Print Page     Close Window     

SEC Filings

S-1/A
JONES LANG LASALLE INC filed this Form S-1/A on 07/11/1997
Entire Document
 
<PAGE>
 
                            SELECTED FINANCIAL DATA
 
  The following table sets forth, for the periods and as of the dates
indicated, selected financial and other data on a pro forma basis for the
Company and on a historical combined basis for the Predecessor Partnerships.
The selected financial data as of December 31, 1995 and 1996 and for the years
ended December 31, 1994, 1995 and 1996 have been derived from the Predecessor
Partnerships' Combined Financial Statements audited by KPMG Peat Marwick LLP,
independent certified public accountants, included elsewhere herein. The
selected financial data as of December 31, 1992, 1993 and 1994 and for the
years ended December 31, 1992 and 1993 have been derived from the Predecessor
Partnerships' Combined Financial Statements audited by KPMG Peat Marwick LLP,
not included herein. The selected financial data as of March 31, 1997 and for
the three months ended March 31, 1996 and March 31, 1997 have been derived from
the Predecessor Partnerships' Unaudited Combined Financial Statements also
included elsewhere herein. Such financial statements include all adjustments,
consisting of normal recurring adjustments, which the Company considers
necessary for a fair presentation of its financial position and results of
operations for these periods. Operating results for the three months ended
March 31, 1997 are not necessarily indicative of results that may be expected
for the entire year. The unaudited pro forma, as adjusted, statement of
operations data for 1996 and for the three months ended March 31, 1997 give
effect to the merger of Galbreath with the Company, the Incorporation
Transactions (as described under the heading "Incorporation Transactions") and
the Offering as if they occurred on January 1, 1996. In addition, the unaudited
pro forma, as adjusted, balance sheet data as of March 31, 1997 give effect to
the merger of Galbreath with the Company, the Incorporation Transactions and
the Offering as if they occurred on March 31, 1997. The information set forth
below should be read in conjunction with "Pro Forma Consolidated Financial
Statements," "Management's Discussion and Analysis of Financial Condition and
Results of Operations" and the Predecessor Partnerships' Combined Financial
Statements and the notes thereto, all included elsewhere herein.
 

<TABLE>
<CAPTION>
                                          YEAR ENDED DECEMBER 31,
                  -----------------------------------------------------------------------------
                                                                                 1996 PRO FORMA
                                                                                  AS ADJUSTED
                     1992        1993        1994         1995         1996           (1)
                  ----------  ----------  -----------  -----------  -----------  --------------
                                                        (IN THOUSANDS, EXCEPT SHARE DATA)
<S>               <C>         <C>         <C>          <C>          <C>          <C>
STATEMENT OF
 OPERATIONS
 DATA:
Total revenue...  $  103,334  $  104,049  $   126,918  $   151,827  $   175,967   $   207,559
Total operating
 expenses.......      84,722      87,036      108,903      131,711      149,066       177,382
                  ----------  ----------  -----------  -----------  -----------   -----------
Operating income
 (loss).........      18,612      17,013       18,015       20,116       26,901        30,177
Interest
 expense........       5,590       5,257        5,159        3,806        5,730         1,075
Earnings (loss)
 before
 provision for
 income taxes...      13,022      11,756       12,856       16,310       21,171        29,102
Net provision
 (benefit) for
 income taxes...         355         300          554          505        1,207        11,204
                  ----------  ----------  -----------  -----------  -----------   -----------
Net earnings
 (loss).........  $   12,667  $   11,456  $    12,302  $    15,805  $    19,964   $    17,898
                  ==========  ==========  ===========  ===========  ===========   ===========
Pro forma:
Supplemental
 primary and
 fully diluted
 earnings (loss)
 per share (2)..                                                                  $      1.13
                                                                                  ===========
OTHER DATA:
EBITDA (3)......  $   21,034  $   19,544  $    20,866  $    24,356  $    32,317   $    37,624
Cash flows
 provided by
 (used in)
 operating
 activities.....      14,675       4,837       24,628       13,553       13,964        13,646
Cash flows
 provided by
 (used in)
 investing
 activities.....      (1,727)     (2,738)      (4,885)      (5,706)     (32,478)      (31,852)
Cash flows
 provided by
 (used in)
 financing
 activities.....     (19,000)     (6,758)     (12,028)     (12,365)      17,189        19,195
Investments
 under
 management (4).  $6,500,000  $7,000,000  $10,700,000  $11,500,000  $15,200,000   $15,200,000
Total square
 feet-facility
 management (5).       2,400      50,600       50,600       67,600       68,600        81,600
Total square
 feet under
 management (6).      47,000      98,300      102,400      125,700      131,600       202,900
<CAPTION>
                       THREE MONTHS ENDED MARCH 31,
                  ----------------------------------------
                                            1997 PRO FORMA
                                             AS ADJUSTED
                     1996         1997           (1)
                  ------------ ------------ --------------
<S>               <C>          <C>          <C>
STATEMENT OF
 OPERATIONS
 DATA:
Total revenue...  $    27,285  $    36,019   $    43,384
Total operating
 expenses.......       32,490       39,291        46,269
                  ------------ ------------ --------------
Operating income
 (loss).........       (5,205)      (3,272)       (2,885)
Interest
 expense........          937        1,695           265
Earnings (loss)
 before
 provision for
 income taxes...       (6,142)      (4,967)       (3,150)
Net provision
 (benefit) for
 income taxes...         (350)        (248)       (1,213)
                  ------------ ------------ --------------
Net earnings
 (loss).........  $    (5,792) $    (4,719)  $    (1,937)
                  ============ ============ ==============
Pro forma:
Supplemental
 primary and
 fully diluted
 earnings (loss)
 per share (2)..                             $     (0.12)
                                            ==============
OTHER DATA:
EBITDA (3)......  $    (4,094) $    (1,498)  $      (599)
Cash flows
 provided by
 (used in)
 operating
 activities.....      (12,721)      (4,678)       (7,892)
Cash flows
 provided by
 (used in)
 investing
 activities.....       (5,967)      (2,038)       (2,185)
Cash flows
 provided by
 (used in)
 financing
 activities.....       14,921        7,705         7,573
Investments
 under
 management (4).  $11,500,000  $15,100,000   $15,100,000
Total square
 feet-facility
 management (5).       67,600       69,100        82,100
Total square
 feet under
 management (6).      130,200      132,700       204,000
</TABLE>

 

<TABLE>
<CAPTION>
                                          DECEMBER 31,                        MARCH 31, 1997
                          ---------------------------------------------- ------------------------
                                                                                     PRO FORMA
                            1992      1993      1994     1995     1996    ACTUAL  AS ADJUSTED (7)
                          --------  --------  -------- -------- -------- -------- ---------------
                                                     (IN THOUSANDS)
<S>                       <C>       <C>       <C>      <C>      <C>      <C>      <C>
BALANCE SHEET DATA:
Cash and cash
 equivalents............  $  9,784  $  5,125  $ 12,840 $  8,322 $  7,207 $  8,094    $ 14,994
Total assets............    72,590    84,512   107,055  115,001  156,614  124,075     166,411
Long-term debt (8)......    51,319    56,619    41,028   40,805   55,551   57,083         --
Total liabilities.......    87,277    99,801    93,898  100,004  132,367  109,425      50,575
Total partners' capital
 (deficit)/stockholders'
 equity.................   (14,687)  (15,289)   13,157   14,997   24,247   14,650     115,836
</TABLE>

- -------
(Footnotes on following page)
 
                                       21


© Copyright Jones Lang LaSalle, IP, Inc.