| Ticker: CRN | 4801 Woodway, Suite 400W | |
| Exchange: American Stock Exchange | Houston, Texas 77056 | |
| Industry: Service | (713) 623-0790 |
| Type of Shares: | Common Shares | Filing Date: | 7/17/96 | |
| U.S. Shares: | 4,000,000 | Offer Date: | 10/3/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $11.00 - $13.00 | |
| Primary Shares: | 3,023,103 | Offer Price: | $12.00 | |
| Secondary Shares: | 976,897 | Gross Spread: | $0.84 | |
| Offering Amount: | $48,000,000 | Selling: | $0.50 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | 6,265,398 |
| Manager | Tier | Phone |
| Dillon, Read & Co. Inc. | Lead Manager | (212) 906-7000 |
| Equitable Securities Corporation | Co-manager | (615) 780-9300 |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $20.69 | $5.45 | $4.93 | Assets: | $8.21 |
| Net Income: | -$7.44 | -$0.10 | -$0.01 | Liabilities: | $11.59 |
| EPS: | Equity: | -$3.38 | |||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is one of the leading providers of privatized correctional, detention and pre-release services in the United States. The company is the successor to entities that began developing institutional correctional and detention facilities in Massachusetts and Rhode Island in 1991 and pre-release facilities in California in 1977. The company has rapidly expanded its operations through acquisitions and internal growth and is currently developing or operating facilities in California, Texas, Rhode Island, Utah and North Carolina. As of July 15, 1996, the company has contracts to operate 20 private correctional detention and pre-release facilities with an aggregate design capacity of 3,349 beds. Of these facilities, 18 are currently in operation and two are under development. The company provides to governmental agencies the integrated development, design, construction and operation of facilities within three areas of operational focus: (i) secure institutional correctional and detention services, (ii) non-secure pre-release correctional services and (iii) juvenile correctional and detention services. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for repayment of indebtedness and general corporate purposes. |
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