<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JUNE 29, 1998
CB RICHARD ELLIS SERVICES, INC.
----------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 001-12231 52-1616016
- ------------------ ---------------- ------------------
(STATE OR OTHER (COMMISSION FILE (IRS EMPLOYER
JURISDICTION OF NUMBER) IDENTIFICATION NO.)
INCORPORATION)
533 SOUTH FREMONT AVENUE, LOS ANGELES, CALIFORNIA 90071
-------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (213) 613-3123
---------------
- --------------------------------------------------------------------------------
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
<PAGE>
ITEM 5. OTHER EVENTS.
Effective January 1, 1997, CB Richard Ellis Services, Inc. (the "Company")
adopted Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings
Per Share," which replaced the calculation of primary earnings per share and
fully diluted earnings per share with basic earnings per share and diluted
earnings per share. In accordance with Item 601(c)(2) of Regulation S-K, the
Company is filing restated financial data schedules as exhibits to this Current
Report on Form 8-K to reflect compliance with SFAS 128, with the exception of
the financial data schedule for the year ended December 31, 1997. The financial
data schedule for the year ended December 31, 1997 reflected compliance with
SFAS 128 when it wars originally filed, but is filed herewith to correct
immaterial errors in the original filing.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) The following are furnished as exhibits to this report:
27.1 Restated Financial Data Schedule for the quarter ended March
31, 1996, submitted as restated Exhibit 27 to the Quarterly
Report on Form 10-Q for the quarterly period ended March 31,
1996.
27.2 Restated Financial Data Schedule for the quarter ended June 30,
1996, submitted as restated Exhibit 27 to the Quarterly Report
on Form 10-Q for the quarterly period ended June 30, 1996.
27.3 Restated Financial Data Schedule for the quarter ended
September 30, 1996, submitted as restated Exhibit 27 to the
Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 1996.
27.4 Restated Financial Data Schedule for the year ended December
31, 1996, submitted as restated Exhibit 27 to the Annual Report
on Form 10-K for the year ended December 31, 1996.
27.5 Restated Financial Data Schedule for the quarter ended March
31, 1997, submitted as restated Exhibit 27 to the Quarterly
Report on Form 10-Q for the quarterly period ended March 31,
1997.
27.6 Restated Financial Data Schedule for the quarter ended June 30,
1997, submitted as restated Exhibit 27 to the Quarterly Report
on Form 10-Q for the quarterly period ended June 30, 1997.
27.7 Restated Financial Data Schedule for the quarter ended
September 30, 1997, submitted as restated Exhibit 27 to the
Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 1997.
-2-
<PAGE>
27.8 Restated Financial Data Schedule for the year ended December
31, 1997, submitted as restated Exhibit 27 to the Annual Report
on Form 10-K for the year ended December 31, 1997.
ITEM 9. SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S.
On April 17, 1998 the Company completed its acquisition of the outstanding
share capital of REI Limited, the holding company for all Richard Ellis
operations outside of the United Kingdom. As previously announced, the purchase
price for the acquisition was approximately $103 million, of which approximately
$50.3 million was payable in shares of Company common stock. A total of
1,326,861 shares of Company common stock were offered and sold to the former
shareholders of REI Limited pursuant to the terms of the acquisition, of which
1,300,766 were not registered under the Securities Act of 1933, as amended (the
"Securities Act") in reliance upon Regulation S. The Company subsequently
registered under the Securities Act all of the shares issued pursuant to the
acquisition. The former REI Limited shareholders to whom the 1,300,766 shares
were issued are non-U.S. residents and are listed in the prospectus dated April
17, 1998 filed with the Securities and Exchange Commission.
-3-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CB RICHARD ELLIS SERVICES, INC.
