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US Bureau of Prisons renews lease for GEO Group's Ga. correctional facility

The Federal Bureau of Prisons extended its contract forGEO Group Inc.-ownedD. Ray James CorrectionalFacility in Folkston, Ga., by two years.

The renewed contract will run through Sept. 30, 2018.

The housing for up to 1,900 federal inmates with a fixedpayment for 1,800 beds is comparable to GEO Group's previous contract, whichcontained a fixed payment for 1,962 beds.

The renewal follows an announcement by the U.S. Justice Department, whichoversees the Bureau of Prisons, that it would seek to end its use of privateprisons.

"We are pleased to have been able to accommodate theBOP's need for fewer beds at the D. Ray James Correctional Facility with nodisruption to the facility's operations or the level of rehabilitationprogramming," Chairman and CEO George Zoley said in a release.

The company does not expect to revised its previously issuedguidance.