Business
FirstService reports record fourth quarter and annual results
FirstService reports record fourth quarter and annual results.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\nStrong internal growth and disciplined acquisitions drive financial\n\n\nperformance\n\n\nYearend highlights:\n- Revenues $1.36 billion, up 27%\n- Adjusted EPS $1.37, up 36%\n\n\nTORONTO, May 16 /CNW/ - FirstService Corporation (NASDAQ: FSRV; TSX: FSV)\ntoday reported record results for its fourth quarter and fiscal year ended\nMarch 31, 2007 and updated its financial outlook for its fiscal year ending\nMarch 31, 2008. All amounts are in US dollars.\n\n\nFor the year ended March 31, 2007, revenues totalled $1.36 billion, up\n27% relative to the prior year, while EBITDA (see definition and\nreconciliation below) increased 29% to $114.6 million versus $88.8 million in\nthe prior year. Adjusted diluted net earnings per share from continuing\noperations (see definition and reconciliation below) were $1.37, up 36% from\n$1.01 in the prior year. Diluted earnings per share from continuing operations\ncalculated in accordance with GAAP were $1.14, up 31% versus the prior year.\n\n\nFourth quarter revenues were $320.7 million, an increase of 29% relative\nto the same period last year. EBITDA increased 82% to $18.4 million versus\n$10.1 million in the prior year period. Adjusted diluted earnings per share\nfrom continuing operations for the quarter increased to $0.18 versus $0.06 in\nthe prior year period. Diluted earnings per share from continuing operations\ncalculated in accordance with GAAP for the quarter were $0.08 versus $0.01 in\nthe prior year period.\n\n\n"We set new records in our financial performance for fiscal 2007 through\na combination of strong internal growth and disciplined acquisitions, while\nremaining true to the FirstService Way of operating," said Jay S. Hennick,\nFounder and Chief Executive Officer of FirstService Corporation. "Over the\nlast five years, our revenues, earnings and earnings per share have grown at a\ncompound annual rate of about 30%, an impressive rate of growth across these\nimportant performance measures; and with more than $200 million in available\ncash and other resources, we are well positioned to deliver excellent growth\nagain in fiscal 2008," he concluded.\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 re...