<SEC-DOCUMENT>0001171843-18-003023.txt : 20180425
<SEC-HEADER>0001171843-18-003023.hdr.sgml : 20180425
<ACCEPTANCE-DATETIME>20180425093047
ACCESSION NUMBER:		0001171843-18-003023
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180425
FILED AS OF DATE:		20180425
DATE AS OF CHANGE:		20180425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FirstService Corp
		CENTRAL INDEX KEY:			0001637810
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36897
		FILM NUMBER:		18772949

	BUSINESS ADDRESS:	
		STREET 1:		1140 BAY STREET, SUITE 4000
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5S 2B4
		BUSINESS PHONE:		(416) 960-9500

	MAIL ADDRESS:	
		STREET 1:		1140 BAY STREET, SUITE 4000
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5S 2B4

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	New FSV Corp
		DATE OF NAME CHANGE:	20150326
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_042518.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title></title></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div align="center"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong></p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 6-K</strong></p><p style="text-align: center;"><strong></strong></p><p style="text-align: center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER </strong></p><p style="text-align: center;"><strong>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER <br />THE SECURITIES EXCHANGE ACT OF 1934</strong></p><p style="text-align: center;"><strong><strong>For the month of April 2018<br /></strong></strong><strong>Commission File Number: <strong>001-36897</strong></strong></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>FIRSTSERVICE CORPORATION</strong></font><br />(Translation of registrant's name into English)</p><p style="text-align: center;"><strong>1140 Bay Street, Suite 4000<br />
Toronto, Ontario, Canada<br />
M5S 2B4</strong><br />(Address of principal executive office)</p></div><p>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.<br />Form 20-F [&#160;&#160; ] &#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;X ]</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [&#160;&#160;&#160;]</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [&#160;&#160;&#160;]</p><p>Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:<br />Yes [&#160; ]&#160;&#160;&#160;&#160;&#160; No [X]</p><p>If &ldquo;Yes&rdquo; is marked, indicate the file number assigned to the Registrant in connection with Rule 12g3-2(b):&#160; N/A</p><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><strong>SIGNATURES</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p><table style="font-family: Times New Roman; font-size: 10pt;" border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%"><strong>&#160;&#160;&#160;&#160;FIRSTSERVICE CORPORATION&#160;&#160;&#160;&#160;</strong></td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">(Registrant)</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr><tr valign="top"><td width="47%">Date: April 25, 2018</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%">&#160;&#160;&#160;&#160;/s/ Jeremy Rakusin&#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Jeremy Rakusin</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Chief Financial Officer</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr></table><hr style="page-break-after: always;" noshade="noshade" /><p>
 <p style="margin-left:0in; margin-right:0in;"><font style="font-size:10pt;"><strong>EXHIBIT INDEX</strong></font></p> <table style="width:1028; border-collapse:collapse !important;" style="border-collapse: collapse; "><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><strong>Exhibit</strong></font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><strong>Description of Exhibit</strong></font></td></tr><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt;">&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;">&#160;</font></td></tr><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">99.1</a></font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;">Earnings press release for the three months ended March 31, 2018, dated April 25, 2018.</font></td></tr></table></p></body></html>
</TEXT>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>FirstService Reports Strong First Quarter Results</strong></p><p style="text-align: center;">Double-Digit Revenue Growth and Margin Expansion Drive Strong Profitability</p><p>
