Toronto, Feb. 11, 2016 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIG) today announced record fourth quarter and yearend operating and financial results for the year ended December 31, 2015. All amounts are in US dollars.
Revenues for the fourth quarter were $556.1 million, a 3% increase (11% in local currency) relative to the strong performance in the prior year quarter. Adjusted EBITDA (note 1) was $79.1 million, up 18% (29% in local currency), and Adjusted EPS (note 2) was $1.06, up 9% from the prior year quarter. GAAP EPS from continuing operations was $0.92 per share in the quarter, compared to $0.44 for the same quarter a year ago. Fourth quarter adjusted EPS and GAAP EPS would have been approximately $0.13 higher if foreign exchange rates were held constant at prior period rates.
For the year ended December 31, 2015, revenues were $1.72 billion, a 9% increase (18% in local currency) relative to the prior year. Adjusted EBITDA was $181.3 million, up 24% (34% in local currency). Adjusted EPS was $2.29, up 25% versus the prior year. GAAP EPS from continuing operations for the year was $0.59, compared to $0.54 in the prior year and was impacted by one-time transaction costs and stock-based compensation totalling $1.20 per share, both related to the separation from FirstService Corporation on June 1, 2015. Full year adjusted EPS and GAAP EPS would have been approximately $0.31 higher if foreign exchange rates were held constant at prior year rates.
“2015 was a transformational year for Colliers International in so many ways. It was our first as a stand-alone public company; we strengthened our leadership team for the future; we reported record revenues and profits despite foreign currency headwinds; exceeded our double-digit margin target we set five years ago, one year earlier than expected; further strengthened an already strong balance sheet; and declared and paid our inaugural semi-annual dividend,” said Jay S. Hennick
, Chairman and Chief Executive Officer. “Perhaps most importantly, our real estate service professionals worldwide continued to demonstrate the Colliers difference by delivering exceptional results for our clients, resulting in strong internal growth across all service lines. Finally, with several acquisitions completed during the quarter and three more acquisitions completed after yearend, Colliers International is advantageously positioned to build further momentum in 2016 while navigating the ever changing global markets in which we operate,” he concluded.