Oklahoma Board of Corrections Renews Wackenhut Corrections' Lawton Contract for Five-Year Term

Jun 05, 2003, 01:00 ET from Wackenhut Corrections Corporation

    BOCA RATON, Fla., June 5 /PRNewswire-FirstCall/ -- Wackenhut Corrections
 Corporation (NYSE:   WHC) ("WCC") announced today that the Oklahoma Board of
 Corrections voted at its meeting on June 2, 2003 to approve the Oklahoma
 Department of Corrections to contract with the Wackenhut Corrections
 Corporation's Lawton Correctional Facility for five years beginning July 1,
 2003 through June 30, 2008.  This contract has a one-year term with four
 annual renewals.  The contract is for 1,918 adult male medium security inmate
 beds that include a 306-bed Therapeutic Community and a 306-bed Protective
 Custody Unit.  The contract is for a per diem rate of $40.82 with a reduced
 per diem of $40.42 if the utilized bed capacity of the facility averages above
 1,875 inmates per month.  The current population is 1,889 inmates.  The value
 of this contract is $28 million per year with a value of $140 million over the
 five years of the contract.  This five-year contract is a replacement of the
 annual contract with the Oklahoma Board of Corrections that has been in place
 from July 1, 1998 through June 30, 2003.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20010614/WCCLOGO )
     George C. Zoley, Chairman of the Board and Chief Executive Officer of WCC,
 said: "We appreciate the confidence placed in our company by the State of
 Oklahoma.  We are delighted to continue to contribute to this important
 public-private partnership, which started in 1998 and has prospered over the
 past five years.  We look forward to furthering our contribution to the
 community of Lawton and the State of Oklahoma."
     WCC is a world leader in the delivery of correctional and detention
 management, health and mental health services to federal, state and local
 government agencies around the globe.  The Company also provides prisoner
 transportation services and electronic monitoring for home detainees.  WCC
 offers a turnkey approach that includes design, construction, financing and
 operations.  The Company currently has 60 contracts and/or awards representing
 69 facilities in the United States, Australia, England, Scotland, Wales, South
 Africa, New Zealand, and Canada with a total design capacity of approximately
 40,300 beds.
     This press release contains forward-looking statements regarding future
 events and future performance of the Company that involve risks and
 uncertainties that could materially affect actual results, including
 statements regarding estimated earnings, revenues and costs and our ability to
 maintain growth and strengthen contract relationships.  Factors that could
 cause actual results to vary from current expectations and forward-looking
 statements contained in this press release include, but are not limited to:
 (1) risks associated with WCC's ability to control operating costs associated
 with contract start-ups; (2) WCC's ability to timely open facilities as
 planned, profitably manage such facilities and successfully integrate such
 facilities into WCC's operations without substantial costs; (3) WCC's ability
 to win management contracts for which it has submitted proposals and to retain
 existing management contracts; (4) WCC's ability to obtain future financing on
 acceptable terms; (5) WCC's ability to sustain company-wide occupancy rates at
 its facilities; and (6) other factors contained in WCC's Securities and
 Exchange Commission filings, including the forms 10-K, 10-Q and 8-K reports.

SOURCE Wackenhut Corrections Corporation