GEO group seeks new international services head

Published June 26th, 2008

By John Johnston
Managing Editor

The Boca Raton based GEO Group has announced that Mark H. Underwood, senior vice president, international services, will leave the company effective July 18.

During this transition period, Wayne Calabrese, GEO’s president and chief operating officer will continue to coordinate overseas business development efforts and operational oversight, according to Chairman of the Board and Chief Executive Officer George C. Zoley,

Zoley said: “We have a strong international operating structure that will continue to oversee our existing operations and will pursue new business development opportunities while we look for a replacement for Mr. Underwood, whose departure from our company was due to personal circumstances.”

Assisting Calabrese will be Ronald Champion, vice president of international services, said Zoley. GEO’s International Operations in the United Kingdom, Australia and South Africa will continue to be overseen by GEO’s Head Offices and managing directors in those countries

Earnings Up

Earlier this year, the GEO Group reported first quarter income from continuing operations of $12.4 million, or $0.24 per share, based on 51.7 million diluted weighted average shares outstanding, compared with $5.1 million, or $0.12 per share, based on 41.6 million diluted weighted average shares outstanding in the first quarter of 2007.

First quarter 2008 pro forma income from continuing operations increased to $13.6 million, or $0.26 per share, based on 51.7 million diluted weighted average shares outstanding, from $9.0 million, or $0.21 per share, based on 41.6 million diluted weighted average shares outstanding, in the first quarter of 2007.

"We are very pleased with our strong operational and financial performance in the first quarter of 2008,” Zoley. “ Our first quarter results demonstrate the strong business demand in our industry and validate our diversified growth strategy through our three business units: US Corrections, International Services, and GEO Care. Our organic growth pipeline remains strong with projects scheduled to open in 2008 and 2009 totaling approximately 9,100 beds under development."

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