FirstService Declares 11% Increase to Quarterly Cash Dividend
February 05 2019 - 11:45AM
FirstService Corporation (TSX: FSV; NASDAQ: FSV)
("
FirstService") announced today that its Board of
Directors has approved an 11% 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$0.135 per Common Share and
declared a quarterly dividend of US$0.15 per Common Share.
The dividend is payable on April 5, 2019 to holders of Common
Shares of record at the close of business on March 29, 2019.
On an annualized basis, the Company’s dividend
will be US$0.60, up from US$0.54 over the prior year. This marks
the fourth successive increase in the Company’s dividend by 10% or
more, resulting in a cumulative 50% hike in the dividend since
inception as a new public company in mid-2015. FirstService’s
conservative balance sheet and consistent, growing cash flow
profile provide strong support for the increased shareholder
distribution, while also maintaining flexibility to fund all
strategic initiatives across the Company’s operations.
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 $1.8 billion in
annual revenues and has more than 19,000 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, 2017 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
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