FirstService reports record third quarter results



    
    Updates financial outlook

    Third quarter highlights:

                    -  Revenues up 34%
                    -  EBITDA up 29%
                    -  Adjusted EPS up 32%
    

    TORONTO, Jan. 29 /CNW/ - FirstService Corporation (TSX: FSV; Nasdaq:  
FSRV; preferred shares - TSX: FSV.PR.U) today reported results for its third
quarter ended December 31, 2007. All amounts are in US dollars.
    Third quarter revenues were $502.2 million, an increase of 34% relative
to the same period last year. EBITDA (see definition and reconciliation below)
increased 29% to $35.4 million. Adjusted diluted earnings per common share
from continuing operations (see definition and reconciliation below) were up
32% to $0.29 for the quarter, versus $0.22 in the prior year period, adjusting
for the $0.08 per common share pro forma impact of the preferred dividends on
prior period results.
    For the nine months ended December 31, 2007, revenues were
$1.349 billion, an increase of 30% relative to the same period last year.
EBITDA (see definition and reconciliation below) increased 28% to
$126.5 million. Adjusted diluted earnings per common share from continuing
operations (see definition and reconciliation below) were up 27% to $1.33 for
the nine months, versus $1.05 in the prior year period, adjusting for the
$0.14 per common share pro forma impact of the preferred dividends on prior
period results.
    "Our core operations in Commercial Real Estate, Property Management and
Integrated Security segments generated solid results during our third quarter,
while our Property Improvement segment delivered an extremely strong
performance primarily from newly acquired Field Asset Services, one of North
America's leading players in the foreclosure servicing business," said Jay S.
Hennick, Founder and Chief Executive Officer of FirstService Corporation.
"Given current market conditions, our new capability of managing foreclosed
residential properties for large US financial institutions and residential
mortgage service companies has given us another strong growth engine in an
otherwise challenging US economy."

    About FirstService Corporation
    ------------------------------
    FirstService is a leader in the rapidly growing property services sector,
providing services in the following four areas: commercial real estate;
residential property management; integrated security and property improvement
services. Industry-leading service platforms include: Colliers International,
the third largest global player in commercial real estate; FirstManagement
Partners, the largest manager of residential properties in North America;
FirstService Security, the fifth largest integrated security company in North
America; and The Franchise Company, the second largest property improvement
services organization in North America.
    FirstService is a diversified property services company with more than
US$1.7 billion in annualized revenues and more than 16,000 employees
worldwide. More information about FirstService is available at
www.firstservice.com.

    Segmented Quarterly Results
    ---------------------------
    Revenues in Commercial Real Estate Services totalled $253.7 million for
the quarter, an increase of 34%. Internal growth was 14%, due primarily to
robust brokerage activity in the Asia Pacific and Central European markets,
and 7% attributable to foreign exchange. The balance of the revenue growth was
the result of acquisitions, including those completed during the quarter.
Third quarter EBITDA was $14.6 million, up 7% versus $13.6 million in the
year-ago period. EBITDA was impacted by a non-cash mark-to-market loss of
$4.3 million recorded at the end of the quarter on interest rate derivatives
used to hedge fixed-rate commercial first mortgages. Excluding the impact of
the mark-to-market loss, third quarter EBITDA in this segment would have been
$18.9 million, up 39% versus the year-ago period.
    Residential Property Management revenues increased to $126.0 million for
the quarter, 24% higher than in the prior year period. Internal growth of 8%
was primarily attributable to property management contract wins in various
markets, particularly Florida and the Southwest. The balance of revenue growth
resulted from acquisitions in the California and Texas markets completed
during the first quarter. EBITDA for the quarter was $10.1 million, up 19%
from $8.5 million one year ago.
    Revenues in Property Improvement Services totalled $67.3 million, an
increase of 90% over the prior year period, primarily attributable to the
October 2007 acquisition of Field Asset Services. EBITDA in the third quarter
was $9.8 million, up 147% from $4.0 million last year.
    Integrated Security Services revenues in the third quarter were
$55.1 million, an increase of 16% relative to the prior year period, with 6%
attributable to systems installation activity and 10% due to foreign exchange.
Quarterly EBITDA was $3.5 million relative to $4.2 million in the prior year,
primarily due to timing.
    Quarterly corporate costs were $6.9 million versus $3.5 million recorded
in the prior year period, as a result of $3.3 million in additional
compensation expense recorded in the quarter to revise stock option
measurement dates relating to the period from 1995 to 2006 as described below
under "Review of Historical Stock Option Grants".
    A comparison of segmented EBITDA to operating earnings is provided below.

