The GEO Group's profit this quarter is way down from what it was a year ago, nearly 75%. That's right - 75 friggin percent!
Unfortunately though this won't be an ongoing trend, as the profit they earned was tempered by "one-time" expenditures at a facility in Florida and some debt-avoiding maneuvers they employed in the Cornell merger. All told, they had $22 million or so in profit, $17 million of which went to these costs.
So it's good that their profits are down, but I don't expect them to stay down for long.
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