WACKENHUT CORRECTIONS CORP. FORM 8-K/A
 

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K/A

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934.

Date of Report (Date of Earliest Event Reported): November 6, 2003

WACKENHUT CORRECTIONS CORPORATION

(Exact Name of Registrant as Specified in its Charter)
         
Florida   1-14260   65-0043078
 
 
(State or Other Jurisdiction of
Incorporation)		   (Commission File Number)   (IRS Employer
Identification No.)
     
621 NW 53rd Street, Suite 700, Boca Raton, Florida   33487
 
(Address of Principal Executive Offices)   (Zip Code)

(Registrant’s Telephone Number, Including Area Code) (561) 893-0101

(Former Name or Former Address, if Changed since Last Report)

 

 

ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     Wackenhut Corrections Corporation (“WCC”) is filing this Form 8-K/A to amend the Form 8-K filed by WCC on November 7, 2003. The Form 8-K included as an exhibit a press release (the “Earnings Release”) announcing WCC’s financial results for the third quarter ended September 28, 2003. The unaudited income statement attached to the Earnings Release included in operating income a gain of $61.0 million as a result of WCC’s sale of its 50% interest in Premier Custodial Group Limited, WCC’s former joint venture in the United Kingdom, during the thirteen weeks ended September 28, 2003. WCC has reclassified that gain and, as a result, the gain will not be reflected in operating income. Accordingly, WCC’s operating income for the thirteen weeks and thirty-nine weeks ended September 28, 2003 was $3.1 million and $22.8 million, respectively, instead of the 64.2 million and $83.8 million, respectively, initially reported in the unaudited income statement attached to the Earnings Release. The reclassification does not have any impact on net income or any other information reported in the Earnings Release. The unaudited income statement attached to the Earnings Release is hereby amended and restated in accordance with the Exhibit to this Form 8-K/A, which is incorporated herein by reference.

     The information in this Current Report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

     
    WACKENHUT CORRECTIONS CORPORATION
 
 
November 18, 2003   By: /s/ John G. O’Rourke
 
Date   John G. O’Rourke
Senior Vice President – Finance and Chief Financial Officer (Principal Financial Officer and duly authorized signatory)

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EXHIBIT

WACKENHUT CORRECTIONS CORPORATION

Consolidated Statements of Income
For the thirteen weeks and thirty-nine weeks ended
September 28, 2003 and September 29, 2002
(In thousands, except per share data)

                                   
      13 Weeks   13 Weeks   39 Weeks   39 Weeks
      Ended   Ended   Ended   Ended
      Sept. 28, 2003   Sept. 29, 2002   Sept. 28, 2003   Sept. 29, 2002
     
 
 
 
      (Unaudited)   (Unaudited)
 
Revenues
   $ 157,848     $ 141,706     $ 456,309     $ 423,080  
 
                                
Operating Expenses
     141,770       123,822       394,610       370,470  
 
                                
Depreciation and Amortization
     3,433       2,422       10,352       7,346  
 
                                
G & A Expense
     9,522       7,849       28,572       24,250  
 
    
     
     
     
 
 
Operating Income
     3,123       7,613       22,775       21,014  
 
    
     
     
     
 
 
                                
Interest Income
     1,705       1,119       4,249       3,235  
 
                                
Interest Expense
     (5,558 )     (802 )     (11,649 )     (2,476 )
 
                                
Write-off of deferred financing fees from extinguishment of debt
     (1,989 )     —       (1,989 )     —  
 
                                
Gain on sale of UK joint venture
     61,034       —       61,034       —  
 
    
     
     
     
 
Income before income taxes and equity in earnings of affiliates
     58,315       7,930       74,420       21,773  
 
                                
Provision for income taxes
     28,461       3,229       35,153       9,704  
 
    
     
     
     
 
Income before equity in earnings of affiliates
     29,854       4,701       39,267       12,069  
 
                                
Equity in earnings of affiliates, net of tax
     514       657       2,572       3,877  
 
    
     
     
     
 
 
Net Income
   $ 30,368     $ 5,358     $ 41,839     $ 15,946  
 
    
     
     
     
 
 
                                
Basic EPS
   $ 2.86     $ 0.25     $ 2.36     $ 0.76  
 
                                
Basic Weighted Average Shares Outstanding
     10,622       21,240       17,714       21,115  
 
                                
Diluted EPS
   $ 2.79     $ 0.25     $ 2.34     $ 0.75  
 
                                
Diluted Weighted Average Shares Outstanding
     10,895       21,391       17,877       21,340  

Operating Data

                                   
      13 Weeks   13 Weeks   39 Weeks   39 Weeks
      Ended   Ended   Ended   Ended
      Sept. 28, 2003   Sept. 29, 2002   Sept. 28, 2003   Sept. 29, 2002
     
 
 
 
 
                                    
*
Revenue-producing beds
     33,874       35,736       33,874       35,736  
**
Compensated mandays
     2,819,916       2,714,125       8,362,281       8,150,741  
**
Average occupancy
     100.1 %     97.2 %     99.3 %     96.7 %
*
Includes United Kingdom and South Africa
                                
**
Excludes United Kingdom and South Africa