FirstService Declares 10% Increase to Quarterly Cash Dividend
February 04 2020 - 12:45PM
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 Common Shares of the Company over the
previous US$0.15 per Common Share and declared a quarterly dividend
of US$0.165 per Common Share. The dividend is payable on April 7,
2020 to holders of Common Shares of record at the close of business
on March 31, 2020.
The Company’s dividend will be US$0.66 on an
annualized basis, up from US$0.60 over the past year. After a very
active year of acquisitions during 2019 to further drive our growth
and shareholder value, FirstService remains well-positioned with a
conservative balance sheet and strong free cash flow to provide an
incremental return to its shareholders. The Company has now
delivered a fifth consecutive annual increase of 10% or more in its
dividend, with cumulative 65% dividend growth over the five years
since becoming a new public company.
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 US$2 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".
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, 2018 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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