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8-K - FORM 8-K - GEO GROUP INCg27857e8vk.htm
EX-99.2 - EX-99.2 - GEO GROUP INCg27857exv99w2.htm
Exhibit 99.1
     
(THE GEO GROUP, INC. LOGO)   NEWS RELEASE
One Park Place, Suite 700 • 621 Northwest 53rd Street • Boca Raton, Florida 33487 • www.geogroup.com
CR-11-18
THE GEO GROUP REPORTS SECOND QUARTER 2011 RESULTS
  2Q11 Net Income of $21.2 Million — $0.33 Earnings Per Share
  2Q11 Pro Forma Net Income increased to $25.7 Million — $0.40 Pro Forma Earnings Per Share
  Issued Pro Forma EPS Guidance for 3Q11 of $0.39 to $0.41 and 4Q11 of $0.40 to $0.42
  3Q & 4Q Guidance Includes $1.0 million to $1.5 million Per Quarter in Investments in Business Development and Professional Capabilities In Relation to New Florida Regional Procurement
Boca Raton, Fla. — August 3, 2011 — The GEO Group, Inc. (NYSE: GEO) (“GEO”) today reported second quarter and first half of 2011 financial results. GEO reported total revenues for the second quarter 2011 of $407.8 million compared to total revenues of $280.1 million for the second quarter 2010. GEO reported net income for the second quarter 2011 of $21.2 million, or $0.33 per diluted share, compared to net income of $17.0 million, or $0.35 per diluted share for the second quarter of 2010. GEO’s second quarter 2011 net income includes $3.3 million, after-tax, in start-up/transition expenses; $0.4 million, after-tax, in international bid and proposal expenses, a $0.4 million after-tax income effect related to the loss attributable to non-controlling interests; and $0.4 million, after-tax, in one-time M&A transaction related expenses, which are reported in GEO’s general and administrative expenses.
Excluding these items, GEO reported Pro Forma net income of $25.7 million, or $0.40 per diluted share, for the second quarter of 2011 compared to Pro Forma net income of $18.3 million, or $0.37 per diluted share for the second quarter of 2010.
For the first half of 2011, GEO reported total revenues of $799.6 million compared to total revenues of $567.6 million for the first half of 2010. Net income for the first half of 2011 increased to $37.5 million, or $0.58 per diluted share, from $34.7 million, or $0.69 per diluted share, for the first half of 2010. Pro forma net income for the first half of 2011 increased to $48.5 million, or $0.75 per diluted share, from pro forma net income of $36.0 million, or $0.71 per diluted share for the first half of 2010.
George C. Zoley, Chairman and Chief Executive Officer of GEO, said: “We are pleased with our strong second quarter earnings results which reflect sound operational performance from our diversified business units of U.S. Detention & Corrections, GEO Care, and International Services. We continue to be very optimistic about the demand for our diversified services. We are currently pursuing new business development opportunities in the U.S. and internationally, which total approximately 50,000 beds. At the state level alone, Arizona, Ohio, and Florida have pending procurements which total approximately 28,000 beds.”
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Contact:
  Pablo E. Paez
Vice President, Corporate Relations
  (866) 301 4436

 


 

NEWS RELEASE
“The State of Florida recently issued a request for proposal which entails the privatization of more than 16,000 beds in all correctional facilities, reception centers, work camps, and work release centers in a broad geographic region in South Florida, known as Region IV. This is an unprecedented opportunity in our industry, and we have taken steps to invest in additional business development and professional capabilities. While these investments will represent a near-term expense over the next two quarters, we believe that GEO will be uniquely positioned to compete for larger opportunities and to provide comprehensive, turnkey solutions across a continuum of care for correctional, detention, and treatment services worldwide,” Mr. Zoley added.
Pro forma net income excludes M&A related expenses, net of tax, net (income) loss attributable to non-controlling interests, start-up/transition expenses, net of tax, and international bid and proposal expenses, net of tax, as set forth in the table below, which presents a reconciliation of pro forma net income to net income for the second quarter and the first half of 2011 and 2010. Please see the section of this press release below entitled “Important Information on GEO’s Non-GAAP Financial Measures” for information on how GEO defines pro forma net income.
Table 1. Reconciliation of Pro Forma Net Income to Net Income
                                 
