Exhibit 99.1
NEWS RELEASE |
One Park Place, Suite 700 • 621 Northwest 53rd Street • Boca Raton, Florida 33487 • www.geogroup.com
CR-11-18
THE GEO GROUP REPORTS SECOND QUARTER 2011 RESULTS
• | 2Q11 Net Income of $21.2 Million — $0.33 Earnings Per Share |
• | 2Q11 Pro Forma Net Income increased to $25.7 Million — $0.40 Pro Forma Earnings Per Share |
• | Issued Pro Forma EPS Guidance for 3Q11 of $0.39 to $0.41 and 4Q11 of $0.40 to $0.42 |
• | 3Q & 4Q Guidance Includes $1.0 million to $1.5 million Per Quarter in Investments in Business Development and Professional Capabilities In Relation to New Florida Regional Procurement |
Boca Raton, Fla. — August 3, 2011 — The GEO Group, Inc. (NYSE: GEO)(“GEO”) today reported second quarter and first half of 2011 financial results. GEO reported total revenues for the second quarter 2011 of $407.8 million compared to total revenues of $280.1 million for the second quarter 2010. GEO reported net income for the second quarter 2011 of $21.2 million, or $0.33 per diluted share, compared to net income of $17.0 million, or $0.35 per diluted share for the second quarter of 2010. GEO’s second quarter 2011 net income includes $3.3 million, after-tax, in start-up/transition expenses; $0.4 million, after-tax, in international bid and proposal expenses, a $0.4 million after-tax income effect related to the loss attributable to non-controlling interests; and $0.4 million, after-tax, in one-time M&A transaction related expenses, which are reported in GEO’s general and administrative expenses.
Excluding these items, GEO reported Pro Forma net income of $25.7 million, or $0.40 per diluted share, for the second quarter of 2011 compared to Pro Forma net income of $18.3 million, or $0.37 per diluted share for the second quarter of 2010.
For the first half of 2011, GEO reported total revenues of $799.6 million compared to total revenues of $567.6 million for the first half of 2010. Net income for the first half of 2011 increased to $37.5 million, or $0.58 per diluted share, from $34.7 million, or $0.69 per diluted share, for the first half of 2010. Pro forma net income for the first half of 2011 increased to $48.5 million, or $0.75 per diluted share, from pro forma net income of $36.0 million, or $0.71 per diluted share for the first half of 2010.
George C. Zoley, Chairman and Chief Executive Officer of GEO, said: “We are pleased with our strong second quarter earnings results which reflect sound operational performance from our diversified business units of U.S. Detention & Corrections, GEO Care, and International Services. We continue to be very optimistic about the demand for our diversified services. We are currently pursuing new business development opportunities in the U.S. and internationally, which total approximately 50,000 beds. At the state level alone, Arizona, Ohio, and Florida have pending procurements which total approximately 28,000 beds.”
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“The State of Florida recently issued a request for proposal which entails the privatization of more than 16,000 beds in all correctional facilities, reception centers, work camps, and work release centers in a broad geographic region in South Florida, known as Region IV. This is an unprecedented opportunity in our industry, and we have taken steps to invest in additional business development and professional capabilities. While these investments will represent a near-term expense over the next two quarters, we believe that GEO will be uniquely positioned to compete for larger opportunities and to provide comprehensive, turnkey solutions across a continuum of care for correctional, detention, and treatment services worldwide,” Mr. Zoley added.
Pro forma net income excludes M&A related expenses, net of tax, net (income) loss attributable to non-controlling interests, start-up/transition expenses, net of tax, and international bid and proposal expenses, net of tax, as set forth in the table below, which presents a reconciliation of pro forma net income to net income for the second quarter and the first half of 2011 and 2010. Please see the section of this press release below entitled “Important Information on GEO’s Non-GAAP Financial Measures” for information on how GEO defines pro forma net income.
