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Conference Call Transcript |
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2004 |
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Final Transcript
Conference Call Transcript
GGI Q3 2004 The GEO Group Earnings Conference Call
Event Date/Time: Nov. 04. 2004 / 2:30PM ET
Event Duration: N/A
CORPORATE PARTICIPANTS
Rosa Suarez
The GEO Group Media Relations
George Zoley, Ph.D.
The GEO Group Chairman, CEO
PRESENTATION
Good afternoon. My name is Kimberly and I will be your conference facilitator today. At this time I would like to welcome everyone to The GEO Group Inc. third quarter 2004 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers remarks there will be a question and answer period. If you would like to ask a question during this time press star 1 on your telephone keypad. As a reminder, ladies and gentlemen, this conference is being recorded today, Thursday, November 4, 2004. Should anyone need assistance at any time during this conference please star 0 and an operator with assist you. Thank you. I would like to introduce Ms. Rosa Suarez. Ms. Suarez, you may begin your conference.
Thank you, operator. Good afternoon everyone and thank you for joining us for todays discussion of the The GEO Groups third quarter 2004 earnings results. With us today is George Zoley, Chairman and Chief Executive Officer, accompanied by Wayne Calabrese, Vice Chairman, President and Chief Operating Officer, Jerry ORourke, Chief Financial Officer, and David Watson, Vice President of Finance and Brian Evans, Vice President of Accounting and Chief Accounting Officer. This afternoon, we will discuss our third quarter performance, current business development activities and conclude the call with a question and answer session. This conference is also being webcast live at the Companys website at www.thegeogroupinc.com. A telephonic replay will be available through December 4. The replay telephone number is 1-800-642-1687.
Before I turn the call over to George, please let me remind you that much of the information we will discuss today including the answers we give in response to your questions may include forward-looking statements regarding our beliefs and current expectations with respect to various matters. These forward-looking statements are intended to fall within the Safe Harbor Provisions of the Securities Laws. Our actual results may differ materially from those in the forward-looking statements as a result of various other factors contained in the Companys Securities and Exchange Commission filings, including the Forms 10-K, 10-Q and 8-K report. In addition we will be discussing non-GAAP pro forma basis information on the conference call. A reconciliation of GAAP basis information to any non-GAAP pro forma basis information discussed on the call may be found on the conference Call/Webcast Section of GEOs Investor Relations page at www.thegeogroupinc.com. With that, please allow me to turn this call over to George Zoley. George?
George Zoley, Ph.D. - The GEO Group Chairman, CEO
Thank you, Rosa. And good afternoon to everyone. Thank you for joining me today as I provide an overview of GEOs financial results for the third quarter of 2004. When I conclude my prepared remarks I will open the call up to a question and answer session. As announced in the press release we issued earlier today, our third quarter earnings were $5.7 million or 59 cents per share based on 9.7 million diluted weighted average shares outstanding; compared to $30.4 million or $2.79 per share based on 10.9 million diluted weighted average shares outstanding for the third quarter of 2003. As you may recall, this difference in shares outstanding resulted from the repurchase of 12 million shares from our former majority shareholder Group 4 Falck on July 9, 2003. Our third quarter 2004 results were positively impacted by an after tax reduction of $2.2 million or 23 cents earnings per share in our general liability, automobile and workers compensation insurance reserves. I will discuss this adjustment later in the call.
In addition to the difference in the number of shares outstanding between 2003 and now our third quarter 2003 results were inclusive of a one-time after-tax gain of approximately $32.7 million or $3 earnings per share from the sale of our joint venture interest in the UK. A charge of approximately $1.2 million after tax or 11 cents earnings per share related to the refinancing of our former senior credit facility. A write-off of approximately $3 million after tax or 27 cents earnings per share related to our deactivated Jena Louisiana facility. And approximately $1.8 million after tax or 17 cents earnings per share for transition costs to our related to our DIMIA contract in Australia.
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