CPV Cbs Corp. New Senior Notes

PALM BEACH GARDENS, Fla., Nov. 8 /PRNewswire-FirstCall/ -- Correctional Properties Trust (NYSE:CPV), a real estate investment trust (REIT), today announced net income for the three months ended September 30, 2005, of $4.6 million, or $0.41 per diluted share. Revenue for the three months ended September 30, 2005 was $7.1 million. Funds from Operations (the non-GAAP financial measure described and reconciled below) for the three months ended September 30, 2005, was $6.0 million, or $0.54 per diluted share. The Trust previously reported net income of $5.1 million for the three months ended September 30, 2004, or $0.46 per diluted share, on revenue of $6.8 million. Funds from Operations for the three months ended September 30, 2004 was $6.6 million or $0.59 per diluted share. For the nine months ended September 30, 2005, the Trust reported net income of $13.5 million, or $1.22 per diluted share. Revenue for the nine months ended September 30, 2005 was $21.0 million. Funds from Operations for the nine months ended September 30, 2005 was $17.9 million or $1.61 per diluted share. For the nine months ended September 30, 2004, the Trust previously reported net income of $14.1 million, or $1.28 per diluted share, on revenue of $20.3 million. Funds from Operations for the nine months ended September 30, 2004 was $19.5 million or $1.76 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 on December 2, 2005, to shareholders of record at the close of business on November 18, 2005. Charles R. Jones, President and CEO, stated, "I am pleased with our third quarter operating results and the Company's strong financial position. We are continuing our efforts to expand our asset base, and I am satisfied with the progress we are making." The Company will conduct an open conference call with analysts and shareholders at 9:00 A.M. (EST) on November 15, 2005 to discuss the Company's results for the third 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=1146938 Interested parties who would like to participate in the teleconference may do so by calling the following telephone number at 8:45 A.M. (EST), on November 15, 2005: Participant Dial-In Number: 866-244-4616 Conference ID Number: 791263 Those who wish to listen to a telephone replay may do so by calling: Replay Number: 888-266-2081 Conference ID Number: 791263 The telephone replay will be available 24 hours a day, starting at 12:00 P.M., on November 15, 2005 through November 22, 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 (561) 630-6316, or access Company information at http://www.correctionalpropertiestrust.com/ CORRECTIONAL PROPERTIES TRUST CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2005 AND SEPTEMBER 30, 2004 (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (Unaudited) THREE MONTHS NINE MONTHS ENDED ENDED SEPTEMBER 30, SEPTEMBER 30, 2005 2004 2005 2004 REVENUE RENTAL $7,050 $6,799 $20,878 $20,261 INTEREST 30 5 101 7 7,080 6,804 20,979 20,268 EXPENSES DEPRECIATION 1,474 1,449 4,382 4,346 GENERAL and ADMINISTRATIVE 766 593 2,236 1,869 INTEREST 279 278 832 852 2,519 2,320 7,450 7,067 INCOME FROM CONTINUING OPERATIONS 4,561 4,484 13,529 13,201 DISCONTINUED OPERATIONS: INCOME FROM OPERATIONS OF DISCONTINUED FACILITIES -- 566 -- 945 NET INCOME $4,561 $5,050 $13,529 $14,146 BASIC NET INCOME PER COMMON SHARE CONTINUING OPERATIONS $0.42 $0.41 $1.23 $1.20 DISCONTINUED OPERATIONS -- 0.05 -- 0.09 NET INCOME PER COMMON SHARE $0.42 $0.46 $1.23 $1.29 DILUTED NET INCOME PER COMMON SHARE CONTINUING OPERATIONS $0.41 $0.41 $1.22 $1.19 DISCONTINUED OPERATIONS -- 0.05 -- 0.09 NET INCOME PER COMMON SHARE $0.41 $0.46 $1.22 $1.28 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC 10,992 10,983 10,991 10,978 DILUTED 11,105 11,078 11,091 11,083 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 nine months ended September 30, 2005 and September 30, 2004. (Amounts in thousands, except per share amounts) (Unaudited) Three Months Nine Months Ended Sept. 30, Ended Sept. 30, 2005 2004 2005 2004 Net Income $4,561 $5,050 $13,529 $14,146 Real estate depreciation and amortization 1,474 1,449 4,382 4,346 Real estate depreciation included in discontinued operations -- 71 -- 964 Funds from Operations $6,035 $6,570 $17,911 $19,456 Weighted Average Shares Outstanding, Basic 10,992 10,983 10,991 10,978 Weighted Average Shares Outstanding, Diluted 11,105 11,078 11,091 11,083 FFO Per Share Basic $0.55 $0.60 $1.63 $1.77 Diluted $0.54 $0.59 $1.61 $1.76 Other Information Straight-Line Rents in Excess of Contract Rents $(1) $84 $25 $281 Amortization of Deferred Financing Costs $194 $211 $580 $632 DATASOURCE: Correctional Properties Trust CONTACT: Correctional Properties Trust Shareholder Services, +1-561-630-6336, or +1-561-630-6316 Web site: http://www.correctionalpropertiestrust.com/

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