Key Developments: GEO Group Inc (GEO)

GEO on New York Consolidated

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17 Apr 2014
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Latest Key Developments (Source: Significant Developments)

GEO Group Inc signs contract with California Department of Corrections and Rehabilitation
Tuesday, 1 Apr 2014 08:45am EDT 

GEO Group Inc:For reactivation of company-owned, 260-bed McFarland Female Community Reentry Facility (Facility) located in McFarland, California.Contract with department will be effective through June 30, 2018.  Full Article

GEO Group Inc gives Q1 2014 guidance; FFO guidance above analysts' estimates; gives FY 2014 guidance above analysts' estimates
Wednesday, 19 Feb 2014 07:30am EST 

GEO Group Inc:Expects FY 2014 AFFO of $2.96 to $3.04 per diluted share.Expects FY 2014 net income of $1.78 to $1.86 per diluted share.Expects FY 2014 revenues of $1.60 billion to $1.62 billion.Expects FY 2014 net operating income of $448 million to $454 million.Expects FY 2014 adjusted EBITDA of $320 million to $326 million.Expects Q1 2014 AFFO of $0.63 to $0.65 per diluted share.Expects Q1 2014 on a GAAP basis, earnings per diluted share of $0.32 to $0.34.Expects Q1 2014 revenues to be in a range of $387 million to $392 million.Q1 2014 revenue of $387 million and FFO of $0.62 - Thomson Reuters I/B/E/S.FY 2014 revenue of $1.59 billion, EPS of $1.76, EBIT of $213 million, FFO of $2.73 and EBITDA of $313 million - Thomson Reuters I/B/E/S.  Full Article

GEO Group Inc declares quarterly cash dividend of $0.57 per share
Wednesday, 19 Feb 2014 07:30am EST 

GEO Group Inc:Declares a quarterly cash dividend of $0.57 per share, which is an increase from GEO's prior quarterly cash dividend of $0.55 per share.Dividend will be paid on March 14. to shareholders of record as of the close of business on March 3.  Full Article

GEO Group Inc Reaffirms Q4 2013 Guidance; Narrows FY 2013 AFFO Guidance
Wednesday, 6 Nov 2013 07:30am EST 

GEO Group Inc confirmed and updated its financial guidance for the fourth quarter 2013 and fiscal 2013 to reflect its recent refinancing transaction and the reactivation of its Central Valley and Desert View Modified Community Correctional Facilities in California. The Company confirmed its fourth quarter 2013 revenue guidance in a range of $378 million to $383 million. GEO confirmed its AFFO guidance in a range of $0.70 to $0.73 per diluted share, or $50 million to $53 million. GEO expects fourth quarter 2013 GAAP income from continuing operations to be in a range of $0.29 to $0.31 per diluted share. GEO expects its fiscal 2013 AFFO guidance to be in a range of $2.85 to $2.88 per diluted share, or $204 million to $207 million. On a GAAP basis, GEO expects its income from continuing operations for fiscal 2013 to be in a range of $1.54 to $1.56 per diluted share, including approximately $14.0 million, after-tax, or $0.20 per diluted share, related to the write-off of deferred financing fees and $4.7 million, after-tax, or $0.07 per diluted share, in one-time expenses associated with GEO's REIT conversion offset by net tax benefits of $13.0 million, or $0.18 per diluted share. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $382 million and AFFO of $0.72 for fourth quarter of 2013; AFFO of $2.87 for fiscal 2013.  Full Article

GEO Group Inc Declares Quarterly Cash Dividend of $0.55 Per Share
Monday, 4 Nov 2013 08:15am EST 

GEO Group Inc announced that on November 1, 2013, its Board of Directors declared a quarterly cash dividend of $0.55 per share which will be paid on November 26, 2013 to shareholders of record as of the close of business on November 14, 2013.  Full Article

GEO Group Inc Receives Notice Of Award For Two Contracts Totaling 1,970 Beds In Florida
Wednesday, 23 Oct 2013 08:30am EDT 

GEO Group Inc announced that it has received a notice of award for two contracts from the Florida Department of Management Services for the management of the 985-bed Moore Haven Correctional Facility and the 985-bed Bay Correctional Facility. The managed-only agreements will have contract terms of three years, with successive two-year renewal option periods, effective February 1, 2014. The Facilities are expected to generate approximately $31.6 million in combined annualized revenues at full occupancy.  Full Article

Geo Group Inc Receives Notice Of Intent To Award A Contract For 1,884 Beds In Florida
Thursday, 17 Oct 2013 08:30am EDT 

GEO Group Inc announced that it has received a notice of intent to award a contract from the Florida Department of Management Services (the Department) for the management of the 1,884-bed Graceville Correctional Facility (the Facility). The managed-only agreement will have a contract term of three years, with successive two-year renewal option periods, effective February 1, 2014. The Facility is expected to generate approximately $24.7 million in annualized revenues at full occupancy.  Full Article

GEO Group Inc Closes $250 Million Offering of Senior Unsecured Notes Due 2022
Thursday, 3 Oct 2013 04:56pm EDT 

GEO Group Inc announced the closing of its offering of $250,000,000 aggregate principal amount of senior unsecured notes due 2022. The Notes were issued with a coupon and yield to maturity of 5⅞%. GEO intends to use the net proceeds from the offering, together with cash on hand, to fund the repurchase, redemption or other discharge of all of its existing 7¾% senior notes due 2017 pursuant to its concurrent tender offer and to pay related fees, costs and expenses; any unused amounts will be used for general corporate purposes.  Full Article

GEO Group Inc Prices $250 Million Offering of Senior Unsecured Notes Due 2022 at 5 7/8%
Thursday, 19 Sep 2013 04:46pm EDT 

GEO Group Inc announced the pricing of its offering of $250,000,000 aggregate principal amount of senior unsecured notes due 2022 (the Notes). The Notes will be issued with a coupon and yield to maturity of 5 7/8%. The sale of the Notes, which is subject to customary closing conditions, is expected to be completed on October 3, 2013. GEO intends to use the net proceeds to fund the repurchase, redemption or other discharge of its 7 3/4% senior notes due 2017, for which it is conducting a cash tender offer, and pay related fees, costs and expenses, and any unused amounts for general corporate purposes.  Full Article

The GEO Group Inc Announces Offering Of Senior Unsecured Notes Due 20
Thursday, 19 Sep 2013 08:07am EDT 

The GEO Group Inc announced that it intends to offer $250,000,000 aggregate principal amount of senior unsecured notes due 2022 (the "notes") in a private offering, subject to market and other customary conditions. GEO intends to use the net proceeds to fund the repurchase, redemption or other discharge of its 7¾% senior notes due 2017, for which it is conducting a cash tender offer, and pay related fees, costs and expenses, and any unused amounts for general corporate purposes.  Full Article

Mexico homebuilder Geo files for bankruptcy

MEXICO CITY - Troubled Mexican homebuilder Geo said on Thursday it has filed for bankruptcy after gaining the support of the majority of its creditors in a deal that will replace most of its debt with stock.

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