Exhibit 99.1
| | |
News Release | | 
|
| | |
Contact: | | Investors: Cameron Hopewell - Managing Director, Investor Relations - (615)263-3024 Media: Steve Owen - Managing Director, Communications - (615)263-3107 |
CORECIVIC WITHDRAWS FULL YEAR 2020 FINANCIAL GUIDANCE
NASHVILLE, Tenn. – April 1, 2020 –CoreCivic, Inc. (NYSE: CXW) (the “Company”) announced today the withdrawal of its previously announced full year 2020 financial guidance, initially provided in the Company’s fourth quarter and full year 2019 earnings release on February 12, 2020, due to uncertainties related to the potential impact of the ongoing coronavirus(COVID-19) pandemic. The Company is confirming its first quarter 2020 financial guidance, also initially provided on February 12, 2020.
“Throughout theCOVID-19 pandemic, our number one priority has been the health and safety of our employees, those entrusted in our care, and the communities where we operate,” said Damon T. Hininger, CoreCivic’s President and Chief Executive Officer. “We have been closely coordinating with our government partners, and remain in contact with local and national health authorities. No one yet knows the full scale of health and economic impacts, so we have taken prudent action to strengthen our liquidity position to maintain our financial flexibility. We have also offered idle bed capacity at no cost to communities where we operate for their use to help them combatCOVID-19.
Hininger continued, “I am confident in the Company’s long-term outlook given our cash flow generation, growing value proposition, investment grade rated government partners, substantial liquidity and strong balance sheet. Finally, let me express my sincere thanks and admiration to our CoreCivic employees for their work during this pandemic. The passion they show for our mission continues to be inspiring to me.”
As of March 31, 2020, the Company has approximately:
| • | | $325 million of available cash on hand, |
| • | | $150 million of availability on the Company’s $800 million revolving credit facility, |
| • | | $25 million innon-recourse mortgage debt maturing and term loan amortization in 2020, and |
| • | | no unsecured debt maturities until October 2022. |
Additionally, the Company currently has no material capital commitments for new development or expansion as of March 31, 2020.
About CoreCivic
The Company is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a growing network of residential reentry centers to
5501 Virginia Way, Brentwood, Tennessee 37027, Phone: 615-263-3000