Date: June 29, 1998 By: /s/ Debra L. Morris
---------------------------------------------
Debra L. Morris
Global Chief Accounting Officer
-4-
<PAGE>
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION OF EXHIBIT
- ------ ----------------------
27.1 Restated Financial Data Schedule for the quarter ended March 31, 1996,
submitted as restated Exhibit 27 to the Quarterly Report on Form 10-Q
for the quarterly period ended March 31, 1996. (SEC EDGAR format
only)
27.2 Restated Financial Data Schedule for the quarter ended June 30, 1996,
submitted as restated Exhibit 27 to the Quarterly Report on Form 10-Q
for the quarterly period ended June 30, 1996. (SEC EDGAR format only)
27.3 Restated Financial Data Schedule for the quarter ended September 30,
1996, submitted as restated Exhibit 27 to the Quarterly Report on Form
10-Q for the quarterly period ended September 30, 1996. (SEC EDGAR
format only)
27.4 Restated Financial Data Schedule for the year ended December 31, 1996,
submitted as restated Exhibit 27 to the Annual Report on Form 10-K for
the year ended December 31, 1996. (SEC EDGAR format only)
27.5 Restated Financial Data Schedule for the quarter ended March 31, 1997,
submitted as restated Exhibit 27 to the Quarterly Report on Form 10-Q
for the quarterly period ended March 31, 1997. (SEC EDGAR format
only)
27.6 Restated Financial Data Schedule for the quarter ended June 30, 1997,
submitted as restated Exhibit 27 to the Quarterly Report on Form 10-Q
for the quarterly period ended June 30, 1997. (SEC EDGAR format only)
27.7 Restated Financial Data Schedule for the quarter ended September 30,
1997, submitted as restated Exhibit 27 to the Quarterly Report on Form
10-Q for the quarterly period ended September 30, 1997. (SEC EDGAR
format only)
27.8 Restated Financial Data Schedule for the year ended December 31, 1997,
submitted as restated Exhibit 27 to the Annual Report on Form 10-K for
the year ended December 31, 1997. (SEC EDGAR format only)
-5-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 16,124
<SECURITIES> 0
<RECEIVABLES> 32,443
<ALLOWANCES> 4,202
<INVENTORY> 0
<CURRENT-ASSETS> 49,854
<PP&E> 82,468
<DEPRECIATION> 38,944
<TOTAL-ASSETS> 181,313
<CURRENT-LIABILITIES> 64,658
<BONDS> 0
0
40
<COMMON> 95
<OTHER-SE> (153,481)
<TOTAL-LIABILITY-AND-EQUITY> 181,313
<SALES> 112,741
<TOTAL-REVENUES> 112,741
<CGS> 0
<TOTAL-COSTS> 107,847
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,928
<INCOME-PRETAX> (639)
<INCOME-TAX> (48)
<INCOME-CONTINUING> (591)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (591)
<EPS-PRIMARY> (0.05)
<EPS-DILUTED> (0.05)
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 27,451
<SECURITIES> 0
<RECEIVABLES> 33,747
<ALLOWANCES> 4,008
<INVENTORY> 0
<CURRENT-ASSETS> 65,018
<PP&E> 83,448
<DEPRECIATION> 40,476
<TOTAL-ASSETS> 189,763
<CURRENT-LIABILITIES> 77,066
<BONDS> 0
0
40
<COMMON> 95
<OTHER-SE> (151,142)
<TOTAL-LIABILITY-AND-EQUITY> 189,763
<SALES> 243,695
<TOTAL-REVENUES> 243,695
<CGS> 0
<TOTAL-COSTS> 230,741
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 11,687
<INCOME-PRETAX> 2,016
<INCOME-TAX> 390
<INCOME-CONTINUING> 1,626
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,626
<EPS-PRIMARY> 0.12
<EPS-DILUTED> 0.12
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 24,903
<SECURITIES> 0
<RECEIVABLES> 34,700
<ALLOWANCES> 3,959
<INVENTORY> 0
<CURRENT-ASSETS> 67,125
<PP&E> 81,202
<DEPRECIATION> 39,407
<TOTAL-ASSETS> 232,575
<CURRENT-LIABILITIES> 84,922
<BONDS> 0
0
40
<COMMON> 101
<OTHER-SE> (107,035)
