Magazine article Mortgage Banking

Grubb & Ellis Reports Net Income of $12.6 Million

Magazine article Mortgage Banking

Grubb & Ellis Reports Net Income of $12.6 Million

Article excerpt

GRUBB & ELLIS CO., NORTHBROOK, ILLINOIS, reported net income of $12.6 million, or $0.83 per share, for the fiscal year ending June 30, 2004, compared with a net loss of $17.9 million, or $1.19 per share, for the prior year. For fourth-quarter 2003, Grubb & Ellis reported net income of $9 million, or $0.59 per share, compared with a net loss of $870,000, or $0.06 per share, in the fourth quarter of fiscal 2003.

Fiscal 2004 results include $3.2 million, or $0.21 per share, of special charges related primarily to certain discontinued operations. Fiscal 2003 results include $9.5 million, or $0.63 per share, of special charges related to severance costs and office closures that resulted from the company's cost-control efforts. Grubb & Ellis also recorded a tax benefit of $3 million in the fourth quarter of fiscal 2004 resulting from a reduction in the valuation allowance related to its deferred tax assets. …

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