FirstService Declares 11% Increase to Quarterly Cash Dividend
February 06 2023 - 12:00PM
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$0.2025 per Common Share and declared a quarterly
dividend of US$0.225 per Common Share. The dividend is payable on
April 11, 2023 to holders of Common Shares of record at the close
of business on March 31, 2023.
The Company’s dividend will be US$0.90 on an
annualized basis, up from US$0.81 during the past year. This
distribution represents our eighth consecutive year of at least 10%
annual dividend growth, resulting in more than a doubling of our
dividend over that period. FirstService’s ability to drive
long-term earnings and free cash flow growth while maintaining a
conservative balance sheet are cornerstones of the Company’s
successful financial track record and reinforce the approval of the
increased dividend.
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 $3.5 billion in annual revenues
and has approximately 25,000 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, 2021 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 PattersonChief
Executive
Officer (416)
960-9566
Jeremy RakusinChief
Financial Officer(416) 960-9566
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