GEO announced today that its Board has decided to accelerate the implementation of its new dividend policy to the third quarter 2012 and to increase the quarterly cash dividend in the fourth quarter 2012. GEO expects to declare quarterly cash dividends of $0.10 per share in the third quarter 2012 and $0.15 per share in the fourth quarter 2012. The declaration of each quarterly cash dividend will be subject to approval by GEO’s Board and to meeting the requirements of all applicable laws and regulations. GEO’s Board retains the power to modify, suspend or cancel its dividend policy as it may deem necessary or appropriate in the future.
Municipal Corrections Finance, L.P. (“MCF”)
GEO announced today that it has signed a definitive agreement to purchase 100% of the partnership interests in Municipal Corrections Finance, L.P. for approximately $27.0 million. The transaction will give GEO full ownership interest in 11 correctional properties, representing 10,000 beds, which are currently leased and operated by GEO and will save GEO approximately $155.0 million in future net cash payments, becoming accretive to earnings after 2012.
Conference Call Information
GEO has scheduled a conference call and simultaneous webcast at 11:00 AM (Eastern Time) today to discuss GEO’s first quarter 2012 financial results as well as its progress and outlook. The call-in number for the U.S. is 1-888-680-0893 and the international call-in number is 1-617-213-4859. The participant pass-code for the conference call is 41268942. 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
. 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 June 7, 2012 at 1-888-286-8010 (U.S.) and 1-617-801-6888 (International). The pass-code for the telephonic replay is 35646752.
About The GEO Group, Inc.
The GEO Group, Inc. is the world’s leading diversified provider 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 20,000 employees, 113 correctional, detention and residential treatment facilities, including projects under development, and 79,000 owned and/or managed beds.