Business
FirstService reports record third quarter results; residential property management and commercial real estate post strong gains
FirstService reports record third quarter results; residential property management and commercial real estate post strong gains.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\n\nHighlights: \n - Revenues up 57%\n - EBITDA up 15%\n - Adjusted net earnings up 21%\n - Adjusted diluted EPS up 14%\n - Updates financial outlook - fiscal 2006 EPS range now $1.16 to\n $1.20\n - Provides preliminary outlook for year ending March 31, 2007\n\nTORONTO, Jan. 31 /CNW/ - FirstService Corporation (Nasdaq: FSRV; TSX:\nFSV.SV) today reported record results for its third quarter ended December 31,\n2005. All amounts are in US dollars.\nQuarterly revenues were $342.0 million, an increase of 57% relative to\nthe same period last year. EBITDA (see definition and reconciliation below)\nincreased 15% to $27.9 million. Adjusted net earnings were $10.3 million, up\n21% from $8.5 million in the prior year period. Adjusted diluted earnings per\nshare were $0.32, up 14% from $0.28 in the prior year period. The adjustment\n(see reconciliation below) represents non-cash amortization of short-lived\nbrokerage backlog intangible assets, relating to pending brokerage\ntransactions and listings, recognized on recent acquisitions in the Company's\nColliers International commercial real estate services platform.\nFor the nine months ended December 31, 2005, revenues were\n$946.1 million, up 67% versus the prior year period, while EBITDA was up 46%\nto $74.6 million. Adjusted net earnings were $35.9 million, up 42% for the\nnine month period, while adjusted diluted earnings per share were $1.13, up\n36%.\n\"Our results for the third quarter were very strong and continued the\nmomentum that began early in the year. Our balance sheet has never been\nstronger, putting us in an excellent position for future growth,\" said Jay S.\nHennick, Founder and Chief Executive Officer. \"While we are pleased with the\nperformance of all our service lines, the results from our Residential\nProperty Management business were exceptional both in terms of year over year\ngrowth and margin expansion and our Colliers International operation continued\nits strong performance,\" he added.\n\nAbout FirstService Corporation\n------------------------------\nFirstService is a leader in the rapidly growing service sector, providing\nservices in the following areas: commercial real estate; residential property\nmanagement; integrated security services; property improvement and business\nservices. Market-leading brands include Colliers International in commerci...