BRENTWOOD, Tenn., Oct. 01, 2025 (GLOBE NEWSWIRE) -- CoreCivic, Inc. (NYSE: CXW) ("CoreCivic") announced today that it has been awarded a new contract under an Intergovernmental Services Agreement ("IGSA") between the Oklahoma Department of Corrections ("OKDOC") and U.S. Immigration and Customs Enforcement ("ICE") to resume operations at the Company's 2,160-bed Diamondback Correctional Facility, a facility that has been idle since 2010. The new contract commences on September 30, 2025, for a term of five yea ...

Core Points - CoreCivic has been awarded two new contracts with U.S. Immigration and Customs Enforcement (ICE) to utilize a total of 3,593 beds at two facilities, which are expected to generate nearly $200 million in annual revenue once fully activated [1][4][6] - The two facilities include the California City Immigration Processing Center with 2,560 beds and the Midwest Regional Reception Center with 1,033 beds [2][3] - The California City facility began receiving detainees on August 27, 2025, under a six-month Letter Contract, transitioning to a definitive contract effective September 1, 2025, with expected annual revenue of approximately $130 million once fully activated [6] - The Midwest Regional Reception Center's intake process has faced delays due to legal challenges, but the new contract commenced on September 7, 2025, with expected annual revenue of approximately $60 million once fully activated [6] Company Overview - CoreCivic is a diversified government-solutions company that provides a range of services including corrections and detention management, alternatives to incarceration, and government real estate solutions [5] - The company is the largest owner of partnership correctional, detention, and residential reentry facilities in the U.S. and has been a reliable partner for government for over 40 years [5]

Core Viewpoint - CoreCivic has been awarded a new contract to resume operations at the West Tennessee Detention Facility, which has been idle since September 2021, under an intergovernmental services agreement with ICE [1][2]. Contract Details - The intergovernmental services agreement (IGSA) is set to expire in August 2030, with potential for extension through bilateral modification [2]. - The agreement includes a fixed monthly payment and an incremental per diem payment based on detainee populations, with expected annual revenue of approximately $30 million to $35 million once fully activated [2]. Financial Impact - The contract is anticipated to have a minimal impact on earnings in Q3 2025, becoming accretive to earnings starting in Q4 2025, with full activation expected by the end of Q1 2026 [2]. Operational Expansion - CoreCivic has reactivated four previously idle facilities, totaling approximately 6,600 beds, and has made available over 1,000 additional detention beds to ICE through contract modifications [3]. - The reactivation of the West Tennessee Detention Facility is expected to create over 200 jobs in the local community [3]. Company Overview - CoreCivic is a diversified government-solutions company that provides a range of services including corrections and detention management, alternatives to incarceration, and government real estate solutions [4]. - The company is the largest owner of partnership correctional, detention, and residential reentry facilities in the U.S. and has been a reliable partner for government for over 40 years [4].

Core Points - CoreCivic, Inc. has entered into a definitive agreement to acquire the Farmville Detention Center for a total purchase price of $67.0 million [1][2] - The acquisition is expected to close on July 1, 2025, and will generate approximately $40.0 million in annual incremental revenue [2] - The Farmville Detention Center has a capacity of 736 beds and provides services under an agreement with U.S. Immigration & Customs Enforcement (ICE) that expires in March 2029 [1][2] - The acquisition will add over 200 new employees to CoreCivic's workforce [3] Company Overview - CoreCivic is a diversified government-solutions company that provides a range of services including corrections and detention management, alternatives to incarceration, and government real estate solutions [3] - The company is the largest owner of partnership correctional, detention, and residential reentry facilities in the United States and has over 40 years of experience as a government partner [3]