    Canadian Mortgage Securitization Operations
    -------------------------------------------
    The Company entered the Canadian mortgage securitization business in 2005
and enjoyed early success generating considerable transaction flow from the
Colliers real estate broker channel as well as other borrowers requiring
mortgage financing. The nature of this business was to underwrite pools of
conventional first mortgages, using capital provided primarily by co-lenders,
and then securitize and sell them to investors in the form of mortgage-backed
securities.
    As previously noted, the Company recorded a $4.3 million non-cash charge
in the quarter ($5.8 million year to date) on these operations. This charge
relates to interest rate hedges covering fixed rate mortgage assets held by
the Company as well as its co-lenders. Due to credit market conditions, there
is currently very limited liquidity for commercial mortgage-backed securities.
The Company does not expect conditions to improve in the near term. As a
result, after the end of the third quarter, the Company decided to wind down
these operations. The Company's $21.5 million in mortgage assets, which are
secured by high quality commercial properties, are expected to be sold as
market conditions permit. The cost to wind down these operations, other than
future volatility in the value of the hedges, is not expected to be
significant.

    Review of Historical Stock Option Grants
    ----------------------------------------
    Following receipt of an inquiry from its primary securities regulator,
the Company's senior management and Board of Directors conducted a
comprehensive review of historical stock option granting processes and the
related accounting for the 13 year period from 1995 to 2007. In this regard,
the Board established a Special Committee of independent directors to complete
the review and make recommendations to the Board. The Special Committee was
assisted in its review by independent legal and accounting advisors in both
Canada and the United States.
    The Company's stock option plans require that the exercise price of stock
option grants to be no less than the closing market price of the Company's
shares on the Toronto Stock Exchange on the effective date of the grant, and
also contain a self-amending mechanism should any term of a stock option grant
be found not to be in compliance. Management's historical practice was to
grant stock options effective on the date which was the lowest monthly trading
price on either the TSX or the NASDAQ in the month immediately preceding the
date of the grant. The Special Committee concluded that this practice was
applied consistently throughout the relevant period and was not used
selectively to benefit any one group or individual. The Special Committee also
concluded that it did not find any intentional or other wrongdoing on the part
of any director, senior officer or employee of the Company.
    The Special Committee found that the practice followed by the Company was
not accounted for correctly and recommended that the Company revise the
measurement dates of certain option grants for accounting purposes. With
regard to options granted from 1995 to 2006, the Company revised the
measurement dates and recorded a one-time, non-material and non-cash
incremental compensation expense in the amount of $3.3 million. Since the
amount was not material to the current period or any prior period, the Company
determined that restatement was not required. In August 2006, in connection
with its documentation and testing of internal controls, the Company changed
its process with regard to stock option grants. The Special Committee did not
identify any deficiencies occurring after that date.

    Financial Outlook
    -----------------
    Based on the results for the nine months ended December 31, 2007,
FirstService is updating the outlook for fiscal 2008 issued on October 30,
2007. The Company will be providing a preliminary outlook for its fiscal year
ending March 31, 2009 at a later date subsequent to completion of its
budgeting process.

    
    (in millions of US dollars, except
     per share amounts)                        Year ending March 31, 2008
                                                Updated          Previous
                                                -------          --------
    Revenues                                $1,700 - $1,750 $1,625 - $1,725

    EBITDA(1)                                 $145 - $155     $149 - $159

    Adjusted EPS(2)                          $1.30 - $1.40   $1.37 - $1.49

    Notes:

