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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.
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May 21, 2015
08:37 EDTGEOGeo 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.
May 20, 2015
08:31 EDTGEOGeo Group announces contract with Vermond Department of Corrections
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