The GEO Group Reports Q4 EPS of $0.41 vs. $0.39

The GEO Group GEO today reported fourth quarter 2010 financial results. GEO reported GAAP income from continuing operations for the fourth quarter 2010 of $23.0 million, or $0.36 per diluted share, compared to GAAP income from continuing operations of $15.5 million, or $0.30 per diluted share for the fourth quarter of 2009. GEO's fourth quarter 2009 results reflect one extra week of operations which contributed approximately $20.0 million in revenues and $0.02 to $0.03 in earnings per share. GEO's fourth quarter 2010 GAAP income from continuing operations includes $6.7 million, after-tax, in one-time M&A transaction related expenses, which are reported in GEO's general and administrative expenses; a $0.5 million after-tax loss attributable to non-controlling interests; a $2.9 million after-tax gain related to the settlement of a claim with the Internal Revenue Service; and a $0.5 million after-tax gain related to the sale of company-owned land in Newport News, Virginia. Excluding these items, GEO reported Pro Forma income from continuing operations of $26.7 million, or $0.41 per diluted share, compared to Pro Forma income from continuing operations of $21.0 million, or $0.40 per diluted share for the fourth quarter of 2009.