The GEO Group, Inc. (GEO) 8-K The Geo Group, Inc. Reports Third Quarter 2005 Results

Exhibit 99.1

CR-05-31

THE GEO GROUP, INC. REPORTS THIRD QUARTER 2005 RESULTS

• GAAP EPS of $0.04 with Write-downs for Jena, La. and Deferred Financing Fees

• Achieved Pro-Forma Quarterly EPS of $0.36 – Pro-Forma Net Income of $3.6 Million

• Revenue Grew to $149.5 Million from $148.2 Million

Boca Raton, Fla. – November 10, 2005 — The GEO Group, Inc. (NYSE: GGI)(“GEO”) today reportedthird quarter 2005 GAAP earnings of $0.4 million, or $0.04 per share, based on 10.0 million shares outstanding, compared with $5.6 million, or $0.58 per share, based on 9.7 million shares outstanding, in the third quarter of 2004.

Third quarter 2005 pro forma earnings were $3.6 million, or $0.36 per share, compared with pro forma earnings of $3.3 million, or $0.34 per share for the third quarter of 2004.

Third quarter 2005 pro forma earnings results exclude an after-tax charge of $0.5 million, or $0.05 per share related to one-time transition costs associated with the transfer of GEO’s contract for the management of the Queens Private Correctional Facility in New York from the Bureau of Immigration and Customs Enforcement to the United States Marshals Service; an after-tax charge of $0.8 million, or $0.08 per share, to write-off unamortized deferred financing fees related to GEO’s recent refinancing and acquisition of Correctional Services Corporation (“CSC”); an after-tax write-off of $2.6 million, or $0.26 per share, related to GEO’s deactivated Jena, Louisiana facility; an after-tax positive net adjustment of $0.8 million, or $0.08 per share, related to several of GEO’s insurance reserves in the U.S. and internationally; and an after-tax loss of $0.1 million, or $0.01 per share from discontinued operations.

Third quarter 2004 pro forma earnings of $3.3 million exclude an after-tax positive adjustment of $2.2 million, or $0.23 per share, related to a reduction in GEO’s insurance reserves as well as an after-tax profit of $0.1 million, or $0.01 per share, from discontinued operations.

For the first nine months of 2005, GAAP earnings were $7.8 million, or $0.78 per share, based on 10.0 million shares outstanding, compared with $11.6 million, or $1.19 per share, based on 9.7 million shares outstanding, for the first nine months of 2004.

Pro forma earnings for the first nine months of 2005 were $8.7 million, or $0.87 per share, compared with pro forma net earnings of $8.8 million, or $0.91 per share, for the first nine months of 2004. Year-to-date 2005 pro forma earnings exclude the third quarter 2005 items described above as well as after-tax earnings of $0.5 million, or $0.05 per share from discontinued operations and a second quarter 2005 tax benefit of $1.7 million, or $0.17 per share, from the repatriation of foreign earnings pursuant to the American Jobs Creation Act of 2004. Pro forma earnings for the first nine months of 2004 exclude a third quarter 2004 after-tax positive adjustment of $2.2 million, or $0.23 per share, related to a reduction in GEO’s insurance reserves as well as after-tax earnings of $0.5 million, or $0.05 per share, from discontinued operations.

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Contact:	Pablo E. Paez	(866) 801 4436
	Director, Corporate Relations

N E W S   R E L E A S E

Reconciliation of GAAP Basis Results to Non-GAAP (“Pro Forma”) Basis Information

(In thousands except per share data)	13 Weeks			13 Weeks			39 Weeks			39 Weeks
	Ended			Ended			Ended			Ended
	2-Oct-05			26-Sep-04			2-Oct-05			26-Sep-04
Net Income	$	443		$	5,635		$	7,813		$	11,559
Discontinued Operations		99			(82	)		(511	)		(510	)
2005
Queens Transition Costs		479						479
Acquisition Deferred Financing Fees		752						752
Jena, Louisiana write-off		2,596						2,596
Insurance Adjustment		(789	)					(789	)
Tax Benefit		—						(1,700	)
2004
Insurance Adjustment					(2,249	)					(2,249	)
Pro Forma Net Income	$	3,580		$	3,304		$	8,640		$	8,800
Diluted Earnings per Share	$	0.04		$	0.58		$	0.78		$	1.19
Discontinued Operations		0.01			(0.01	)		(0.05	)		(0.05	)
2005
Queens Transition Costs		0.05						0.05
Acquisition Deferred Financing Fees		0.08						0.08
Jena, Louisiana write-off		0.26						0.26
Insurance Adjustment		(0.08	)					(0.08	)
Tax Benefit		—						(0.17	)
2004
Insurance Adjustment				$	(0.23	)				$	(0.23	)
Diluted Pro Forma Earnings per Share	$	0.36		$	0.34		$	0.87		$	0.91