    13 Weeks Ended     13 Weeks Ended     26 Weeks Ended     26 Weeks Ended  
(In thousands except per share data)   3-Jul-11     4-Jul-10     3-Jul-11     4-Jul-10  
Net Income
  $ 21,163     $ 17,025     $ 37,543     $ 34,733  
Start-up/transition expenses, net of tax
    3,348             5,537        
International bid and proposal expenses, net of tax
    416             416        
Net (income) loss attributable to non-controlling interests
    415       (8 )     825       (44 )
M&A Related Expenses, net of tax
    394       1,313       4,129       1,313  
 
                       
Pro forma net income
  $ 25,736     $ 18,330     $ 48,450     $ 36,002  
 
                       
 
                               
Diluted earnings per share
  $ 0.33     $ 0.35     $ 0.58     $ 0.69  
Start-up/transition expenses, net of tax
    0.05             0.09        
International bid and proposal expenses, net of tax
    0.01             0.01        
Net (income) loss attributable to non-controlling interests
    0.01             0.01        
M&A Related Expenses
          0.02       0.06       0.02  
 
                       
Diluted pro forma earnings per share
  $ 0.40     $ 0.37     $ 0.75     $ 0.71  
 
                       
 
                               
Weighted average common shares outstanding-diluted
    64,858       49,314       64,787       50,480  
— More —
         
Contact:
  Pablo E. Paez
Vice President, Corporate Relations
  (866) 301 4436

 


 

NEWS RELEASE
Business Segment Results
The following table presents a summary of GEO’s segment results for the second quarter and the first half of 2011 and 2010.
Table 2. Business Segment Results
(In thousands except Compensated Mandays and Revenue Producing Beds)
                                 
    13 Weeks Ended     13 Weeks Ended     26 Weeks Ended     26 Weeks Ended  
    3-Jul-11     4-Jul-10     3-Jul-11     4-Jul-10  
Revenues
                               
U.S. Detention & Corrections
  $ 241,676     $ 192,081     $ 483,305     $ 381,788  
International Services
    55,284       44,708       108,413       90,590  
GEO Care
    110,857       36,973       207,746       74,475  
Construction
          6,333       119       20,784  
 
                       
 
  $ 407,817     $ 280,095     $ 799,583     $ 567,637  
 
                       
 
                               
Operating Expenses
                               
U.S. Detention & Corrections
  $ 173,979     $ 138,376     $ 346,903     $ 275,237  
International Services
    52,413       40,881       101,062       84,485  
GEO Care
    82,229       31,523       159,926       63,887  
Construction
    23       6,136       39       19,639  
 
                       
 
  $ 308,644     $ 216,916     $ 607,930     $ 443,248  
 
                       
 
                               
Depreciation & Amortization Expense
                               
U.S. Detention & Corrections
  $ 13,326     $ 8,177     $ 26,254     $ 16,083  
International Services
    548       420       1,077       855  
GEO Care
    7,182       877       12,527       1,774  
Construction
                       
 
                       
 
  $ 21,056     $ 9,474     $ 39,858     $ 18,712  
 
                       
 
                               
Compensated Mandays
                               
U.S. Detention & Corrections
    4,328,053       3,525,400       8,635,697       6,981,799  
International Services
    641,958       617,617       1,292,335       1,240,795  
GEO Care
    491,257       188,404       974,030       377,811  
 
                       
 
    5,461,268       4,331,421       10,902,062       8,600,405  
 
                       
 
