CB Richard Ellis Group, Inc. reports EPS up 59% for the first quarter of 2007
Strong growth seen in Europe, Middle East & Africa region
Dubai, May 22, 2007: For the first quarter of 2007, CB Richard Ellis Group, Inc. (NYSE:CBG) generated revenue of $1.2 billion, up 61.6% over the $751.3 million posted in the first quarter of 2006. The Company reported net income of $12.0 million, or $0.05 per diluted share, in the first quarter of 2007 compared with net income of $36.9 million, or $0.16 per diluted share, in the first quarter of 2006.
Excluding one-time items, the Company would have earned net income of $65.0 million, or $0.27 per diluted share, in the first quarter of 2007, an increase of 62.2% and 58.8%, respectively, compared with net income of $40.1 million, or $0.17 per diluted share, in the first quarter of 2006.
“It gives us immense pleasure to have started off the year 2007 with such a strong showing,” said Nicholas Maclean, Managing Director of CB Richard Ellis Middle East. “Extremely strong growth in the Europe, Middle East & Africa region is a major factor that has contributed to this exceptional first quarter,” he added.
CB Richard Ellis has been constantly making it to the roll of honours during the last few months; it was the only real estate advisory to be named by Forbes magazine as a “Global Superstar” while the ‘BusinessWeek 50’ ranked CB Richard Ellis #16 in an annual report that turns the spotlight on top performers from the Standard & Poor’s 500 index in 2006.
“Our first quarter financial results show that as we grow, the trust our clients have placed on us also continues to grow, bringing us exceptional results year on year. It also shows the effectiveness of our continuing investment in human capital, development and research and in key strategic alliances.” Maclean stated.
CB Richard Ellis is also experiencing new revenue synergies courtesy the corporate service clientele brought in by the acquisition of Trammel Crow.
The first quarter results for 2007 also mark the 18th straight quarter of double digit, year-over-year growth for CB Richard Ellis Group, Inc.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2006 revenue). With over 24,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate and partner offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com
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