secwatch.observer — SEC 8-K summary
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Issuer:     GEO GROUP INC (GEO)
CIK:        0000923796
Form:       8-K/A
Filed at:   2024-02-29T23:59:59+00:00
Accession:  0001193125-24-053685
Event type: litigation
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

GEO takes $8.9M charge after NM Court of Appeals tax ruling; cuts Q4/FY2023 EPS
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- New Mexico Court of Appeals ruled against GEO in tax dispute; total assessment ~$21.1M including penalty/interest.
- Company recorded a one-time non-cash accrual of $8.9M in Q4/FY2023; FY2023 net income reduced $6.6M to $107.2M.
- Diluted EPS reduced $0.04 for Q4 to $0.17 and $0.05 for FY2023 to $0.72.
- GEO plans to appeal ruling to State Supreme Court; disputes assessment and intends to defend position.
- 2024 and Q1 2024 financial guidance unchanged; operating expenses rose $8.9M to $1.74B for FY2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/923796/000119312524053685/0001193125-24-053685-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/923796/000119312524053685/d796054d8ka.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-053685

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