Tuesday, August 9, 2011

Earnings Time

It's my (least) favorite time of the quarter-year!  Both CCA and the GEO Group recently released their 2nd quarter earnings.  

First up is GEO, which in what had to be a joke, announced it earned $21.6 million over the past three months based on "sound operational performance."  I guess re-purchasing $100 million worth of your own stock qualifies as "operational performance."
Meanwhile in Tennessee, CCA earned $42.4 million in profit over the last 3 months.  So combined, the two largest private incarcerators in this country earned more than $64 million in PROFIT over the past 3 months, just by locking up US citizens and immigrants.  Who knew it could be so easy?  For the math lovers (and haters of unrestrained capitalism) out there, that works out to a whopping $711,111 every single day, or $493.83 per minute.  Yes every fucking minute these monsters make nearly $500 in profit off taxpayer dollars, much of which is turned around in efforts to incarcerate an ever-increasing number of people.

But I guess there is a bit of consolation, for me at least, in the fact that both companies apparently under-performed, based on market expectations.

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