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