Key Developments: GEO Group Inc (GEO)
36.67USD
24 May 2013
$0.24 (+0.66%)
$36.43
$36.30
$36.75
$36.00
301,334
877,837
$39.35
$20.84
Latest Key Developments (Source: Significant Developments)
The GEO Group Inc Issues Q2 2013 Guidance; FFO Guidance Above Analysts' Estimates; Reaffirms FY 2013 FFO Guidance
The GEO Group Inc announced that for second quarter of 2013, it expects AFFO to be in a range of $0.72 to $0.75 per diluted share, or $52-$54 million. On a GAAP basis, it expects second quarter 2013 income from continuing operations to be in a range of $0.38-$0.40 per diluted share, including a one-time $3-$4 million after-tax loss associated with the write-off of deferred financing fees in connection with GEO's recently completed amendment to its senior credit facility. GEO expects second quarter 2013 revenues to be in a range of $380 million to $385 million. For fiscal 2013, it expects AFFO to be in a range of $2.78 to $2.92 per diluted share, or $200 million to $210 million. On a GAAP basis, GEO expects its income from continuing operations for fiscal 2013 to be in a range of $1.58 to $1.68 per diluted share, including $8 million, after-tax, in one-time expenses related to GEO's REIT conversion and the write-off of deferred financing fees in connection with GEO's recently completed amendment to its senior credit facility. GEO expects fiscal 2013 revenues to be in a range of $1.51 billion to $1.55 billion. Net Operating Income is expected to be in a range of $410 million to $420 million and adjusted EBITDA to be in a range of $320 million to $330 million. According to I/B/E/S Estimates, analysts were expecting the Company to report FFO of $0.66, EPS of $0.42 and revenue of $382 million for second quarter of 2013; AFFO of $2.86, revenue of $1.53 billion for fiscal 2013. Full Article
The GEO Group Inc Declares Quarterly Cash Dividend Of $0.50 Per Share
The GEO Group Inc announced that on May 7, 2013, its Board of Directors declared a quarterly cash dividend of $0.50 per share which will be paid on June 3, 2013 to shareholders of record as of the close of business on May 20, 2013. Full Article
The GEO Group Inc Issues FY 2013 Revenue And FFO Guidance Below Analysts' Estimates; Reaffirms FY 2013 EBITDA Guidance; Issues Q1 2013 Revenue Guidance Below Analysts' Estimates
The GEO Group Inc announced that for fiscal 2013, it expects adjusted funds from operations (AFFO) to be in a range of $2.78-$2.92 per diluted share, on a GAAP basis, income from continuing operations to be in a range of $1.70-$1.80 per diluted share, revenues in a range of $1.51-$1.55 billion, net operating income in a range of $410-$420 million and adjusted EBITDA in a range of $320-$330 million. For the first quarter of 2013, it expects AFFO to be in a range of $0.63-$0.70 per share, income from continuing operations to be in a range of $0.38-$0.40 per diluted share, revenues to be in a range of $377.0-$382.0 million. The first quarter of 2013 guidance reflects approximately $0.03-$0.04 per share in additional employment tax expense as a result of the seasonality in unemployment taxes, which are front-loaded in the first quarter of 2013. According to I/B/E/S Estimates, analysts were expecting the Company to report adjusted funds from operation of $2.34, revenue of $1.65 billion, EBITDA of $326 million for fiscal 2013 and revenue of $415.1 million for the first quarter of 2013. Full Article
The GEO Group Inc Receives Favorable Private Letter Ruling From Internal Revenue Service; Declares First Quarterly REIT Cash Dividend Of $0.50 Per Share
The GEO Group Inc announced that it has received a favorable private letter ruling from the Internal Revenue Service in connection with GEO`s previously announced conversion to a real estate investment trust (REIT). GEO also has received an opinion from Skadden, Arps, Slate, Meagher & Flom, LLP, which advised GEO on its REIT conversion that GEO qualifies as a REIT. Based on the receipt of the private letter ruling and the Skadden REIT opinion, GEO`s Board of Directors (the Board) has authorized GEO to elect REIT status effective January 1, 2013. GEO will seek inclusion in the appropriate REIT indices at the earliest possible date. The Company also announced that on January 17, 2013, the Board declared GEO`s first ever quarterly cash dividend as a REIT of $0.50 per share of common stock. GEO`s quarterly REIT cash dividend of $0.50 per share will be paid on March 1, 2013 to shareholders of record as of the close of business on February 15, 2013. Full Article
The GEO Group Inc Completes Company Restructuring And Health Care Divestiture
