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S-1/A
JONES LANG LASALLE INC filed this Form S-1/A on 07/11/1997
Entire Document
 
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                      THE GALBREATH COMPANY AND AFFILIATES
 
                COMBINED STATEMENTS OF INCOME AND OWNERS' EQUITY
 

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<CAPTION>
                                                          THREE MONTHS ENDED
                                           YEAR ENDED          MARCH 31,
                                          DECEMBER 31,  ------------------------
                                              1996         1996         1997
                                          ------------  -----------  -----------
                                                              (UNAUDITED)
<S>                                       <C>           <C>          <C>
REVENUE:
  Leasing fees, net of outside broker
   fees of $6,637,214, $763,306 and
   $1,132,341 for the periods ending
   December 31, 1996, March 31, 1996 and
   1997, respectively.................... $34,147,028   $ 6,550,517  $ 7,879,961
  Management fees........................  17,171,812     4,187,580    4,510,027
  Development fees.......................   2,007,393       395,775      258,469
  Other income...........................   4,639,995     1,116,922      855,547
                                          -----------   -----------  -----------
    Total revenue........................  57,966,228    12,250,794   13,504,004
                                          -----------   -----------  -----------
OPERATING EXPENSES:
  Payroll................................  21,671,229     5,479,076    5,535,148
  Brokerage and leasing fees, excluding
   outside broker fees...................  20,076,197     3,557,111    4,279,451
  Rent...................................   2,810,522       716,124      813,780
  Travel and entertainment...............   2,026,774       439,115      422,000
  Professional fees......................   1,726,755       321,727      400,625
  Advertising and promotions.............   1,200,427       323,739      213,777
  General and administrative.............   2,869,729       725,635      758,738
  Other operating expenses...............   1,420,568       305,619      274,330
  Depreciation and amortization..........     701,219       168,113      178,953
                                          -----------   -----------  -----------
    Total operating expenses.............  54,503,420    12,036,259   12,876,802
                                          -----------   -----------  -----------
OPERATING INCOME.........................   3,462,808       214,535      627,202
INTEREST EXPENSE.........................     504,063        97,544       71,617
                                          -----------   -----------  -----------
EARNINGS BEFORE PROVISION FOR INCOME
 TAXES...................................   2,958,745       116,991      555,585
TAXES....................................     209,603        33,746       33,554
                                          -----------   -----------  -----------
NET INCOME...............................   2,749,142        83,245      522,031
OWNERS' EQUITY, Beginning of period......   5,548,738     5,548,738    8,173,808
DISTRIBUTIONS TO OWNERS..................    (124,072)      (27,354)         --
                                          -----------   -----------  -----------
OWNERS' EQUITY, End of period............ $ 8,173,808   $ 5,604,629  $ 8,695,839
                                          ===========   ===========  ===========
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See notes to combined financial statements.
 
                                      F-22


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