CB Richard Ellis Group, Inc. Reports Full Year 2007 Revenue Grows 50%

CB Richard Ellis Group, Inc. (NYSE:CBG) recently reported full year 2007 revenue rose 49.7% to US$6.0 billion and earnings per share increased 23.0% to US$1.66 per diluted share - both record levels for the Company.

Hong Kong (PRWEB) March 1, 2008 -- CB Richard Ellis Group, Inc. (NYSE:CBG) recently reported full year 2007 revenue rose 49.7% to US$6.0 billion and earnings per share increased 23.0% to US$1.66 per diluted share - both record levels for the Company. Fourth quarter 2007 revenue increased 30.4% to US$1.8 billion and diluted earnings per share increased slightly to US$0.54 compared to the fourth quarter of 2006. Excluding one-time charges1, full year diluted earnings per share was US$2.11, an increase of 42.6% from 2006 and fourth quarter 2007 diluted earnings per share was US$0.63, representing an increase of 10.5% from the fourth quarter of 2006.

The full year earnings growth was achieved despite a US$118.0 million increase in interest expense associated with the financing of the Trammell Crow Company acquisition and the exclusion of US$61.6 million of gains from Development Services activities, which cannot be recognized under purchase accounting rules. The fourth quarter impact of interest expense and development service gains exclusions were US$28.2 million and $40.6 million, respectively.

Asia Pacific Region

In the Asia Pacific region, which includes operations in Asia, Australia and New Zealand, revenue totaled US$198.4 million for the fourth quarter of 2007, a 68.6% increase from US$117.7 million for the fourth quarter of 2006. This revenue increase was primarily driven by improved performance in Australia, China, Singapore and Japan as well as from our acquisition of a majority interest in CBRE India in 2007.

Operating income for the Asia Pacific segment increased to US$32.3 million for the fourth quarter of 2007 compared to US$22.0 million for the same period last year. EBITDA for the Asia Pacific segment totaled US$31.1 million for the fourth quarter of 2007, an increase of US$10.5 million, or 50.6%, from last year's fourth quarter.

The Asia Pacific segment did not incur any significant one-time costs in the current or prior year quarter.

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