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SMALL BUSINESS
Geo Group reaffirms 4Q adjusted earnings forecast
AP
BOCA RATON, Fla. -Geo Group maintained its fourth-quarter forecast for adjusted earnings on Wednesday, citing higher demand for beds used in prisons and mental health facilities.
The company still anticipates adjusted earnings in a range of 38 cents to 39 cents per share. The guidance excludes 8 cents per share for a tax write-off and 3 cents per share in costs related to the activation of some facilities.
Geo expects to report quarterly revenue of $313 million to $318 million.
Analysts surveyed by Thomson Reuters, whose estimates typically exclude one-time items, forecast fourth-quarter profit of 38 cents per share on revenue of $308.3 million.
Geo also said it amended its senior revolving credit agreement, boosting its size to $325 million from $240 million. The facility will mature in September 2012.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-21 09:11:59
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