Koll Management Services: The Newport Beach real...

Koll Management Services: The Newport Beach real estate management firm reported a profit of $2.7 million, or 88 cents a share, for its latest fiscal year, which ended March 31. That was a 23% increase from earnings of $2.2 million, or 85 cents a share, for the previous year.

Annual revenue increased 35% to $29.1 million from $21.5 million. For its fourth fiscal quarter, the company’s profit was up 17% to $794,000, or 24 cents a share, from $679,000, or 26 cents a share. Quarterly revenue rose 53% to $9 million from $5.9 million.

William Rothe, president and chief operating officer, said the company’s revenue improvement for the year resulted primarily from the acquisition of five property management firms. Rothe attributed part of the year’s earnings gain to economies of scale resulting from managing a substantially larger portfolio of properties. Earnings per share reflect an increase in the average number of shares outstanding since the company’s initial public offering in July 1991.