 BRENTWOOD, Tenn., Aug. 05, 2020 GLOBE NEWSWIRE -- CoreCivic, Inc. NYSE: CXW the Company announced today its financial results for the second quarter of 2020.Financial Highlights Second Quarter 2020 Total revenue of 472.6 million, a decrease of 3.6 CoreCivic Safety revenue of 424.1 million CoreCivic Community revenue of 26.0 million CoreCivic Properties revenue of 22.5 million Net income attributable to common stockholders of 22.2 million Diluted EPS of 0.18 Adjusted diluted EPS of 0.33 Normalized FFO per diluted share of 0.56 Adjusted EBITDA of 101.1 millionDamon T. Hininger, CoreCivics President and Chief Executive Officer, said, I want to, once again, say a special thank you to our professionals across the country who have continued to provide selfless and extraordinary service to our government partners and individuals entrusted in our care during a time of unprecedented challenge. We continue to closely monitor developments and guidance from our government partners and public health officials, including the CDC, for prevention and addressing of positive COVID-19 cases, and we have continuously implemented updated policies and procedures in response.Commenting on the improvement in financial results in the second quarter of 2020 from the first quarter of 2020, Hininger continued, Our financial performance has remained strong and our cash flow generation has once again shown its resiliency, even in light of the far-reaching impacts of the global pandemic, which began to impact our financial results at the end of the first quarter of 2020. We are pleased with our operational response throughout this unprecedented year and remain prepared to quickly respond to the changing needs of our government partners, as they develop.Second Quarter 2020 Financial Results Compared With Second Quarter 2019Net income attributable to common stockholders generated in the second quarter of 2020 totaled 22.2 million, or 0.18 per diluted share, compared with 48.6 million, or 0.41 per diluted share, in the second quarter of 2019. Adjusted for special items, net income in the second quarter of 2020 was 39.6 million, or 0.33 per diluted share Adjusted Diluted EPS, compared with adjusted net income in the second quarter of 2019 of 56.4 million, or 0.47 per diluted share. Special items in the second quarter of 2020 included 11.7 million in asset impairments, 8.2 million in expenses associated with COVID-19 including 6.3 million of hero bonuses for front line facility staff, 0.3 million of expenses associated with the evaluation of corporate structure alternatives, and a 2.8 million gain on the sale of real estate assets. Special items in the second quarter of 2019 included 4.7 million in asset impairments, 2.7 million in facility start-up expenses, and 0.4 million of expenses associated with mergers and acquisitions MA.Funds From Operations FFO was 57.4 million, or 0.47 per diluted share, in the second quarter of 2020, compared to 79.2 million, or 0.66 per diluted share, in the second quarter of 2019. Normalized FFO, which excludes the special items described above, was 67.8 million, or 0.56 per diluted share, in the second quarter of 2020, compared with 82.6 million, or 0.69 per diluted share, in the second quarter of 2019.EBITDA was 83.7 million in the second quarter of 2020, compared with 107.5 million in the second quarter of 2019. Adjusted EBITDA was 101.1 million in the second quarter of 2020, compared with 115.3 million in the second quarter of 2019. Adjusted EBITDA excludes the special items described above.Financial results in the second quarter of 2020, compared with the second quarter of 2019, decreased primarily because of lower utilization of our existing contracts with Immigration and Customs Enforcement, or ICE, and modest utilization declines across many of our state-level contracts due to the ongoing impact of COVID-19. These declines in contract utilization were partially offset by utilization under new contracts executed in 2019 with i the U.S. Marshals Service, or USMS, to activate our previously idle 1,422-bed Eden Detention Center in Texas, ii ICE to activate our previously idle 910-bed Torrance County Detention Facility in New Mexico and to utilize capacity at our 2,232-bed Adams County Correctional Center in Mississippi, and iii the states of Mississippi and Kansas to utilize available capacity at our 2,672-bed Tallahatchie County Correctional Facility in Mississippi and our 1,896-bed Saguaro Correctional Facility in Arizona, respectively.Second Quarter 2020 Financial Results Compared With First Quarter 2020Excluding special items, adjusted net income in the second quarter of 2020 was 39.6 million, or 0.33 per diluted share, compared with net income in the first quarter of 2020 of 33.2 million, or 0.27 per diluted share, and adjusted net income in the first quarter of 2020 of 37.2 million, or 0.30 per diluted share. Normalized FFO was 67.8 million, or 0.56 per diluted share, in the second quarter of 2020, compared with 65.3 million, or 0.54 per diluted share, in the first quarter of 2020. Adjusted EBITDA was 101.1 million in the second quarter of 2020, compared with 100.4 million in the first quarter of 2020. Special items in the first quarter of 2020 included 0.5 million in asset impairments, 3.1 million of deferred tax expense related to our Kansas lease structure, and 0.3 million of expenses associated with MA.Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share amounts, are measures calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles GAAP. Please refer to the Supplemental Financial Information and related note following the financial statements herein for further discussion and reconciliations of these measures to net income, the most directly comparable GAAP measure.Balance Sheet and Liquidity as of June 30, 2020As of June 30, 2020, cash on hand was 363.8 million, with an additional 154.2 million available under our revolving credit facility, reflecting a partial draw we made out of an abundance of caution in the first quarter of 2020 to strengthen our liquidity position and to maintain balance sheet flexibility as we manage through uncertainties associated with the COVID-19 pandemic. In July 2020, we repaid 50.0 million of amounts drawn on our revolving credit facility in the first quarter of 2020, and expect to continue to pay-down debt during the remainder of 2020 with substantial cash flow generated from operations. Net cash provided by operating activities was 98.9 million during the second quarter of 2020, compared with 75.4 million in the first quarter of 2020, with the increase including positive fluctuations in working capital balances. We have no material capital commitments, and no debt maturities until October 2022, when 250.0 million of 5.0 unsecured notes matures. Business Development UpdateUpdate on Lease of Southeast Correctional Complex. On December 9, 2019, we entered into a lease with the Commonwealth of Kentucky Department of Corrections for our previously idled 656-bed Southeast Correctional Complex in Wheelwright, Kentucky. The lease commenced July 1, 2020, has an initial term of ten years and includes five two-year renewal options. We expect to report annual revenue of 4.1 million associated with this lease. The facility had previously been idle since 2012.Expanded Management Contract with the State of Mississippi. On January 9, 2020, we announced that we entered into a new emergency contract with the state of Mississippi to care for up to 375 of Mississippis inmates at our Tallahatchie facility in Mississippi, to assist the State with significant challenges in its correctional system. The contract had a term of ninety days, which the State could extend for up to two additional ninety-day terms. The State subsequently expanded the contract to 1,000 inmates and exercised the extension options through October 4, 2020. As of June 30, 2020, we cared for 565 inmates from Mississippi.Idling of Cimarron Correctional Facility and Tulsa Transitional Center in Oklahoma. During the third quarter of 2020, largely due to a lower number of inmate populations in the state of Oklahoma resulting from COVID-19, combined with the consequential impact of COVID-19 on the States budget, we agreed with the State to idle our 1,692-bed Cimarron Correctional Facility during the third quarter of 2020. We also transferred the remaining resident populations at our 390-bed Tulsa Transitional Center to Oklahomas system, idling the Tulsa facility during the third quarter of 2020. During 2019, and for the six months ended June 30, 2020, the Cimarron and Tulsa facilities generated total facility net operating income of 2.5 million and incurred an operating loss of 1.0 million, respectively. During the second quarter of 2020, we also recognized an asset impairment of 9.8 million on one of the residential reentry facilities in Oklahoma, based on its anticipated use as a commercial real estate property rather than a reentry facility.Notice to Exit Two Managed-Only ContractsDuring July 2020, we provided notice to our customers at the 1,046-bed Silverdale Detention Center and the 1,348-bed Metro-Davidson County Detention Facility, both in Tennessee, of our intent to terminate the contracts at these managed-only facilities. We expect to transition operations of both facilities during the fourth quarter of 2020. During 2019 and for the six months ended June 30, 2020, these facilities generated total facility net operating income of 0.8 million and incurred an operating loss of 2.3 million, respectively. 