Table 1. Reconciliation of Pro Forma Net Income to Net Income
13 Weeks Ended | 13 Weeks Ended | 26 Weeks Ended | 26 Weeks Ended | |||||||||||||
(In thousands except per share data) | 3-Jul-11 | 4-Jul-10 | 3-Jul-11 | 4-Jul-10 | ||||||||||||
Net Income | $ | 21,163 | $ | 17,025 | $ | 37,543 | $ | 34,733 | ||||||||
Start-up/transition expenses, net of tax | 3,348 | — | 5,537 | — | ||||||||||||
International bid and proposal expenses, net of tax | 416 | — | 416 | — | ||||||||||||
Net (income) loss attributable to non-controlling interests | 415 | (8 | ) | 825 | (44 | ) | ||||||||||
M&A Related Expenses, net of tax | 394 | 1,313 | 4,129 | 1,313 | ||||||||||||
Pro forma net income | $ | 25,736 | $ | 18,330 | $ | 48,450 | $ | 36,002 | ||||||||
Diluted earnings per share | $ | 0.33 | $ | 0.35 | $ | 0.58 | $ | 0.69 | ||||||||
Start-up/transition expenses, net of tax | 0.05 | — | 0.09 | — | ||||||||||||
International bid and proposal expenses, net of tax | 0.01 | — | 0.01 | — | ||||||||||||
Net (income) loss attributable to non-controlling interests | 0.01 | — | 0.01 | — | ||||||||||||
M&A Related Expenses | — | 0.02 | 0.06 | 0.02 | ||||||||||||
Diluted pro forma earnings per share | $ | 0.40 | $ | 0.37 | $ | 0.75 | $ | 0.71 | ||||||||
Weighted average common shares outstanding-diluted | 64,858 | 49,314 | 64,787 | 50,480 |
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Contact: | Pablo E. Paez Vice President, Corporate Relations | (866) 301 4436 |
NEWS RELEASE
Business Segment Results
The following table presents a summary of GEO’s segment results for the second quarter and the first half of 2011 and 2010.
Table 2. Business Segment Results
(In thousands except Compensated Mandays and Revenue Producing Beds)
(In thousands except Compensated Mandays and Revenue Producing Beds)
13 Weeks Ended | 13 Weeks Ended | 26 Weeks Ended | 26 Weeks Ended | |||||||||||||
3-Jul-11 | 4-Jul-10 | 3-Jul-11 | 4-Jul-10 | |||||||||||||
Revenues | ||||||||||||||||
U.S. Detention & Corrections | $ | 241,676 | $ | 192,081 | $ | 483,305 | $ | 381,788 | ||||||||
International Services | 55,284 | 44,708 | 108,413 | 90,590 | ||||||||||||
GEO Care | 110,857 | 36,973 | 207,746 | 74,475 | ||||||||||||
Construction | — | 6,333 | 119 | 20,784 | ||||||||||||
$ | 407,817 | $ | 280,095 | $ | 799,583 | $ | 567,637 | |||||||||
Operating Expenses | ||||||||||||||||
U.S. Detention & Corrections | $ | 173,979 | $ | 138,376 | $ | 346,903 | $ | 275,237 | ||||||||
International Services | 52,413 | 40,881 | 101,062 | 84,485 | ||||||||||||
GEO Care | 82,229 | 31,523 | 159,926 | 63,887 | ||||||||||||
Construction | 23 | 6,136 | 39 | 19,639 | ||||||||||||
$ | 308,644 | $ | 216,916 | $ | 607,930 | $ | 443,248 | |||||||||
Depreciation & Amortization Expense | ||||||||||||||||
U.S. Detention & Corrections | $ | 13,326 | $ | 8,177 | $ | 26,254 | $ | 16,083 | ||||||||
International Services | 548 | 420 | 1,077 | 855 | ||||||||||||
GEO Care | 7,182 | 877 | 12,527 | 1,774 | ||||||||||||
Construction | — | — | — | — | ||||||||||||
$ | 21,056 | $ | 9,474 | $ | 39,858 | $ | 18,712 | |||||||||
Compensated Mandays | ||||||||||||||||
U.S. Detention & Corrections | 4,328,053 | 3,525,400 | 8,635,697 | 6,981,799 | ||||||||||||
International Services | 641,958 | 617,617 | 1,292,335 | 1,240,795 | ||||||||||||
GEO Care | 491,257 | 188,404 | 974,030 | 377,811 | ||||||||||||
5,461,268 | 4,331,421 | 10,902,062 | 8,600,405 | |||||||||||||
Revenue Producing Beds | ||||||||||||||||
U.S. Detention & Corrections | 50,419 | 40,685 | 50,419 | 40,685 | ||||||||||||
International Services | 6,932 | 6,787 | 6,932 | 6,787 | ||||||||||||
GEO Care | 6,180 | 2,157 | 6,180 | 2,157 | ||||||||||||
63,531 | 49,629 | 63,531 | 49,629 | |||||||||||||
Average Occupancy | ||||||||||||||||
U.S. Detention & Corrections | 95.1 | % | 95.3 | % | 94.2 | % | 94.3 | % | ||||||||
International Services | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
