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THE GEO GROUP REPORTS FOURTH QUARTER
AND FULL-YEAR 2018 RESULTS
4Q18 Net Income Attributable to GEO of $0.28 per diluted share
4Q18 Adjusted Net Income of $0.36 per diluted share
4Q18 AFFO of $0.65 per diluted share
FY19 guidance for Net Income Attributable to GEO of $1.27-$1.37 per diluted share & AFFO of $2.50-$2.60 per diluted share; Reflects year-over-year increases of $16 million in Net Interest Expense and $4 million in Income Taxes
FY19 Adjusted EBITDA guidance of $464-$476 million; ~5-7% year-over-year increase
Boca Raton, Fla. February 14, 2019 The GEO Group, Inc. (NYSE: GEO) (GEO), a fully integrated equity real estate investment trust (REIT) and a leading provider of evidence-based offender rehabilitation and community reentry services around the globe, reported today its financial results for the fourth quarter and full-year 2018.
Fourth Quarter 2018 Highlights
Net Income Attributable to GEO of $33.4 million or $0.28 per diluted share
Adjusted Net Income of $0.36 per diluted share
Net Operating Income of $155.3 million
Normalized FFO of $0.51 per diluted share
AFFO of $0.65 per diluted share
GEO reported fourth quarter 2018 net income attributable to GEO of $33.4 million, or $0.28 per diluted share, compared to $36.4 million, or $0.30 per diluted share, for the fourth quarter 2017. GEO reported total revenues for the fourth quarter 2018 of $599.4 million up from $569.0 million for the fourth quarter 2017.
Fourth quarter 2018 results reflect the following pre-tax items: $2.5 million in start-up expenses primarily related to the activation of the company-owned, 1,000-bed Montgomery ICE Processing Center in Texas and the company-owned, 661-bed Eagle Pass Correctional Facility in Texas; a $1.6 million loss on real estate assets; $4.2 million in close-out expenses primarily related to the previously disclosed reorganization of reentry operations in Pennsylvania and the previously announced transition of the Parklea Correctional Centre in Australia to a new operator; and $2.6 million in legal related expenses, which are expected to be non-recurring. Excluding these items, GEO reported fourth quarter 2018 Adjusted Net Income of $43.0 million, or $0.36 per diluted share.
Pablo E. Paez
Executive Vice President, Corporate Relations
|(866) 301 4436|
The following information was filed by Geo Group Inc (GEO) on Thursday, February 21, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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