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text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="2" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><strong>2017</strong></td></tr><tr><td style="vertical-align: bottom ; "><strong>&#160;</strong></td><td style="vertical-align: bottom ; "><strong>&#160;</strong></td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-top: solid black 1pt ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="vertical-align: bottom ; "><strong>&#160;</strong></td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-top: solid black 1pt ; vertical-align: bottom ; "><strong>&#160;</strong></td></tr><tr><td colspan="2" style="vertical-align: bottom ; "><strong>Revenues (millions)</strong></td><td style="text-align: right ; 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"><strong>0.17</strong></td><td style="vertical-align: bottom ; "><strong>&#160;</strong></td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><strong>0.12</strong></td></tr></table> <p align="justify">TORONTO, April  25, 2018  (GLOBE NEWSWIRE) -- &#160;FirstService Corporation (TSX:FSV) (NASDAQ:FSV) today reported strong results for its first quarter ended March 31, 2018. All amounts are in US dollars.</p>  <p align="justify">Revenues for the first quarter were $426.5 million, up 12% relative to the same quarter in the prior year, Adjusted EBITDA (note 1) increased 26% to $25.4 million, and Adjusted EPS (note 2) was $0.25, representing 56% growth over the prior year quarter. GAAP Operating Earnings were $11.1 million, relative to $9.0 million in the prior year period. GAAP diluted earnings per share was $0.17 per share in the quarter, versus $0.12 in the same quarter a year ago.<br ></p>  <p align="justify">&#8220;We are pleased to report very strong financial results for the first quarter, reflecting a continuation of the focused execution and healthy market fundamentals that have driven our performance for the past several quarters,&#8221; said Scott Patterson, Chief Executive Officer of FirstService. &#8220;With a favourable housing and home improvement outlook and recent tuck-under acquisition activity, we have solid momentum towards achieving our growth objectives for the year.&#8221;</p>  <p align="justify"><strong><u>About FirstService Corporation</u></strong><br ><strong>FirstService Corporation</strong> is a North American leader in the essential outsourced property services sector, serving its customers through two industry-leading service platforms: <strong>FirstService Residential</strong> - North America&#8217;s largest manager of residential communities; and <strong>FirstService Brands</strong> - one of North America&#8217;s largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.</p>  <p align="justify">FirstService generates US$1.7 billion in annual revenues and has more than 19,000 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 &#8220;FSV.&#8221;&#160; More information is available at www.&#64257;rstservice.com.</p>  <p align="justify"><strong><u>Impact of New Revenue Recognition Standard</u></strong><br >On January 1, 2018, as a result of required changes under U.S. GAAP, FirstService adopted the new accounting standard ASC 606, Revenue from Contracts with Customers and all the related amendments (&#8220;New Revenue Standard&#8221;) to all contracts using the full retrospective method. Our prior year 2017 financial results as reported herein have been recast in accordance with the New Revenue Standard to provide a consistent comparison to current year results. The impact is confined to our franchised operations within our FirstService Brands segment, particularly as it relates to the timing and recognition of franchise fees, as well as the gross revenue recognition of marketing fund fees. As a result, the effect of the New Revenue Standard on the prior year first quarter results was an increase of $4.4 million to our consolidated revenues, a decrease of $0.6 million to our consolidated Adjusted EBITDA, resulting in a 20 basis points decrease to our consolidated Adjusted EBITDA margin, and a decrease of $0.01 to our Adjusted EPS. The same $4.4 million increase to our FirstService Brands revenues and $0.6 million decrease to our FirstService Brands Adjusted EBITDA resulted in an 80 basis point decrease to our FirstService Brands Adjusted EBITDA margin for our recast segmented 2017 first quarter results.</p>  <p align="justify"><strong><u>Segmented Quarterly Results</u></strong><br >FirstService Residential revenues were $284.1 million for the first quarter, up 7% versus the prior year quarter. Organic growth accounted for half of this increase, with performance relatively balanced across our services and geographies. Adjusted EBITDA for the quarter was $17.5 million, up from $14.4 million in the prior year period. GAAP Operating earnings were $11.4 million, up from $9.1 million versus the prior year period. Operating margin expansion was partially driven by ongoing efficiencies, and further amplified during our seasonally weakest first quarter by the contribution of recent acquisitions with a non-seasonal cash flow profile.</p>  <p align="justify">FirstService Brands revenues for the first quarter totalled $142.3 million, up 24% relative to the prior year period. The revenue increase was comprised of 10% organic growth, with the balance coming from tuck-under acquisitions within the past year at our California Closets and Paul Davis Restoration company-owned platforms. During the quarter, organic growth was robust and broad-based across all of our company-owned platforms and franchised operations. Adjusted EBITDA was $11.2 million, a significant increase over the $8.3 million in the prior year quarter. GAAP Operating Earnings were $5.1 million, versus $3.9 million in the prior year quarter. Margin improvement was attributable to the addition of recent, non-seasonal company-owned operations in our seasonally lowest quarter, as well as operating leverage from certain service lines which benefited from strong top-line growth.