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On Thursday, the GEO Group issued a news release announcing "plans for a 545-bed expansion of the 1,030-bed Northwest Detention Center (the 'Center') located in Tacoma, Washington. The expansion of the company-owned Center, which currently houses immigration detainees, will increase the Center's total capacity to 1,575 beds. -- GEO expects the 545-bed expansion to cost approximately $40.0 million and to be completed in September 2009."[1] -- The news release concluded with a standard disclaimer warning that plans may not come to fruition. -- Word that GEO intended to expand the facility were first made public on Jul. 3 by the News Tribune (Tacoma, WA), but size of the expansion released Aug. 7 is 7.5% larger than previously reported. -- The business press (including several German financial web sites) passed along the release.[1,2] -- Bill of Rights Committee-Tacoma founder Tim Smith said Thursday that City of Tacoma officials have assured him that the permits necessary for such an expansion have not been granted, which makes the timing of GEO's announcement surprising. -- The perhaps premature Tacoma announcement may have been intended to cushion bad news for the private-prison company, whose human rights abuses were the subject of a 65-page report released last month; also, GEO shares fell 8.5% despite the announcement of increased Q2 profits, because GEO "lowered its full-year earnings guidance on Thursday, saying five new prisons will take longer to turn a profit than previously expected."[3,4] -- BACKGROUND: In 2002, the News Tribune called yet-to-be-constructed immigration prison "a 500-bed detention facility." -- In 2003 and 2004, AP and the Seattle Times said the facility would have 700 beds. -- Later, it was sometimes reported that the facility would be able to "expand" to hold 800 prisoners. -- In March 2005, then-owner CSC mentioned "890 beds" in a financial report. -- In September 2006, the Seattle Times reported that capacity expected to grow to 1,000; this was made official in January 2007. -- In August 2008, a GEO statement claimed a 1,059-bed capacity. -- At 1,575 beds the center will have increased in size by 315% in only seven years. -- But the days when the NW Detention Center could grow quietly appear to be over...

THE GEO GROUP ANNOUNCES 545-BED EXPANSION OF THE 1,030-BED NORTHWEST DETENTION CENTER IN TACOMA, WASHINGTON

BOCA RATON, Fla. -- The GEO Group, Inc. (NYSE:GEO) ("GEO") announced today plans for a 545-bed expansion of the 1,030-bed Northwest Detention Center (the "Center") located in Tacoma, Washington. The expansion of the company-owned Center, which currently houses immigration detainees, will increase the Center's total capacity to 1,575 beds.

GEO expects the 545-bed expansion to cost approximately $40.0 million and to be completed in September 2009. GEO expects that the expanded Center will help meet the increased demand for detention bed space by federal, state, and local government agencies around the country.

George C. Zoley, Chairman of the Board, Chief Executive Officer and Founder of GEO, said, "We are moving forward with a 545-bed expansion of the company-owned Northwest Detention Center in Tacoma, Washington. We believe that this important expansion will continue to position GEO to help meet the increased demand for correctional and detention beds by federal, state, and local government agencies throughout the United States."

The GEO Group, Inc. ("GEO") is a world leader in the delivery of correctional, detention, and residential treatment services to federal, state, and local government agencies around the globe. GEO offers a turnkey approach that includes design, construction, financing, and operations. GEO represents government clients in the United States, Australia, South Africa, and the United Kingdom. GEO's worldwide operations include the management and/or ownership of 66 correctional and residential treatment facilities with a total design capacity of approximately 62,000 beds, including projects under development.

This press release contains forward-looking statements regarding future events and future performance of GEO that involve risks and uncertainties that could materially affect actual results, including statements regarding estimated earnings, revenues, and costs and our ability to maintain growth and strengthen contract relationships. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) GEO's ability to complete the expansion of the Northwest Detention Center as scheduled; (2) GEO's ability to successfully pursue further growth and continue to enhance shareholder value; (3) GEO's ability to access the capital markets in the future on satisfactory terms or at all; (4) risks associated with GEO's ability to control operating costs associated with contract start-ups; (5) GEO's ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into GEO's operations without substantial costs; (6) GEO's ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (7) GEO's ability to obtain future financing on acceptable terms; (8) GEO's ability to sustain company-wide occupancy rates at its facilities; and (9) other factors contained in GEO's Securities and Exchange Commission filings, including the forms 10-K, 10-Q and 8-K reports.

CONTACT: The GEO Group, Inc., Boca Raton
Pablo E. Paez, Director, Corporate Relations,
866-301-4436

Geo Group announces 545-bed expansion of the 1,030-bed Northwest Detention Center and 100-bed expansion of the 600-bed Broward Transition Center. The co announces plans for a 545-bed expansion of the 1,030-bed Northwest Detention Center located in Tacoma, Washington. The expansion of the co-owned Center, which currently houses immigration detainees, will increase the Center's total capacity to 1,575 beds. GEO expects the 545-bed expansion to cost approximately $40.0 million and to be completed in September 2009. GEO expects that the expanded Center will help meet the increased demand for detention bed space by federal, state, and local government agencies around the country . . . Also, co announces plans for a 100-bed expansion of the 600-bed Broward Transition Center located in Deerfield Beach, Florida. The expansion of the company-owned Center, which currently houses immigration detainees, will increase the Center's total capacity to 700 beds. GEO expects the 100-bed expansion to cost approximately $5.0 million and to be completed in the fourth quarter of 2009. GEO expects that the expanded Center will help meet the increased demand for detention bed space by federal, state, and local government agencies around the country.

BOCA RATON -- Private prison operator Geo Group Inc. reported this morning that second-quarter earnings rose 14.5 percent, to $14.2 million, or 28 cents per share, compared with $12.4 million, or 25 cents per share, in the same quarter last year, on "strong performance" from its three business units.

The Boca Raton-based company said revenue rose to $281.5 million from $257.3 million.

BOCA RATON, Fla. -- Prison operator GEO Group Inc. lowered its full-year earnings guidance on Thursday, saying five new prisons will take longer to turn a profit than previously expected.

GEO said it expects full-year earnings between $1.23 and $1.27 per share, down from previous guidance between $1.27 and $1.35.

The new facilities are based in New Mexico, Texas, and Mississippi and are due to open in the second half of the year.

Shares of GEO fell $1.94, or 8.5 percent, to $20.96. The stock earlier traded at $18.64, far below a previous year low of $21.69 set July 11.