FirstService Declares 10% Increase to Quarterly Cash Dividend
February 06 2018 - 12:00PM
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$0.1225 per Common Share and declared a quarterly
dividend of US$0.135 per Common Share. The dividend is
payable on April 6, 2018 to holders of Common Shares of record at
the close of business on March 29, 2018.
At this distribution level, the Company’s
dividend on an annualized basis will be US$0.54, up from US$0.49
per year. The growth in the dividend represents the third
consecutive 10% increase since FirstService became a new public
company through its mid-2015 spin-off. FirstService’s consistent
growth in annual cash flow and conservative balance sheet provide
strong support for the increased distribution to its shareholders,
while fully preserving flexibility to fund growth opportunities
across its businesses.
The dividend on Common Shares is an "eligible
dividend" for Canadian income tax purposes.
About FirstService CorporationFirstService
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 $1.5 billion in annual revenues
and has more than 17,000 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 StatementsThis
press release includes or may include forward-looking statements.
Much of this information can be identified by words such as “expect
to,” “expected,” “will,” “estimated” or similar expressions
suggesting future outcomes or events. FirstService believes the
expectations reflected in such forward-looking statements are
reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements should
not be unduly relied upon. 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
FirstService’s services and the cost of providing services; (ii)
the ability of FirstService to implement its business strategy,
including FirstService’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 FirstService’s annual
information form for the year ended December 31, 2016 under the
heading “Risk factors” (a copy of which may be obtained at
www.sedar.com) and Annual Report on Form 40-F filed with the United
States Securities and Exchange Commission (a copy of which may be
obtained at www.sec.gov), and subsequent filings (which factors are
adopted herein). Forward-looking statements contained in this press
release are made as of the date hereof and are subject to change.
All forward-looking statements in this press release are qualified
by these cautionary statements. Unless otherwise required by
applicable securities laws, we do not intend, nor do we undertake
any obligation, to update or revise any forward-looking statements
contained in this press release to reflect subsequent information,
events, results or circumstances or otherwise.
COMPANY CONTACTS:
D. Scott
PattersonPresident &
CEO (416)
960-9500
Jeremy RakusinChief
Financial Officer(416) 960-9500
FirstService (NASDAQ:FSV)
Historical Stock Chart
From Jun 2024 to Jul 2024
FirstService (NASDAQ:FSV)
Historical Stock Chart
From Jul 2023 to Jul 2024