CBRE is privately held, but the firm still issues earnings reports because it has some public debt. As reported previously on GlobeSt.com, CBRE has struck a deal to buy publicly held Insignia/ESG for $415 million.
CBRE's fourth quarter income for 2002 dipped from close to $16.2 million in fourth quarter 2001, but its full-year net rose from a loss of about $16.6 million logged in 2001. Revenue totaled $376.5 million for fourth quarter 2002 in comparison to $337.3 million for Q4 2001. For the full year, revenue was virtually the same, almost $1.2 billion.
Before-tax earnings for the fourth quarter totaled $58.7 million, a $2.1-million increase from the same period in 2001, while full-year before-tax earnings totaled $130.7 million, an increase of $15.7 million.
Los Angeles-based CBRE's deal to buy Insignia includes repayment of net debt and redemption of preferred stock. It is subject to Insignia shareholders' approval and other conditions. The merger will create what is believed to be the world's largest brokerage firm, with 16,000 employees in 47 countries.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.