CB Richard Ellis Group, Inc. Announces Continued Revenue and Earnings Growth for Second Quarter 2011

August 8, 2011

CB Richard Ellis Group, Inc. announced continued revenue and earnings growth for the second quarter ended June 30, 2011.
• Income for the quarter totaled US$1.4 billion, an increase of 21% from US$1.2 billion in the second quarter of 2010.
• Net income on a U.S. GAAP basis improved to US$61.2 million, or US$0.19 per diluted share, for the second quarter of 2011, an increase of 12% from US$54.8 million, or US$0.17 per diluted share, for the second quarter of 2010.
• Omitting selected charges, net income totaled US$67.0 million, or US$0.21 per diluted share, for the current-year quarter, up 14% and 17%, respectively, from US$58.8 million, or US$0.18 per diluted share, for the second quarter of 2010.
• Income before interest, taxes, depreciation and amortization (EBITDA) increased 3% to US$166.1 million for the second quarter of 2011 from US$161.6 million in 2010. Without selected charges, EBITDA rose 4% to US$172.4 million in the current period from US$165.2 million in the second quarter of 2010.

Last year’s second-quarter Development Services EBITDA was US$19 million more than in this year’s second quarter, predominately resulting from much greater gains from property sales. In addition, this year’s second-quarter Global Investment Management EBITDA included an increase of approximately US$6 million of carried interest incentive compensation expense. These factors significantly affected overall EBITDA growth compared with the previous year’s period, and without their impact, overall EBITDA would have grown 22%.

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