                               
Revenue Producing Beds
                               
U.S. Detention & Corrections
    50,419       40,685       50,419       40,685  
International Services
    6,932       6,787       6,932       6,787  
GEO Care
    6,180       2,157       6,180       2,157  
 
                       
 
    63,531       49,629       63,531       49,629  
 
                       
 
                               
Average Occupancy
                               
U.S. Detention & Corrections
    95.1 %     95.3 %     94.2 %     94.3 %
International Services
    100.0 %     100.0 %     100.0 %     100.0 %
GEO Care
    87.5 %     96.0 %     87.0 %     96.2 %
 
    94.9 %     96.0 %     94.1 %     95.2 %
— More —
         
Contact:
  Pablo E. Paez
Vice President, Corporate Relations
  (866) 301 4436

 


 

NEWS RELEASE
U.S. Detention & Corrections
For the second quarter of 2011, U.S. Detention & Corrections revenue increased by approximately $49.6 million year-over-year. This revenue increase was driven primarily by GEO’s acquisition of Cornell Companies, Inc. (“Cornell”) in August 2010; the fourth quarter 2010 opening of the Blackwater Correctional Facility in Florida; and the activation of a new contract with the Federal Bureau of Prisons at the D. Ray James Correctional Facility in Georgia in October 2010. These factors were offset by the transition of managed-only contracts for the Graceville Correctional Facility and the Moore Haven Correctional Facility in Florida, and the Bridgeport Correctional Center, North Texas Intermediate Sanction Facility and South Texas Intermediate Sanction Facility in Texas.
GEO Care
For the second quarter of 2011, GEO Care revenue increased by approximately $73.9 million year-over-year. This revenue increase was driven primarily by GEO’s acquisitions of Cornell in August 2010 and BI Incorporated (“BI”) in February 2011 as well as the activation of the 100-bed Montgomery County Mental Health Treatment Facility in Texas in March 2011.
International Services
For the second quarter of 2011, International Services revenue increased by approximately $10.6 million year-over-year driven primarily by the opening of a 360-bed expansion at the Harmondsworth Immigration Removal Centre in the United Kingdom in July 2010 and positive foreign exchange rate fluctuations.
Adjusted EBITDA
Second quarter 2011 Adjusted EBITDA increased to $81.7 million from $47.4 million in the second quarter of 2010. For the first half of 2011, Adjusted EBITDA increased to $154.8 million from $93.7 million for the first half of 2010.
Please see the section of this press release below entitled “Important Information on GEO’s Non-GAAP Financial Measures” for information on how GEO defines Adjusted EBITDA. The following table presents a reconciliation from Adjusted EBITDA to net income for the second quarter and the first half of 2011 and 2010.
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Contact:
  Pablo E. Paez
Vice President, Corporate Relations
  (866) 301 4436

 


 

NEWS RELEASE
Table 3. Reconciliation from Adjusted EBITDA to Net Income
                                 
    13 Weeks Ended     13 Weeks Ended     26 Weeks Ended     26 Weeks Ended  
(In thousands)   3-Jul-11     4-Jul-10     3-Jul-11     4-Jul-10  
Net Income
  $ 21,163     $ 17,025     $ 37,543     $ 34,733  
Interest expense, net
    17,783       6,961       33,175       13,546  
Income tax provision
    12,879       10,192       22,659       21,013  
Depreciation and amortization
    21,056       9,474       39,858       18,712  
Tax provision on equity in earnings of affiliate
    563       437       1,587       1,223  
 
                       
EBITDA
  $ 73,444     $ 44,089     $ 134,822     $ 89,227  
 
                               
Adjustments, pre-tax
                               
(Income) loss attributable to non-controlling interests
  $ 415     $ (8 )   $ 825     $ (44 )
Stock Based Compensation
    1,537       1,174       3,598       2,366  
Start-up/transition expenses
    4,996             8,563        
International bid and proposal expenses
    645             645        
M&A Related Expenses
    651       2,144       6,308       2,144  
 
