George C. Zoley, Chairman and Chief Executive Officer of GEO, said: “We are very pleased with our third quarter results and confirmed our outlook for the remainder of the year, which continue to reflect strong operational and financial performance from our diversified business units. During the quarter, we declared our first ever quarterly cash dividend of $0.20 per share, and we made significant progress on our ongoing REIT conversion review. These initiatives are indicative of our long-term view that we can meaningfully return value to our shareholders while continuing to deleverage and pursue quality earnings growth.”
Financial Results – First Nine Months of 2012 Compared with First Nine Months of 2011
For the first nine months of 2012, GEO reported total revenues of $1.23 billion compared to total revenues of $1.17 billion for the first nine months of 2011. GEO reported income from continuing operations of $54.5 million, or $0.89 per diluted share for the first nine months of 2012, compared to income from continuing operations of $56.6 million, or $0.88 per diluted share for the first nine months of 2011. GEO’s income from continuing operations for the first nine months of 2012 includes a $0.9 million after-tax loss attributable to non-controlling interests; $5.4 million in start-up/transition expenses, net of tax; $2.3 million in international bid and proposal expenses, net of tax; $1.5 million, after-tax, in non-recurring expenses including M&A related expenses in connection with GEO’s previously announced acquisition of the partnership interests in MCF, and a $5.0 million after-tax loss related to the early extinguishment of debt in connection with the previously-announced redemption of the MCF bonds.
Excluding these items, GEO reported Pro Forma income from continuing operations of $69.6 million, or $1.14 per diluted share, for the first nine months of 2012 compared to Pro Forma income from continuing operations of $72.4 million, or $1.12 per diluted share for the first nine months of 2011. Adjusted EBITDA for the first nine months of 2012 increased to $246.7 million from $233.1 million in the first nine months of 2011. Adjusted Funds from Operations for the first nine months of 2012 increased to $170.4 million, or $2.79 per diluted share, compared to $147.0 million, or $2.28 per diluted share, for the first nine months of 2011.
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