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The GEO Group Announces New Contract for Golden State Modified Community Correctional Facility in California; Expands Contract

  The GEO Group Announces New Contract for Golden State Modified Community
  Correctional Facility in California; Expands Contract Capacity by 100 Beds
  to 700

Business Wire

BOCA RATON, Fla. -- October 21, 2013

The GEO Group (NYSE:GEO) (“GEO”) announced today the signing of a new
long-term contract, effective from November 1, 2013 through June 30, 2018,
with the California Department of Corrections and Rehabilitation (the
“Department”) for the housing of 700 California inmates at the company-owned
Golden State Modified Community Correctional Facility (the “Facility”) located
in McFarland, California.

The new agreement, which will replace GEO’s existing contract at the Facility
that was previously effective through June 30, 2016, will expand the
Facility’s contract capacity by 100 beds and is expected to generate an
additional $2.2 million in annual revenues for GEO. At full occupancy of 700
beds, the Facility is expected to generate approximately $15.3 million in
annualized revenues.

George C. Zoley, Chairman and CEO of GEO, said, “We are thankful for the
confidence placed in our company by the California Department of Corrections
and Rehabilitation through this new long-term agreement and 100-bed contract
capacity expansion. Our Golden State Modified Community Correctional Facility
plays an important role in helping meet the need for correctional bed space in
the State of California. We look forward to our continued partnership with the
Department and the community of McFarland.”

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 96 facilities totaling
approximately 73,000 beds, including projects under development, with a
growing workforce of approximately 18,000 professionals.

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.

Contact:

The GEO Group, Inc.
Pablo E. Paez, 866-301-4436
Vice President, Corporate Relations