GEO Care | 87.5 | % | 96.0 | % | 87.0 | % | 96.2 | % | ||||||||
94.9 | % | 96.0 | % | 94.1 | % | 95.2 | % |
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Contact: | Pablo E. Paez Vice President, Corporate Relations | (866) 301 4436 |
NEWS RELEASE
U.S. Detention & Corrections
For the second quarter of 2011, U.S. Detention & Corrections revenue increased by approximately $49.6 million year-over-year. This revenue increase was driven primarily by GEO’s acquisition of Cornell Companies, Inc. (“Cornell”) in August 2010; the fourth quarter 2010 opening of the Blackwater Correctional Facility in Florida; and the activation of a new contract with the Federal Bureau of Prisons at the D. Ray James Correctional Facility in Georgia in October 2010. These factors were offset by the transition of managed-only contracts for the Graceville Correctional Facility and the Moore Haven Correctional Facility in Florida, and the Bridgeport Correctional Center, North Texas Intermediate Sanction Facility and South Texas Intermediate Sanction Facility in Texas.
GEO Care
For the second quarter of 2011, GEO Care revenue increased by approximately $73.9 million year-over-year. This revenue increase was driven primarily by GEO’s acquisitions of Cornell in August 2010 and BI Incorporated (“BI”) in February 2011 as well as the activation of the 100-bed Montgomery County Mental Health Treatment Facility in Texas in March 2011.
International Services
For the second quarter of 2011, International Services revenue increased by approximately $10.6 million year-over-year driven primarily by the opening of a 360-bed expansion at the Harmondsworth Immigration Removal Centre in the United Kingdom in July 2010 and positive foreign exchange rate fluctuations.
Adjusted EBITDA
Second quarter 2011 Adjusted EBITDA increased to $81.7 million from $47.4 million in the second quarter of 2010. For the first half of 2011, Adjusted EBITDA increased to $154.8 million from $93.7 million for the first half of 2010.
Please see the section of this press release below entitled “Important Information on GEO’s Non-GAAP Financial Measures” for information on how GEO defines Adjusted EBITDA. The following table presents a reconciliation from Adjusted EBITDA to net income for the second quarter and the first half of 2011 and 2010.
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Contact: | Pablo E. Paez Vice President, Corporate Relations | (866) 301 4436 |
NEWS RELEASE
Table 3. Reconciliation from Adjusted EBITDA to Net Income
13 Weeks Ended | 13 Weeks Ended | 26 Weeks Ended | 26 Weeks Ended | |||||||||||||
(In thousands) | 3-Jul-11 | 4-Jul-10 | 3-Jul-11 | 4-Jul-10 | ||||||||||||
Net Income | $ | 21,163 | $ | 17,025 | $ | 37,543 | $ | 34,733 | ||||||||
Interest expense, net | 17,783 | 6,961 | 33,175 | 13,546 | ||||||||||||
Income tax provision | 12,879 | 10,192 | 22,659 | 21,013 | ||||||||||||
Depreciation and amortization | 21,056 | 9,474 | 39,858 | 18,712 | ||||||||||||
Tax provision on equity in earnings of affiliate | 563 | 437 | 1,587 | 1,223 | ||||||||||||
EBITDA | $ | 73,444 | $ | 44,089 | $ | 134,822 | $ | 89,227 | ||||||||
Adjustments, pre-tax | ||||||||||||||||
(Income) loss attributable to non-controlling interests | $ | 415 | $ | (8 | ) | $ | 825 | $ | (44 | ) | ||||||
Stock Based Compensation | 1,537 | 1,174 | 3,598 | 2,366 | ||||||||||||
Start-up/transition expenses | 4,996 | — | 8,563 | — | ||||||||||||
International bid and proposal expenses | 645 | — | 645 | — | ||||||||||||
M&A Related Expenses | 651 | 2,144 | 6,308 | 2,144 | ||||||||||||
Adjusted EBITDA | $ | 81,688 | $ | 47,399 | $ | 154,761 | $ | 93,693 | ||||||||
Adjusted Funds from Operations
Adjusted Funds from Operations for the second quarter of 2011 increased to $47.7 million compared to $18.5 million for the second quarter of 2010. For the first half of 2011, Adjusted Funds from Operations increased to $94.6 million from $54.1 million for the first half of 2010.
