Friday, November 5, 2010

GEO Group's 3Q Earnings WAY down

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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