Financial Results – First Six Months of 2012 Compared with First Six Months of 2011
For the first six months of 2012, GEO reported total revenues of $813.6 million compared to total revenues of $777.1 million for the first six months of 2011. GEO reported income from continuing operations of $38.1 million, or $0.62 per diluted share for the first six months of 2012, compared to income from continuing operations of $36.0 million, or $0.56 per diluted share for the first six months of 2011. GEO’s income from continuing operations for the first six months of 2012 includes $4.1 million in start-up/transition expenses, net of tax; $1.2 million in international bid and proposal expenses, net of tax; and $0.5 million, after-tax, in transaction related expenses in connection with GEO’s previously announced acquisition of the partnership interests in MCF.
Excluding these items, GEO reported Pro Forma income from continuing operations of $43.8 million, or $0.72 per diluted share, for the first six months of 2012 compared to Pro Forma income from continuing operations of $46.9 million, or $0.72 per diluted share for the first six months of 2011. Adjusted EBITDA for the first six months of 2012 increased to $160.0 million from $152.0 million in the first six months of 2011. Adjusted Funds from Operations for the first six months of 2012 increased to $112.5 million, or $1.84 per diluted share, compared to $93.5 million, or $1.44 per diluted share, for the first six months of 2011.
Business Segments RevenueU.S. Corrections & Detention For the second quarter 2012, U.S. Corrections & Detention revenue increased to $246.1 million from $230.7 million in the second quarter 2011. Second quarter 2012 revenues for U.S. Corrections & Detention reflect the activation of the Adelanto ICE Processing Center East in California in August 2011 and the Riverbend Correctional Facility in Georgia in December 2011 along with the opening of the Karnes Civil Detention Center in Texas and an expansion to the New Castle Correctional Facility in Indiana in the first quarter 2012. These facility activations were offset by deactivation of the Regional Correctional Center in New Mexico in the second quarter 2011, the Leo Chesney Community Correctional Facility in California in the third quarter 2011, and the Desert View and Central Valley Community Correctional Facilities in California in the fourth quarter 2011.
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