Cornell Companies
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| Public | |
| Industry | Prisons |
| Founded | 1973 |
| Headquarters | Houston, TX, United States |
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Area served
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United States |
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Key people
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Chris Coonfield, Manager, Investor Relations James E.Hyman, CEO & President John R. Nieser, SVP, CFO & Treasurer Cathryn L. Porter, SVP, General Counsel & Corporate Secretary Patrick N. Perrin, SVP & Chief Administrative Officer Benjamin E. Erwin, SVP, Corporate Development & ACB Michael Caltabiano, SVP, Adult Secure Jonathan P. Swatsburg, SVP, Abraxas Youth & Family ServicesMarianne Bonetati,Esq. Legal Representative, Managing Director Brenda Harris, Director HR- Abraxas, Gina Pomilla, VP, Human Resouces Adult Secure |
| Revenue |
 $ 386.7 million (2008)
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$ 62.2 million (2008)
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|
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$ 22.2 million (2008)
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| Total assets |
$ 636.9 million (2008)
|
| Total equity |
$ 228.2 million (2008)
|
|
Number of employees
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4,300 - September 2009 |
| Website | CornellCompanies.com |
Cornell Companies (NYSE:CRN) was an American corporation that operated correctional facilities, contracting them to state and local governments. The company's headquarters were located in Houston, Texas. On August 12, 2010, Cornell was acquired by the GEO Group.
Cornell Companies, through predecessor entities, began operations of juvenile facilities in 1973, adult-community-based programs in 1974, and adult secure facilities in 1984. In 1996, Cornell Companies was officially incorporated in the State of Delaware as a consolidated entity. By 2010, Cornell had established long-standing relationships with a number of significant federal and state customers, including a nearly 20-year relationship with the Bureau of Prisons in its Adult Secure division and a 35-year relationship with the Bureau of Prisons in its Adult Community-Based division. Also, in Cornell's Abraxas juvenile division, more than 70% of revenue was sourced from customers over 15+ years. Cornell had significant contracts with the Departments of Corrections in the states of Alaska, California, Colorado, Mississippi and Arizona.
Cornell Companies offered a diverse portfolio of services in structured and secure environments through three operating divisions:
Within the Adult Secure Services segment, Cornell provided minimum- to maximum-security incarceration services for federal, state and local government agencies.
Cornell's Adult Community-Based Services involved the supervision of adult parolees and probationers. Cornell offered a national presence with locations in many large urban areas, throughout the United States. Cornell was a leading provider of community-based services to the U.S. Federal Bureau of Prisons and to a number of state corrections departments.
The Abraxas Youth & Family Services division included residential, detention, shelter care and community-based services, along with educational, rehabilitation and treatment programs for juveniles, typically between the ages of 10 and 18.
At December 31, 2008, Cornell had 4,109 full-time employees and 300 part-time employees. Cornell employs management, administrative and clerical, security, educational and counseling services, health services and general maintenance personnel.
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