    1.  The updated EBITDA outlook includes the estimated impact of the non-
        cash mark-to-market loss on interest rate hedges used to hedge fixed-
        rate commercial mortgages held for resale. As of December 31, 2007,
        this impacted EBITDA and EPS by $5.8 million and $0.10, respectively
        for the year-to-date period and by $4.3 million and $0.07,
        respectively for the quarter. The previous outlook assumed that a
        gain upon securitization would be realized before March 31, 2008,
        offsetting any hedging loss. Consistent with prior reporting of
        EBITDA, the amounts are before stock-based compensation, and exclude
        the additional compensation expense of $3.3 million recorded as a
        result of the Company's review of historical stock option grants.
    2.  Adjusted EPS refers to adjusted diluted earnings per share from
        continuing operations, before considering (i) backlog amortization
        and (ii) the $0.11 per share impact of the additional $3.3 million of
        stock-based compensation expense recorded during the third quarter.
        See definition below.
    3.  The updated outlook assumes (i) no further acquisitions or
        divestitures completed during the outlook period and (ii) current
        economic conditions in the markets in which the Company operates
        remaining unchanged and in particular the market for commercial real
        estate services. Actual results may differ materially. The Company
        undertakes no obligation to continue to update this information.
    

    Conference Call
    ---------------
    FirstService will be holding a conference call on Tuesday, January 29,
2008 at 11:00 am Eastern Time to discuss results for the third quarter. The
call will be simultaneously web cast and can be accessed live or after the
call at www.firstservice.com in the "Investor Relations / News and Media"
section.

    Forward-looking Statements
    --------------------------
    This press release includes forward-looking statements. Forward-looking
statements include the Company's financial performance outlook and statements
regarding goals, beliefs, strategies, objectives, plans or current
expectations. 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 the
Company's services and the cost of providing services; (ii) the ability of the
Company to implement its business strategy, including the Company'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 the Company's filings with the Ontario
Securities Commission.

    
    FIRSTSERVICE CORPORATION

    Condensed Consolidated Statements of Earnings
    ---------------------------------------------
    (in thousands of US dollars, except per share amounts)
    (unaudited)
                              Three months ended        Nine months ended
                                  December 31               December 31
                          ------------------------- -------------------------
                                 2007         2006         2007         2006
                          ------------ ------------ ------------ ------------
    Revenues                $ 502,152    $ 374,757  $ 1,349,194  $ 1,038,942

    Cost of revenues          297,800      247,044      813,327      669,275
    Selling, general and
     administrative expenses  173,271      100,897      416,965      273,515
    Depreciation and
     amortization other than
     backlog                   10,640        6,592       25,004       16,554
    Amortization of
     brokerage backlog (1)      1,615        2,720        4,133        6,870
                          ------------ ------------ ------------ ------------
    Operating earnings         18,826       17,504       89,765       72,728
    Interest expense, net       4,172        2,395       10,841        7,702
    Other income               (1,327)      (2,546)      (3,821)      (4,929)
                          ------------ ------------ ------------ ------------
                               15,981       17,655       82,745       69,955
    Income taxes                3,609        5,254       25,642       22,962
                          ------------ ------------ ------------ ------------
                               12,372       12,401       57,103       46,993
    Minority interest
     share of earnings          4,387        4,644       15,421       13,130
                          ------------ ------------ ------------ ------------
    Net earnings from
     continuing operations      7,985        7,757       41,682       33,863
    Discontinued operations,
     net of tax (2)                 -            -        2,078            -
                          ------------ ------------ ------------ ------------
    Net earnings before
     cumulative effect of
     change in accounting
     principle                  7,985        7,757       43,760       33,863
    Cumulative effect of
     change in accounting
     principle, net of tax (3)      -            -            -       (1,353)
                          ------------ ------------ ------------ ------------
    Net earnings              $ 7,985      $ 7,757     $ 43,760     $ 32,510
    Preferred dividends         2,616            -        4,336            -
                          ------------ ------------ ------------ ------------
    Net earnings available
     to common shareholders   $ 5,369      $ 7,757     $ 39,424     $ 32,510
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------

    Net earnings per
     common share
      Basic
        Continuing
         operations            $ 0.18       $ 0.26       $ 1.25       $ 1.14
        Discontinued
         operations                 -            -         0.07            -
        Cumulative effect
         of change in
         accounting
         principle                  -            -            -        (0.05)
                          ------------ ------------ ------------ ------------
                               $ 0.18       $ 0.26       $ 1.32       $ 1.09
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------

      Diluted (4)
        Continuing
         operations            $ 0.15       $ 0.25       $ 1.14       $ 1.06
        Discontinued
         operations                 -            -         0.07            -
        Cumulative effect
         of change in
         accounting
         principle                  -            -            -        (0.04)
                          ------------ ------------ ------------ ------------
                               $ 0.15       $ 0.25       $ 1.21       $ 1.02
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------