Revenue

Revenue for the third quarter of 2005 increased to $149.5 million compared with $148.2 million in the third quarter of 2004. Revenue for the first nine months of 2005 increased to $454.5 million compared with $437.8 million during the first nine months of 2004.

George C. Zoley, Chairman and Chief Executive Officer of GEO, said, “We are generally pleased with our third quarter financial and operating results. During the quarter, we incurred several one-time charges including financing costs related to our acquisition of CSC; transition costs related to our Queens, New York Facility contract, which transferred over to the U.S. Marshals Service; and a final write-down of our Jena, Louisiana Facility. But despite the one-time charges and continued lower census at our San Diego, California Facility, which is now in active sole-source contract negotiations, we exceeded the market consensus with pro-forma quarterly earnings of $0.36 per share.”

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Contact:	Pablo E. Paez	(866) 801 4436
	Director, Corporate Relations

N E W S   R E L E A S E

Earnings Guidance

GEO’s previously issued earnings guidance for the fourth quarter of 2005 in the range of $0.31 to $0.34 per share does not include approximately $0.04 per share in anticipated one-time start-up expenses related to GEO’s most recent new contracts with the Indiana Department of Correction for the management of the 2,416-bed New Castle Correctional Facility in New Castle, Indiana, which was signed on September 28, 2005, and with the New Mexico Department of Health for the management of the 230-bed Fort Bayard Medical Center in Fort Bayard, New Mexico, which was signed on November 7, 2005.

GEO is confirming its previously issued earnings guidance for full-year 2006 as follows: $1.70 to $1.80 per share.

Conference Call Information

GEO has scheduled a conference call and simultaneous webcast at 3:00 PM (Eastern Time) today to discuss GEO’s 2005 third quarter financial results as well as its progress and outlook. The call-in number for the U.S. is 1-800-706-7741 and the international call-in number is 1-617-614-3471. The participant pass-code for the conference call is 21897786. 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 atwww.thegeogroupinc.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 December 10, 2005 at 1-888-286-8010 (U.S.) and 1-617-801-6888 (International). The pass-code for the telephonic replay is 47244581. GEO will discuss Non-GAAP (“Pro Forma”) basis information on the conference call. A reconciliation from GAAP basis results to Non-GAAP (“Pro Forma”) basis information may be found on the Conference Calls/Webcasts section of GEO’s investor relations home page atwww.thegeogroupinc.com.

About The GEO Group, Inc.

GEO is a world leader in the delivery of correctional and detention management, health and mental health, and other diversified 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 Canada with contracts and awards to manage 59 facilities with a total design capacity of approximately 48,000 beds.

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Contact:	Pablo E. Paez	(866) 801 4436
	Director, Corporate Relations

N E W S   R E L E A S E

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 estimated earnings, revenues and costs and our ability to maintain growth and strengthen contract relationships. 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 2005 and 2006 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) GEO’s ability to access the capital markets in the future on satisfactory terms or at all; (4) risks associated with GEO’s ability to control operating costs associated with contract start-ups; (5) 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; (6) GEO’s ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (7) GEO’s ability to obtain future financing on acceptable terms; (8) GEO’s ability to sustain company-wide occupancy rates at its facilities; and (9) other factors contained in GEO’s Securities and Exchange Commission filings, including the forms 10-K, 10-Q and 8-K reports.