                       
Adjusted EBITDA
  $ 81,688     $ 47,399     $ 154,761     $ 93,693  
 
                       
Adjusted Funds from Operations
Adjusted Funds from Operations for the second quarter of 2011 increased to $47.7 million compared to $18.5 million for the second quarter of 2010. For the first half of 2011, Adjusted Funds from Operations increased to $94.6 million from $54.1 million for the first half of 2010.
Please see the section of this press release below entitled “Important Information on GEO’s Non-GAAP Financial Measures” for information on how GEO defines Adjusted Funds from Operations. The following table presents a reconciliation from Adjusted Funds from Operations to net income for the second quarter and the first half of 2011 and 2010.
Table 4. Reconciliation of Adjusted Funds from Operations to Net Income
                                 
    13 Weeks Ended     13 Weeks Ended     26 Weeks Ended     26 Weeks Ended  
(In thousands)   3-Jul-11     4-Jul-10     3-Jul-11     4-Jul-10  
Net Income
  $ 21,163     $ 17,025     $ 37,543     $ 34,733  
Net (Income) loss attributable to non-controlling interests
    415       (8 )     825       (44 )
Depreciation and Amortization
    21,056       9,474       39,858       18,712  
Income Tax Provision
    12,879       10,192       22,659       21,013  
Income Taxes Paid
    (7,794 )     (18,335 )     (8,734 )     (19,328 )
Stock Based Compensation
    1,537       1,174       3,598       2,366  
Maintenance Capital Expenditures
    (6,875 )     (3,331 )     (15,194 )     (6,290 )
Equity in Earnings of Affiliates, Net of Income Tax
    (1,418 )     (1,128 )     (2,080 )     (1,718 )
Amortization of Debt Costs and Other Non-Cash Interest
    415       1,270       641       2,542  
Start-up/transition expenses
    4,996             8,563        
M&A Related Expenses
    651       2,144       6,308       2,144  
International bid and proposal expenses
    645             645        
 
                       
Adjusted Funds from Operations
  $ 47,670     $ 18,477     $ 94,632     $ 54,130  
 
                       
— More —
         
Contact:
  Pablo E. Paez
Vice President, Corporate Relations
  (866) 301 4436

 


 

NEWS RELEASE
2011 Financial Guidance
GEO issued revised financial guidance for 2011. GEO expects 2011 total revenues to be in the range of $1.62 billion to $1.63 billion. GEO expects 2011 pro forma earnings to be in a range of $1.54 to $1.58 per share, excluding acquisition-related expenses, start-up/transition expenses, and international bid and proposal costs.
GEO updated its 2011 guidance for Adjusted EBITDA to a range of $320 million to $325 million and its Adjusted Funds from Operations to a range of $175 million to $180 million, or $2.70 to $2.77 per share.
GEO’s revised guidance assumes that the North Lake Correctional Facility continues to operate in a delayed start-up mode with the current population of 270 California inmates based on the recently approved budget for the California Department of Corrections and Rehabilitation.
GEO’s revised guidance also assumes between $1.0 million to $1.5 million per quarter in additional business development and professional fees in the third and fourth quarters as GEO competes for a number of new business development opportunities, including a procurement issued by the State of Florida which entails the privatization of more than 16,000 beds in all correctional facilities, reception centers, work camps, and work release centers in a broad geographic region in South Florida, known as Region IV.
These two assumptions along with additional start-up/transition expenses related to the activation of GEO’s Adelanto ICE Processing Center in California and GEO’s Riverbend Correctional Facility in Georgia, which are now scheduled for September 2011 and December 2011 respectively, are the primary drivers of GEO’s updated financial guidance.
GEO also issued financial guidance for the third and fourth quarters in 2011. GEO expects third quarter 2011 total revenues to be in the range of $407 million to $412 million. GEO expects third quarter 2011 pro forma earnings to be in a range of $0.39 to $0.41 per share, excluding $0.06 to $0.07 in after-tax start-up/transition expenses and international bid and proposal costs. GEO expects fourth quarter 2011 total revenues to be in the range of $413 million to $418 million. GEO expects fourth quarter 2011 pro forma earnings to be in a range of $0.40 to $0.42 per share, excluding $0.06 to $0.07 in after-tax start-up/transition expenses and international bid and proposal costs. GEO’s third quarter and forth quarter 2011 guidance assumes between $1.0 million to $1.5 million per quarter in additional business development and professional fees as discussed above.
Conference Call Information
GEO has scheduled a conference call and simultaneous webcast at 2:00 PM (Eastern Time) today to discuss GEO’s second quarter 2011 financial results as well as its progress and outlook. The call-in number for the U.S. is 1-866-713-8564 and the international call-in number is 1-617-597-5312. The participant pass-code for the conference call is 43800366.
— More —
         
