NORTHBROOK, Ill. - Grubb & Ellis Co., based here, was the last of the publicy held commercial real estate service providers to announce its recent earnings, and the results were disappointing to many investors.

Since G&E is on a mid-year annual accounting system, it announced both annual earnings and fourth quarter earnings, ended June 30. Proforma net income for the fiscal fourth quarter was $1.5 million, or $0.07 per diluted share, compared to income of $3.6 million for the year-ago period.

For the fiscal year, G&E reported net income of $7.2 million or $0.34 per share versus $9.3 million and $0.42 last year.

"We believe we are poised for growth unencumbered by any significant debt, and intend to supplement our internally generated revenue with opportunistic acquisitions that can be sustained by our existing platform," says G&E chairman and CEO Neil Young. He also says G&E will expand its management services business "as the outsourcing trend picks up steam."

Last month we reported that G&E has acquired Landauer Associates. Stay tuned for more.