Prison construction firm GEO ups 2006 estimates

LONDON (MarketWatch) -- Prison construction firm GEO Group (GGI : 33.41, -0.78, -2.3% ) said it was revising higher its 2006 pro forma earnings and revenue guidance following its follow-on offering of 3 million shares, as higher occupancy levels at several of its existing facilities and new contract awards will absorb the dulitive impact. It now sees 2006 proforma earnings per share between $2.11 and $2.21, up by a penny, and lifted its revenue guidance by $10 million to a rnage of $770 million to $785 million. The proforma guidance excludes 14 cents a share in after-tax start-up expenses and discontinued operations as well as an after-tax write-off of 6 cents a share in deferred financing fees. Analysts polled by Thomson First Call were looking for earnings of $2.02 a share on revenue of $774 million.