Geo Group Inc. posted a decline in its fourth quarter profit despite the sales were reported increased across all its business segments. However, the adjusted profit for the fourth quarter managed to come in line with the market expectations.

In the fourth quarter GEO Group, which provides correctional, detention and mental health services, reported net income of $15.48 million or $0.30 per share, decreased by 6% while comparing to the same period last year net income of $16.44 million or $0.32 per share.

The company posted adjusted income of $21.01 million or $0.40 per share in the fourth quarter while in the fourth quarter last year adjusted income was reported $19.18 million or $0.37 per share.

Market analysts were expecting the company to report adjusted income of $0.39 per share. In the fourth quarter the company reported revenues of $310.79 million, increasing by 21% while revenues were reported $256.45 million in the same period last year.

For the full year 2009, GEO Group reported the income from continuing operations of $66.3 million, increasing by 8% while it was reported $61.5 million in FY 2008.

Adjusted income for FY 2009 was posted $73.5 million from $64.6 million for FY 2008.

However, Geo Group Inc. also announced on Monday that the board of the company has approved a stock repurchase program of up to $80 million.