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GEO Group Convenes First Quarter 2008 Call

Recently, The GEO Group, INC. held a conference call on earnings during the first quarter of 2008. During the call, company officials gave themselves a pat on the back for growing financial interests due in part to an increase in the average per diem rate of incarceration to $59.74 from $53.80 last year.

George Zoley, GEO Chairman & CEO, stated that before the end of 2008, the company will activate 5,300 new beds around the nation, contributing to $92 million in additional operating revenue.

Zoley discussed the company's Texas operations at length. Apparently, the prison profiteers have several projects in the pipeline that will increase Texas private prison beds:

County
Capacity
Facilty Type
Anticipated Customer Projected Open Date
Montgomery County
1,100 Managed Only State or Federal Agency
September 2008
Maverick County
654 Managed Only
State or Federal Agency
September 2008
Laredo 1,500
Company Financed
U.S. Marshalls October 2008

Source: The GEO Group Inc.

These new facilities will increase private prison capacity in Texas to over 3,200.

During the Q&A section of the conference call, a curious listener asked about the Coke County facility. Y'all will remember that last year the facility was the center of controversy and GEO lost the contract with the Texas Youth Commission after horrible conditions were discovered. Zoley stated that the facility is empty, and GEO is searching for new customers to occupy the available beds.

As usual, these conference calls provide a great deal of information and allow us a glimpse into the priorities of private prison profiteers. Advocates in other states may wish to listen to the call or read the transcript (find link below) to learn about GEO prison expansion in their backyard.

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