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Cornell Cos. Inc. is betting federal immigration detainees will return to the Regional Correctional Center, Bernalillo County's Downtown jail.

So far, the bet is costing the company money.

Because it has kept more employees than it needs for the 200 or so detainees left at the jail, Cornell's employee costs are higher than expected, and have forced the company to lower its projected fourth-quarter earnings.

The company laid off about 100 employees in September after the Immigration and Customs Enforcement agency pulled 600 inmates from the lockup this summer.

Cornell CEO and Chairman James Hyman in a written statement said fourth-quarter earnings are likely to slide 6 cents per share, to about 30 to 33 cents.

Despite the projected decrease - also due in part to Cornell's slower than expected intake of new inmates at an Oklahoma prison it runs - the company chose to keep the extra staff in case ICE decides to move detainees back to the jail at Fourth Street and Roma Avenue Northwest.

"There is more staff there than would be needed for 180 or so (U.S.) Marshals (Service) detainees who are there, so that if ICE chose to bring people back on short notice, we are prepared," Cornell spokesman Charles Seigel said.

Seigel declined to talk about staffing levels, including how many people work there now.

He also declined to say how many inmates the jail could take in before more employees would need to be hired.

"Those are internal (numbers), and we prefer not to talk about that," he said.

ICE officials have said the agency has no immediate plans to return to the facility, and the federal government is reviewing operations at the jail, which has come under scrutiny by inmates' attorneys for its physical conditions and health care.

Meanwhile, Cornell has said it is looking for other customers for the 970-bed jail.

An ICE spokeswoman didn't return a call seeking comment Wednesday.

Apart from layoffs, the company has also fired employees. Documents obtained by The Tribune show 19 people were fired in the seven months before and after ICE's removal of detainees. During the same time period, inmates filed 218 grievances.

The company had been predicting fourth-quarter earnings between 36 and 39 cents a diluted share. Hyman, in a news release Tuesday, said the company expects earnings to drop about 6 cents a share.

The stock was trading at $24.80 a share Wednesday. The stock's two-week high was $27.76.

However, the company is expecting revenues for the first quarter of 2008 to increase because of an agreement governing the Regional Correctional Center under which the federal government guarantees payment for 500 beds.

Kevin Campbell, a senior analyst at Avondale Partners LLC in Nashville, Tenn., said the new earnings predictions are based on short-term situations, adding the earnings dip is likely only temporary.

"Given the lack of supply of beds in the industry and strong demands from various federal agencies, it's likely Cornell will fill those beds with a customer," he said.