The GEO Group Announces Signing of Contract Between GEO Secure Services & U.S. Marshals Service for Government-Owned, 512-Bed...
December 30 2019 - 6:55AM
Business Wire
The GEO Group (NYSE:GEO) (“GEO”) announced today that GEO
Secure Services has signed a new managed-only contract with the
U.S. Marshals Service for the government-owned, 512-bed El Centro
Service Processing Center in California. The contract will have a
term of 8 years and 9 months, inclusive of option periods,
effective December 23, 2019. The contract is expected to generate
approximately $29 million in annualized revenues for GEO and create
more than 240 full-time jobs.
“We’re pleased to have been able to build on our long-standing
partnership with the U.S. Marshals Service to help the agency meet
its need for bed space and quality management services in
California,” said George C. Zoley, GEO’s Chairman and Chief
Executive Officer.
GEO has had a long-standing private-public partnership with the
federal government 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.
The GEO Group (NYSE: GEO) is
the first fully integrated equity real estate investment trust
specializing in the design, financing, development, and operation
of secure facilities, processing centers, and community reentry
centers in the United States, Australia, South Africa, and the
United Kingdom. GEO is a leading provider of enhanced in-custody
rehabilitation, post-release support, electronic monitoring, and
community-based programs. GEO’s worldwide operations include the
ownership and/or management of 131 facilities totaling
approximately 97,000 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.
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
assume management of the government-owned, 512-bed El Centro
Service Processing Center in California under the new managed-only
contract with the U.S. Marshals Service; (2) GEO’s ability to meet
its estimate for annualized revenues for the new managed-only
contract; (3) GEO’s ability to successfully pursue further growth
and continue to enhance shareholder value; (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 retain the new managed-only contract through the expiration of
the option periods; (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 its
Form 10-K, 10-Q and 8-K reports.
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version on businesswire.com: https://www.businesswire.com/news/home/20191230005070/en/
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Relations
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