FirstService Declares Quarterly Cash Dividend With 10% Increase to US$0.11
February 09 2016 - 4:30PM
FirstService Corporation (TSX:FSV) (NASDAQ:FSV)
("
FirstService") announced today that its Board of
Directors has approved a 10% increase in the quarterly cash
dividend on the outstanding Subordinate Voting Shares and Multiple
Voting Shares of the Company (together, the "
Common
Shares") over the previous US$0.10 per Common Share and
declared a quarterly dividend of US$0.11 per Common Share.
The dividend is payable on April 7, 2016 to holders of Common
Shares of record at the close of business on March 31, 2016.
With this increase, FirstService’s dividend on
an annualized basis is US$0.44 per annum and is supported by the
Company’s ability to generate significant free cash flow. This
level of distribution reflects FirstService’s intention to
prudently direct capital towards execution of its growth plan,
including a disciplined acquisition strategy, while at the same
time delivering an incremental return on shareholders’ capital.
The dividend on Common Shares is an "eligible
dividend" for Canadian income tax purposes.
About FirstService Corporation
FirstService Corporation is a North American leader in the
property services sector, serving its customers through two
industry-leading service platforms: FirstService
Residential, North America's largest manager of
residential communities; and FirstService
Brands, one of North America's largest providers of
essential property services delivered through individually branded
franchise systems and company-owned operations.
FirstService generates more than $1.2 billion in annual revenues
and has more than 15,000 employees across North America. With
significant insider ownership and an experienced management team,
FirstService has a long-term track record of creating value and
superior returns for shareholders. The Subordinate Voting
Shares of FirstService trade on the NASDAQ and the Toronto Stock
Exchange under the symbol "FSV".
For the latest news from FirstService
Corporation, visit
www.firstservice.com
Forward-looking Statements
This press release includes or may include
forward-looking statements. Forward-looking statements include the
Company’s financial performance outlook and statements regarding
goals, beliefs, strategies, objectives, plans or current
expectations. These statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results
to be materially different from any future results, performance or
achievements contemplated in the forward-looking statements. Such
factors include: (i) general economic and business conditions,
which will, among other things, impact demand for the Company’s
services and the cost of providing services; (ii) the ability of
the Company to implement its business strategy, including the
Company’s ability to acquire suitable acquisition candidates on
acceptable terms and successfully integrate newly acquired
businesses with its existing businesses; (iii) changes in or the
failure to comply with government regulations; and (iv) other
factors which are described in the Company’s filings with
applicable Canadian and United States securities regulatory
authorities (which factors are adopted herein).
COMPANY CONTACTS:
D. Scott Patterson
President & CEO
(416) 960-9500
Jeremy Rakusin
Chief Financial Officer
(416) 960-9500
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