    Weighted average common
     shares outstanding:
     (in thousands)   Basic    29,905       29,844       29,879       29,899
                    Diluted    30,466       30,237       30,417       30,338


    Net earnings per common
     share, adjusted
     diluted continuing
     operations (5)            $ 0.29       $ 0.22       $ 1.33       $ 1.05
                          ------------ ------------ ------------ ------------
    

    Notes to Condensed Consolidated Statements of Earnings

    (1) Amortization of short-lived brokerage backlog intangible assets
    recognized upon the acquisitions of Commercial Real Estate Services
    businesses in the past twelve months. Brokerage backlog represents the
    fair value of pending commercial real estate brokerage transactions and
    listings as at the acquisition date. Amortization is recorded to coincide
    with the completion of the related brokerage transactions.
    (2) Reflects gain on the settlement of a liability in connection with the
    March 2006 disposal of the Company's Business Services operations.
    (3) Cumulative effect of the adoption of SFAS No. 123(R), Share Based
    Payment, on April 1, 2006.
    (4) Numerators for diluted earnings per share calculations have been
    adjusted to reflect dilution from stock options at subsidiaries. The
    adjustment for the quarter ended December 31, 2007 was $743 (2006 - $247)
    and nine months ended December 31, 2007 was $2,491 (2006 - $1,549).
    (5) See "Reconciliation of operating earnings, net earnings and net
    earnings per share to adjusted operating earnings, adjusted net earnings
    and adjusted net earnings per share" below.

    Reconciliation of Operating Earnings, Net Earnings and Net Earnings Per
    Share to Adjusted Operating Earnings, Adjusted Net Earnings and Adjusted
    Net Earnings Per Share
    -------------------------------------------------------------------------
    (in thousands of US dollars, except per share amounts)
    (unaudited)

    The Company is presenting adjusted earnings measures to (i) eliminate the
impact of amortization of the short-lived brokerage backlog intangible asset
recognized upon the acquisitions of Commercial Real Estate Services businesses
within the past twelve months and (ii) eliminate the impact of the incremental
compensation expense related to the review of historical stock option grants.
In addition, the Company is presenting the pro forma impact of the preferred
dividends on comparative periods. The preferred dividend obligation commenced
on August 1, 2007 upon the issuance of the Preferred Shares. All of the
adjustments are non-cash and are considered "non-GAAP financial measures"
under OSC and SEC guidelines. The following tables provide a reconciliation of
the adjusted measures:

    
                              Three months ended        Nine months ended
                                  December 31               December 31
                          ------------------------- -------------------------
                                 2007         2006         2007         2006
                          ------------ ------------ ------------ ------------

    Operating earnings       $ 18,826     $ 17,504     $ 89,765     $ 72,728
    Incremental stock option
     expense                    3,278            -        3,278            -
    Amortization of brokerage
     backlog                    1,615        2,720        4,133        6,870
                          ------------ ------------ ------------ ------------
    Adjusted operating
     earnings                $ 23,719     $ 20,224     $ 97,176     $ 79,598
                          ------------ ------------ ------------ ------------

    Net earnings from
     continuing operations    $ 7,985     $ 7,757      $ 41,682     $ 33,863
    Incremental stock option
     expense                    3,278           -         3,278            -
    Amortization of
     brokerage backlog          1,615       2,720         4,133        6,870
    Deferred income tax          (455)       (826)       (1,097)      (2,321)
    Minority interest            (195)       (320)         (507)        (746)
                          ------------ ------------ ------------ ------------
    Adjusted net earnings
     from continuing
     operations              $ 12,228     $ 9,331      $ 47,489     $ 37,666
                          ------------ ------------ ------------ ------------

    Diluted net earnings
     per common share
     from continuing
     operations                $ 0.15       $ 0.25       $ 1.14       $ 1.06
    Incremental stock
     option expense              0.11            -         0.11            -
    Amortization of
     brokerage backlog,
     net of tax                  0.03         0.05         0.08         0.13
    Pro forma impact of
     preferred dividends
     on comparative periods         -        (0.08)           -        (0.14)
                          ------------ ------------ ------------ ------------
    Adjusted diluted net
     earnings per common
     share from continuing
     operations                $ 0.29       $ 0.22       $ 1.33       $ 1.05
                          ------------ ------------ ------------ ------------
    