Contact:
  Pablo E. Paez
Vice President, Corporate Relations
  (866) 301 4436

 


 

NEWS RELEASE
In addition, a live audio webcast of the conference call may be accessed on the Conference Calls/Webcasts section of GEO’s investor relations home page at www.geogroup.com. A replay of the audio webcast will be available on the website for one year. A telephonic replay of the conference call will be available until September 3, 2011 at 1-888-286-8010 (U.S.) and 1-617-801-6888 (International). The pass-code for the telephonic replay is 54094773.
About The GEO Group, Inc.
The GEO Group, Inc. is a world leader in the delivery of correctional, detention, and residential treatment services to federal, state, and local government agencies around the globe. GEO offers a turnkey approach that includes design, construction, financing, and operations. GEO represents government clients in the United States, Australia, South Africa, and the United Kingdom. GEO’s worldwide operations include the management and/or ownership of approximately 80,000 beds at 116 correctional, detention and residential treatment facilities, including projects under development.
Important Information on GEO’s Non-GAAP Financial Measures
Pro Forma Net Income, Adjusted EBITDA and Adjusted Funds From Operations are non-GAAP financial measures that are presented as supplemental disclosures.
Pro Forma Net Income is defined as net income adjusted for net (income) loss attributable to non-controlling interests, start-up/transition expenses, net of tax, international bid and proposal expenses, net of tax, and M&A-related expenses, net of tax. GEO believes that Pro Forma Net Income is useful to investors as it provides information about the performance of GEO’s overall business because such measure eliminates the effects of certain unusual or non-recurring charges that are not directly attributable to GEO’s underlying operating performance, it provides disclosure on the same basis as that used by GEO’s management and it provides consistency in GEO’s financial reporting and therefore continuity to investors for comparability purposes. GEO’s management uses Pro Forma Net Income to monitor and evaluate its operating performance and to facilitate internal and external comparisons of the historical operating performance of GEO and its business units.
Adjusted EBITDA is defined as net income before net interest expense, income tax provision, depreciation and amortization, and tax provision on equity in earnings of affiliate, adjusted for (income) loss attributable to non-controlling interests, stock-based compensation, start-up/transition expenses, international bid and proposal expenses, and M&A-related expenses. GEO believes that Adjusted EBITDA is useful to investors as it provides information about the performance of GEO’s overall business because such measure eliminates the effects of certain unusual or non-recurring charges that are not directly attributable to GEO’s underlying operating performance, it provides disclosure on the same basis as that used by GEO’s management and it provides consistency in GEO’s financial reporting and therefore continuity to investors for comparability purposes. GEO’s management uses Adjusted EBITDA to monitor and evaluate its operating performance and to facilitate internal and external comparisons of the historical operating performance of GEO and its business units.
— More —
         
Contact:
  Pablo E. Paez
Vice President, Corporate Relations
  (866) 301 4436

 


 

