For the fourth quarter ended Dec. 31, the Calabasas-based firm reported earnings of $343.1 million (56 cents per diluted share), versus $563.7 million (94 cents) for the year-earlier quarter. Revenue fell a fraction to $1.98 billion.
The country's largest residential mortgage lender cited a higher tax rate, a flattening of the bond yield curve, tighter mortgage-swap spreads and lower interest-rate volatility. Countrywide said it expects earnings of $3.25 to $4.25 per diluted share for 2005.
CB Richard Ellis Group Inc.
For the fourth quarter ended Dec. 31, the L.A.-based commercial real estate services firm reported net income of $66.4 million (88 per diluted share), compared with a net loss of $10.1 million (16 cents) in the year-ago period. Revenues increased 28.5 percent to $798.2 million from $621.3 million in the fourth quarter of 2003.
CB Richard Ellis expects to achieve full-year revenue growth of approximately 8 percent in 2005 and net income in the range of $149 million to $156 million, which would equate to diluted earnings per share in the range of $1.95 to $2.05.
Center Financial Corp.
For the fourth quarter ended Dec. 31, the L.A.-based bank holding company reported net income of $4.4 million (26 cents per diluted share), versus $3.0 million (18 cents) for the comparable period of 2003. Revenues rose by 34 percent to $22.3 million.
LTC Properties Inc.
For the fourth quarter ended Dec. 31, the Malibu-based health care real estate investment trust reported net income of $9.2 million versus $8 million for the year-ago period. After payment of preferred dividends, the company reported net income available to common shareholders of $4.7 million (23 cents per diluted share), versus $1.6 million (9 cents) in the year-ago period. The year-ago period included a gain of $2.1 million (12 cents per share) from discontinued operations.
Revenues rose to $16.3 million from $15.8 million for the same period in 2003.
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