CCA Announces $150 Million Expansion in Share Repurchase Program

CCA CXW announced today its Board of Directors has authorized an increase in the aggregate amount the Company may repurchase under its previously announced share repurchase program from $350.0 million to $500.0 million. The Company's Board also authorized to extend the share repurchase program through June 30, 2013. Since announcing the share repurchase program on February 9, 2010, through August 12, 2011, the Company has repurchased a total of approximately 10.8 million of its common shares at an aggregate cost of approximately $231.4 million. Therefore, an aggregate of approximately $268.6 million will be available under the repurchase program. "The Board's action to increase and extend our share repurchase program demonstrates our commitment to delivering shareholder value and our belief in the long-term prospects of CCA," said Damon Hininger, CCA's President and Chief Executive Officer. "Our solid financial results and strong balance sheet enable us to fund the increased share repurchase program as well as our capital expenditure requirements while maintaining the flexibility to continue to execute our long-term business strategy."