UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Section 8 – Other Events
Item 8.01. | Other Events. |
On November 20, 2020, The GEO Group, Inc. (“GEO” or the “Company”) received notice from the Federal Bureau of Prisons (“BOP”) that it has decided to not rebid the contract for the GEO-owned, 1,450-bed Rivers Correctional Facility in Winton, North Carolina. The contract was entered into in April 2011 with a base period of four years and with three renewal options for a two-year period. The third renewal period is scheduled to expire on March 31, 2021. The contract for the Rivers Correctional Facility generated approximately $43 million in annualized revenues for GEO. GEO expects to market the Rivers Correctional Facility to other federal and state agencies.
On November 23, 2020, GEO issued a press release relating to the BOP’s decision to not rebid the contract. A copy of the press release is filed hereto as Exhibit 99.1 and is incorporated into this Item 8.01 by reference.
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Section 9 – Financial Statements and Exhibits
Item 9.01. | Financial Statements and Exhibits. |
Exhibit |
Description | |
99.1 | Press Release, dated November 23, 2020. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE GEO GROUP, INC. | ||||||
November 23, 2020 |
By: | /s/ Brian R. Evans | ||||
Date | Brian R. Evans | |||||
Senior Vice President and Chief Financial Officer | ||||||
(Principal Financial Officer) |
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Exhibit 99.1
|
NEWS RELEASE | |
4955 Technology Way ∎ Boca Raton, Florida 33431 ∎ www.geogroup.com |
THE GEO GROUP ANNOUNCES DECISION BY FEDERAL BUREAU OF PRISONS
TO NOT REBID ITS CONTRACT FOR RIVERS CORRECTIONAL FACILITY
Boca Raton, Fla. November 23, 2020 The GEO Group, Inc. (NYSE: GEO) (GEO) announced today that the Federal Bureau of Prisons has decided to not rebid the contract for the company-owned, 1,450-bed Rivers Correctional Facility in North Carolina, which is set to expire on March 31, 2021. The contract for the Rivers Correctional Facility generated approximately $43 million in annualized revenues for GEO. GEO expects to market the Rivers Correctional Facility to other federal and state agencies.
George C. Zoley, Chairman and Chief Executive Officer of GEO, said, We have operated the Rivers Correctional Facility under a public-private partnership with the Federal Bureau of Prisons for 20 years. Over the last two decades, our employees have delivered high quality services, helping Washington D.C. residents at the Rivers Correctional Facility achieve successful rehabilitation and community reentry outcomes. Federal prison populations in the United States have experienced a decline, more recently as a result of the COVID-19 pandemic. We expect to market the Rivers Correctional Facility to other federal and state agencies.
In an effort to enhance the community support services for Washington D.C. residents housed at the Rivers Correctional Facility, GEO established Reentry Success D.C. in collaboration with the National Federation of Federal Employees (an affiliate of the International Association of Machinists and Aerospace Workers). The program enhances GEOs pre- and post-release services by connecting returning citizens to gainful employment. Reentry Success D.C. is available to every GEO Continuum of Care participant at the Rivers Correctional Facility, who is returning to Washington D.C. upon release. Additional information on Reentry Success D.C. can be found at www.reentrysuccessdc.com
About The GEO Group
The GEO Group (NYSE: GEO) is a fully integrated equity real estate investment trust specializing in the design, financing, development, and operation of secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO is a leading provider of enhanced in-custody rehabilitation, post-release support, electronic monitoring, and community-based programs. GEOs worldwide operations include the ownership and/or management of 123 facilities totaling approximately 93,000 beds, including projects under development, with a workforce of approximately 23,000 professionals.
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Contact: | Pablo E. Paez | (866) 301 4436 | ||
Executive Vice President, Corporate Relations |
NEWS RELEASE
This press release contains forward-looking statements regarding future events and the future performance of GEO that involve risks and uncertainties that could materially affect actual results. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) GEOs ability to successfully market the Rivers Correctional Facility to other federal and state agencies as of March 31, 2021 or as soon as practicable thereafter; (2) GEOs ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (3) GEOs ability to declare future quarterly cash dividends and the timing and amount of such future dividends; (4) GEOs ability to successfully pursue further growth and continue to enhance shareholder value; (5) GEOs ability to access the capital markets in the future on satisfactory terms or at all; (6) GEOs ability to control operating costs associated with contract start-ups; (7) GEOs ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into GEOs operations without substantial costs; (8) GEOs ability to obtain future financing on acceptable terms or at all; (9) GEOs ability to sustain company-wide occupancy rates at its facilities; and (10) other factors contained in GEOs Securities and Exchange Commission filings, including its Form 10-K, 10-Q and 8-K reports.
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Contact: | Pablo E. Paez | (866) 301 4436 | ||
Executive Vice President, Corporate Relations |