Cornell Companies 4Q Earnings Rise

Net income rose to $5.4 million, or 37 cents per share, from $4.7 million, or 33 cents per share, during the same period the previous year.

Analysts polled by Thomson Financial, on average, forecast earnings of 31 cents per share for the quarter.

Total revenue from operations fell slightly to $92.1 million from $94.1 million.

Operating expenses fell 5 percent, more than offsetting the decline in revenue. Cornell Companies' expenses fell to $67.7 million during the quarter from $71.3 million during the year-ago period.

For the full year, net income was virtually flat at $11.9 million, or 82 cents per share. Earnings per share fell from 84 cents per share with more shares outstanding in 2007.