Please see the section of this press release below entitled “Important Information on GEO’s Non-GAAP Financial Measures” for information on how GEO defines Adjusted Funds from Operations. The following table presents a reconciliation from Adjusted Funds from Operations to net income for the second quarter and the first half of 2011 and 2010.
Table 4. Reconciliation of Adjusted Funds from Operations to Net Income
13 Weeks Ended | 13 Weeks Ended | 26 Weeks Ended | 26 Weeks Ended | |||||||||||||
(In thousands) | 3-Jul-11 | 4-Jul-10 | 3-Jul-11 | 4-Jul-10 | ||||||||||||
Net Income | $ | 21,163 | $ | 17,025 | $ | 37,543 | $ | 34,733 | ||||||||
Net (Income) loss attributable to non-controlling interests | 415 | (8 | ) | 825 | (44 | ) | ||||||||||
Depreciation and Amortization | 21,056 | 9,474 | 39,858 | 18,712 | ||||||||||||
Income Tax Provision | 12,879 | 10,192 | 22,659 | 21,013 | ||||||||||||
Income Taxes Paid | (7,794 | ) | (18,335 | ) | (8,734 | ) | (19,328 | ) | ||||||||
Stock Based Compensation | 1,537 | 1,174 | 3,598 | 2,366 | ||||||||||||
Maintenance Capital Expenditures | (6,875 | ) | (3,331 | ) | (15,194 | ) | (6,290 | ) | ||||||||
Equity in Earnings of Affiliates, Net of Income Tax | (1,418 | ) | (1,128 | ) | (2,080 | ) | (1,718 | ) | ||||||||
Amortization of Debt Costs and Other Non-Cash Interest | 415 | 1,270 | 641 | 2,542 | ||||||||||||
Start-up/transition expenses | 4,996 | — | 8,563 | — | ||||||||||||
M&A Related Expenses | 651 | 2,144 | 6,308 | 2,144 | ||||||||||||
International bid and proposal expenses | 645 | — | 645 | — | ||||||||||||
Adjusted Funds from Operations | $ | 47,670 | $ | 18,477 | $ | 94,632 | $ | 54,130 | ||||||||
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Contact: | Pablo E. Paez Vice President, Corporate Relations | (866) 301 4436 |
NEWS RELEASE
2011 Financial Guidance
GEO issued revised financial guidance for 2011. GEO expects 2011 total revenues to be in the range of $1.62 billion to $1.63 billion. GEO expects 2011 pro forma earnings to be in a range of $1.54 to $1.58 per share, excluding acquisition-related expenses, start-up/transition expenses, and international bid and proposal costs.
GEO updated its 2011 guidance for Adjusted EBITDA to a range of $320 million to $325 million and its Adjusted Funds from Operations to a range of $175 million to $180 million, or $2.70 to $2.77 per share.
GEO’s revised guidance assumes that the North Lake Correctional Facility continues to operate in a delayed start-up mode with the current population of 270 California inmates based on the recently approved budget for the California Department of Corrections and Rehabilitation.
GEO’s revised guidance also assumes between $1.0 million to $1.5 million per quarter in additional business development and professional fees in the third and fourth quarters as GEO competes for a number of new business development opportunities, including a procurement issued by the State of Florida which entails the privatization of more than 16,000 beds in all correctional facilities, reception centers, work camps, and work release centers in a broad geographic region in South Florida, known as Region IV.
These two assumptions along with additional start-up/transition expenses related to the activation of GEO’s Adelanto ICE Processing Center in California and GEO’s Riverbend Correctional Facility in Georgia, which are now scheduled for September 2011 and December 2011 respectively, are the primary drivers of GEO’s updated financial guidance.
