CB Richard Ellis Group, INC. reports 43% rise in full year 2007 earnings per share
CB Richard Ellis Group, Inc. (NYSE:CBG) today reported full year 2007 revenue rose 49.7% to $6.0 billion and earnings per share increased 23.0% to $1.66 per diluted share – both record levels for the Company. Fourth quarter 2007 revenue increased 30.4% to $1.8 billion and diluted earnings per share increased slightly to $0.54 compared to the fourth quarter of 2006. Excluding one-time charges1, full year diluted earnings per share was $2.11, an increase of 42.6% from 2006 and fourth quarter 2007 diluted earnings per share was $0.63, representing an increase of 10.5% from the fourth quarter of 2006.
The full year earnings growth was achieved despite a $118.0 million increase in interest expense associated with the financing of the Trammell Crow Company acquisition and the exclusion of $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 $28.2 million and $40.6 million, respectively...
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