The GEO Group Announces Signing of Contract Modification with U.S. Immigration & Customs Enforcement for the Reactivation of ...
April 25 2019 - 6:45AM
Business Wire
The GEO Group (NYSE:GEO) (“GEO”) announced today the
signing of a contract modification with U.S. Immigration and
Customs Enforcement for the reactivation of the existing
company-owned, 1,000-bed South Louisiana ICE Processing Center (the
“Center”) located in Basile, Louisiana. The currently idle Center
will house federal immigration detainees under an existing
intergovernmental service agreement between Evangeline Parish,
Louisiana and ICE.
The Center will begin the intake process during the third
quarter 2019 and is expected to generate approximately $25 million
in incremental annualized revenues for GEO.
“We’re pleased to have been able to build on our long-standing
partnership with ICE to help the agency meet its increasing need
for detention beds which comply with the Federal government’s
performance-based national detention standards,” said George C.
Zoley, GEO’s Chairman and Chief Executive Officer.
GEO has had a long standing private-public partnership with ICE
that dates back to the 1980s. GEO’s facilities are highly rated and
provide high-quality, culturally responsive services in safe and
humane residential environments, which meet the needs of the
individuals in the care of federal immigration authorities.
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 134 facilities totaling
approximately 95,000 beds, including projects under development,
with a growing workforce of approximately 23,000 professionals.
This press release contains forward-looking statements regarding
future events and the future performance of GEO that involve risks
and uncertainties that could materially affect actual results,
including statements regarding the timing and amount of dividends.
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
declare future quarterly cash dividends and the timing and amount
of such future dividends; (2) GEO’s ability to successfully pursue
further growth and continue to enhance shareholder value; (3) GEO’s
ability to access the capital markets in the future on satisfactory
terms or at all; (4) GEO’s ability to control operating costs
associated with contract start-ups; (5) 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; (6) GEO’s ability to win management
contracts for which it has submitted proposals and to retain
existing management contracts; (7) GEO’s ability to obtain future
financing on acceptable terms or at all; (8) GEO’s ability to
sustain company-wide occupancy rates at its facilities; and (9)
other factors contained in GEO’s Securities and Exchange Commission
filings, including its Form 10-K, 10-Q and 8-K reports.
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version on businesswire.com: https://www.businesswire.com/news/home/20190425005116/en/
Pablo E. Paez, 1-866-301-4436Executive Vice President,
Corporate Relations
Geo (NYSE:GEO)
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