    Reconciliation of EBITDA to Operating Earnings
    ----------------------------------------------
    (in thousands of US dollars)
    (unaudited)

    EBITDA is defined as net earnings from continuing operations before
minority interest share of earnings, income taxes, interest, depreciation and
amortization and stock-based compensation expense. The Company uses EBITDA to
evaluate operating performance. EBITDA is an integral part of the Company's
planning and reporting systems. Additionally, the Company uses multiples of
current and projected EBITDA in conjunction with discounted cash flow models
to determine its overall enterprise valuation and to evaluate acquisition
targets. The Company believes EBITDA is a reasonable measure of operating
performance because of the low capital intensity of its service operations.
The Company believes EBITDA is a financial metric used by many investors to
compare companies, especially in the services industry, on the basis of
operating results and the ability to incur and service debt. EBITDA is not a
recognized measure of financial performance under United States generally
accepted accounting principles (GAAP), and should not be considered as a
substitute for operating earnings, net earnings or cash flows from operating
activities, as determined in accordance with GAAP. The Company's method of
calculating EBITDA may differ from other issuers and accordingly, EBITDA may
not be comparable to measures used by other issuers. A reconciliation of
EBITDA to operating earnings appears below.

    
                              Three months ended        Nine months ended
                                  December 31               December 31
                          ------------------------- -------------------------
                                 2007         2006         2007         2006
                          ------------ ------------ ------------ ------------

    Operating earnings       $ 18,826     $ 17,504     $ 89,765     $ 72,728
    Depreciation and
     amortization other
     than backlog              10,640        6,592       25,004       16,554
    Amortization of
     brokerage backlog          1,615        2,720        4,133        6,870
                          ------------ ------------ ------------ ------------
                               31,081       26,816      118,902       96,152
    Stock-based compensation
     expense                    4,346          734        7,598        2,570
                          ------------ ------------ ------------ ------------

    EBITDA                   $ 35,427     $ 27,550    $ 126,500     $ 98,722
                          ------------ ------------ ------------ ------------


    Condensed Consolidated Balance Sheets
    -------------------------------------
    (in thousands of US dollars)
    (unaudited)
                                                    December 31     March 31
                                                           2007         2007
                                                    ------------ ------------

    Assets
    ------
    Cash and cash equivalents                         $ 102,036     $ 99,038
    Restricted cash                                       9,582       16,930
    Accounts receivable                                 236,478      163,581
    Mortgage loans receivable                            21,499       13,716
    Inventories                                          35,354       31,768
    Other current assets                                 47,849       37,324
                                                    ------------ ------------
      Current assets                                    452,798      362,357
    Fixed assets                                         84,113       66,297
    Other non-current assets                             37,544       41,405
    Goodwill and intangibles                            485,006      346,939
                                                    ------------ ------------
      Total assets                                  $ 1,059,461    $ 816,998
                                                    ------------ ------------
                                                    ------------ ------------

    Liabilities and shareholders' equity
    ------------------------------------
    Accounts payable and accrued liabilities          $ 280,461    $ 205,529
    Other current liabilities                            27,949       29,179
    Long term debt - current                             22,516       22,119
                                                    ------------ ------------
      Current liabilities                               330,926      256,827
    Long term debt - non-current                        308,832      213,030
    Other non-current liabilities                        10,495        4,876
    Deferred income taxes                                31,841       29,084
    Minority interest                                    65,206       48,306
    Shareholders' equity                                312,161      264,875
                                                    ------------ ------------
      Total liabilities and equity                  $ 1,059,461    $ 816,998
                                                    ------------ ------------
                                                    ------------ ------------


    Total debt                                        $ 331,348    $ 235,149
                                                    ------------ ------------
    Total debt, net of cash                             229,312      136,111
                                                    ------------ ------------


    Condensed Consolidated Statements of Cash Flows
    (in thousands of US dollars)
    (unaudited)

                              Three months ended         Nine months ended
                                  December 31               December 31
                                 2007         2006         2007         2006
                          ------------ ------------ ------------ ------------

    Operating activities
    Net earnings from
     continuing operations    $ 7,985      $ 7,757     $ 41,682     $ 33,863
    Items not affecting cash:
      Depreciation and
       amortization            12,255        9,312       29,137       23,424
      Deferred income taxes    (1,536)        (607)      (4,201)      (3,941)
      Minority interest
       share of earnings        4,387        4,644       15,421       13,130
      Other                     4,324         (849)       7,015          133

