TORONTO, July 09, 2024 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) ("FirstService") announced today that it will release its financial results for the second quarter ended June 30, 2024 by press release on Thursday, July 25, 2024 at approximately 7:30 am ET. A webcast replay of the call will be available on the Company's website following the call, in the "Investors" section under the tab "Newsroom". FirstService Corporation is a North American leader in the property services sector, ...

For the latest news from FirstService Corporation, visit www.firstservice.com. ABOUT FIRSTSERVICE CORPORATION Founded in 1999, CitiScape is a leading full-service community association management firm in the San Francisco metropolitan market, providing a range of property management and project management services to high-rise condominium and homeowner association clients. The acquisition solidifies FirstService Residential's market leadership in the Bay Area of Northern California. FirstService Corporation ...

TORONTO, June 24, 2024 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) ("FirstService") announced today that FirstService Residential, the North American residential property management leader, has acquired San Francisco-based CitiScape Property Management Group, LLC ("CitiScape"). CitiScape's existing executive team will continue to lead day-to-day operations. Terms of the transaction were not disclosed. Founded in 1999, CitiScape is a leading full-service community association managemen ...

Core Insights - First Onsite Property Restoration has expanded its operations by opening a new branch in Roanoke, Virginia, marking its second new branch in the state within a week [1][2]. Company Expansion - The new Roanoke branch aims to serve the growing healthcare sector in the Mid-Atlantic region, driven by a strong relationship with a longstanding client [2][3]. - This branch will provide core commercial restoration services, including water, fire, storm, and mold mitigation, with a specific focus on the healthcare industry [3]. Operational Strategy - The Roanoke location will also function as a base for operations during widespread events such as hurricanes, fires, and floods, aligning with the company's mission to help communities restore and rebuild after disasters [4]. Company Overview - First Onsite is recognized as one of the largest and fastest-growing emergency response planning, mitigation, and reconstruction service providers for commercial enterprises in North America, operating over 100 locations across the U.S. and Canada [5].

Group 1 - First Onsite Property Restoration is co-hosting a Live Burn and Education Seminar on June 18, 2024, in Twin Lakes, Wisconsin, focusing on fire safety and prevention [1][2][4] - The event will feature a controlled burn demonstration and is aimed at educating claims adjusters, advocates, and representatives from the insurance industry [6][7] - First Onsite operates over 100 locations across the U.S. and Canada, emphasizing its growth and commitment to disaster recovery and restoration services [3][4] Group 2 - The seminar will include presentations from industry experts, including fire behavior and investigation techniques, to equip attendees with tools for subrogation and referrals [6][7] - First Onsite's partnership with FireTech Inc. and other experts highlights its dedication to providing comprehensive fire prevention and mitigation services [2][6] - The event is open to the general public and media, showcasing First Onsite's community engagement and educational initiatives [6][7]

Core Insights - First Onsite has expanded its operations by opening a new branch in Richmond, Virginia, to enhance service delivery in the region [4][5] - The new branch will provide essential commercial restoration services, including water, fire, storm, and mold mitigation and remediation [1][2] - First Onsite is recognized as one of the largest and fastest-growing emergency response and restoration service providers in North America, operating over 100 locations across the U.S. and Canada [3] Company Operations - The Richmond branch will complement existing locations in Manassa, Virginia Beach, and Rockville, Maryland, thereby strengthening First Onsite's presence in the Mid-Atlantic region [1] - The new location will also serve as a base for operations during area-wide events such as hurricanes, fires, or floods, aligning with the company's mission to help communities restore and rebuild after disasters [2] Leadership and Vision - Mark Cassarino has been appointed as the General Manager of the new Richmond branch, indicating a strategic leadership decision to ensure effective management [1] - Vince Catania, Regional Vice President, expressed excitement about the new branch, emphasizing its role in providing exceptional customer experience to clients in the region [5]

Core Points - FirstService Corporation's subsidiary, Roofing Corp of America, has acquired Crowther Roofing and Cooling and Hamilton Roofing, enhancing its presence in the Florida market and adding over $150 million in annual revenues [1][4]. Group 1: Company Overview - FirstService Corporation is a North American leader in essential outsourced property services, operating through two main platforms: FirstService Residential and FirstService Brands [4]. - The company generates more than US$4.4 billion in annual revenues and employs approximately 30,000 people across North America [5]. Group 2: Acquisition Details - Crowther, founded in 1974, is a leading roofing services provider in Southwest Florida, focusing on the commercial market and offering HVAC maintenance services [2]. - Hamilton, established in 1983, is a prominent provider of commercial roofing services in Eastern Florida, with strong relationships in government, aerospace, and education sectors [3]. - The management teams of Crowther and Hamilton will retain minority equity interests and continue overseeing daily operations post-acquisition [1]. Group 3: Strategic Importance - Florida is identified as one of the largest roofing markets in North America, making it a strategic growth priority for Roofing Corp of America [4].

