Geo Group special dividend record date set at Dec 12, expects decision by Dec 7 The GEO Group announced that it has set a record date of December 12 for the potential payment of a special $340M-360M dividend on or before December 31 subject to the approval of its board. GEO expects the board to make a decision as to whether to approve the special dividend on or before December 7. The potential special dividend would be paid in connection with the consideration by GEO's Board of whether GEO should elect to convert into a real estate investment trust.
Geo Group reports contract from Washington Department of Corrections GEO Group announced the signing of a contract with the Washington Department of Corrections for the out-of-state housing of up to 1,000 inmates at the company-owned North Lake Correctional Facility in Baldwin, Michigan. The contract will have a term of five years inclusive of renewal option periods. Under the contract, the Facility is expected to begin the intake process in the fourth quarter of 2015 with a gradual ramp over several months. At full occupancy, the contract would generate approximately $24M in annualized revenues.