FirstService Declares 11% Increase to Quarterly Cash Dividend
February 14 2022 - 2:30PM
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 Common Shares of the Company over the
previous US$0.1825 per Common Share and declared a quarterly
dividend of US$0.2025 per Common Share. The dividend is payable on
April 7, 2022 to holders of Common Shares of record at the close of
business on March 31, 2022.
The Company’s dividend will be US$0.81 on an
annualized basis, up from US$0.73 during the past year.
FirstService has a long-standing track record of free cash flow
growth and maintaining a strong balance sheet, both of which
support this dividend increase. This marks our seventh consecutive
year of at least 10% dividend growth since becoming a new public
company in 2015, resulting in a doubling of our annual dividend as
we continue to deliver incremental returns to our shareholders.
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 $3.1 billion in annual revenues
and has approximately 24,000 employees across North
America. The Common Shares of FirstService trade on the NASDAQ
and the Toronto Stock Exchange under the symbol "FSV", and are
included in the S&P/TSX 60 Index.
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, 2020 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)
960-9566
Jeremy RakusinChief
Financial Officer(416) 960-9566
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