Chairman’s Letter
T
George C. Zoley Chairman, CEO and Founder
to generate approximately $15 million in annualized revenues for our company.
o the GEO Family,
As the first half of 2012 has come to an end, our company can reflect on the successful completion of several important milestones. During the first two quarters of the year, we completed the development and activation of over $130.0 million in new capital projects adding to our position as the world’s leading provider of correctional, detention, and residential treatment services.
In Indiana, we invested $23.0 million in a maximum-security expansion of 512 beds to the stateowned New Castle Correctional Facility, making it the largest state prison facility operated by our company with more than 3,000 beds. This important expansion project also marked the first significant private investment in a state-owned correctional facility in the country. The expansion is expected to generate approximately $8.0 million in annual revenues for our company under an extended management contract with the Indiana Department of Correction.
In Georgia, we completed the intake of inmates at the 1,500-bed Riverbend Correctional Facility, which was developed by GEO for approximately $80.0 million and was activated in late 2011 under a groundbreaking partnership with the Georgia Department of Corrections. With this project, GEO now has an important presence in the State of Georgia. The facility is expected to generate approximately $28.0 million in annual revenues. In Texas, we developed a state-of-the-art 600-bed Civil Detention Center in Karnes City at an approximate investment of $32.0 million. This innovative and leading Center was the first facility designed and operated for low risk immigration detainees under new federal detention standards in the United States. With the opening of the Center following less than a year of construction, we completed a remarkable public private partnership venture between The GEO Group, Karnes County and U.S. Immigration and Customs Enforcement (ICE). The management contract for the Center is expected
In addition to these completed projects, we have substantially completed the construction of the new $70.0 million, 650-bed Adelanto ICE Processing Center West adjacent to the 650-bed Adelanto ICE Processing Center East which we activated in August 2011. The 1,300-bed Complex is expected to play an important role as a regional detention hub in Southern California and will generate approximately $42.0 million in annual revenues for our company. These important milestones are indicative of the continued growth in our industry and further validate our company’s diversified growth and investment strategy. This strategy has made The GEO Group the leading worldwide provider of diversified government services in corrections, detention and residential treatment.
GEO CARE
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