CB Richard Ellis Reports 2001 Results.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--Feb. 14, 2002 CBRE CBRE CB Richard Ellis (real-estate firm) CBRE Chemical, Biological, Radiological and Explosive CBRE Component-Based Reliability Estimation CBRE Coldwell Banker Richard Ellis (Boston, MA) Holding, Inc., the world's largest provider of real estate services, today reported its results for the year and quarter ended December December: see month. 31, 2001. Revenue totaled $1,170.8 million for the year ended December 31, 2001, which represents an 11.5% decline from revenue generated last year. Revenue for the fourth quarter of 2001 totaled $337.3 million, a decline of 19.4% from last year. Earnings Before Interest, Taxes, Depreciation, and Amortization Earnings before interest, taxes, depreciation, and amortization (EBITDA) A financial measure defined as revenues less cost of goods sold and selling, general, and administrative expenses. (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) for the year ended December 31, 2001 totaled $108.8 million, a decline of 27.7% from the prior year, exclusive of merger-related and other nonrecurring charges Nonrecurring Charge An expense occurring only once on a company's financial statement. Notes: An extraordinary item is an example of a nonrecurring charge. Also known as "nonrecurring item". . EBITDA for the fourth quarter totaled $50.3 million, an 18.4% decrease from last year's results. On February February: see month. 14, 2002, at 8:30 a.m. Pacific time, the Company will hold a conference call with its bondholders and discuss its results for the year ended December 2001. To access the call, dial 888/293-2003, reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. code 20339541 (outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , please call 212/896-6132). Transcript A generic term for any kind of copy, particularly an official or certified representation of the record of what took place in a court during a trial or other legal proceeding. A transcript of record of the call will be available on www.cbre.com for review within 7 working days of the call. CBRE Holding, Inc. operates its business primarily through its wholly-owned subsidiary CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. Services, Inc., the world's leading real estate services company. Headquartered in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. with 9700 employees worldwide, the company serves real estate owners, investors and occupiers through 250 offices in 44 countries. Services include property sales and leasing, property management, corporate services Activities that combine or consolidate certain enterprise-wide needed support services, provided based on specialized knowledge, best practices, and technology to serve internal (and sometimes external) customers and business partners. and facilities management The management of a user's computer installation by an outside organization. All operations including systems, programming and the datacenter can be performed by the facilities management organization on the user's premises. , mortgage banking, investment management, capital markets, appraisal/valuation, research and consulting. For more information about CB Richard Ellis, visit the company's website at www.cbre.com. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. concerning expectations for future revenues, cost reductions and earnings performance. These statements reflect the company's current plans and expectations and are based on information currently available to it. They rely on a number of assumptions and estimates, which could prove to be inaccurate, and which are subject to risks and uncertainties that could cause the Company's actual results to vary materially from the results anticipated. CB Richard Ellis undertakes no obligation to update publicly or revise any forward-looking statements. These statements are qualified by reference to the Company's 2001 Annual Report and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and its quarterly reports on Form 10-Q Form 10-Q See 10-Q. .
CBRE HOLDING, INC.
OPERATING RESULTS
For the Three and Twelve Months Ended December 31, 2001 and 2000
(Dollars in thousands)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2001 2000 2001 2000
-------- -------- -------- --------
Revenue:
Leases $123,558 $169,481 $441,217 $539,419
Sales 100,172 131,945 326,948 389,745
Property and facilities
management fees 29,867 32,201 114,734 110,654
Consulting and
referral fees 24,443 24,340 75,221 78,714
Appraisal fees 21,768 21,634 81,097 75,055
Loan origination
and servicing fees 19,750 20,782 64,571 58,190
Investment management fees 13,720 11,368 45,548 42,475
Other 3,984 6,529 21,426 29,352
--------- --------- --------- ---------
Total revenue 337,262 418,280 1,170,762 1,323,604
Costs and expenses:
Commissions, fees
and other incentives 159,033 209,928 553,710 635,322
Operating, administrative
and other 127,904 146,670 508,271 537,798
Depreciation
and amortization 6,410 11,065 37,854 43,199
Merger-related and
other nonrecurring
charges 3,166 -- 28,569 --
--------- --------- --------- ---------
Operating income 40,749 50,617 42,358 107,285
Interest income 674 1,054 3,994 2,554
Interest expense 14,535 10,072 50,020 41,700
--------- --------- --------- ---------
Income (loss) before
provision for income tax 26,888 41,599 (3,668) 68,139
Provision for income tax 14,699 20,685 16,915 34,751
--------- --------- --------- ---------
Net income (loss) $12,189 $20,914 $(20,583) $33,388
========= ========= ========= =========
EBITDA $50,325 $61,682 $108,781 $150,484
========= ========= ========= =========
EBITDA margin 14.9% 14.7% 9.3% 11.4%
========= ========= ========= =========
CBRE HOLDING, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
Dec. 31, 2001 (Predecessor)
Dec. 31, 2000
------------- -------------
Assets:
Cash and cash equivalents $57,450 $20,854
Warehouse receivable (1) 106,790 416
Other current assets 196,506 201,775
Property and equipment, net 68,451 75,992
Goodwill and other
intangible assets, net 647,660 470,407
Deferred taxes, non current 49,831 32,327
Cash surrender value
of insurance policies,
deferred compensation plan 69,385 53,203
Other assets 150,208 108,131
---------- ----------
Total assets $1,346,281 $963,105
========== ==========
Liabilities:
Current liabilities, excluding debt $265,771 $299,612
Warehouse line of credit (1) 106,790 416
Senior secured term loan tranche A 46,250 --
Senior secured term loan tranche B 184,075 --
11 1/4% senior subordinated notes 225,737 --
16% senior note 59,656 --
8 7/8% senior subordinated notes -- 173,336
Revolving credit facility -- 110,000
Other debt 65,396 30,412
Deferred compensation liability 105,104 80,503
Other long-term liabilities 29,831 29,739
---------- ----------
Total liabilities 1,088,610 724,018
Minority Interest 4,296 3,748
Stockholders' Equity 253,375 235,339
---------- ----------
Total liabilities
and stockholders' equity $1,346,281 $963,105
========== ==========
(1) December 31, 2001 includes $106.8 of Freddie MAC loan receivables
and related non-recourse warehouse line of credit.
CB RICHARD ELLIS SERVICES, INC.
LONG TERM DEBT AND EQUITY
(Dollars in thousands)
(Unaudited)
Dec. 31, 2001 (Predecessor)
Dec. 31, 2000
------------- -------------
Senior secured term loan tranche A (1) $46,250 $--
Senior secured term loan tranche B (1) 184,075 --
11 1/4% senior subordinated notes 225,737 --
8 7/8% senior subordinated notes -- 173,336
Revolving credit facility -- 110,000
Other debt 28,217 30,412
-------- --------
Total debt (2) 484,279 313,748
Cash 57,447 20,854
-------- --------
Net debt 426,832 292,894
-------- --------
Stockholders' equity 315,735 235,339
-------- --------
Total net debt and equity $742,567 $528,233
======== ========
(1) Includes the current portion of these loans.
(2) Includes at December 2001 long term debt for CB Richard Ellis
Services, Inc. and excludes the 16% senior note, Warehouse line
of credit and the current portion of certain non-recourse debt.
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