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The GEO Group, Inc. Message Board

  • gambler74_2000 gambler74_2000 Apr 19, 2000 12:01 PM Flag

    Zoley Dissatisfied - Problems ahead

    Zoley expresses dissatisfaction

    Zoley,
    who persuaded Wackenhut Corp. to enter the prison
    business in 1984, has his own reasons for being
    dissatisfied with the company's recent performance.

    As
    a result of the problems arising at half a dozen of
    its prisons -- Zoley calls them "under-performing
    facilities" -- Wackenhut said in a March 30 filing with the
    Securities and Exchange Commission that negative verdicts in
    its civil cases could have a "material adverse
    effect" on its financial condition, which in turn could
    impair its ability to raise money. At the very least,
    the company does not expect any increase in annual
    profits in 2000.

    On Wall Street, that's usually
    enough to put a company's stock in a cryogenic state.
    Indeed, the shares of Wackenhut Corrections hit $7.50 at
    one point Friday, its lowest price since 1994 -- the
    year it went public. The stock closed at $7.75.


    Zoley said the company has taken a number of steps to
    regain its footing in the corrections and financial
    markets. It has hired an ombudsman, reporting directly to
    company President Wayne Calabrese, to review all inmate
    grievances, read all serious incident reports and, if
    necessary, order prison-level changes. It has hired a former
    U.S. Bureau of Prisons agent to conduct internal
    investigations. It has replaced its senior vice president of
    operations.

 
GEO
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