Exhibit 99.1
|
|
|
|
|
|
|
PRESS RELEASE |
Corporate Headquarters |
FOR IMMEDIATE RELEASE ¾May 17, 2004
|
For further information: |
|
|
|
Kenneth Kay |
|
Ronald Platisha |
CB Richard Ellis Group, Inc. Revises First Quarter 2004 Results
Los Angeles, CA - (May 17, 2004) — CB Richard Ellis Group, Inc., parent corporation of CB Richard Ellis Services, Inc., the world’s largest commercial real estate services firm (based on 2003 revenue), today filed its report on Form 10-Q for the three months ended March 31, 2004. The financial information for the three months ended March 31, 2004 contained in the Form 10-Q differs from the financial information for the three months ended March 31, 2004 contained in the Company’s press release issued on May 6, 2004 as a result of the Company’s refinement of the purchase price allocation related to its acquisition of Insignia Financial Group, Inc. (“Insignia”) on July 23, 2003. The Company has revised the estimated fair value assigned to the broker draw asset acquired from Insignia. This has resulted in adjustments to the balance sheet, including a net decrease in goodwill of $3.8 million, a decrease of $1.4 million in stockholders’ equity, an increase of $1.3 million in other current assets and an increase in net other assets of $1.1 million. Additionally, the Company has recorded an adjustment for the amortization of this broker draw asset on a cumulative basis during the quarter ended March 31, 2004, which has resulted in adjustments to the statement of operations, including increases of $2.2 million in both cost of services and operating loss, as well as an increase in net loss of $1.4 million.
About CB Richard Ellis
Headquartered in Los Angeles, CB Richard Ellis is the world’s largest commercial real estate services firm (in terms of 2003 revenue). With approximately 13,500 employees, the company serves real estate owners, investors and occupiers through more than 220 offices worldwide. The company’s core services include property sales, leasing and management; corporate services; facilities and project management; mortgage banking; investment management; appraisal and valuation; research; and consulting. For more information, visit the company’s Web site at www.cbre.com.