Tag: Government Service Provider

Release – The GEO Group Delivers Notice of Redemption for Remaining Senior Notes Due 2024

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GEO

February 12, 2024

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BOCA RATON, Fla.–(BUSINESS WIRE)–Feb. 12, 2024– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) has delivered a notice of redemption for all of the remaining $23,253,000 in outstanding aggregate principal amount of its 5.875%Senior Notes due October 15, 2024 (CUSIP No. 36162JAA4) (the “2024 Senior Notes”). The redemption of the 2024 Senior Notes will occur on March 11, 2024 (the “Redemption Date”).

The redemption price for the 2024 Senior Notes will be equal to $1,000 per $1,000 original principal amount, plus any accrued and unpaid interest up to, but excluding, the Redemption Date. GEO has deposited with the trustee for the 2024 Senior Notes the redemption price for the 2024 Senior Notes, using available cash on hand, and the Indenture governing the 2024 Senior Notes has been satisfied and discharged as to the 2024 Senior Notes. Payment of the redemption price for the 2024 Senior Notes will be made through the Depository Trust Company.

About The GEO Group

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 100 facilities totaling approximately 81,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Use of forward-looking statements

This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements, including our ability to redeem the 2024 Senior Notes on March 11, 2024. Readers are strongly encouraged to read the full cautionary statements contained in GEO’s filings with the U.S. Securities and Exchange Commission. GEO disclaims any obligation to update or revise any forward-looking statements.

Pablo E. Paez, 1-866-301-4436
Executive Vice President, Corporate Relations

Source: The GEO Group, Inc.

The GEO Group (GEO) – Stacking Up Another Solid Quarter

Posted on by cpereira@noblefcm.com


Friday, October 28, 2022

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

3Q22 Results. GEO once again posted solid operating results for 3Q22. Revenue for the quarter came in at $616.7 million, up from $557.3 million a year ago. Adjusted EBITDA totaled $136.2 million, AFFO was $0.60 per diluted share, EPS was $0.26, and adjusted net income $0.33 per share. In the year ago period, GEO reported $116.0 million, $0.65, $0.24, and $0.35, respectively. We had forecast $605 million, $132 million, $0.55, $0.35, and $0.35, respectively. GEO’s results highlight the resiliency of the business model, in our opinion.

BI Continues to Impress. GEO BI electronic monitoring subsidiary continues to show impressive growth. Segment 3Q22 revenue increased to $137 million up from $121.5 million in 2Q22. Through the first nine months of 2022, electronic monitoring and supervision revenue increased to $346.4 million, up from $278.9 million in all of 2021.


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