NEWS RELEASE
Adjusted Funds From Operations is defined as net income excluding depreciation and amortization, income tax provision, income taxes paid, stock-based compensation, maintenance capital expenditures, net equity in earnings of affiliates and amortization of debt costs and other non-cash interest, net (income) loss attributable to non-controlling interests, start-up/transition expenses, international bid and proposal expenses, and M&A-related expenses, net of tax. GEO believes that Adjusted Funds From Operations is useful to investors as it provides information regarding cash that GEO’s operating business generates before taking into account certain cash and non-cash items that are non-operational or infrequent in nature, it provides disclosure on the same basis as that used by GEO’s management and it provides consistency in GEO’s financial reporting and therefore continuity to investors for comparability purposes. GEO’s management uses Adjusted Funds From Operations to monitor and evaluate its operating performance and to facilitate internal and external comparisons of the historical operating performance of GEO and its business units.
A reconciliation of these non-GAAP measures to the most directly comparable GAAP measurements of these items is included in Tables 1, 3 and 4, respectively.
Safe-Harbor Statement
This press release contains forward-looking statements regarding future events and future performance of GEO that involve risks and uncertainties that could materially affect actual results, including statements regarding financial guidance for the third quarter 2011, fourth quarter 2011 and full year 2011, business development opportunities and expected fees and expenses related to these business development opportunities, our ability to maintain growth and strengthen contract relationships, our ability to meet the increasing demand for correctional, detention, and residential treatment services, and long-term growth prospects in our industry. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) GEO’s ability to meet its financial guidance for 2011 given the various risks to which its business is exposed; (2) GEO’s ability to successfully pursue further growth and continue to enhance shareholder value; (3) the risk that the BI business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; (4) the risk that the expected increased revenues resulting from the acquisition of Cornell and BI may not be fully realized or may take longer to realize than expected; (5) the risk that the cost synergies from the Cornell and BI transactions may not be fully realized or may take longer to realize than expected; (6) any difficulties encountered in maintaining relationships with customers, employees or suppliers as a result of the transactions with Cornell and BI; (7) GEO’s ability to access the capital markets in the future on satisfactory terms or at all; (8) risks associated with GEO’s ability to control operating costs associated with contract start-ups; (9) GEO’s ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into GEO’s operations without substantial costs; (10) GEO’s ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (11) GEO’s ability to obtain future financing on acceptable terms; (12) GEO’s ability to sustain company-wide occupancy rates at its facilities; and (13) other factors contained in GEO’s Securities and Exchange Commission filings, including the Form 10-K, 10-Q and 8-K reports.
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Contact:
  Pablo E. Paez
Vice President, Corporate Relations
  (866) 301 4436

 


 

NEWS RELEASE
Second quarter and first six months of 2011 financial tables to follow:
THE GEO GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE THIRTEEN AND TWENTY-SIX WEEKS ENDED
JULY 3, 2011 AND JULY 4, 2010
(In thousands, except per share data)
(UNAUDITED)
                                 
    Thirteen Weeks Ended     Twenty-six Weeks Ended  
    July 3, 2011     July 4, 2010     July 3, 2011     July 4, 2010  
Revenues
  $ 407,817     $ 280,095     $ 799,583     $ 567,637  
Operating expenses
    308,644       216,916       607,930       443,248  
Depreciation and amortization
    21,056       9,474       39,858       18,712  
General and administrative expenses
    27,710       20,655       60,498       38,103  
 
                       
Operating income
    50,407       33,050       91,297       67,574  
Interest income
    1,629       1,486       3,198       2,715  
Interest expense
    (19,412 )     (8,447 )     (36,373 )     (16,261 )
 
                       
Income before income taxes and equity in earnings of affiliate
    32,624       26,089       58,122       54,028  
Provision for income taxes
    12,879       10,192       22,659       21,013  
Equity in earnings of affiliate, net of income tax provision of $563, $437, $1,587 and $1,223
    1,418       1,128       2,080       1,718  
 
