For the second quarter 2012, GEO Care reported revenue of $110.3 million compared to $110.9 million for the second quarter 2011. GEO Care’s second quarter 2012 revenue reflects continued growth in GEO Care’s electronic monitoring services and day reporting centers offset by the deactivation of the 177-bed Brooklyn Residential Reentry Center in the third quarter 2011.
For the second quarter 2012, International Services revenue increased to $56.0 million from $55.3 million in the second quarter 2011. International Services revenue for the second quarter 2012 reflects the activation of the Dungavel House Immigration Removal Centre in Scotland in the third quarter 2011 partially offset by the deactivation of the Campsfield House Immigration Removal Centre in England in the second quarter 2011.
Reconciliation Tables and Supplemental Disclosure
GEO has made available a Supplemental Disclosure which contains reconciliation tables of pro forma income from continuing operations to income from continuing operations, Adjusted EBITDA to income from continuing operations, Adjusted Funds from Operations to income from continuing operations along with supplemental financial and operational information on GEO’s business segments. Please see the section of this press release below entitled “Note to Reconciliation Tables and Supplemental Disclosure - Important Information on GEO’s Non-GAAP Financial Measures” for information on how GEO defines pro forma income from continuing operations, Adjusted EBITDA, and Adjusted Funds from Operations. GEO’s Reconciliation Tables can be found herein and in GEO’s Supplemental Disclosure which is available on GEO’s Investor Relations webpage at
2012 Financial Guidance
GEO expects its full year 2012 revenues to be in a range of $1.64 billion to $1.65 billion and its 2012 pro forma earnings per share to be in a range of $1.56 to $1.58 per share, excluding $0.14 per share in after-tax start-up/transition expenses and international bid and proposal expenses, and also exclusive of transaction and financing expenses associated with GEO’s previously announced acquisition of the partnership interests in MCF. GEO expects its 2012 Adjusted EBITDA to be in a range of $330 million to $340 million and its 2012 Adjusted Funds from Operations to be in a range of $195 million to $205 million, or $3.18 to $3.34 per share.