EX-99.4 5 a06-22997_2ex99d4.htm EX-99.4

EXHIBIT 99.4

 

Trammell Crow Company

Summarized Operating Data by Segment

(in thousands)

(UNAUDITED)

 

 

 

For the Nine Months

 

For the Three Months

 

 

 

Ended September 30,

 

Ended September 30,

 

 

 

2006

 

2005

 

2006

 

2005

 

 

 

(A)

 

(A)

 

 

 

(A)

 

Global Services:

 

 

 

 

 

 

 

 

 

Total revenues

 

$

670,591

 

$

581,328

 

$

233,960

 

$

209,539

 

Operating costs and expenses

 

(640,790

)

(555,226

)

(224,135

)

(200,237

)

Gain on disposition of real estate

 

53

 

1,264

 

10

 

1,264

 

Operating income

 

29,854

 

27,366

 

9,835

 

10,566

 

Interest and other income

 

2,368

 

1,590

 

1,028

 

440

 

Income from continuing operations before income taxes, minority interest and income from investments in unconsolidated subsidiaries

 

32,222

 

28,956

 

10,863

 

11,006

 

 

 

 

 

 

 

 

 

 

 

Minority interest, before income taxes

 

442

 

282

 

163

 

(260

)

Income from investments in unconsolidated subsidiaries, before income taxes

 

13,175

 

5,755

 

5,194

 

1,856

 

Income from continuing operations, before income taxes

 

45,839

 

34,993

 

16,220

 

12,602

 

Income from discontinued operations, before income taxes

 

673

 

565

 

209

 

565

 

Income before cumulative effect of a change in accounting principle

 

46,512

 

35,558

 

16,429

 

13,167

 

Cumulative effect of a change in accounting principle, before income taxes

 

984

 

—

 

—

 

—

 

Income before income taxes

 

47,496

 

35,558

 

16,429

 

13,167

 

Depreciation and amortization

 

6,476

 

5,856

 

2,428

 

1,953

 

Interest

 

2,653

 

940

 

1,291

 

344

 

EBITDA (B)

 

$

56,625

 

$

42,354

 

$

20,148

 

$

15,464

 

 

 

 

 

 

 

 

 

 

 

Development and Investment:

 

 

 

 

 

 

 

 

 

Total revenues

 

$

31,551

 

$

24,168

 

$

13,130

 

$

9,223

 

Operating costs and expenses

 

(63,909

)

(53,556

)

(25,520

)

(21,775

)

Gain on disposition of real estate

 

19,317

 

8,495

 

16,122

 

6,021

 

Operating income (loss)

 

(13,041

)

(20,893

)

3,732

 

(6,531

)

Interest and other income

 

1,342

 

483

 

737

 

232

 

Income (loss) from continuing operations before income taxes, minority interest and income from investments in unconsolidated subsidiaries

 

(11,699

)

(20,410

)

4,469

 

(6,299

)

 

 

 

 

 

 

 

 

 

 

Minority interest, before income taxes

 

(853

)

1,795

 

(792

)

(2,748

)

Income from investments in unconsolidated subsidiaries, before income taxes

 

5,393

 

3,781

 

3,313

 

537

 

Income (loss) from continuing operations, before income taxes

 

(7,159

)

(14,834

)

6,990

 

(8,510

)

Income from discontinued operations, before income taxes

 

4,474

 

18,328

 

1,521

 

18,257

 

Income (loss) before cumulative effect of a change in accounting principle

 

(2,685

)

3,494

 

8,511

 

9,747

 

Cumulative effect of a change in accounting principle, before income taxes

 

673

 

—

 

—

 

—

 

Income (loss) before income taxes

 

(2,012

)

3,494

 

8,511

 

9,747

 

Depreciation and amortization (C)

 

2,969

 

2,119

 

1,366

 

656

 

Interest (D)

 

4,911

 

4,732

 

2,195

 

1,648

 

EBITDA (B)

 

$

5,868

 

$

10,345

 

$

12,072

 

$

12,051

 

 

 

 

 

 

 

 

 

 

 

Total:

 

 

 

 

 

 

 

 

 

Total revenues

 

$

702,142

 

$

605,496

 

$

247,090

 

$

218,762

 

Operating costs and expenses

 

(704,699

)

(608,782

)

(249,655

)

(222,012

)

Gain on disposition of real estate

 

19,370

 

9,759

 

16,132

 

7,285

 

Operating income

 

16,813

 

6,473

 

13,567

 

4,035

 

Interest and other income

 

3,710

 

2,073

 

1,765

 

672

 

Income from continuing operations before income taxes, minority interest and income from investments in unconsolidated subsidiaries

 

20,523

 

8,546

 

15,332

 

4,707

 

 

 

 

 

 

 

 

 

 

 

Minority interest, before income taxes

 

(411

)

2,077

 

(629

)

(3,008

)

Income from investments in unconsolidated subsidiaries, before income taxes

 

18,568

 

9,536

 

8,507

 

2,393

 

Income from continuing operations, before income taxes

 

38,680

 

20,159

 

23,210

 

4,092

 

Income from discontinued operations, before income taxes

 

5,147

 

18,893

 

1,730

 

18,822

 

Income before cumulative effect of a change in accounting principle

 

43,827

 

39,052

 

24,940

 

22,914

 

Cumulative effect of a change in accounting principle, before income taxes

 

1,657

 

—

 

—

 

—

 

Income before income taxes

 

45,484

 

39,052

 

24,940

 

22,914

 

Depreciation and amortization (C)

 

9,445

 

7,975

 

3,794

 

2,609

 

Interest (D)

 

7,564

 

5,672

 

3,486

 

1,992

 

EBITDA (B)

 

$

62,493

 

$

52,699

 

$

32,220

 

$

27,515

 

(A) In accordance with the discontinued operations provisions of FAS 144, certain revenues and expenses for the six months ended June 30, 2006, and for the three and nine months ended September 30, 2005, have been reclassified to conform to the presentation for the three months ended September 30, 2006. These reclassifications did not have any impact on net income or EBITDA.

 

(B) EBITDA represents earnings before interest, income taxes and depreciation and amortization. The Company believes that EBITDA is a meaningful measure of the Company’s operating performance, cash generation and ability to service debt. However, EBITDA should not be considered as an alternative to: (1) net earnings (determined in accordance with accounting principles generally accepted in the United States (“GAAP”)); (2) operating cash flow (determined in accordance with GAAP); or (3) liquidity. The Company also believes that EBITDA is sometimes useful to compare the operating results of companies within an industry due to the fact that it eliminates the effects of certain financing and accounting decisions. The Company’s calculation of EBITDA may, however, differ from similarly titled items reported by other companies.

 

(C) Includes depreciation and amortization related to discontinued operations of $294 and $1,026 for the three and nine months ended September 30, 2006, respectively, and $274 and $1,105 for the three and nine months ended September 30, 2005, respectively.

 

(D) Includes interest related to discontinued operations of $510 and $1,159 for the three and nine months ended September 30, 2006, respectively, and $672 and $2,402 for the three and nine months ended September 30, 2005, respectively.