HOUSTON, May 1, 2008 (PRIME NEWSWIRE) -- Cornell Companies, Inc. (NYSE:CRN), announced today that it plans to release first quarter 2008 financial results on Friday, May 9, before the New York Stock Exchange trading day begins. The Company will also host a conference call and audio webcast at 11:00 a.m. Eastern time to discuss the financial results and provide a Company update.
The webcast may be accessed through Cornell's website at http://www.cornellcompanies.com. A replay will also be available on the above website and by dialing (800) 405-2236 or (303) 590-3000 and providing confirmation code 11113384. The replay will be available through Friday, May 16, 2008 by phone and through Friday, June 13, 2008 on the website.
The Company also noted that today the Office of the Federal Detention Trustee (OFDT) has published a notice of the commencement of a procurement process that could lead to a contract for the Company's Regional Correctional Center (RCC) in Albuquerque, New Mexico. The Company noted that the publication of the opportunity on the federal government's Federal Business Opportunities website is the beginning of a multi-stage process that may result in a new contract at RCC. The publication gives notice of the OFDT's request for information on procuring detention services at an existing facility within Bernalillo County with a capacity of at least 800 beds. The facility would need to provide services for a combination of U.S. Marshals, Federal Bureau of Prisons and, potentially, Justice Prison Alien Transportation ("JPATS") detainees. The OFDT has requested responses to this request by May 22, 2008 and, at this time, the outcome and the timing of this procurement process remain uncertain. The Company said it would provide an update on any further developments on the earnings call.
James E. Hyman, Cornell's Chairman, President & CEO said, "As part of our efforts to keep investors apprised of developments at RCC, we want to highlight today's notice published by the OFDT. We are very pleased to see their interest in RCC, although there is no guarantee that this particular process will result in a contract nor can we at this stage predict the financial impact if we did secure a contract. As a result, we continue with all our marketing efforts for the facility."
Forward-Looking Statements
Statements in this news release regarding a potential contract for RCC, earnings guidance, as well as any other statements that are not historical facts, are forward-looking statements within the meaning of applicable securities laws that involve certain risks, uncertainties and assumptions. These include but are not limited to Cornell's ability to perform according to its current expectations, changes in supply and demand, changes in capital markets, actions by governmental agencies and other third parties, and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission, which are available free of charge on the SEC's Web site at http://www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
About Cornell Companies
Cornell Companies, Inc. (www.cornellcompanies.com) is a leading private provider of corrections, treatment and educational services outsourced by federal, state and local governmental agencies. Cornell provides a diversified portfolio of services for adults and juveniles, including incarceration and detention, transition from incarceration, drug and alcohol treatment programs, behavioral rehabilitation and treatment, and grades 3-12 alternative education in an environment of dignity and respect, emphasizing community safety and rehabilitation in support of public policy. The Company has 75 facilities in 15 states and the District of Columbia with a total service capacity of 19,009.
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