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February 7, 2013
17:48 EDTCXWCorrections Corp. to declare $650M-$700M special dividend
In order to comply with REIT rules, CCA's board plans to declare a special one-time dividend to distribute earnings and profits accumulated prior to our REIT election of approximately $650M-$700M during 2013. The company intends to pay the dividend with a combination of approximately 20% cash and 80% common stock. The company estimates it will incur approximately $25M in one-time conversion expenses, excluding any costs associated with issuing new debt, refinancing existing debt or modifying existing debt agreements. We also expect to record a one-time income tax benefit of $115M to $135M in 2013 as a result of the reversal of certain net deferred tax liabilities.
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April 10, 2014
09:06 EDTCXWCCA announces David Garfinkle to succeed Todd Mullenger as CFO
CCA announced that David Garfinkle, who currently serves as the company's vice president of finance and controller, has been selected by the board to succeed Todd Mullenger as the company's CFO effective May 1. Mullenger has decided to step down as CFO, but will remain with the company for a two-year period to assist in the transition and to assist in various projects.

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