The GEO Group Announces Continuation of Golden State Correctional Facility Contract in California
The GEO Group (NYSE: GEO) announced today that it has received a letter from the California Department of Corrections and Rehabilitation rescinding the previous notice of termination regarding GEO's management contract for the 625-bed Golden State Correctional Facility.
The Facility, which was previously scheduled to close on June 30, 2012, will remain in operation under GEO's current contract which is effective through December 14, 2012. The Facility generates approximately $13 million in annualized revenues. GEO will provide an update on its 2012 outlook when it releases earnings for the first quarter 2012.
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