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| Group Signs Managment Contract With 2 State DOC's |
| By marketwatch.com |
| Published: 06/22/2010 |
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BOCA RATON, Fla., Jun 22, 2010 (BUSINESS WIRE) -- --GEO also Announces Discontinuation of Managed-only 520-bed Bridgeport Correctional Center With No Impact to GEO's Financial Performance The GEO Group /quotes/comstock/13*!geo/quotes/nls/geo (GEO 20.66, -0.43, -2.04%) ("GEO") announced today that it has signed a new contract with the Louisiana Department of Public Safety and Corrections for the continued management of the 1,538-bed Allen Correctional Center located in Kinder, Louisiana. The new managed-only contract will have a term of ten years effective July 1, 2010 and is expected to generate approximately $17.7 million in annualized revenues. GEO has managed the Allen Correctional Center since December 1990. GEO also signed a new contract with the Mississippi Department of Corrections for the continued management of the 1,000-bed Marshall County Correctional Facility located in Holly Springs, Mississippi. The new managed-only contract will have a term of five years effective September 1, 2010 and is expected to generate approximately $11.2 million in annualized revenues. GEO has managed the Marshall County Correctional Facility since June 1996. Read More. |
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