TORONTO, Feb. 05, 2019 (GLOBE NEWSWIRE) -- 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 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 $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 Statements
This 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 Patterson
President & CEO
(416) 960-9500
Jeremy Rakusin
Chief Financial Officer
(416) 960-9500