The GEO Group Inc announced that on December 31, 2012, it completed all the necessary restructuring steps, including the previously announced divestiture of its health care assets, enabling GEO to operate in compliance with the real estate investment trust (REIT) rules of the Internal Revenue Code (the REIT rules) beginning January 1, 2013. GEO reorganized its operations into separate legal wholly-owned operating business units through a taxable REIT subsidiary (TRS). Through the TRS structure, a small portion of GEO's businesses, which are non-real estate related, such as GEO's managed-only contracts, international operations, electronic monitoring services, and other non-residential facilities, are part of wholly-owned taxable subsidiaries of the REIT, while most of GEO's business segments, which are real estate related and involve company-owned and company-leased facilities, are part of the REIT. The TRS structure allows GEO to maintain the strategic alignment of almost all of its diversified business segments under one entity. In connection with the GEO Care Divestiture, the MBO Group also entered into various arrangements with GEO which will result in approximately $2.6 million in annual payments and cost savings for GEO through a five-year support services agreement, a five-year licensing agreement, and annual general and administrative cost savings. The GEO Care Divestiture closed on December 31, 2012. Full Article
The GEO Group Inc Issues FY 2013 EBITDA Guidance In Line With Analysts' Estimates-Conference Call
The GEO Group Inc announced that for fiscal 2013, it expects adjusted EBITDA to be approximately $320 million to $330 million. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $327 million for fiscal 2013. Full Article
The GEO Group Inc Authorizes Special Dividend
The GEO Group Inc announced that its Board declared a special dividend of $5.68 per share of common stock, representing approximately $350 million of accumulated earnings and profits, which will be paid on December 31, 2012 to shareholders of record as of December 12, 2012. Full Article
The GEO Group Inc Reaffirms FY 2012 Revenue And EBITDA Outlook; Raises FY 2012 FFO Outlook; Reaffirms Q4 2012 Revenue Outlook; Lowers Q4 2012 EPS Outlook; Declares Quarterly Dividend
The GEO Group Inc announced that for fiscal 2012, it expects revenues to be in a range of $1.64-$1.65 billion and pro forma earnings per share to be in a range of $1.55-$1.56 per share, excluding $0.17 per share in after-tax start-up/transition expenses and international bid and proposal expenses, and also exclusive of transaction and financing expenses associated with GEO's previously announced acquisition of the partnership interests in MCF along with the extinguishment of debt in connection with the redemption of the MCF bonds. GEO expects its fiscal 2012 Adjusted EBITDA to be in a range of $330-$340 million and its 2012 Adjusted Funds from Operations to be in a range of $210-$220 million, or $3.44-$3.60 per share. GEO expects its fourth quarter 2012 revenues to be in a range of $413-$418 million and its pro forma earnings per share to be in a range of $0.41-$0.42 per share (EPS), excluding $0.04 per share in after-tax international bid and proposal expenses. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $1.65 billion and FFO of $2.36 for fiscal 2012; and revenue of $416 million and EPS of $0.43 for the fourth quarter of 2012. The Company also announced that on October 31, 2012, its Board of Directors declared a quarterly cash dividend of $0.20 per share which will be paid on November 30, 2012 to shareholders of record as of the close of business on November 16, 2012. Full Article
The GEO Group Inc Signs Contract Extension For Golden State Correctional Facility In California
The GEO Group Inc announced that it has signed a contract extension with the California Department of Corrections and Rehabilitation (CDCR) for the continued management of the 625-bed Golden State Correctional Facility. The contract extension is effective through June 30, 2016 and has a minimum occupancy guarantee of 90%. Full Article
The GEO Group Inc Closes Acquisition Of 100% Interest In Municipal Corrections Finance, L.P. For $27 Million
The GEO Group Inc announced that it has completed the previously announced acquisition of 100% of the partnership interests in Municipal Corrections Finance, L.P. (MCF) for approximately $27 million. In connection with the acquisition, GEO redeemed the MCF bonds for approximately $67.0 million, net of bond cash reserves and inclusive of a make whole premium of approximately $15.0 million. The MCF bonds had a cash coupon rate of 8.47% and a net effective interest carrying cost of approximately 5.5%. The transaction gives GEO full ownership interest in 11 correctional properties, representing 10,000 beds, which were leased and operated by GEO and will save GEO approximately $155.0 million in future net cash payments, becoming accretive to earnings after 2012. Full Article
Analysis: Liquidity issues and lawsuits hit Mexico's homebuilders
MONTERREY, Mexico - Struggling with slowing home sales and a lack of liquidity, Mexico's top three homebuilders may have to seek bankruptcy protection if they fail to reach an agreement with creditors in the short term.
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