FirstService Reports Solid Second Quarter Results
Colliers International Posts Sharp Increase in Second Quarter Revenues
TORONTO, July 28, 2010 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (Nasdaq:FSRV)
preferred shares (TSX:FSV.PR.U) today reported results for its second quarter ended June 30, 2010. All
amounts are in US dollars.
Revenues for the second quarter were $501.4 million, an 18% increase relative to the same quarter in the prior
year, Adjusted EBITDA (note 1) was $44.6 million, up 8% from $41.2 million and Adjusted EPS (note 2) was
$0.48, up 4% versus $0.46 reported in the prior year quarter. GAAP EPS from continuing operations was $0.08
per share in the quarter, compared to a loss of $0.08 for the same quarter a year ago.
For the six months ended June 30, 2010, revenues were $903.8 million, a 15% increase relative to the
comparable prior year period, while Adjusted EBITDA was $64.6 million, up 21%, and Adjusted EPS was
$0.63, up 15%. GAAP EPS from continuing operations for the six month period was $0.06, compared to a loss
of $1.62 in the prior year period.
"Overall, we were pleased with our quarterly results, with our Commercial Real Estate operations rebounding
sharply over the prior year, and both Residential Property Management and Property Services delivering solid
results despite economic conditions which remain challenging," said Jay S. Hennick, Founder and Chief Executive
Officer of FirstService Corporation. "With a strong balance sheet and our operations on a solid footing, we are
well positioned to extend our long term track record of successfully balancing internal growth with acquisitions to
build value for our shareholders," he added.
About FirstService Corporation
FirstService Corporation is a global diversified leader in the rapidly growing real estate services sector, providing
services in commercial real estate, residential property management and property services. Industry-leading
service platforms include Colliers International,