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Fourth-quarter net income of $52 million, a 26 percent year-over-year increase
Three Months Ended
Investor and Occupier Services
Property & Facility Management
Project & Development Services
Advisory, Consulting & Other
Total IOS Revenue
LaSalle Investment Management
Transaction and Incentive fees
Total Investment Management
Total Firm Revenue
For the full year, operating expenses, excluding Restructuring charges, were $2.3 billion in 2009, compared with $2.5 billion in 2008, down 8 percent for the year, 5 percent in local currency.
Income tax expense exceeded pre-tax net income for full-year 2009, resulting in a net loss. The effective tax rate of 23 percent for the fourth quarter of 2009 is more representative of an annual effective tax rate the firm would expect over the long term.
At the end of 2009, the outstanding balance on the firm’s long-term credit facilities was $175 million. The firm reduced its net bank debt position by $334 million during the year driven by proceeds from its common stock offering in June 2009, strong cash generation and reduced acquisition and capital spending. During the fourth quarter, the firm reduced its net bank debt by $164 million compared to September 30, 2009. The firm was well within the covenant requirements under its bank agreements.
Business Segment Performance Highlights
LaSalle Investment Management
In the midst of a very challenging environment, the firm continued to perform for clients while protecting its businesses, market positions and top talent. Aggressive but targeted cost actions taken throughout the year contributed to strong fourth-quarter performance. The common stock offering and the firm’s ability to generate cash resulted in a strong balance sheet at year end. With the pace of recovery differing across global markets, the firm will capture emerging opportunities by leveraging its leading market positions and maintaining its focus on containing costs.
Statements in this press release regarding, among other things, future financial results and performance, achievements, plans and objectives, dividend payments and share repurchases may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance, achievements, plans and objectives of Jones Lang LaSalle to be materially different from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include those discussed under “Business,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures about Market Risk,” and elsewhere in Jones Lang LaSalle’s Annual Report on Form 10-K for the year ended December 31, 2008, and in the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2009, and June 30, 2009, and in other reports filed with the Securities and Exchange Commission. There can be no assurance that future dividends will be declared since the actual declaration of future dividends, and the establishment of record and payment dates, remains subject to final determination by the Company’s Board of Directors. Statements speak only as of the date of this release. Jones Lang LaSalle expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in Jones Lang LaSalle’s expectations or results, or any change in events.
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