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To: TRANSPORTATION EDITORS Contact: Fletcher McCusker, Chairman and CEO, or Kate Blute, Director of Investor and Public Relations, +1-520-747-6600, both of Providence Service Corporation; or Alison Ziegler of Cameron Associates, +1-212-554-5469, for Providence Service Corporation
Frontier Correctional Systems will use money to expand and enhance its Jeffrey C. Wardle Academy. By Cameron Mathews
To: BUSINESS EDITORS Contact: Fletcher McCusker, Chairman and CEO, or Kate Blute, Director of Investor and Public Relations, both of Providence Service Corporation, +1-520-747-6600; or Alison Ziegler of CAMERON ASSOCIATES, +1-212-554-5469, for Providence Service Corporation
Avalon Correctional Services on Thursday reported a decrease in net income for the third quarter. The drop in earnings was primarily from the early retirement of debt, according to the Oklahoma City-based operator of 12 correctional facilities in Oklahoma, Colorado and Texas.
Avalon Correctional Services on Tuesday reported a 5 percent increase in net income for 2003. Net income for the year totaled $1.17 million, or 24 cents per share, up from $1.12 million, or 23 cents per share, for 2002. Revenues for the year fell 8 percent to $25.3 million from $27.5 million a year earlier.
Avalon Correctional Services on Tuesday reported a 39 percent increase in net income for the first quarter. Net income for the quarter totaled $362,000, or 7 cents per share, up from $260,000, or 5 cents per share, for the first quarter of 2003. Net income from continuing operations for the quarter increased 11 percent to $405,000, or 8 cents per share, from $364,000, or 7 cents per share, a year earlier.
Avalon Correctional Services on Monday said it has completed a $19.9 million municipal bond financing deal. The bonds bear interest at rates ranging from 8.375 percent to 10.25 percent and are repayable over a 20 years. Proceeds from the sale of the bonds will be used to fund a debt service reserve fund, pay fees associated with the issuance of the bonds and repay part of Avalon's senior credit facility and subordinate debt facility.
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