GEO Group Board Approves Share Buyback Of Up To $200 Mln - Quick Facts

(RTTNews) - GEO Group Inc. (GEO) said its board of directors has approved a stock repurchase program of up to $200 million of GEO's common stock through October 20, 2020.

The company will fund the stock repurchase program primarily with cash on hand, free cash flow, and borrowings under GEO's revolving credit facility. Under the terms of GEO's revolving credit facility, GEO currently has approximately $120 million of immediate, available capacity for repurchases under the stock repurchase program.

Based on internal forecasts, GEO believes it will have adequate availability to complete the $200 million stock repurchase program well in advance of the program's expiration.

On February 5, 2018, GEO's board of directors declared a quarterly cash dividend of $0.47 per share. The quarterly cash dividend will be paid on February 27, 2018 to shareholders of record as of the close of business on February 16, 2018.