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SEC Filings

JONES LANG LASALLE INC filed this Form S-1/A on 07/03/1997
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  On a pro forma basis, the Company's total revenue for 1996 was $207.6
million, compared to actual historical revenue of $176.0 million.
  Pro forma operating income for the Company in 1996 was $30.2 million,
compared to actual historical operating income of $26.9 million. The increase
in operating income of the Company on a pro forma basis is primarily the result
of the addition of $5.4 million of pro forma Galbreath operating income,
including the effect of eliminating the net excess costs associated with
Galbreath's tenant representation and investment banking units which are being
disposed of or eliminated by the Company, offset by $1.3 million of
amortization of intangibles and goodwill associated with the merger and $.8
million of incremental expense associated with public ownership. Prior to the
merger with Galbreath, the Company's operating income as a percentage of total
revenue was 15.3%, compared to 14.5% on a pro forma basis. The decrease is
attributable to the amortization of goodwill and intangibles incurred in
connection with the merger of Galbreath with the Company. The Company believes
that potential synergies created by the merger will improve the operating
margin for the combined management services business. Such synergies are
expected to result primarily from eliminating infrastructure redundancies,
centralizing accounting and personnel functions and enhancing Galbreath's
management information systems.
  Pro forma net income for 1996 was $17.9 million, reflecting the increase in
operating income, the Company's repayment of indebtedness under the Dai-ichi
Notes and the Long-Term Facility and the tax effect as though the Company and
Galbreath were taxable entities for the entire year.
  The Galbreath combination is being treated for accounting purposes as a
purchase under Accounting Principles Board Opinion No. 16. The excess purchase
price over the fair value of the identifiable assets and liabilities acquired
was $29.6 million, of which $5.9 million was allocated to management contracts
and $23.7 million was allocated to goodwill. The amounts allocable to
management contracts and goodwill are being amortized on a straight-line basis
over 8 and 40 years, respectively, based on the Company's estimate of useful

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