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S-1/A
JONES LANG LASALLE INC filed this Form S-1/A on 07/11/1997
Entire Document
 
<PAGE>
 
 

<TABLE>
<CAPTION>
                                                               YEAR ENDED DECEMBER 31, 1996
                   -------------------------------------------------------------------------------------------------
                                              GALBREATH MERGER                                                      
                      HISTORICAL    ------------------------------------                                            
                       COMBINED                  DISPOSITION OF                                         PRO FORMA   
                     PREDECESSOR     HISTORICAL  BUSINESS UNITS    PRO     ACQUISITION   INCORPORATION   COMPANY/   
                   PARTNERSHIPS (1) COMBINED (1) ADJUSTMENTS (2)  FORMA  ADJUSTMENTS (3)  ADJUSTMENTS   GALBREATH   
                   ---------------- ------------ --------------- ------- --------------- -------------  ----------  
                                                             (IN THOUSANDS, EXCEPT SHARE DATA)                      
<S>                <C>              <C>          <C>             <C>     <C>             <C>            <C>         
Revenue:                                                                                                            
 Fee-based                                                                                                          
  services.......      $170,709       $53,326       $(25,731)    $27,595     $   --         $   --      $  198,304  
 Equity in                                                                                                          
  earnings from                                                                                                     
  unconsolidated                                                                                                    
  ventures.......         3,220           572            --          572         --             --           3,792  
 Construction                                                                                                       
  operations,                                                                                                       
  net............         1,271           --             --          --          --             --           1,271  
 Other income....           767         4,068           (643)      3,425         --             --           4,192  
                       --------       -------       --------     -------     -------        -------     ----------  
 Total revenue...       175,967        57,966        (26,374)     31,592         --             --         207,559  
Operating                                                                                                           
 expenses:                                                                                                          
 Compensation and                                                                                                   
  benefits.......       104,673        41,747        (23,965)     17,782         --             --         122,455  
 Other operating                                                                                                    
  and                                                                                                               
  administrative.        38,977        12,055         (4,302)      7,753         --             --          46,730  
 Depreciation and                                                                                                   
  amortization...         5,416           701            --          701       1,330            --           7,447  
                       --------       -------       --------     -------     -------        -------     ----------  
 Total operating                                                                                                    
  expenses.......       149,066        54,503        (28,267)     26,236       1,330            --         176,632  
                       --------       -------       --------     -------     -------        -------     ----------  
 Operating income                                                                                                   
  (loss).........        26,901         3,463          1,893       5,356      (1,330)           --          30,927  
Interest expense.         5,730           504           (504)        --          --             --           5,730  
                       --------       -------       --------     -------     -------        -------     ----------  
 Earnings before                                                                                                    
  provision for                                                                                                     
  income taxes...        21,171         2,959          2,397       5,356      (1,330)           --          25,197  
Net provision for                                                                                                   
 income taxes....         1,207           210            --          210         --           8,284 (6)      9,701  
                       --------       -------       --------     -------     -------        -------     ----------  
 Net earnings                                                                                                       
  (loss).........      $ 19,964       $ 2,749       $  2,397     $ 5,146     $(1,330)       $(8,284)    $   15,496  
                       ========       =======       ========     =======     =======        =======     ==========  
Primary and fully                                                                                                   
 diluted earnings                                                                                                   
 per share.......                                                                                       $     1.27  
                                                                                                        ==========  
Supplemental                                                                                                        
 primary and                                                                                                        
 fully diluted                                                                                                      
 earnings per                                                                                                       
 share...........                                                                                                   
                                                                                                                    
Shares used in                                                                                                      
 computation of                                                                                                     
 primary and                                                                                                        
 fully diluted                                                                                                      
 earnings per                                                                                                       
 share...........                                                                                       12,200,000(8)
                                                                                                        ==========  
</TABLE>





<TABLE>
<CAPTION>
                 YEAR ENDED DECEMBER 31, 1996
                   ------------------------
                   
                   
                                 PRO FORMA
                    OFFERING         AS
                   ADJUSTMENTS    ADJUSTED
                   -----------   ----------
                   
<S>                <C>           <C>
Revenue:           
 Fee-based         
  services.......    $   --      $  198,304
 Equity in         
  earnings from    
  unconsolidated   
  ventures.......        --           3,792
 Construction      
  operations,      
  net............        --           1,271
 Other income....        --           4,192
                     -------     ----------
 Total revenue...        --         207,559
Operating          
 expenses:         
 Compensation and  
  benefits.......        --         122,455
 Other operating   
  and              
  administrative.        750 (4)     47,480
 Depreciation and  
  amortization...        --           7,447
                     -------     ----------
 Total operating   
  expenses.......        750        177,382
                     -------     ----------
 Operating income  
  (loss).........       (750)        30,177
Interest expense.     (4,655)(5)      1,075
                     -------     ----------
 Earnings before   
  provision for    
  income taxes...      3,905         29,102
Net provision for  
 income taxes....      1,503 (6)     11,204
                     -------     ----------
 Net earnings      
  (loss).........    $ 2,402     $   17,898
                     =======     ==========
Primary and fully  
 diluted earnings  
 per share.......  
                   
Supplemental       
 primary and       
 fully diluted     
 earnings per      
 share...........                $     1.13(7)
                                 ==========
Shares used in     
 computation of    
 primary and       
 fully diluted     
 earnings per      
 share...........                15,869,337(7)
                                 ==========
</TABLE>


(1) The "Historical" columns represent the combined statements of operations
    of the Predecessor Partnerships and the combined statements of operations
    of Galbreath for the three months ended March 31, 1997 and the year ended
    December 31, 1996.
(2) These adjustments give effect to the elimination of revenue and related
    compensation, benefits, operating and other expenses associated with
    Galbreath's tenant representation and investment banking units which, in
    connection with the merger, are being disposed of or eliminated, and the
    elimination of interest expense related to Galbreath's debt which was
    repaid in connection with the merger of Galbreath with the Company. Such
    business units were not retained as they did not meet the strategic
    objectives of the Company.
(3) The adjustment gives effect to the amortization of intangibles and
    goodwill associated with the merger of Galbreath with the Company.
(4) The adjustment gives effect to the estimated incremental general and
    administrative costs associated with operation as a public company.
(5) The adjustment gives effect to the repayment of the Dai-ichi Notes and the
    Long-Term Facility. See "Use of Proceeds."
(6) The adjustment gives effect to the provision (benefit) for income taxes as
    though the Company and Galbreath were taxable entities as of January 1,
    1996 at an estimated effective tax rate of 38.5%.
(7) Includes the 12,200,000 shares of Common Stock to be issued in connection
    with the Incorporation Transactions and 3,669,337 of the 4,000,000 shares
    of Common Stock to be issued in the Offering, the proceeds of which will
    be used to repay indebtedness. The Company will have 16,200,000 shares of
    Common Stock outstanding upon completion of the Offering. See "Use of
    Proceeds."
(8) Represents the 12,200,000 shares to be issued in connection with the
    Incorporation Transactions.
 
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