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The GEO Group Reports Second Quarter 2013 Results

Stocks in this article: GEO

The GEO Group, Inc. (NYSE: GEO) (“GEO”), the world’s leading provider of diversified correctional, detention, and community reentry services, reported today its financial results for the second quarter 2013.

Second Quarter 2013 Highlights

  • Income from Continuing Operations of $0.48 per Diluted Share
  • Pro Forma Income from Continuing Operations of $0.44 per Diluted Share
  • Net Operating Income of $102.4 million
  • Normalized FFO of $0.61 per Diluted Share
  • AFFO of $0.73 per Diluted Share

For the second quarter 2013, GEO reported Normalized FFO of $43.9 million, or $0.61 per diluted share, an increase of 30.5% from $33.7 million, or $0.55 per diluted share, for the second quarter 2012. GEO reported second quarter 2013 AFFO of $52.3 million, or $0.73 per diluted share, an increase of 34.2% from $39.0 million, or $0.64 per diluted share, for the second quarter 2012.

Net operating income for the second quarter 2013 increased to $102.4 million from $102.0 million for the second quarter of 2012. Net operating income, or gross profit, is defined as revenues less operating expenses, excluding depreciation and amortization expense and general and administrative expenses.

George C. Zoley, Chairman and Chief Executive Officer of GEO, said: “We are pleased with our second quarter results, which continue to reflect strong operational and financial performance from our diversified business units. During the second quarter, we achieved several important milestones with the purchase of the Joe Corley Detention Center in Montgomery County, Texas and the amendment of our senior credit facility. We continue to be optimistic regarding the growth opportunities in our industry which we expect will continue to create value for our shareholders.”

GEO reported total revenues for the second quarter 2013 of $381.7 million compared to total revenues of $371.2 million for the second quarter 2012. GEO reported second quarter 2013 income from continuing operations of $0.48 per diluted share, compared to $0.34 per diluted share for the second quarter 2012.

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