                       
Net income
    21,163       17,025       37,543       34,733  
Net (income) loss attributable to noncontrolling interests
    415       (8 )     825       (44 )
 
                       
Net income attributable to The GEO Group, Inc.
  $ 21,578     $ 17,017     $ 38,368     $ 34,689  
 
                       
Weighted-average common shares outstanding:
                               
Basic
    64,455       48,776       64,373       49,743  
 
                       
Diluted
    64,858       49,314       64,787       50,480  
 
                       
Income per Common Share Attributable to The GEO Group, Inc. — Basic
  $ 0.33     $ 0.35     $ 0.60     $ 0.70  
 
                       
Income per Common Share Attributable to The GEO Group, Inc. — Diluted
  $ 0.33     $ 0.35     $ 0.59     $ 0.69  
 
                       
Comprehensive income:
                               
Net income
  $ 21,163     $ 17,025     $ 37,543     $ 34,733  
Total other comprehensive income (loss), net of tax
    497       (3,084 )     802       (2,900 )
 
                       
Total comprehensive income
    21,660       13,941       38,345       31,833  
Comprehensive (income) loss attributable to noncontrolling interests
    418       27       835       (28 )
 
                       
Comprehensive income attributable to The GEO Group, Inc.
  $ 22,078     $ 13,968     $ 39,180     $ 31,805  
 
                       
— More —
         
Contact:
  Pablo E. Paez
Vice President, Corporate Relations
  (866) 301 4436

 


 

NEWS RELEASE
THE GEO GROUP, INC.
CONSOLIDATED BALANCE SHEETS
JULY 3, 2011 AND JANUARY 2, 2011
(In thousands, except share data)
                 
    July 3, 2011     January 2, 2011  
    (Unaudited)          
ASSETS
               
Current Assets
               
Cash and cash equivalents
  $ 57,453     $ 39,664  
Restricted cash and investments (including VIEs1 of $31,749 and $34,049, respectively)
    38,734       41,150  
Accounts receivable, less allowance for doubtful accounts of $2,463 and $1,308
    283,702       275,778  
Deferred income tax assets, net
    47,983       32,126  
Prepaid expenses and other current assets
    24,272       36,377  
 
           
Total current assets
    452,144       425,095  
 
           
Restricted Cash and Investments (including VIEs of $41,465 and $33,266, respectively)
    63,819       49,492  
Property and Equipment, Net (including VIEs of $164,937 and $167,209, respectively)
    1,617,504       1,511,292  
Assets Held for Sale
    3,631       9,970  
Direct Finance Lease Receivable
    36,711       37,544  
Deferred Income Tax Assets, Net
    936       936  
Goodwill
    526,964       244,009  
Intangible Assets, Net
    204,973       87,813  
Other Non-Current Assets
    75,611       56,648  
 
           
Total Assets
  $ 2,982,293     $ 2,422,799  
 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY
               
Current Liabilities
               
Accounts payable
  $ 81,457     $ 73,880  
Accrued payroll and related taxes
    38,579       33,361  
Accrued expenses
    129,051       120,670  
Current portion of capital lease obligations, long-term debt and non-recourse debt (including VIEs of $19,570 and $19,365, respectively)
    50,563       41,574  
 
           
Total current liabilities
    299,650       269,485  
 
           
Deferred Income Tax Liabilities
    107,370       63,546  
Other Non-Current Liabilities
    63,405       46,862  
Capital Lease Obligations
    13,644       13,686  
Long-Term Debt
    1,234,193       798,336  
Non-Recourse Debt (including VIEs of $125,509 and $132,078, respectively)
    184,009       191,394  
Total shareholders’ equity
    1,080,022       1,039,490  
 
           
Total Liabilities and Shareholders’ Equity
  $ 2,982,293     $ 2,422,799  
 
           
 
1     Variable interest entities or “VIEs”
-End-
         
Contact:
  Pablo E. Paez
Vice President, Corporate Relations
  (866) 301 4436