Jones Lang LaSalle meets 2001 expectations with adjusted $1.31 EPS

Jones Lang LaSalle Incorporated, the leading global real estate services and investment management firm, today reported adjusted net income of $40.5 million, or an adjusted $1.31 per diluted share, for the fiscal year ended December 31, 2001, in line with First Call consensus estimates.

Full-year revenues were $881.7 million, four percent below the prior year. The firm’s adjusted results exclude $77.2 million of non-operational non-recurring charges incurred during the year. Comparable results for the full year 2000 included adjusted net income of $40.5 million, or an adjusted $1.31 per share, which excluded $85.8 million of non-cash compensation expense associated with the Jones Lang Wootton merger and a charge of $14.2 million related to the adoption of SAB 101. Adjusted EBITDA for 2001 was $137.0 million, a slight increase year on year.

Full-year 2001 results reported under Generally Accepted Accounting Principles (GAAP) improved to a loss of $15.4 million, or $0.51 per share, versus a loss of $57.1 million, or $2.30 per share, for the full year of 2000. The non-operational non-recurring charges in 2001 are for the previously announced global business restructuring, realignment of the Asia Pacific business, provision against two insolvent insurers and e-commerce investment writedowns.

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