FirstService Corp. has completed the offering of $70 million principal amount of convertible unsecured subordinated debentures with a syndicate of underwriters co-led by TD Securities Inc. and Scotia Capital Inc., and including BMO Capital Markets, CIBC, HSBC Securities (Canada) Inc., RBC Capital Markets, Raymond James Ltd. and PI Financial Corp. FirstService has granted the underwriters an overallotment option to purchase up to an additional $7 million aggregate principal amount of debentures exercisable in whole or in part at any time for a period of 30 days following November 10’s closing. FirstService will use the net proceeds of the offering for general corporate purposes and to repay existing indebtedness under its credit facility which will then be available to be drawn, as required, for working capital, acquisitions and associated contingent purchase consideration and/or general corporate purposes.

FirstService Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported operating earnings of $28,143,000, net earnings from continuing operations of $16,678,000 or $0.16 per diluted share and net earnings attributable to common shareholders of $4,793,000 or $0.16 per diluted share on revenues of $451,080,000 compared to the operating earnings of $35,442,000, net earnings from continuing operations of $19,257,000 or $0.36 per diluted share and net earnings attributable to common shareholders of $115,128,000 or $2.66 per diluted share on revenues of $450,051,000 for the same quarter year ago. Net cash provided by operating activities was $39,407,000 compared to the $30,921,000 for the same quarter year ago. Purchases of fixed assets, net was $7,233,000 compared to the $4,010,000 for the same quarter year ago. EBITDA was $43,511,000 compared to the $47,451,000 for the same quarter year ago. For the nine months period, the company reported operating earnings of $19,299,000, net loss from continuing operations of $15,990,000 or $1.45 per diluted share and net loss attributable to common shareholders of $45,604,000 or $1.55 per diluted share on revenues of $1,237,433,000 compared to the operating earnings of $58,917,000, net earnings from continuing operations of $36,904,000 or $0.53 per diluted share and net earnings attributable to common shareholders of $106,332,000 or $2.73 per diluted share on revenues of $1,273,951,000 for the same period year ago. Net cash provided by operating activities was $26,052,000 compared to the $18,090,000 for the same period year ago. Purchases of fixed assets, net was $18,548,000 compared to the $19,285,000 for the same period year ago. EBITDA was $97,113,000 compared to the $94,948,000 for the same period year ago.

FirstService Corp., Q3 2009 Earnings Call, Nov-03 2009