SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________.
Commission File No.: 0-23038
CORRECTIONAL SERVICES CORPORATION
(Exact name of small business issuer in its charter)
Delaware 11-2872782
______________________________ __________________________________
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1819 Main Street, Suite 1000, Sarasota, Florida 34236
(Address of principal executive offices)
Issuer's telephone number: (941) 953-9199
Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 12
months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [x] No []
The number of shares outstanding of the issuer's Common Stock,
par value $.0l per share, as of May 8, 1998, was 7,763,557.
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EXPLANATORY NOTE: *Amends certain previously-filed information. No
other items have been amended.
<TABLE>
CORRECTIONAL SERVICES CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
<CAPTION>
Three Months Ended
March 31,
--------------------------
1998 1997
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<S> <C> <C>
Revenues:
Resident fees $17,479,919 $10,358,531
Other income 1,630,123* 1,240,455
----------- -----------
19,110,042 11,598,986
Expenses:
Operating 13,720,261 8,484,243
General and administrative 3,622,904 2,722,096
----------- -----------
17,343,165 11,206,339
----------- -----------
Operating income 1,766,877 392,647
Interest income (expense), net (100,887) 128,293
----------- -----------
Income before income taxes 1,665,990 520,940
Income tax provision 658,000 195,000
----------- -----------
Net earnings $1,007,990 $325,940
----------- -----------
----------- -----------
Net earnings per share:
Basic $0.13 $0.04
Diluted $0.12 $0.04
Number of shares used to compute EPS:
Basic 7,693,854 7,666,325
Diluted 8,230,356 8,129,150
The accompanying notes are an integral part of these statements
* In the first quarter of 1998, the Company has included all school fees
in Other income. Previously, the Company had included those fees with
Resident fees. Going forward, the Company will show Revenues as a lump
sum amount.
</TABLE>
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SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant has caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
CORRECTIONAL SERVICES CORPORATION
Registrant
By: \s\ Debra Dawn
________________________________
Debra Dawn, Secretary
By: \s\ Ira M. Cotler
________________________________
Ira M. Cotler, Chief Financial Officer
Dated: August 10, 1998
