NEW YORK CITY-CB Richard Ellis reported revenue for the second quarter ended June 30 of $836.2 million, up 24% over the second quarter of 2005, and diluted earnings per share of $0.27 for the second quarter ended June 30, compared with $0.22 for the same quarter last year.

Excluding one-time charges--mainly costs related to retirement of debt--second quarter 2006 diluted earnings per share was $0.34, an increase of 48% from the $0.23 earned in the second quarter of 2005.

"Our overall business continues to perform very well. Commercial real estate markets worldwide have good momentum, and the combination of people, brand and platform has enabled us to continue to gain market share," Brett White, CB Richard Ellis' president and CEO, says in a statement. "As expected, the growth rate seen in the US investment sales market has eased back to a more orderly and sustainable rate of growth compared with the heated growth trends of 2004 and 2005, but still reflects a solid year-over-year increase."Among the highlights of the second quarter of 2006, the company reported net income of $64.3 million compared with net income of $50.4 million in the second quarter of 2005.EBITDA totaled $147 million for the quarter, an increase of $40.5 million, or 38%, from the same quarter last year.

According to the company, the financial results show strength across virtually all business lines and geographies, as well as contributions from acquisitions. Of the 24.4% revenue growth, approximately two-thirds was due to organic growth and one-third was attributable to acquisitions completed in 2005 and earlier this year. The double-digit organic growth was possible through improved leasing activity in most major markets, continued strength in investment sales as well as increased revenue in the appraisal/valuation, mortgage brokerage, property and facilities management and investment management operations.

During the second quarter of 2006, the company repurchased the remaining $164.7 million in aggregate principal amount of its outstanding 11 1/4% senior subordinated notes at a premium of $9.3 million. This repurchase combined with the new $600 million revolving credit facility, which fully replaced the former facility on more favorable terms, will reduce annual interest expense by approximately $25 million.

CBRE finished at $22.93, down $2.21, or 8.8%