Jones Lang LaSalle exceeds 2003 guidance with net income of $36.1 million, $1.12 per share

Jones Lang LaSalle Incorporated today reported net income of $36.1 million, or $1.12 per diluted share, for the fiscal year ended December 31, 2003. These results compare favorably to management guidance to exceed $1.00 per share and to the prior year’s net income of $27.1 million, or $0.85 per share. EBITDA for the year was $99.1 million compared to the prior year of $90.7 million, an increase of 9 percent.

For the fourth quarter of 2003, net income was $37.3 million, or $1.14 per share, as compared with a net income of $17.5 million or $0.55 per share in 2002. All segments reported year-over-year operating income improvement, with the exception of Europe which was down $1.4 million. Included in the 2003 fourth quarter results were $1.7 million of nonrecurring and restructuring charges primarily related to a provision for the abandonment of a lease in Europe, offset by a reversal of reserves for merger related compensation from the Jones Lang Wootton merger. The results for the fourth quarter of 2002 included $13.3 million of non-recurring charges principally relating to business restructuring.

“We are pleased to end 2003 with a strong performance delivery around the globe and to exceed our earnings guidance,” said Stuart Scott, the firm’s Chairman and Chief Executive Officer. “We are gaining confidence that the world economies are improving, starting first in the Americas. We have maintained our market strength while improving our core operational performance. We are looking forward to 2004.”

Source: Jones Lang LaSalle

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