FirstService Declares 11% Increase in Quarterly Cash Dividend
TORONTO, Feb. 14 2022 (GLOBE NEWSWIRE) — FirstService Corporation (TSX: FSV; NASDAQ: FSV) (“First serve“) today announced that its Board of Directors has approved an 11% increase in the quarterly cash dividend on the Company’s outstanding common stock from 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 common shareholders 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 the previous year. FirstService has a long history of growing free cash flow and maintaining a strong balance sheet, both of which support this dividend increase. This is our seventh consecutive year of double-digit dividend growth since becoming a new public company in 2015, which has resulted in our annual dividend doubling as we continue to deliver incremental returns to our shareholders.
The dividend on the Common Shares is an “eligible dividend” for Canadian income tax purposes.
About FirstService Corporation
FirstService Corporation is a North American leader in the real estate services industry, serving its customers through two industry-leading service platforms: FirstService Residential, the largest residential community manager in North America; and FirstService Brandsone of North America’s largest providers of essential real estate services, delivered through individually branded franchise systems and company-owned operations.
FirstService generates more than $3.1 billion in annual revenue and has approximately 24,000 employees in North America. FirstService’s common shares trade on 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
This press release contains or may contain forward-looking statements. Much of this information can be identified by words such as “expect”, “expected”, “will”, “estimated” or similar expressions suggesting future results or events. FirstService believes that the expectations reflected in such forward-looking statements are reasonable, but there can be no assurance that such expectations will prove to be correct and undue reliance should not be placed on such forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from any future results, performance or achievements contemplated in the forward-looking statements. These factors include: (i) general economic and business conditions, which will, among other things, impact the demand for FirstService’s services and the cost of providing the services; (ii) FirstService’s ability to implement its business strategy, including FirstService’s ability to acquire suitable acquisition candidates on acceptable terms and to successfully integrate newly acquired businesses into its existing business; (iii) changes in or 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 the 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 (the factors of which are adopted herein). The forward-looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements contained in this press release are qualified by these cautionary statements. Except as required by applicable securities laws, we do not intend or undertake to update or revise the forward-looking statements contained in this press release to reflect current information, events, results or circumstances. later or otherwise.
D. Scott Patterson
President and CEO