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Stock Market & Financial Investment News

News Breaks
January 2, 2013
08:06 EDTGEOGeo Group says completes restructuring, health care divestiture
The GEO Group announced that on December 31, 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 REIT rules of the Internal Revenue Code beginning January 1, 2013. As previously announced by GEO, a special committee of the Board was formed consisting of all the independent directors, and the Independent Committee approved the sale of the GEO Care Business to members of GEO and GEO Care’s management teams for a purchase price of $36M, inclusive of normalized working capital in the GEO Care Business. In connection with the GEO Care Divestiture, the MBO Group also entered into various arrangements with GEO which will result in approximately $2.6M 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. Additionally, GEO expects to incur a non-cash charge of approximately $13M-$17M, net of tax, related to the write-off of goodwill, other intangible assets and intercompany debt during the fourth quarter of 2012 in connection with the GEO Care Divestiture.
News For GEO From The Last 14 Days
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February 18, 2015
07:57 EDTGEOGeo Group closes acquisition of eight correctional, detention facilities
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07:56 EDTGEOGeo Group sees Q1 adjusted FFO 70c-72c, consensus 74c
Sees Q1 revenue $438M-$445M, including approximately $26M in construction revenue associated with GEO’s contract for the development and operation of the new 1,300-bed Ravenhall Prison Facility in Australia. Consensus is $432.39M. Guidance reflects normal seasonal fluctuations in federal populations as well as approximately 5c-6c per diluted share in additional employment tax expense as a result of the seasonality in unemployment taxes, which are front-loaded in the first quarter of the year. Additionally, first quarter 2015 guidance reflects approximately 1c per share in start-up expenses and approximately $2M in acquisition related expenses.
07:55 EDTGEOGeo Group sees FY15 adjusted FFO $3.35-$3.45, consensus $3.22
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07:53 EDTGEOGeo Group reports Q4 adjusted FFO 81c, consensus 79c
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