TORONTO, May 3 (Bernama-GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) today reported operating and financial results for its first quarter ended March 31, 2017. All amounts are in US dollars.
Revenues for the first quarter were $422.8 million, a 12% increase (13% in local currency) relative to the same quarter in the prior year, Adjusted EBITDA (note 1) was $29.3 million, up 32% (33% in local currency) and Adjusted EPS (note 2) was $0.33, a 74% increase versus the prior year quarter. GAAP operating earnings were $10.9 million, relative to $8.9 million reported in the prior year period. GAAP diluted net earnings per common share was breakeven for the quarter, versus a loss of $0.19 per share for the same quarter a year ago. First quarter adjusted EPS and GAAP EPS would have been approximately unchanged excluding foreign exchange impacts.
“Colliers delivered strong results to start the year, with solid revenue growth from acquisitions and internally from our existing operations. Our revenue pipelines indicate sustained activity across all service lines, with generally stable conditions in most major markets,” said Jay S. Hennick, Chairman and CEO of Colliers International. “With five strategic acquisitions completed to date, expanding our presence in Northern California, Nevada, Minnesota and Denmark and strengthening our existing businesses in the UK and Michigan, we remain optimistic about our growth prospects for 2017. Anchored by our strong balance sheet and disciplined growth strategy, Colliers International is well positioned to continue building our global platform and market leadership in the years to come,” he concluded.
About Colliers International
Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm.
For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn.
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