GEO also issued financial guidance for the third and fourth quarters in 2011. GEO expects third quarter 2011 total revenues to be in the range of $407 million to $412 million. GEO expects third quarter 2011 pro forma earnings to be in a range of $0.39 to $0.41 per share, excluding $0.06 to $0.07 in after-tax start-up/transition expenses and international bid and proposal costs. GEO expects fourth quarter 2011 total revenues to be in the range of $413 million to $418 million. GEO expects fourth quarter 2011 pro forma earnings to be in a range of $0.40 to $0.42 per share, excluding $0.06 to $0.07 in after-tax start-up/transition expenses and international bid and proposal costs. GEO’s third quarter and forth quarter 2011 guidance assumes between $1.0 million to $1.5 million per quarter in additional business development and professional fees as discussed above.
Conference Call Information
GEO has scheduled a conference call and simultaneous webcast at 2:00 PM (Eastern Time) today to discuss GEO’s second quarter 2011 financial results as well as its progress and outlook. The call-in number for the U.S. is 1-866-713-8564 and the international call-in number is 1-617-597-5312. The participant pass-code for the conference call is 43800366.
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Contact: | Pablo E. Paez Vice President, Corporate Relations | (866) 301 4436 |
NEWS RELEASE
In addition, a live audio webcast of the conference call may be accessed on the Conference Calls/Webcasts section of GEO’s investor relations home page at www.geogroup.com. A replay of the audio webcast will be available on the website for one year. A telephonic replay of the conference call will be available until September 3, 2011 at 1-888-286-8010 (U.S.) and 1-617-801-6888 (International). The pass-code for the telephonic replay is 54094773.
About The GEO Group, Inc.
The GEO Group, Inc. is a world leader in the delivery of correctional, detention, and residential treatment services to federal, state, and local government agencies around the globe. GEO offers a turnkey approach that includes design, construction, financing, and operations. GEO represents government clients in the United States, Australia, South Africa, and the United Kingdom. GEO’s worldwide operations include the management and/or ownership of approximately 80,000 beds at 116 correctional, detention and residential treatment facilities, including projects under development.
Important Information on GEO’s Non-GAAP Financial Measures
Pro Forma Net Income, Adjusted EBITDA and Adjusted Funds From Operations are non-GAAP financial measures that are presented as supplemental disclosures.
Pro Forma Net Income is defined as net income adjusted for net (income) loss attributable to non-controlling interests, start-up/transition expenses, net of tax, international bid and proposal expenses, net of tax, and M&A-related expenses, net of tax. GEO believes that Pro Forma Net Income is useful to investors as it provides information about the performance of GEO’s overall business because such measure eliminates the effects of certain unusual or non-recurring charges that are not directly attributable to GEO’s underlying operating performance, it provides disclosure on the same basis as that used by GEO’s management and it provides consistency in GEO’s financial reporting and therefore continuity to investors for comparability purposes. GEO’s management uses Pro Forma Net Income to monitor and evaluate its operating performance and to facilitate internal and external comparisons of the historical operating performance of GEO and its business units.
Adjusted EBITDA is defined as net income before net interest expense, income tax provision, depreciation and amortization, and tax provision on equity in earnings of affiliate, adjusted for (income) loss attributable to non-controlling interests, stock-based compensation, start-up/transition expenses, international bid and proposal expenses, and M&A-related expenses. GEO believes that Adjusted EBITDA is useful to investors as it provides information about the performance of GEO’s overall business because such measure eliminates the effects of certain unusual or non-recurring charges that are not directly attributable to GEO’s underlying operating performance, it provides disclosure on the same basis as that used by GEO’s management and it provides consistency in GEO’s financial reporting and therefore continuity to investors for comparability purposes. GEO’s management uses Adjusted EBITDA to monitor and evaluate its operating performance and to facilitate internal and external comparisons of the historical operating performance of GEO and its business units.
