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September 29, 2006
OK: Geo creates Oklahoma's largest prison
Geo creates Oklahoma's largest prison
South Florida Business Journal - 4:26 PM EDT Monday http://southflorida.bizjournals.com/southflorida/stories/2006/09/25/daily2.
html
Geo Group said it has expanded a correctional facility in Oklahoma to
become the largest such facility in the state.
The Boca Raton-based correctional and detention management firm said its 600-bed expansion to the Lawton Correctional Facility brings capacity to 2, 518 beds.
Geo (NYSE: GEO) said it manages the facility, in Lawton, Okla., under a five-year contract with the Oklahoma Department of Corrections that
started July 1, 2003.
The company predicted the 600-bed expansion, which has already begun
taking medium security Oklahoma inmates, will reach full occupancy by the end of November.
At full occupancy, Geo predicted the expansion to generate about $9
million in additional revenue annually.
Shares closed down 75 cents to $42.99. The 52-week high was $46.43 on Aug. 31. The 52-week low was $20.10 on Nov. 2.
Posted by lois at September 29, 2006 07:12 PM