The GEO Group Signs Two-Year Contract with the Idaho Department of Correction for 670 out-of-State Beds in Texas
June 26 2018 - 6:55AM
Business Wire
The GEO Group (NYSE:GEO) (“GEO”) announced today the
signing of a contract with the Idaho Department of Correction for
the housing, management, and supervision of approximately 670
medium-custody inmates at the company-owned Eagle Pass Detention
Facility in Eagle Pass, Texas and the company-owned Karnes
Correctional Center in Karnes City, Texas.
The contract will have a term of two years effective October 1,
2018 and is expected to generate approximately $17 million in
annualized revenues.
“We appreciate the confidence placed in our company by the Idaho
Department of Correction. The signing of this important contract
will help meet Idaho’s need for secure correctional bed-space and
high-quality management services. This contract is representative
of our ability to quickly respond to the ongoing needs of
correctional agencies across the country and highlights the
strength of our diversified platform of real estate, management and
programmatic services. We look forward to developing a successful
and long-lasting public-private partnership with the State of
Idaho,” said George C. Zoley, GEO’s Chairman and Chief Executive
Officer.
About The GEO Group, Inc.
The GEO Group, Inc. (NYSE: GEO) is the first fully integrated
equity real estate investment trust specializing in the design,
financing, development, and operation of correctional, detention,
and community reentry facilities around the globe. GEO is the
world's leading provider of diversified correctional, detention,
community reentry, and electronic monitoring services to government
agencies worldwide with operations in the United States, Australia,
South Africa, and the United Kingdom. GEO's worldwide operations
include the ownership and/or management of 141 facilities totaling
approximately 96,000 beds, including projects under development,
with a growing workforce of approximately 23,000 professionals.
Forward-Looking Statements
This press release contains forward-looking statements regarding
future events and future performance of GEO that involve risks and
uncertainties that could materially affect actual results,
including statements regarding estimated earnings, revenues and
costs and our ability to maintain growth and strengthen contract
relationships. Factors that could cause actual results to vary from
current expectations and forward-looking statements contained in
this press release include, but are not limited to: (1) GEO’s
ability to successfully pursue further growth and continue to
enhance shareholder value; (2) GEO’s ability to access the capital
markets in the future on satisfactory terms or at all; (3) risks
associated with GEO’s ability to control operating costs associated
with contract start-ups; (4) GEO’s ability to timely open
facilities as planned, profitably manage such facilities and
successfully integrate such facilities into GEO’s operations
without substantial costs; (5) GEO’s ability to win management
contracts for which it has submitted proposals and to retain
existing management contracts; (6) GEO’s ability to obtain future
financing on acceptable terms; (7) GEO’s ability to sustain
company-wide occupancy rates at its facilities; and (8) other
factors contained in GEO’s Securities and Exchange Commission
filings, including the forms 10-K, 10-Q and 8-K reports.
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version on businesswire.com: https://www.businesswire.com/news/home/20180626005315/en/
The GEO Group, Inc.Pablo E. Paez, 1-866-301-4436Executive Vice
President, Corporate Relations
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