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Contact: | Pablo E. Paez Vice President, Corporate Relations | (866) 301 4436 |
NEWS RELEASE
Adjusted Funds From Operations is defined as net income excluding depreciation and amortization, income tax provision, income taxes paid, stock-based compensation, maintenance capital expenditures, net equity in earnings of affiliates and amortization of debt costs and other non-cash interest, net (income) loss attributable to non-controlling interests, start-up/transition expenses, international bid and proposal expenses, and M&A-related expenses, net of tax. GEO believes that Adjusted Funds From Operations is useful to investors as it provides information regarding cash that GEO’s operating business generates before taking into account certain cash and non-cash items that are non-operational or infrequent in nature, it provides disclosure on the same basis as that used by GEO’s management and it provides consistency in GEO’s financial reporting and therefore continuity to investors for comparability purposes. GEO’s management uses Adjusted Funds From Operations to monitor and evaluate its operating performance and to facilitate internal and external comparisons of the historical operating performance of GEO and its business units.
A reconciliation of these non-GAAP measures to the most directly comparable GAAP measurements of these items is included in Tables 1, 3 and 4, respectively.
Safe-Harbor Statement
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 financial guidance for the third quarter 2011, fourth quarter 2011 and full year 2011, business development opportunities and expected fees and expenses related to these business development opportunities, our ability to maintain growth and strengthen contract relationships, our ability to meet the increasing demand for correctional, detention, and residential treatment services, and long-term growth prospects in our industry. 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 meet its financial guidance for 2011 given the various risks to which its business is exposed; (2) GEO’s ability to successfully pursue further growth and continue to enhance shareholder value; (3) the risk that the BI business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; (4) the risk that the expected increased revenues resulting from the acquisition of Cornell and BI may not be fully realized or may take longer to realize than expected; (5) the risk that the cost synergies from the Cornell and BI transactions may not be fully realized or may take longer to realize than expected; (6) any difficulties encountered in maintaining relationships with customers, employees or suppliers as a result of the transactions with Cornell and BI; (7) GEO’s ability to access the capital markets in the future on satisfactory terms or at all; (8) risks associated with GEO’s ability to control operating costs associated with contract start-ups; (9) 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; (10) GEO’s ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (11) GEO’s ability to obtain future financing on acceptable terms; (12) GEO’s ability to sustain company-wide occupancy rates at its facilities; and (13) other factors contained in GEO’s Securities and Exchange Commission filings, including the Form 10-K, 10-Q and 8-K reports.
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NEWS RELEASE
Second quarter and first six months of 2011 financial tables to follow:
THE GEO GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE THIRTEEN AND TWENTY-SIX WEEKS ENDED
JULY 3, 2011 AND JULY 4, 2010
(In thousands, except per share data)
(UNAUDITED)
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE THIRTEEN AND TWENTY-SIX WEEKS ENDED
JULY 3, 2011 AND JULY 4, 2010
(In thousands, except per share data)
(UNAUDITED)
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
July 3, 2011 | July 4, 2010 | July 3, 2011 | July 4, 2010 | |||||||||||||
Revenues | $ | 407,817 | $ | 280,095 | $ | 799,583 | $ | 567,637 | ||||||||
Operating expenses | 308,644 | 216,916 | 607,930 | 443,248 | ||||||||||||
Depreciation and amortization | 21,056 | 9,474 | 39,858 | 18,712 | ||||||||||||
