CB Richard Ellis Group sees earnings hike

Retail real estate investment company CB Richard Ellis Group reported yesterday a 26 percent increase in first-quarter 2006 revenue.

The quarter ended March 31 saw revenues of $680.1 million with diluted earnings per share of 48 cents. First-quarter 2005 brought diluted earnings per share of 19 cents. Excluding one-time charges, first-quarter diluted earnings per share were 52 cents, marking a 108 percent increase from the 25 cents earned in the first-quarter 2005.

The company reported net income of $36.9 million, or 48 cents per diluted share, for first-quarter 2006. First-quarter net income for 2005 was $14.6 million, or 19 cents per diluted share.

Excluding one-time items, the company would have earned net income of $40.1 million, or 52 cents per diluted share, in the first quarter of 2006, up 110.7 percent and 108 percent respectively, compared with net income of $19 million, or 25 cents per diluted share in the first quarter of 2005.

Earnings before interest, taxes, depreciation and amortization were up 64.5 percent from the same quarter 2005, to $82.7 million. – TRACIE STONE