GEO Group (GEO) Receives BOP Extension on D. Ray James Correctional Facility Contract
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The GEO Group, Inc. (NYSE: GEO) announced that the Federal Bureau of Prisons (the “BOP”) has extended its contract for the company-owned D. Ray James Correctional Facility (the “Facility”) for a two-year renewal term through September 30, 2018 for the housing of up to 1,900 federal inmates with a fixed payment for 1,800 beds compared to GEO’s previous contract which contained a fixed payment for 1,962 beds.
“We are very appreciative of the continued confidence placed in our company by the Federal Bureau of Prisons with this important contract renewal,” said George C. Zoley, GEO’s Chairman and Chief Executive Officer.
The Facility has a proven track record of providing cost-effective, high-quality services on behalf of the Federal Bureau of Prisons. The Facility provides industry-leading rehabilitation and recidivism reduction programs.
“We are pleased to have been able to accommodate the BOP’s need for fewer beds at the D. Ray James Correctional Facility with no disruption to the facility’s operations or the level of rehabilitation programming,” added Mr. Zoley. GEO does not expect to revise its previously issued guidance as a result of this renewal.
GEO has had a long standing private-public partnership with the BOP that dates back to the 1990s. At the federal level, GEO’s facilities have a proven track record of providing cost-effective, high quality services. GEO looks forward to a continued partnership with the Federal Bureau of Prisons at the D. Ray James Correctional Facility.
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