<TOTAL-LIABILITY-AND-EQUITY> 232,575
<SALES> 390,863
<TOTAL-REVENUES> 390,863
<CGS> 0
<TOTAL-COSTS> 364,410
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 17,883
<INCOME-PRETAX> 9,605
<INCOME-TAX> (35,790)
<INCOME-CONTINUING> 45,395
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 45,395
<EPS-PRIMARY> 3.29
<EPS-DILUTED> 3.29
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<CASH> 49,328
<SECURITIES> 0
<RECEIVABLES> 45,350
<ALLOWANCES> 4,423
<INVENTORY> 0
<CURRENT-ASSETS> 113,952
<PP&E> 82,212
<DEPRECIATION> 41,377
<TOTAL-ASSETS> 278,944
<CURRENT-LIABILITIES> 106,005
<BONDS> 0
0
40
<COMMON> 133
<OTHER-SE> (1,688)
<TOTAL-LIABILITY-AND-EQUITY> 278,944
<SALES> 583,068
<TOTAL-REVENUES> 583,068
<CGS> 0
<TOTAL-COSTS> 534,639
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 24,123
<INCOME-PRETAX> 25,809
<INCOME-TAX> (44,740)
<INCOME-CONTINUING> 70,549
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 70,549
<EPS-PRIMARY> 5.05
<EPS-DILUTED> 4.99
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 35,376
<SECURITIES> 0
<RECEIVABLES> 33,918
<ALLOWANCES> 4,431
<INVENTORY> 0
<CURRENT-ASSETS> 93,033
<PP&E> 84,149
<DEPRECIATION> 43,151
<TOTAL-ASSETS> 256,252
<CURRENT-LIABILITIES> 81,148
<BONDS> 0
0
40
<COMMON> 133
<OTHER-SE> 2,269
<TOTAL-LIABILITY-AND-EQUITY> 256,252
<SALES> 134,064
<TOTAL-REVENUES> 134,064
<CGS> 0
<TOTAL-COSTS> 127,118
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,745
<INCOME-PRETAX> 3,833
<INCOME-TAX> 1,560
<INCOME-CONTINUING> 2,273
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,273
<EPS-PRIMARY> 0.10
<EPS-DILUTED> 0.09
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 50,279
<SECURITIES> 0
<RECEIVABLES> 26,272
<ALLOWANCES> 4,494
<INVENTORY> 0
<CURRENT-ASSETS> 108,174
<PP&E> 84,962
<DEPRECIATION> 44,538
<TOTAL-ASSETS> 269,559
<CURRENT-LIABILITIES> 91,083
<BONDS> 0
0
40
<COMMON> 134
<OTHER-SE> 7,371
<TOTAL-LIABILITY-AND-EQUITY> 269,559
<SALES> 292,022
<TOTAL-REVENUES> 292,022
<CGS> 0
<TOTAL-COSTS> 272,898
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 7,849
<INCOME-PRETAX> 12,494
<INCOME-TAX> 5,355
<INCOME-CONTINUING> 7,139
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,139
<EPS-PRIMARY> 0.38
<EPS-DILUTED> 0.37
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 43,623
<SECURITIES> 0
<RECEIVABLES> 74,538
<ALLOWANCES> 8,164
<INVENTORY> 0
<CURRENT-ASSETS> 140,711
<PP&E> 92,581
<DEPRECIATION> 46,542
<TOTAL-ASSETS> 497,821
<CURRENT-LIABILITIES> 131,304
<BONDS> 0
0
40
<COMMON> 187
<OTHER-SE> 138,188
<TOTAL-LIABILITY-AND-EQUITY> 497,821
<SALES> 469,542
<TOTAL-REVENUES> 469,542
<CGS> 0
<TOTAL-COSTS> 448,554
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 12,007
<INCOME-PRETAX> 10,940
<INCOME-TAX> 4,786
<INCOME-CONTINUING> 6,154
<DISCONTINUED> 0
<EXTRAORDINARY> 951
<CHANGES> 0
<NET-INCOME> 5,203
<EPS-PRIMARY> 0.16
<EPS-DILUTED> 0.15
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<CASH> 47,181
<SECURITIES> 0
<RECEIVABLES> 85,785
<ALLOWANCES> 8,427
<INVENTORY> 0
<CURRENT-ASSETS> 147,699
<PP&E> 99,240
<DEPRECIATION> 48,931
<TOTAL-ASSETS> 502,509
<CURRENT-LIABILITIES> 155,025
<BONDS> 0
0
40
<COMMON> 188
<OTHER-SE> 157,543
<TOTAL-LIABILITY-AND-EQUITY> 502,509
<SALES> 730,224
<TOTAL-REVENUES> 730,224
<CGS> 0
<TOTAL-COSTS> 671,136
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 15,780
<INCOME-PRETAX> 45,906
<INCOME-TAX> 20,558
<INCOME-CONTINUING> 25,348
<DISCONTINUED> 0
<EXTRAORDINARY> 951
<CHANGES> 0
<NET-INCOME> 24,397
<EPS-PRIMARY> 1.34
<EPS-DILUTED> 1.28
</TABLE>
