Business
FirstService reports record fourth quarter and yearend results
FirstService reports record fourth quarter and yearend results.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\n\nExceeds $1 billion in revenues for the first time\n\nYearend highlights:\n - Revenues $1.1 billion, up 64%\n - EBITDA $89 million, up 57%\n - Net earnings up 54%\n - Diluted EPS up 51%\n - Net after-tax gain of $36 million on sale of Resolve Corporation \n\nTORONTO, May 17 /CNW/ - FirstService Corporation (Nasdaq: FSRV; TSX: FSV)\ntoday reported record results for its fourth quarter and year ended March 31,\n2006. All amounts are in US dollars.\nFor the year ended March 31, 2006, revenues were $1.068 billion, up 64%\nversus the prior year period, while EBITDA (see definition and reconciliation\nbelow) was up 57% to $88.8 million. Operating results exclude the Resolve\nCorporation business services operation which is classified as a discontinued\noperation for all periods presented. Adjusted net earnings from continuing\noperations were $32.3 million, up 54% from $21.0 million in the prior year,\nwhile adjusted diluted earnings per share from continuing operations were\n$1.01, up 51%. The adjustment (see reconciliations below) represents non-cash\namortization of short-lived intangible assets relating to pending brokerage\ntransactions and listings recognized on recent acquisitions in the Company's\ncommercial real estate services platform.\nFourth quarter revenues were $247.9 million, an increase of 24% relative\nto the same period last year. EBITDA increased 90% to $10.1 million. Adjusted\nnet earnings from continuing operations were $1.9 million versus a loss of\n$0.5 million in the prior year period. Adjusted diluted earnings per share\nfrom continuing operations were $0.06 versus a loss of $0.03 in the prior year\nperiod.\n\"Our strong fiscal 2006 results, solid capital base and the favorable\noperating environments in each of our service lines position FirstService to\ncontinue delivering outstanding results for our shareholders in fiscal 2007\nand beyond,\" said Jay S. Hennick, Founder and Chief Executive Officer. \"The\nsale of Resolve was an important step as we sharpen our focus as a property\nservices company competing in global markets. FirstService has $300 million in\navailable capital to invest in long-term growth opportunities and we will\ncontinue to capitalize on strong internal growth and appropriate\nacquisitions,\" he added.\n\nAbout FirstService Corporation\n------------------------------\nFirstSer...