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The GEO Group, Inc. Message Board

  • selltosoon selltosoon Feb 14, 2005 8:55 AM Flag

    stock going down

    Any one know why this stock has droped $2.00 in the past few days. I can't find any news to indicate the reason for it's downward trend.

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    • Here's the bad news. Foothold in Mich. on banana peel.

      Michigan: GEO scrambles over prison closure.

      http://www.ludingtondailynews.com/news.php?story_id=26320

      2-16-2005

      State rep seeks details, timeline for changes to 'punk prison'

      Asking for prison to continue to be used, either by state or federal gov't

      By JESSICA VANDERKOLK

      Daily News Staff Writer

      State legislators met with the GEO Group and Patricia Caruso, director of the state Department of Corrections, in Lansing Tuesday to continue discussions on the fate of the youth prison in Lake County's Webber
      Township.
      <http://www.ludingtondailynews.com/addisplay.php?ad_id=31&zone_id=104>

      The Michigan Youth Correctional Facility, once commonly referred to as a "punk prison," was the first private corrections facility in the state when it opened about six years ago, and is still the only one. It houses males
      13-19 and is currently at capacity, holding 480 prisoners.

      The GEO Group Inc. was contracted by the state to build and operate the facility, and the prison is now the largest employer in Lake County. GEO employs 229 people there, according to a fact sheet released by the group
      Friday.

      Gov. Jennifer <javascript:openActiveWord('activeword.php?word_id=21');>
      Granholm proposed last Thursday, within her budget plan for next fiscal year
      beginning Oct. 1, that the state's contract with the GEO Group be canceled.

      State Rep. Goeff Hansen, R-Hart, attended this latest meeting and said he's seeking more information from the state.

      "Unfortunately, there were no options the DOC could offer to Rep. Hansen and Sen. (Michelle) McManus," Wills said. "GEO is very willing to renegotiate the contract and would jump at the chance to stay in the community to
      provide jobs and economic opportunities in Lake County."

      Wills said: "There were no positive outcomes, I think, from this meeting we had today,"
      he said Tuesday afternoon.

      Lalonde pointed out that the need for the youth prison, a level-five facility meant to hold the most violent offenders, never materialized. He said that in the mid-1990s the DOC was told there would be hundreds of very violent, very young offenders.

      "As of last week we had 17 under the age of 17 at that facility," he said. "Only 32 are level-five prisoners, and there are 289 level one and two prisoners, which is minimum- and low-medium security. "So we have just under 300 low-security prisoners in high-security beds."

      jvanderkolk@ludingtondailynews.com

    • I'm wondering also, no idea. I'm in at $26.32. Everything indicates upward movement. Just don't know!!!

      • 1 Reply to bigdickpowder
      • GEO filed an 8-K today (Monday) saying they will restate their 2003 and 2002 earnings. The 8-K says per share earnings will be 2 cents less than previously stated for 2003 and one cent less for 2002. The reason had something to do with accounting methods for employee vacation time.

        Not a big deal, in my humble opinion. But it could very well have something to do with the price drop of last Friday.

        There was much greater than normal volume for the stock last Friday -- the trading day prior to the announcement. Hmmmmmm.

 
GEO
40.44+0.04(+0.10%)Dec 26 4:03 PMEST

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