The GEO Group Reports Third Quarter 2019 Results
www.bloomberg.com/press-releases/...hird-quarter-2019-results
The GEO Group Reports Third Quarter 2019 Results
* 3Q19 Net Income Attributable to GEO of $0.39 per diluted share
* 3Q19 Adjusted Net Income of $0.44 per diluted share
* 3Q19 AFFO of $0.72 per diluted share
* Updated FY19 guidance for Net Income Attributable to GEO of $1.45-$1.47
per diluted share and Adjusted Net Income of $1.60 to $1.62 per diluted
share
* Updated FY19 AFFO guidance of $2.75-$2.77 per diluted share
* Repurchased $34 million of senior unsecured notes due 2022 and closed on
$44 million, 15-year real estate loan bearing interest at 4.22% annually
...
Third Quarter 2019 Highlights
* Net Income Attributable to GEO of $45.9 million or $0.39 per diluted share
* Adjusted Net Income of $0.44 per diluted share
* Net Operating Income of $172.2 million
* Normalized FFO of $0.59 per diluted share
* AFFO of $0.72 per diluted share
GEO reported third quarter 2019 net income attributable to GEO of $45.9
million, or $0.39 per diluted share, compared to $39.3 million, or $0.33 per
diluted share, for the third quarter 2018. GEO reported total revenues for the
third quarter 2019 of $631.6 million up from $583.5 million for the third
quarter 2018. Third quarter 2019 results reflect a $1.2 million loss on real
estate assets, pre-tax, $6.1 million in start-up expenses, pre-tax, and a $0.6
million gain on the extinguishment of debt, pre-tax, related to the repurchase
of $34 million of senior unsecured notes due 2022. Excluding these items, GEO
reported third quarter 2019 Adjusted Net Income of $52.9 million, or $0.44 per
diluted share.