How did CBRE's first-quarter 2005 profitability compare with the prior year?

Reported net income was $14.6 million ($0.19 per diluted share) in Q1 2005, compared with a net loss of $16.6 million ($(0.26) per share) in Q1 2004. On an adjusted basis, excluding one-time costs of $7.4 million, net income was $19.0 million ($0.25 per share) versus a loss of $2.6 million ($(0.03) per share) a year earlier.

What were the one-time costs, and how do they affect the results?

The company incurred one-time costs of $7.4 million pre-tax, or $4.4 million after tax, in Q1 2005. The filing does not itemize them. Adjusted results exclude these costs, so reported net income of $14.6 million is lower than adjusted net income of $19.0 million.

How strong was revenue growth?

Revenue reached $538.3 million in Q1 2005, a 22.1% increase from $441.0 million in Q1 2004. Management said the growth was broad-based across its lines of business and geographies.

When will the detailed first-quarter results be released, and how can investors participate?

The detailed first-quarter 2005 earnings release is scheduled for May 4, 2005. The earnings conference call follows on May 5, 2005, at 10:30 a.m. Eastern time, with dial-in numbers provided in the filing and a transcript to be posted on the company's investor relations website. Note that the original release listed the time as 10:30 a.m. Pacific, and the clarification in Exhibit 99.2 corrected this to Eastern.

Are these results final?

No. The filing describes them as preliminary earnings highlights. Investors should wait for the full first-quarter earnings release on May 4, 2005, which may differ from these figures.

CBRE 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed April 29, 2005. Cited figures are marked; the original filing is the authoritative source.

CB Richard Ellis Group, Inc. (NYSE: CBG) filed this Form 8-K on April 29, 2005, to furnish two press releases.

The first reports preliminary first-quarter 2005 results: net income of $14.6 million^a, or $0.19 per diluted share, compared with a net loss of $16.6 million, or $(0.26) per diluted share, in the first quarter of 2004. Excluding one-time costs of $7.4 million ($4.4 million after tax), first-quarter net income was $19.0 million, or $0.25 per diluted share, versus a loss of $2.6 million, or $(0.03), a year earlier. The company attributed the improvement to strong performance across all of its lines of business and geographies.

Revenue for the quarter was $538.3 million^b, up 22.1% from $441.0 million in the first quarter of 2004. Management described the revenue, net income, and EPS gains as driven largely by broad-based top- and bottom-line strength. The figures are labeled preliminary, and the filing does not include a full earnings release, so investors should await the detailed results.

The second press release clarifies the timing of the first-quarter earnings call. The detailed earnings release is scheduled for May 4, 2005, with the conference call on May 5, 2005, at 10:30 a.m.

Eastern time. The filing describes the company as the world's largest commercial real estate services firm by 2004 revenue, with about 13,500 employees and more than 200 offices worldwide.

02—Key points

Key Highlights

Q1 2005 net income of $14.6 million ($0.19 per diluted share), versus a net loss of $16.6 million ($(0.26) per share) in Q1 2004.
Excluding $7.4 million in one-time costs ($4.4 million after tax), adjusted Q1 2005 net income was $19.0 million ($0.25 per diluted share), up $21.6 million from an adjusted loss of $2.6 million a year earlier.
Q1 2005 revenue rose 22.1% year over year to $538.3 million from $441.0 million.
Management attributed the results to strong performance across all lines of business and geographies.
The reported figures are preliminary; the detailed first-quarter earnings release is scheduled for May 4, 2005.
The first-quarter earnings conference call is set for May 5, 2005, at 10:30 a.m. Eastern time, with a transcript to be posted on the investor relations website.
The company describes itself as the world's largest commercial real estate services firm by 2004 revenue, with about 13,500 employees and more than 200 offices worldwide.

03—Questions

Frequently Asked Questions

How did CBRE's first-quarter 2005 profitability compare with the prior year?
Reported net income was $14.6 million ($0.19 per diluted share) in Q1 2005, compared with a net loss of $16.6 million ($(0.26) per share) in Q1 2004. On an adjusted basis, excluding one-time costs of $7.4 million, net income was $19.0 million ($0.25 per share) versus a loss of $2.6 million ($(0.03) per share) a year earlier.
What were the one-time costs, and how do they affect the results?
The company incurred one-time costs of $7.4 million pre-tax, or $4.4 million after tax, in Q1 2005. The filing does not itemize them. Adjusted results exclude these costs, so reported net income of $14.6 million is lower than adjusted net income of $19.0 million.
How strong was revenue growth?
Revenue reached $538.3 million in Q1 2005, a 22.1% increase from $441.0 million in Q1 2004. Management said the growth was broad-based across its lines of business and geographies.
When will the detailed first-quarter results be released, and how can investors participate?
The detailed first-quarter 2005 earnings release is scheduled for May 4, 2005. The earnings conference call follows on May 5, 2005, at 10:30 a.m. Eastern time, with dial-in numbers provided in the filing and a transcript to be posted on the company's investor relations website. Note that the original release listed the time as 10:30 a.m. Pacific, and the clarification in Exhibit 99.2 corrected this to Eastern.
Are these results final?
No. The filing describes them as preliminary earnings highlights. Investors should wait for the full first-quarter earnings release on May 4, 2005, which may differ from these figures.

04—Continue

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