Corrections Corporation of America (CXW) Awarded Contract From Arizona Department of Corrections

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CCA (Corrections Corporation of America) (NYSE: CXW) received an award from the Arizona Department of Corrections to house up to 1,000 medium-security inmates at CCA's Red Rock Correctional Center in Arizona.

The new management contract contains an initial term of ten years, with two 5-year renewal options upon mutual agreement and provides an occupancy guarantee of 90 percent of the contracted beds, which is expected to be implemented in two phases. CCA expects it will begin receiving approximately 500 inmates from Arizona beginning in January of 2014 and an additional 500 inmates in 2015. However, definitive ramp-up schedules have yet to be determined.

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