FirstService Declares Quarterly Cash Dividend on Common Shares

Rhea-AI Summary

FirstService Corporation (FSV) announced a quarterly cash dividend of US$0.2025 per Common Share, payable on January 6, 2023. Shareholders on record by December 30, 2022 will receive this eligible dividend, which is beneficial for Canadian tax purposes. FirstService is a leader in property services, generating over $3.5 billion in annual revenues and employing around 25,000 people across North America. The company focuses on creating value for shareholders and is included in the S&P/TSX 60 index.

Positive

• Quarterly cash dividend of US$0.2025 per Common Share enhances shareholder income.
• FirstService operates in a stable industry with significant annual revenues exceeding $3.5 billion.

Negative

• Potential risks related to general economic conditions may impact service demand.
• Forward-looking statements are subject to uncertainties that could affect performance.

TORONTO, Nov. 29, 2022 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX: FSV; NASDAQ: FSV) ("FirstService") announced today that its Board of Directors has declared a quarterly cash dividend on the outstanding Common Shares of US$0.2025 per Common Share. The dividend is payable on January 6, 2023 to holders of Common Shares of record at the close of business on December 30, 2022. 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. 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 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 dividend amount declared by FirstService Corporation?

FirstService Corporation declared a quarterly cash dividend of US$0.2025 per Common Share.

When will the dividend be paid to shareholders?

The dividend will be payable on January 6, 2023.

What is the record date for the dividend payment?

The record date for the dividend payment is December 30, 2022.

Is the dividend from FirstService Corporation an eligible dividend for Canadian tax purposes?

Yes, the dividend on Common Shares is an eligible dividend for Canadian income tax purposes.

What is the significance of FirstService Corporation being included in the S&P/TSX 60 index?

Being included in the S&P/TSX 60 index indicates that FirstService is among the top companies by market capitalization in Canada, reflecting its market strength.