Corrections Corp. Captures California Contract

Nashville, Tenn.-based Corrections Corporation of America (NYSE: CXW  ) has won a contract extension from the California Department of Corrections, the company announced Wednesday, extending its contract length by three years.

According to the company, from July 1, 2013, Corrections Corp. will make available to California up to 8,244 beds in three facilities that currently house 7,450 California inmates:

3,160 beds at the La Palma Correctional Center in Arizona. 2,400 beds at the North Fork Correctional Facility in Oklahoma. 2,684 beds at the Tallahatchie County Correctional Facility in Mississippi.

According to the company, the contract extension and increase in beds for California inmates at the facilities allows Corrections Corporation to shift the 1,550 California inmates currently housed at the company's Red Rock Correctional Center in Arizona elsewhere by Jan. 1 to make room for inmates under a new company contract with Arizona.

CCA operates 66 facilities, including 51 facilities that it owns or control, with a total design capacity of approximately 92,000, beds in 20 states and the District of Columbia.

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