CPV Cbs Corp. New Senior Notes

PALM BEACH GARDENS, Fla., March 2 /PRNewswire-FirstCall/ -- CentraCore Properties Trust (NYSE:CPV), a real estate investment trust (REIT), today announced operating results for the quarter and year ended December 31, 2005. Net income for the quarter ended December 31, 2005 was $4.5 million, or $0.41 per diluted share on revenue of $7.1 million, compared to net income of $9.5 million, or $0.86 per diluted share, on revenue of $6.8 million for the quarter ended December 31, 2004. Net income for the quarter ended December 31, 2004 included a net gain on the sale of the Mountain View and Pamlico facilities of approximately $5.0 million. Funds from operations (the non-GAAP financial measure described and reconciled below) for the quarter ended December 31, 2005 was $6.0 million, or $0.54 per diluted share, compared to $6.0 million, or $0.54 per diluted share, for the fourth quarter of 2004. Net income for the year ended December 31, 2005 was $18.1 million, or $1.63 per diluted share on revenue of $28.1 million, compared to net income of $23.7 million, or $2.14 per diluted share, on revenue of $27.1 million for the year ended December 31, 2004. Net income for the year ended December 31, 2004 included a net gain on the sale of the Mountain View and Pamlico facilities of approximately $5.0 million. Funds from operations for the year ended December 31, 2005 was $23.9 million, or $2.16 per diluted share, compared to $25.5 million, or $2.30 per diluted share, for the year ended December 31, 2004. Charles R. Jones, President and CEO, stated, "I am pleased with our operating results in 2005. We also implemented important business development initiatives during the year, including expanding our property types and changing the Company's name." CentraCore Properties Trust will conduct an open conference call with analysts and shareholders at 3:00 P.M. (EST) on March 2, 2006 to discuss its operating results for the fourth quarter of 2005 and to present 2006 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=1208373 Interested parties who would like to participate in the teleconference may do so by calling the following telephone number at 2:45 P.M. (EST) on March 2, 2006: Participant Dial-In Number: (866) 814-1917 Conference ID Number: 851862 Those who wish to listen to a telephone replay may do so by calling: Replay Number: (888) 266-2081 Conference ID Number: 851862 The telephone replay will be available 24 hours a day, starting at 6:30 P.M. (EST) on March 2, 2006, through 12:00 A.M. (EST) on March 10, 2006. CentraCore Properties Trust ("CPT" or the "Company"), based in Palm Beach Gardens, Fla., was formed in February 1998 to capitalize on the growing trend toward privatization in the corrections industry. CPT has expanded its scope to include essential purpose government real estate projects outside the corrections sector, including mental health and higher education facilities. CPT is dedicated to ownership of properties under long-term, triple-net leases, which minimizes occupancy risk and development risk. CPT currently owns 13 correctional facilities in nine states, all of which are leased, with an aggregate completed design capacity of 7,556 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: CentraCore Properties Trust Shareholder Services (561) 630-6336, or access Company information at http://www.centracorepropertiestrust.com/ CENTRACORE PROPERTIES TRUST CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2005 AND DECEMBER 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (Unaudited) THREE MONTHS TWELVE MONTHS ENDED ENDED DECEMBER 31, DECEMBER 31, 2005 2004 2005 2004 Revenue Rental $7,067 $6,815 $27,945 $27,076 Interest 7 21 108 28 7,074 6,836 28,053 27,104 Expenses Depreciation 1,477 1,449 5,859 5,795 General and administrative 789 815 3,025 2,684 Interest 274 278 1,106 1,130 2,540 2,542 9,990 9,609 Income from continuing operations 4,534 4,294 18,063 17,495 Discontinued operations: Income from operations of discontinued facilities (including net gain on sale of $4,969 in 2004) -- 5,230 -- 6,175 Net income $4,534 $9,524 $18,063 $23,670 Basis net income per common share Continuing operations $0.41 $0.39 $1.64 $1.60 Discontinued operations -- 0.48 -- 0.56 Net income per common share $0.41 $0.87 $1.64 $2.16 Diluted net income per common share Continuing operations $0.41 $0.39 $1.63 $1.58 Discontinued operations -- 0.47 -- 0.56 Net income per common share $0.41 $0.86 $1.63 $2.14 Weighted average number of shares outstanding Basic 10,992 10,987 10,991 10,980 Diluted 11,097 11,090 11,092 11,084 CENTRACORE PROPERTIES TRUST CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2005 AND DECEMBER 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) December 31, December 31, 2005 2004 (Unaudited) Assets Real estate properties, at cost: Correctional and detention facilities $ 257,516 $ 243,747 Less-accumulated depreciation (40,078) (34,221) Net real estate properties 217,438 209,526 Cash and cash equivalents 414 5,004 Deferred financing costs, net 644 1,345 Corporate office, net 1,388 -- Other assets 2,535 2,441 Total assets $ 222,419 $ 218,316 Liabilities and shareholders' equity Liabilities Accounts payable and accrued expenses $ 4,523 $ 3,243 Revolving line of credit 4,500 -- Total liabilities 9,023 3,243 Commitments and contingencies Shareholders' equity Preferred shares, $.001 par value; 50,000,000 shares authorized; none outstanding -- -- Common shares, $.001 par value; 150,000,000 shares authorized; 10,997,250 and 10,992,750 shares issued and outstanding, respectively 11 11 Capital in excess of par value 220,835 220,709 Distributions in excess of accumulated earnings (7,370) (5,625) Unearned compensation (80) (22) Total shareholders' equity 213,396 215,073 Total liabilities and shareholders' equity $ 222,419 $ 218,316 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 generally accepted accounting principles ("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 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 twelve months ended December 31, 2005 and December 31, 2004. (Amounts in thousands, except per share amounts) (Unaudited) Three Months Twelve Months Ended Dec. 31, Ended Dec. 31, 2005 2004 2005 2004 Net income $4,534 $9,524 $18,063 $23,670 Add: Depreciation and amortization (a) 1,475 1,449 5,857 5,795 Add: Depreciation and amortization included in discontinued operations -- -- -- 964 Gain on sale of facilities -- (4,969) -- (4,969) Funds from operations ("FFO") $6,009 $6,004 $23,920 $25,460 (a) Excludes depreciation of the corporate office and office equipment of $2 and $0 for the three months ended December 31, 2005 and 2004, respectively, and $2 and $0 for the twelve months ended December 31, 2005 and 2004, respectively. Weighted average shares outstanding, basic 10,992 10,987 10,991 10,980 Weighted average shares outstanding, diluted 11,097 11,090 11,092 11,084 FFO per share Basic $0.55 $0.55 $2.18 $2.32 Diluted $0.54 $0.54 $2.16 $2.30 Other Information Straight-line rents in excess of contract rents $(2) $54 $23 $335 Amortization of deferred financing costs $191 $200 $771 $832 http://phx.corporate-ir.net/playerlink.zhtml?c=93191&s=wm&e=1208373DATASOURCE: CentraCore Properties Trust CONTACT: CentraCore Properties Trust Shareholder Services, +1-561-630-6336 Web site: http://www.centracorepropertiestrust.com/

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