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BOCA RATON, Fla. - GEO Group Inc., which provides residential and correctional services, said Monday its contract with the State of New Mexico, Department of Health to manage the Fort Bayard Medical Center will end June 30.
| GEO | 13.01 |  -0.89 |
The contract generated about $3.5 million in annual operating revenues for GEO. The company said the contract's discontinuation won't hurt GEO's financial performance or affect prior guidance.
"We have decided to discontinue the management services contract at the Fort Bayard Medical Center by mutual agreement," said George C. Zoley, chairman, chief executive and GEO founder, in a statement. "The Fort Bayard Medical Center is one of a few state nursing homes in the country, a market segment which we will no longer pursue."
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