Business
FirstService reports record third quarter results
Updates financial outlook Third quarter highlights: - Revenues up 34%
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\nUpdates financial outlook\n\nThird quarter highlights:\n\n - Revenues up 34%\n - EBITDA up 29%\n - Adjusted EPS up 32%\n\n\nTORONTO, Jan. 29 /CNW/ - FirstService Corporation (TSX: FSV; Nasdaq:\nFSRV; preferred shares - TSX: FSV.PR.U) today reported results for its third\nquarter ended December 31, 2007. All amounts are in US dollars.\n\n\nThird quarter revenues were $502.2 million, an increase of 34% relative\nto the same period last year. EBITDA (see definition and reconciliation below)\nincreased 29% to $35.4 million. Adjusted diluted earnings per common share\nfrom continuing operations (see definition and reconciliation below) were up\n32% to $0.29 for the quarter, versus $0.22 in the prior year period, adjusting\nfor the $0.08 per common share pro forma impact of the preferred dividends on\nprior period results.\n\n\nFor the nine months ended December 31, 2007, revenues were\n$1.349 billion, an increase of 30% relative to the same period last year.\nEBITDA (see definition and reconciliation below) increased 28% to\n$126.5 million. Adjusted diluted earnings per common share from continuing\noperations (see definition and reconciliation below) were up 27% to $1.33 for\nthe nine months, versus $1.05 in the prior year period, adjusting for the\n$0.14 per common share pro forma impact of the preferred dividends on prior\nperiod results.\n\n\n"Our core operations in Commercial Real Estate, Property Management and\nIntegrated Security segments generated solid results during our third quarter,\nwhile our Property Improvement segment delivered an extremely strong\nperformance primarily from newly acquired Field Asset Services, one of North\nAmerica's leading players in the foreclosure servicing business," said Jay S.\nHennick, Founder and Chief Executive Officer of FirstService Corporation.\n"Given current market conditions, our new capability of managing foreclosed\nresidential properties for large US financial institutions and residential\nmortgage service companies has given us another strong growth engine in an\notherwise challenging US economy."\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 four areas: commercial real estate;\nresidential property management; i...