Revenues for the second quarter were $482.5 million, an 18% increase (21% in local currency) relative to the same quarter in the prior year and Adjusted EBITDA (note 1) was $52.8 million, up 18% (23% in local currency). Adjusted EPS (note 2) was $0.63, up 9% versus the prior year quarter, impacted by a higher income tax rate. Second quarter Adjusted EPS would have been approximately $0.03 higher excluding foreign exchange impacts. GAAP Operating Earnings were $37.6 million, relative to a loss of $16.7 million in the prior year period. GAAP EPS from continuing operations was $0.55 per share in the quarter, versus a loss of $0.79 per share for the same quarter a year ago. Second quarter GAAP EPS would have been approximately $0.03 higher excluding changes in foreign exchange rates. Prior year GAAP Operating Earnings and GAAP EPS results included one-time costs related to the separation from FirstService Corporation completed on June 1, 2015.

For the six months ended June 30, 2016, revenues were $858.6 million, a 15% increase (19% in local currency) relative to the comparable prior year period and Adjusted EBITDA was $75.0 million, up 27% (32% in local currency). Adjusted EPS was $0.82, up 19% versus the prior year period, impacted by a higher income tax rate. Year-to-date Adjusted EPS would have been approximately $0.05 higher excluding foreign exchange impacts.  GAAP Operating Earnings were $46.5 million, relative to a loss of $14.4 million in the prior year period. GAAP EPS from continuing operations for the six month period was $0.37 per share, compared to a loss of $0.58 per share in the prior year period. Year-to-date GAAP EPS would have been approximately $0.05 higher excluding changes in foreign exchange rates. Prior year GAAP Operating Earnings and GAAP EPS results included one-time costs related to the separation from FirstService Corporation completed on June 1, 2015.

“Colliers delivered excellent results in the second quarter despite key operating currencies declining against the US dollar and negatively impacting our results on a reported basis. Strong internal growth continued in most major markets, especially in the Americas region,” said Jay S. Hennick, Chairman and CEO of Colliers International. “Since the beginning of the second quarter, and shortly after, we have expanded operations in Florida, Michigan and New York and added to our project and development management services business in the Northeast US. With a disciplined growth strategy, long-term track record of success and strong balance sheet, Colliers International is better positioned than ever to continue capitalizing on growth opportunities and strengthening the Colliers International brand and global platform,” he concluded.