The GEO Group, Inc. reports developments in contracted government support services for secure facilities, processing centers, community reentry centers, and electronic monitoring programs. Company news commonly covers quarterly results and guidance, new and expanded government contracts, credit-facility and share-repurchase related capital actions, and operating updates across U.S. Secure Services, Electronic Monitoring and Supervision Services, Reentry Services, and International Services.
GEO's updates also address management changes and service capabilities such as GEO Continuum of Care®, post-release support, secure transportation, community-based programs, correctional health and mental health care, and BI Incorporated skip tracing services for government customers.
The GEO Group (NYSE: GEO) announced that the Federal Bureau of Prisons will not renew its contract for the Moshannon Valley Correctional Facility, effective March 31, 2021. This facility contributed approximately $42 million to GEO's annual revenues. The company plans to market the facility to other federal and state agencies. CEO George C. Zoley noted that a decline in federal prison populations, exacerbated by the COVID-19 pandemic, influenced this decision. GEO operates numerous facilities globally and emphasizes rehabilitation and support programs.
The GEO Group, Inc. (NYSE: GEO) declared a quarterly cash dividend of $0.25 per share on January 15, 2021, to be paid on February 1, 2021, to shareholders of record by January 25, 2021. George C. Zoley, Chairman and CEO, stated that this reduction in the dividend aims to accelerate debt repayment while maintaining a sustainable distribution for shareholders. GEO specializes in the operation of secure facilities and rehabilitation services, managing 123 facilities worldwide with a total of approximately 93,000 beds and a workforce of around 23,000 professionals.
The GEO Group (NYSE: GEO) announced that the Federal Bureau of Prisons will not rebid the contract for the 1,450-bed Rivers Correctional Facility, expiring March 31, 2021. This facility generated about $43 million in annual revenue for GEO. The company intends to market the facility to other federal and state agencies. Chairman George C. Zoley stated that the firm has operated the facility for 20 years, emphasizing community support initiatives like Reentry Success D.C. aimed at aiding rehabilitation and employment for returning citizens.
The National Federation of Federal Employees (NFFE) and GEO Group have launched Reentry Success DC, a program aiding returning DC offenders with skills training and job placement. Initiated in 2018, the initiative has successfully supported over 250 participants, with only a 2% recidivism rate in the first year post-release, significantly lower than the national average of 16.6%. The program integrates academic and vocational training, alongside personalized case management, to ensure participants are prepared for successful reintegration into society.
The GEO Group reported its third-quarter 2020 financial results, showing total revenues of $579.1 million, down from $631.6 million in 2019. Net income attributable to GEO was $39.2 million, or $0.33 per diluted share, compared to $45.9 million, or $0.39 per diluted share, the previous year. Adjusted Net Income fell to $44.4 million, while Normalized FFO decreased to $62.8 million. Updated financial guidance for Q4 2020 expects net income per diluted share between $0.23 and $0.25. The COVID-19 pandemic continues to impact occupancy levels and operational challenges.
The GEO Group, Inc. (NYSE:GEO) is set to release its third quarter 2020 financial results on October 29, 2020, before market opening. A conference call hosted by key executives, including CEO George C. Zoley, is scheduled for 11:00 AM Eastern Time on the same date. Participants can join by calling 1-877-250-1553 in the U.S. or 1-412-542-4145 internationally. For those unable to attend, a replay will be available until November 12, 2020. Access to a live audio webcast of the call will also be provided on GEO's investor relations website.
The GEO Group, Inc. (GEO) announced a quarterly cash dividend of $0.34 per share, scheduled for payment on October 23, 2020, to shareholders of record as of October 16, 2020. GEO is a real estate investment trust specializing in the design and operation of secure facilities and community reentry centers across multiple countries. The company manages 125 facilities with approximately 93,000 beds and employs about 23,000 professionals. Forward-looking statements highlight potential risks related to future dividends and operational performance.
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