CB Richard Ellis Group Inc. (CBG, Financial) filed Quarterly Report for the period ended 2010-03-31.
Cb Richard Ellis Group Inc. has a market cap of $4.89 billion; its shares were traded at around $15.2 with a P/E ratio of 37.07 and P/S ratio of 1.17. CBG is in the portfolios of Richard Blum of Blum Capital Partners, John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Ron Baron of Baron Funds, John Paulson of Paulson & Co., Manning & Napier Advisors, Inc, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
On February 5, 2010 and March 29, 2010, we entered into loan modification agreements to our credit agreement, which extended the maturity and amortization schedules on $139.1 million of our term loans and $132.5 million of our revolving credit facility capacity. Since August 2009, we have extended the maturity and amortization schedules on approximately $1.3 billion of debt. During the three months ended March 31, 2010, we also repaid $54.8 million of our senior secured term loans outstanding under our credit agreement. These actions have given us increased flexibility and significantly extended the weighted average maturity of our outstanding debt.
We reported a consolidated net loss of $6.6 million for the three months ended March 31, 2010 on revenue of $1.0 billion as compared to a consolidated net loss of $36.7 million on revenue of $890.4 million for the three months ended March 31, 2009.
Our depreciation and amortization expense on a consolidated basis was relatively consistent at $26.3 million for the three months ended March 31, 2010 as compared to $25.4 million for the three months ended March 31, 2009.
Our consolidated interest income was $1.8 million for the three months ended March 31, 2010, a decrease of $0.5 million, or 21.9%, as compared to the three months ended March 31, 2009. This decrease was mainly driven by lower interest income earned in our Development Services segment due to a decrease in notes receivable in the current year period.
Our consolidated interest expense increased by $15.0 million during the three months ended March 31, 2010, or 43.1%, as compared to the three months ended March 31, 2009. The increase was primarily due to interest expense associated with the $450.0 million of 11.625% senior subordinated notes issued in June 2009.
Read the The complete Report
Cb Richard Ellis Group Inc. has a market cap of $4.89 billion; its shares were traded at around $15.2 with a P/E ratio of 37.07 and P/S ratio of 1.17. CBG is in the portfolios of Richard Blum of Blum Capital Partners, John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Ron Baron of Baron Funds, John Paulson of Paulson & Co., Manning & Napier Advisors, Inc, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Although our management believes that strategic acquisitions can significantly decrease the cost, time and commitment of management resources necessary to attain a meaningful competitive position within targeted markets or to expand our presence within our current markets, our management also believes that most acquisitions will initially have an adverse impact on our operating and net income, both as a result of transaction-related expenditures and the charges and costs of integrating the acquired business and its financial and accounting systems into our own. For example, we incurred $200.9 million of transaction-related expenditures in connection with our acquisition of Insignia in 2003 (the Insignia Acquisition) and $196.6 million of transaction-related expenditures in connection with our acquisition of Trammell Crow Company in 2006. Transaction-related expenditures included severance costs, lease termination costs, transaction costs, deferred financing costs and merger-related costs, among others. We incurred our final transaction expenditures with respect to the Insignia Acquisition in the third quarter of 2004 and the Trammell Crow Company Acquisition in the fourth quarter of 2007. In addition, through March 31, 2010, we have incurred expenses of $41.9 million related to Insignia and $59.6 million related to Trammell Crow Company in connection with the integration of these companies business lines, as well as accounting and other systems, into our own. During the three months ended March 31, 2010, we incurred $1.0 million of integration expenses, the majority of which were related to the acquisition of Trammell Crow Company. We expect to incur total integration expenses relating to past acquisitions of approximately $5 million during 2010, which primarily include residual integration costs associated with our acquisition of Trammell Crow Company.On February 5, 2010 and March 29, 2010, we entered into loan modification agreements to our credit agreement, which extended the maturity and amortization schedules on $139.1 million of our term loans and $132.5 million of our revolving credit facility capacity. Since August 2009, we have extended the maturity and amortization schedules on approximately $1.3 billion of debt. During the three months ended March 31, 2010, we also repaid $54.8 million of our senior secured term loans outstanding under our credit agreement. These actions have given us increased flexibility and significantly extended the weighted average maturity of our outstanding debt.
We reported a consolidated net loss of $6.6 million for the three months ended March 31, 2010 on revenue of $1.0 billion as compared to a consolidated net loss of $36.7 million on revenue of $890.4 million for the three months ended March 31, 2009.
Our depreciation and amortization expense on a consolidated basis was relatively consistent at $26.3 million for the three months ended March 31, 2010 as compared to $25.4 million for the three months ended March 31, 2009.
Our consolidated interest income was $1.8 million for the three months ended March 31, 2010, a decrease of $0.5 million, or 21.9%, as compared to the three months ended March 31, 2009. This decrease was mainly driven by lower interest income earned in our Development Services segment due to a decrease in notes receivable in the current year period.
Our consolidated interest expense increased by $15.0 million during the three months ended March 31, 2010, or 43.1%, as compared to the three months ended March 31, 2009. The increase was primarily due to interest expense associated with the $450.0 million of 11.625% senior subordinated notes issued in June 2009.
Read the The complete Report
