net income to FFO for the three and six months ended June 30, 2005 and June 30, 2004. (Amounts in thousands, except per share amounts) (Unaudited) Three Months Six Months Ended June 30, Ended June 30, 2005 2004 2005 2004 Net Income $4,516 $4,585 $8,968 $9,096 Real estate depreciation and amortization 1,459 1,449 2,908 2,898 Real estate depreciation included in discontinued operations -- 446 -- 892 Funds from Operations $5,975 $6,480 $11,876 $12,886 Weighted Average Shares Outstanding, Basic 10,992 10,977 10,991 10,975 Weighted Average Shares Outstanding, Diluted 11,084 11,078 11,084 11,085 FFO Per Share Basic $0.54 $0.59 $1.08 $1.17 Diluted $0.54 $0.58 $1.07 $1.16 Other Information Straight-Line Rents in Excess of Contract Rents $9 $95 $27 $197 Amortization of Deferred Financing Costs $193 $211 $387 $422 http://phx.corporate-ir.net/playerlink.zhtml?c=93191&s=wm&e=1091744DATASOURCE: Correctional Properties Trust CONTACT: Correctional Properties Trust Shareholder Services, +1-561-630-6336 Web site: http://www.correctionalpropertiestrust.com/

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