The GEO Group Signs Contract for the Continued Management of the South Texas Detention Center

The GEO Group

announced today that it has signed a contract with U.S. Immigration and Customs Enforcement for the continued management of the company-owned 1,904-bed South Texas Detention Center located in Pearsall, Texas. The new contract will have a term of approximately five years effective through November 30, 2016, inclusive of renewal option periods. Under the terms of the agreement, the contracted capacity at the Center will be 1,800 beds with a 75 percent occupancy guarantee and the ability to surge to 1,900 beds. The new contract is expected to generate approximately $45.0 million in annualized revenues at the full occupancy level of 1,800 beds, inclusive of regular transportation responsibilities.