TORONTO, Feb. 09, 2017 (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 Subordinate Voting Shares and Multiple Voting Shares of the Company (together, the "Common Shares") over the previous US$0.11 per Common Share and declared a quarterly dividend of US$0.1225 per Common Share. The dividend is payable on April 7, 2017 to holders of Common Shares of record at the close of business on March 31, 2017.
This dividend increase marks the second time that FirstService has raised its dividend by at least 10% since its spin-off into a new public company in June 2015. With the increase, FirstService’s dividend on an annualized basis will be US$0.49, up from US$0.44 per year. This distribution level is well-supported by the significant free cash flow performance of FirstService’s businesses and reflects a continued focus on allocating capital primarily towards its growth initiatives, while simultaneously providing its shareholders with an incremental return on their investment.
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 $1.4 billion in annual revenues and has more than 17,000 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 Subordinate Voting Shares of FirstService trade on the NASDAQ and the Toronto Stock Exchange under the symbol "FSV".
For the latest news from FirstService Corporation, visit www.firstservice.com
This press release includes or may include 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 applicable Canadian and United States securities regulatory authorities (which factors are adopted herein).
COMPANY CONTACTS: D. Scott Patterson President & CEO (416) 960-9500 Jeremy Rakusin Chief Financial Officer (416) 960-9500
Source: FirstService Corporation