Core Viewpoint - FirstService Corporation has announced the acquisition of Crowther Roofing and Cooling and Hamilton Roofing, enhancing its Roofing Corp of America (RCA) subsidiary's presence in the Florida market, which is a strategic growth priority for the company [4][8]. Company Overview - FirstService Corporation generates over US$4.4 billion in annual revenues and employs approximately 30,000 people across North America [2]. - The company is publicly traded on NASDAQ and the Toronto Stock Exchange under the symbol "FSV" and is included in the S&P/TSX 60 index [2]. - FirstService operates through two main service platforms: FirstService Residential and FirstService Brands, focusing on property services [11]. Acquisition Details - The acquisitions of Crowther and Hamilton are expected to collectively add more than $150 million in annual revenues to RCA [4]. - Both Crowther and Hamilton will maintain their existing management teams, who have retained minority equity interests and will oversee day-to-day operations [4][10]. - Crowther is recognized as the leading roofing services provider in Southwest Florida, with a focus on the commercial market and additional HVAC maintenance services [10]. Market Context - Florida is identified as one of the largest roofing markets in North America, making it a strategic growth area for FirstService [8].

TORONTO, May 07, 2024 (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$0.25 per Common Share. The dividend is payable on July 5, 2024 to holders of Common Shares of record at the close of business on Friday, June 28, 2024. The dividend on Common Shares is an "eligible dividend" for Canadian income tax purposes. About FirstService CorporationFirstService ...

Financial Data and Key Metrics Changes - Total revenues increased by 14% year-over-year, reaching $1.16 billion, driven entirely by acquisitions, particularly the acquisition of Roofing Corp of America [6][28] - Adjusted EBITDA was $83.4 million, a modest increase of 2% year-over-year, with a margin of 7.2%, down from 8.1% in the prior year [28][31] - Adjusted EPS decreased to $0.67 from $0.85 in the prior year [28] Business Line Data and Key Metrics Changes - First Service residential revenues rose by 11%, with 8% organic growth, driven by net new contract wins [9][14] - First Service brands reported a 16% increase in revenues, but organic revenues declined by 6% compared to the prior year [10][29] - Restoration revenues decreased by almost 10%, with organic revenues down 15% due to mild weather patterns affecting claim activity [23] Market Data and Key Metrics Changes - The residential market is experiencing pressure from rising insurance premiums and new legislation requiring cash reserves for maintenance, impacting organic growth [36][51] - The home improvement market is facing headwinds with spending down across North America, leading to flat organic growth [25][60] Company Strategy and Development Direction - The company is focusing on expanding its service offerings in community development districts (CDDs) and enhancing its operational platform in the U.S. and Canada [7][39] - The strategy includes balancing margin and organic growth, with a cautious approach to new community contracts due to external pressures [51][52] Management's Comments on Operating Environment and Future Outlook - Management expects organic growth to ease back to mid-single-digit levels in the residential business due to external pressures [7][58] - The outlook for the second quarter includes low-teens revenue growth and mid-single-digit EBITDA growth, with expectations for continued margin pressure in the brands division [18][30] Other Important Information - The company reported $56 million in cash flow from operations before working capital changes, with capital expenditures of $25 million for the quarter [16][17] - The balance sheet shows net debt of just under $1.1 billion, with a leverage ratio of 2.3 times [32][33] Q&A Session Summary Question: What is the outlook for organic growth in the residential business? - Management indicated that organic growth is expected to normalize back to historical mid-single-digit levels due to pressures from insurance costs and legislation [36][51] Question: What is driving the strong performance in Century Fire? - Century Fire has seen low-double-digit organic growth due to a focus on adding services and maintaining a solid backlog [43][58] Question: How is the restoration technology platform progressing? - The platform is in the planning phase for migration into Canadian operations, with tangible benefits already being observed [39] Question: What are the expectations for the home improvement segment? - The home improvement segment is facing a tough macro environment, with flat year-over-year performance expected to continue [60] Question: How competitive is the M&A landscape currently? - The M&A environment remains competitive, with attractive valuations and active interest from private equity firms [75][76]