    Changes in operating
     assets and liabilities     9,334       34,912      (17,834)      13,047
                          ------------ ------------ ------------ ------------
    Net cash provided by
     operating activities      36,749       55,169       71,220       79,656
                          ------------ ------------ ------------ ------------

    Investing activities
    Acquisitions of
     businesses, net of
     cash acquired            (60,370)     (23,953)    (136,647)     (64,939)
    Purchases of fixed
     assets, net              (10,465)      (4,716)     (27,668)     (15,469)
    Other investing
     activities                    10        5,415        7,418        4,065
    Discontinued operations         -            -       (1,036)           -
                          ------------ ------------ ------------ ------------
    Net cash used in
     investing                (70,825)     (23,254)    (157,933)     (76,343)
                          ------------ ------------ ------------ ------------

    Financing activities
    Increase (decrease) in
     long-term debt, net       69,653         (353)      95,146      (15,318)
    Other financing
     activities                (6,874)      (9,426)     (11,810)     (17,128)
                          ------------ ------------ ------------ ------------
    Net cash provided by
     (used in) financing       62,779       (9,779)      83,336      (32,446)
                          ------------ ------------ ------------ ------------
    Effect of exchange
     rate changes on cash      (1,243)      (1,799)       6,375       (1,524)
                          ------------ ------------ ------------ ------------
    Increase (decrease) in
     cash and cash
     equivalents               27,460       20,337        2,998      (30,657)
    Cash and cash
     equivalents, beginning
     of period                 74,576      116,944       99,038      167,938
                          ------------ ------------ ------------ ------------
    Cash and cash
     equivalents, end of
     period                 $ 102,036    $ 137,281    $ 102,036    $ 137,281
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------


    Segmented Revenues, EBITDA and Operating Earnings
    (in thousands of US dollars)
    (unaudited)
                                     Property
            Commercial  Residential   Improve-  Integrated
           Real Estate     Property      ment     Security   Corpo-  Consoli-
              Services   Management  Services     Services    rate     dated
             ----------------------------------------------------------------
    Three months
     ended December 31


    2007
    Revenues  $ 253,691  $ 125,959   $ 67,299   $ 55,087     $ 116  $ 502,152
    EBITDA       14,575     10,100      9,781      3,505    (6,880)    31,081
    Stock-based
     compensation                                                       4,346
                                                                   ----------
                                                                       35,427
    Operating
     earnings     7,294      7,365      8,325      2,797    (6,955)    18,826


    2006
    Revenues  $ 189,972  $ 101,726   $ 35,373   $ 47,610      $ 76  $ 374,757
    EBITDA       13,603      8,469      3,957      4,217    (3,430)    26,816
    Stock-based
     compensation                                                         734
                                                                   ----------
                                                                       27,550
    Operating
     earnings     8,721      6,213      2,523      3,544    (3,497)    17,504


                                     Property
            Commercial  Residential   Improve-  Integrated
           Real Estate     Property      ment    Security   Corpo-   Consoli-
              Services   Management  Services    Services    rate      dated
             ----------------------------------------------------------------
    Nine months
     ended December 31

    2007
    Revenues  $ 637,339  $ 404,452  $ 156,664  $ 150,457     $ 282 $1,349,194
    EBITDA       46,716     40,216     35,295      9,811   (13,136)   118,902
    Stock-based
     compensation                                                       7,598
                                                                   ----------
                                                                      126,500
    Operating
     earnings    30,757     32,838     31,367      8,153   (13,350)    89,765


    2006
    Revenues  $ 470,260  $ 316,075  $ 121,066  $ 131,320     $ 221 $1,038,942
    EBITDA       37,636     31,655     28,613      8,443   (10,195)    96,152
    Stock-based
     compensation                                                       2,570
                                                                   ----------
                                                                       98,722
    Operating
     earnings    25,443     26,320     24,984      6,383   (10,402)    72,728
    





For further information:

For further information: COMPANY CONTACTS: Jay S. Hennick, Founder &
CEO; D. Scott Patterson, President & COO; John B. Friedrichsen, Senior Vice
President & CFO, (416) 960-9500

Organization Profile

FIRSTSERVICE CORPORATION

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