Business
FirstService reports record second quarter results
FirstService reports record second quarter results.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\nConfirms financial outlook for year ending March 31, 2008\n\nSecond quarter highlights:\n - Revenues up 26%\n - EBITDA up 30%\n - Adjusted EPS up 28%\n\n\nTORONTO, Oct. 30 /CNW/ - FirstService Corporation (TSX: FSV; Nasdaq:\nFSRV; preferred shares - TSX: FSV.PR.U) today reported record results for its\nsecond quarter ended September 30, 2007 and confirmed its financial outlook\nfor its fiscal year ending March 31, 2008. All amounts are in US dollars.\n\n\nSecond quarter revenues were $427.7 million, an increase of 26% relative\nto the same period last year. EBITDA (see definition and reconciliation below)\nincreased 30% to $42.7 million. Adjusted diluted earnings per common share\nfrom continuing operations (see definition and reconciliation below) were up\n28% to $0.46 for the quarter, versus $0.36 in the prior year period, adjusting\nfor the $0.06 per common share pro forma impact of the preferred dividends on\nprior period results.\n\n\nFor the six months ended September 30, 2007, revenues were\n$847.0 million, an increase of 28% relative to the same period last year.\nEBITDA (see definition and reconciliation below) increased 28% to $91.1\nmillion. Adjusted diluted earnings per common share from continuing operations\n(see definition and reconciliation below) were up 25% to $1.04 for the six\nmonths, versus $0.83 in the prior year period, adjusting for the $0.06 per\ncommon share pro forma impact of the preferred dividends on prior period\nresults.\n\n\n"These results reflect another quarter of solid internal growth across\nthe board and strong contributions from recently completed acquisitions, all\nof which are performing in line with our expectations", said Jay S. Hennick,\nFounder and Chief Executive Officer of FirstService Corporation. "We are\nparticularly excited about the long term growth opportunities that can be\nrealized from our recent Field Asset Services acquisition. As a market leader\nin property preservation services, Field Asset Services contracts with "blue\nchip" residential mortgage lenders to administer and manage growing portfolios\nof foreclosed residential properties - a market that is experiencing\nsignificant near term growth given current market conditions," he added.\n\n\nAbout FirstService Corporation\n\n\n------------------------------\n\n\nFirstService is ...