TORONTO, Sept. 10 /CNW/ - FirstService Corporation (TSX: FSV and
FSV.PR.U; Nasdaq: FSRV) ("FirstService") announced today that its board of
directors has declared an initial dividend on the outstanding 7% Cumulative
Preference Shares, Series 1 (the "Preferred Shares") of FirstService of
US$0.2877 per Preferred Share for the period of August 1, 2007 (the date of
initial issue of the Preferred Shares) to but excluding September 30, 2007.
The dividend is payable on October 1, 2007 to holders of Preferred Shares of
record at the close of business on September 19, 2007.
FirstService intends to make quarterly cash dividend payments on the
Preferred Shares to holders of record on or about the 15th day of the last
month in each calendar quarter, with the dividends for each quarter being paid
on or about the last day of each calendar quarter. Subsequent to the payment
of the initial dividend, regular cash dividends on the Preferred Shares in the
amount of US$0.4375 per share are anticipated to be paid for each calendar
FirstService is a leader in the rapidly growing property services sector,
providing services in the following areas: commercial real estate; residential
property management; property improvement; and integrated security services.
Market-leading brands include Colliers International in Commercial Real
Estate; The Continental Group, The Wentworth Group and The MERIT Companies in
Residential Property Management; Consumer brands California Closets, Paul
Davis Restoration, Pillar to Post Home Inspections, Certa Pro Painters and
Handyman Connection, in Property Improvement; and Intercon Security and
Security Services & Technologies in Integrated Security.
FirstService is a diversified property services company with more than US
$1.6 billion in annualized revenues and more than 16,000 employees worldwide.
More information about FirstService is available at www.firstservice.com.
Certain statements included in this release constitute "forward-looking
statements" within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of FirstService, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others, the following: general economic and business conditions, which
will, among other things, impact demand for the FirstService's services,
service industry conditions and capacity; 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; changes in or the
failure to comply with government regulations (especially safety and
environmental laws and regulations); and other factors which are described in
FirstService's filings with the U.S. Securities and Exchange Commission and
the Canadian regulatory authorities.
For further information:
For further information: Jay S. Hennick, Founder & CEO, (416) 960-9500;
John B. Friedrichsen, Senior Vice President & CFO, (416) 960-9500