GEO Group Reports on Strong Financial Quarter

GEO Group's second quarter financial statements came out last week, and according to George Zoley:

"We are very pleased with our earnings results which reflect strong performance from our three business units as a result of better-than-expected performance by a number of our facilities and new contract wins. Our organic growth pipeline remains strong with projects totaling more than 11,000 beds under development, including projects we activated in the first half of the year, representing more than $198 million in combined annual operating revenues."

GEO Group reported over $258 million in revenue for the second quarter, roughly a 25% increase over the same period last year. That brings their revenue to almost $500 million for a six-month period, including their US prisons, prisons in other countries, and the GEO Care business. You can check out the latest up to date information about their stock thanks to Google finance.

Apparently no amount of scandal can slow GEO Group down. At the end of last month, GEO announced a new contract for a prison in Maverick County. I'll let this post from Bob explain all the scandals that immediately preceded this announcement. And now this week, the CDC is being summoned to Texas to investigate the mysterious illness of the prisoners in GEO Group's Val Verde lockup just as Idaho plans to move prisoners there. But hard to say if that will put a dent in GEO Group's bottom line either. We'll just have to wait for the third quarter report to see what effect all these problems will have on their profitability.