</p>  <p align="justify">Corporate costs, as presented in Adjusted EBITDA, were $3.2 million in the first quarter, relative to $2.6 million in the prior year period. On a GAAP basis, corporate costs for the quarter were $5.4 million, relative to $4.1 million in the prior year period.</p>  <p align="justify"><strong><u>Conference Call</u></strong><br >FirstService will be holding a conference call on Wednesday, April 25, 2018 at 11:00 a.m. Eastern Time to discuss results for the first quarter of 2018. The number to use for this call is toll-free 1) 1-888-241-0551 or 2) 647-427-3415 for international callers. The call will be simultaneously web cast and can be accessed live or after the call at www.firstservice.com in the &#8220;Investors / Newsroom&#8221; section.</p>  <p align="justify"><strong><u>Forward-looking Statements</u></strong><br >This press release includes or may include forward-looking statements. Much of this information can be identified by words such as &#8220;expect to,&#8221; &#8220;expected,&#8221; &#8220;will,&#8221; &#8220;estimated&#8221; 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&#8217;s services and the cost of providing services; (ii) the ability of FirstService to implement its business strategy, including FirstService&#8217;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&#8217;s annual information form for the year ended December 31, 2017 under the heading &#8220;Risk factors&#8221; (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.</p>  <p align="justify">Summary financial information is provided in this press release. This press release should be read in conjunction with the Company's consolidated financial statements and MD&amp;A to be made available on SEDAR at www.sedar.com.<br ></p>  <p align="justify"><strong><u>Notes</u></strong><br ><em>1. </em><em>Reconciliation of net earnings to Adjusted EBITDA:</em></p>  <p align="justify">Adjusted EBITDA is defined as net earnings, adjusted to exclude: (i) income tax; (ii) other (income) expense; (iii) interest expense; (iv) depreciation and amortization; (v) acquisition-related items; and (vi) stock-based compensation expense. The Company uses adjusted EBITDA to evaluate its own operating performance, its ability to service debt, and as an integral part of its planning and reporting systems. Additionally, this measure is used in conjunction with discounted cash flow models to determine the Company&#8217;s overall enterprise valuation and to evaluate acquisition targets. Adjusted EBITDA is presented as a supplemental measure because the Company believes such a measure is useful to investors as a reasonable indicator of operating performance, due to the low capital intensity of the Company&#8217;s service operations. The Company believes this measure is a financial metric used by many investors to compare companies, especially in the services industry. This measure is not a recognized measure of financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings, net earnings or cash flow from operating activities, as determined in accordance with GAAP. The Company&#8217;s method of calculating adjusted EBITDA may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. 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Reconciliation of net earnings and net earnings per share to adjusted net earnings and adjusted EPS:</em></p>  <p align="justify">Adjusted EPS is defined as diluted net earnings per share, adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) acquisition-related items; (iii) amortization expense related to intangible assets recognized in connection with acquisitions; (iv) stock-based compensation expense; and (v) a stock-based compensation tax adjustment related to a US GAAP change. The Company believes this measure is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company and enhances the comparability of operating results from period to period. Adjusted EPS is not a recognized measure of financial performance under GAAP, and should not be considered as a substitute for diluted net earnings per share, as determined in accordance with GAAP. The Company&#8217;s method of calculating this non-GAAP measure may differ from other issuers and, accordingly, this measure may not be comparable to measures used by other issuers. 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Scott Patterson</strong><br ><strong>Chief Executive Officer</strong><br ><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </strong><br ><strong>Jeremy Rakusin</strong><br ><strong>Chief Financial Officer</strong></p>  <p align="justify"><strong>(416) 960-9500</strong></p> </p><p ></p></body></html>
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