General and administrative expenses | 27,710 | 20,655 | 60,498 | 38,103 | ||||||||||||
Operating income | 50,407 | 33,050 | 91,297 | 67,574 | ||||||||||||
Interest income | 1,629 | 1,486 | 3,198 | 2,715 | ||||||||||||
Interest expense | (19,412 | ) | (8,447 | ) | (36,373 | ) | (16,261 | ) | ||||||||
Income before income taxes and equity in earnings of affiliate | 32,624 | 26,089 | 58,122 | 54,028 | ||||||||||||
Provision for income taxes | 12,879 | 10,192 | 22,659 | 21,013 | ||||||||||||
Equity in earnings of affiliate, net of income tax provision of $563, $437, $1,587 and $1,223 | 1,418 | 1,128 | 2,080 | 1,718 | ||||||||||||
Net income | 21,163 | 17,025 | 37,543 | 34,733 | ||||||||||||
Net (income) loss attributable to noncontrolling interests | 415 | (8 | ) | 825 | (44 | ) | ||||||||||
Net income attributable to The GEO Group, Inc. | $ | 21,578 | $ | 17,017 | $ | 38,368 | $ | 34,689 | ||||||||
Weighted-average common shares outstanding: | ||||||||||||||||
Basic | 64,455 | 48,776 | 64,373 | 49,743 | ||||||||||||
Diluted | 64,858 | 49,314 | 64,787 | 50,480 | ||||||||||||
Income per Common Share Attributable to The GEO Group, Inc. — Basic | $ | 0.33 | $ | 0.35 | $ | 0.60 | $ | 0.70 | ||||||||
Income per Common Share Attributable to The GEO Group, Inc. — Diluted | $ | 0.33 | $ | 0.35 | $ | 0.59 | $ | 0.69 | ||||||||
Comprehensive income: | ||||||||||||||||
Net income | $ | 21,163 | $ | 17,025 | $ | 37,543 | $ | 34,733 | ||||||||
Total other comprehensive income (loss), net of tax | 497 | (3,084 | ) | 802 | (2,900 | ) | ||||||||||
Total comprehensive income | 21,660 | 13,941 | 38,345 | 31,833 | ||||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | 418 | 27 | 835 | (28 | ) | |||||||||||
Comprehensive income attributable to The GEO Group, Inc. | $ | 22,078 | $ | 13,968 | $ | 39,180 | $ | 31,805 | ||||||||
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Contact: | Pablo E. Paez Vice President, Corporate Relations | (866) 301 4436 |
NEWS RELEASE
THE GEO GROUP, INC.
CONSOLIDATED BALANCE SHEETS
JULY 3, 2011 AND JANUARY 2, 2011
(In thousands, except share data)
CONSOLIDATED BALANCE SHEETS
JULY 3, 2011 AND JANUARY 2, 2011
(In thousands, except share data)
July 3, 2011 | January 2, 2011 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 57,453 | $ | 39,664 | ||||
Restricted cash and investments (including VIEs1 of $31,749 and $34,049, respectively) | 38,734 | 41,150 | ||||||
Accounts receivable, less allowance for doubtful accounts of $2,463 and $1,308 | 283,702 | 275,778 | ||||||
Deferred income tax assets, net | 47,983 | 32,126 | ||||||
Prepaid expenses and other current assets | 24,272 | 36,377 | ||||||
Total current assets | 452,144 | 425,095 | ||||||
Restricted Cash and Investments(including VIEs of $41,465 and $33,266, respectively) | 63,819 | 49,492 | ||||||
Property and Equipment, Net(including VIEs of $164,937 and $167,209, respectively) | 1,617,504 | 1,511,292 | ||||||
Assets Held for Sale | 3,631 | 9,970 | ||||||
Direct Finance Lease Receivable | 36,711 | 37,544 | ||||||
Deferred Income Tax Assets, Net | 936 | 936 | ||||||
Goodwill | 526,964 | 244,009 | ||||||
Intangible Assets, Net | 204,973 | 87,813 | ||||||
Other Non-Current Assets | 75,611 | 56,648 | ||||||
Total Assets | $ | 2,982,293 | $ | 2,422,799 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 81,457 | $ | 73,880 | ||||
Accrued payroll and related taxes | 38,579 | 33,361 | ||||||
Accrued expenses | 129,051 | 120,670 | ||||||
Current portion of capital lease obligations, long-term debt and non-recourse debt (including VIEs of $19,570 and $19,365, respectively) | 50,563 | 41,574 | ||||||
Total current liabilities | 299,650 | 269,485 | ||||||
Deferred Income Tax Liabilities | 107,370 | 63,546 | ||||||
Other Non-Current Liabilities | 63,405 | 46,862 | ||||||
Capital Lease Obligations | 13,644 | 13,686 | ||||||
Long-Term Debt | 1,234,193 | 798,336 | ||||||
Non-Recourse Debt(including VIEs of $125,509 and $132,078, respectively) | 184,009 | 191,394 | ||||||
Total shareholders’ equity | 1,080,022 | 1,039,490 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 2,982,293 | $ | 2,422,799 | ||||
1 | Variable interest entities or “VIEs” |
-End-
Contact: | Pablo E. Paez Vice President, Corporate Relations | (866) 301 4436 |