     Third quarter and nine months financial tables to follow:

Contact:	Pablo E. Paez	(866) 801 4436
	Director, Corporate Relations

N E W S R E L E A S E

The GEO Group, Inc.
Consolidated Statements of Income
For the thirteen weeks and thirty-nine weeks ended
October 2, 2005 and September 26, 2004
(In thousands except per share data)

	13 Weeks			13 Weeks			39 Weeks			39 Weeks
	Ended			Ended			Ended			Ended
	October 2, 2005			September 26, 2004			October 2, 2005			September 26, 2004
Revenues	$	149,457		$	148,197		$	454,501		$	437,831
Operating Expenses		128,533			120,330			387,032			363,923
Depreciation and Amortization		3,672			3,666			11,125			10,465
General and Administrative Expenses		11,719			10,629			35,793			32,602
Operating Income		5,533			13,572			20,551			30,841
Interest Income		2,196			2,194			6,888			7,097
Interest Expense		(5,300	)		(5,167	)		(16,094	)		(16,662	)
Write off of deferred financing fees		(1,233	)		—			(1,360	)		(317	)
Income before income taxes, minority interest, equity in income (loss) of affiliate, and discontinued operations		1,196			10,599			9,985			20,959
Provision (benefit) for Income Taxes		608			4,847			1,942			9,124
Minority interest		(181	)		(215	)		(540	)		(547	)
Equity in income (loss) of affiliate, net of income tax provision (benefit) of $20, $206, $41, and $222		135			16			(201	)		(239	)
Income from Continuing Operations		542			5,553			7,302			11,049
Income (loss) from Discontinued Operations, net
of tax (benefit) of ($42), $35, $219 and $219		(99	)		82			511			510
Net Income	$	443		$	5,635		$	7,813		$	11,559
Basic EPS
Income from Continuing Operations	$	0.06		$	0.59		$	0.77		$	1.18
Income (loss) from Discontinued Operations		(0.01	)		0.01			0.05			0.06
Earnings per share — Basic	$	0.05		$	0.60		$	0.82		$	1.24
Basic Weighted Average Shares Outstanding		9,584			9,382			9,553			9,352
Diluted EPS
Income from Continuing Operations	$	0.05		$	0.57		$	0.73		$	1.14
Income (loss) from Discontinued Operations		(0.01	)		0.01			0.05			0.05
Earnings per share – Diluted	$	0.04		$	0.58		$	0.78		$	1.19
Diluted Weighted Average Shares Outstanding		10,006			9,670			9,997			9,721

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Contact: Pablo E. Paez Director, Corporate Relations (866) 801 4436

N E W S   R E L E A S E

The GEO Group, Inc.
Operating Data

	13 Weeks			13 Weeks			39 Weeks			39 Weeks
	Ended			Ended			Ended			Ended
	October 2, 2005			September 26, 2004			October 2, 2005			September 26, 2004
*Revenue-producing beds		35,129			35,104			35,129			35,104
*Compensated man-days		3,190,873			3,112,641			9,491,876			9,120,176
*Average occupancy		98.9	%		98.6	%		99.9	%		100.8	%

*Includes South Africa

The GEO Group, Inc.
Consolidated Balance Sheets
October 2, 2005 and January 2, 2005
(In thousands)

	October 2, 2005		January 2, 2005
	(Unaudited)		(Restated)
ASSETS
Current assets
Cash and cash equivalents	$	97,430	$	91,982
Restricted cash		30,621		—
Short-term investments		—		10,000
Accounts receivable, less allowance for doubtful accounts of $1,131 and $798		96,549		93,082
Deferred income tax asset		12,105		12,891
Other current assets		16,370		12,174
Current assets of discontinued operations		143		2,637
Total current assets		253,218		222,766
Restricted cash		3,807		3,908
Property and equipment, net		193,502		196,565
Direct finance lease receivable		40,495		42,953
Other non current assets		13,003		13,955
Non current assets of discontinued operations		—		179
	$	504,025	$	480,326
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	22,294	$	21,077
Accrued payroll and related taxes		24,536		24,670
Accrued expenses		47,753		53,298
Current portion of deferred revenue		1,941		1,844
Current portion of long-term debt and non-recourse debt		2,576		13,736
Current liabilities of discontinued operations		1,355		2,853
Total current liabilities		100,455		117,478
Deferred revenue		3,752		4,320
Deferred tax liability		9,576		8,466
Minority interest		1,627		1,194
Other non current liabilities		19,233		19,978
Long-term debt		219,771		186,198
Non-recourse debt		40,495		42,953
Total shareholders’ equity		109,116		99,739
	$	504,025	$	480,326

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Contact:	Pablo E. Paez	(866) 801 4436
	Director, Corporate Relations