FirstService Declares 11% Increase to Quarterly Cash Dividend

Rhea-AI Summary

FirstService Corporation (TSX: FSV; NASDAQ: FSV) announced an 11% increase in its quarterly cash dividend, raising it from US$0.2025 to US$0.225 per share. This dividend, payable on April 11, 2023, reflects the company's strong financial performance and commitment to returning value to shareholders, marking the eighth consecutive year of at least 10% annual dividend growth, doubling the dividend over this period. The annualized dividend now stands at US$0.90 compared to US$0.81 previously. FirstService operates in the property services sector with revenues exceeding $3.5 billion and approximately 25,000 employees.

Positive

• 11% increase in quarterly cash dividend to US$0.225 per share.
• Eighth consecutive year with at least 10% annual dividend growth, doubling dividend over the period.
• Annualized dividend raised to US$0.90 from US$0.81.

Negative

• None.

TORONTO, Feb. 06, 2023 (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 Common Shares of the Company over the previous US$0.2025 per Common Share and declared a quarterly dividend of US$0.225 per Common Share. The dividend is payable on April 11, 2023 to holders of Common Shares of record at the close of business on March 31, 2023.

The Company’s dividend will be US$0.90 on an annualized basis, up from US$0.81 during the past year. This distribution represents our eighth consecutive year of at least 10% annual dividend growth, resulting in more than a doubling of our dividend over that period. FirstService’s ability to drive long-term earnings and free cash flow growth while maintaining a conservative balance sheet are cornerstones of the Company’s successful financial track record and reinforce the approval of the increased dividend.

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 $3.5 billion in annual revenues and has approximately 25,000 employees across North America. The Common Shares of FirstService trade on the 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.        

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, 2021 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
Chief Executive Officer        
(416) 960-9566

Jeremy Rakusin
Chief Financial Officer
(416) 960-9566

FAQ

What is the new dividend amount for FirstService Corporation (FSV)?

The new quarterly dividend amount for FirstService Corporation (FSV) is US$0.225 per share.

When will the new dividend for FSV be paid?

The new dividend for FirstService Corporation (FSV) will be payable on April 11, 2023.

What is the annualized dividend for FirstService Corporation (FSV) now?

The annualized dividend for FirstService Corporation (FSV) is now US$0.90.

How many consecutive years has FirstService Corporation (FSV) increased its dividend?

FirstService Corporation (FSV) has increased its dividend for eight consecutive years.