Business
FirstService reports record first quarter results
FirstService reports record first quarter results.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\nInvestment-grade rated Preferred Shares to be issued August 1, 2007\n\nIncreases financial outlook for year ending March 31, 2008\n\nFirst quarter highlights:\n - Revenues up 29%\n - EBITDA up 26%\n - Adjusted EPS up 23%\n\n\nTORONTO, July 31 /CNW/ - FirstService Corporation (TSX: FSV;\nNasdaq: FSRV; preferred shares - TSX: FSV.PR.U) today reported record results\nfor its first quarter ended June 30, 2007 and updated its financial outlook\nfor its fiscal year ending March 31, 2008. All amounts are in US dollars.\n\n\nQuarterly revenues were $419.3 million, an increase of 29% relative to\nthe same period last year. EBITDA (see definition and reconciliation below)\nincreased 26% to $48.4 million, and adjusted net earnings (see definition and\nreconciliation below) increased to $18.7 million from $15.3 million. Adjusted\ndiluted earnings per share (see definition and reconciliation below) were\n$0.58 for the quarter versus $0.47 in the prior year period, up 23%.\n\n\n"Our first quarter results reflect the benefits of our business model,\nwith a combination of strong internal growth and the contribution from\nrecently completed acquisitions," said Jay S. Hennick, Founder and Chief\nExecutive Officer of FirstService Corporation. "With these results and from\ngrowth opportunities on the horizon, we are well positioned to achieve our\nfinancial targets for the year ending March 31, 2008," he added.\n\n\nAbout FirstService Corporation\n\n\n------------------------------\n\n\nFirstService is a leader in the rapidly growing property services sector,\nproviding services in the following areas: commercial real estate; residential\nproperty management; property improvement and integrated security services.\nMarket-leading brands include Colliers International in commercial real\nestate; The Continental Group, The Wentworth Group and The Merit Companies in\nresidential property management; California Closets, Paul Davis Restoration,\nPillar to Post Home Inspections and CertaPro Painters in property improvement;\nand Intercon Security and SST in integrated security.\n\n\nFirstService is a diversified property services company with more than\nUS$1.6 billion in annualized revenues and over 16,000 employees worldwide.\nMore information about FirstService is available at www.firstservice.com.\n\n\nSegmented Quarterly Re...