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<SEC-DOCUMENT>0001171843-10-000675.txt : 20100428
<SEC-HEADER>0001171843-10-000675.hdr.sgml : 20100428
<ACCEPTANCE-DATETIME>20100428091533
ACCESSION NUMBER:		0001171843-10-000675
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100428
FILED AS OF DATE:		20100428
DATE AS OF CHANGE:		20100428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRSTSERVICE CORP
		CENTRAL INDEX KEY:			0000913353
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24762
		FILM NUMBER:		10775330

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

	MAIL ADDRESS:	
		STREET 1:		1140 BAY STREET
		STREET 2:		SUITE 4000
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5S 2B4
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>document.htm
<DESCRIPTION>FORM 6-K FILING DOCUMENT
<TEXT>
<html lang="en-US">

	<head>
		<title>Form 6-K Filing</title>
	</head>

	<body bgcolor="#ffffff">
		<div align="center">
			<b><font size="4">UNITED STATES<br>
					SECURITIES AND EXCHANGE COMMISSION</font><br>
				Washington, D.C. 20549</b>
			<p><b><font size="4">FORM 6-K</font></b></p>
			<p><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
			<p><font size="2"><b>For the month of <b>April 2010</b>.</b>.</font></p>
			<p><font size="2">Commission File Number: <b>000-24762</b></font></p>
			<p><font size="4"><b>FirstService Corporation</b></font><br>
				<font size="2">(Translation of registrant's name into English)</font></p>
			<p><b>1140 Bay Street, Suite 4000<br />
Toronto, Ontario, Canada<br />
M5S 2B4</b><br>
				<font size="2">(Address of principal executive office)</font></p>
		</div>
		<p><font size="2">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 [ &nbsp; ] &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F [ x]</font></p>
		<p><font size="2">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): <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
		<p><font size="2"><b>Note:</b> Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</font></p>
		<p><font size="2">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): <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
		<p><font size="2"><b>Note:</b> Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</font></p>
		<p><font size="2">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes [ &nbsp;&nbsp;] &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No [  x ]</font></p>
		<p><font size="2">If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>.</font></p>
		<hr noshade="1">
		<p><font size="2"><b>EXHIBIT INDEX
</b><br>
<br>
<table border="0" cellpadding="0" cellspacing="0">
	<tr>
		<td><font size="2"><b>Exhibit</b></font></td>
		<td rowspan="3" width="15"></td>
		<td><font size="2"><b>Description of Exhibit</b></font></td>
	</tr>
	<tr>
		<td><br>
		</td>
		<td></td>
	</tr>
	<tr>
		<td><font size="2">99.1</font></td>
		<td><font size="2">Earnings release dated April 28, 2010  </font></td>
	</tr>
</table></font></p>
		<div align="center">
			<hr noshade="1">
			<b><font size="2">SIGNATURES</font></b></div>
		<p><font size="2">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.</font></p>
		<table cellpadding="0" border="0" width="100%" cellspacing="0">
			<tr valign="top">
				<td width="47%">&nbsp;</td>
				<td width="6%">&nbsp;</td>
				<td width="47%" align="center"><b><u>FirstService Corporation</u></b><br>
					<font size="2">(Registrant)</font><br>
					<br>
				</td>
			</tr>
			<tr valign="top">
				<td width="47%"><font size="2">Date: April 28, 2010</font></td>
				<td width="6%">&nbsp;</td>
				<td width="47%" align="center"><font size="2"><b><u>/s/ JOHN B. FRIEDRICHSEN</u></b><br>
					John B. Friedrichsen<br>
					<i>Senior Vice President and Chief Financial Officer</i></font></td>
			</tr>
		</table>
		<div align="center">
			<p></p>
		</div>
	</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>newsrelease.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html><head><title>FirstService Reports Strong Gain in First Quarter Results</title></head><body><p align="right">EXHIBIT 99.1</p><h3 align="center">FirstService Reports Strong Gain in First Quarter Results</h3><p align="center">
	&#xA0;</p><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td colspan="4" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Operating highlights:</strong></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td colspan="3" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>Quarter ended March 31</strong></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2010</strong></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2009</strong></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>Change</strong></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Revenues (millions)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>$ 402.4</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>$ 361.0</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>+11%</strong></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>EBITDA (millions) (note 1)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>20.1</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>12.4</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>+62%</strong></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Adjusted EPS (note 2)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>0.15</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>0.08</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>+88%</strong></td>
		</tr>

</table><p>
	TORONTO, April 28, 2010 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (Nasdaq:FSRV) (TSX:FSV.PR.U) today reported results for its first quarter ended March 31, 2010. All amounts are in U.S. dollars.</p><p>
	Revenues were $402.4 million, an 11% increase relative to the same quarter in the prior year, EBITDA (note 1) was $20.1 million, up 62% from $12.4 million and Adjusted EPS (note 2) was $0.15, up 88% versus $0.08 reported in the prior year quarter. GAAP EPS from continuing operations was a loss of $0.02 per share in the quarter, compared to a loss of $1.54 for the same quarter a year ago.</p><p>
	"While we were pleased with our performance across all three service lines, the results from our Colliers International commercial real estate services division were particularly encouraging," said Jay S. Hennick, Founder and Chief Executive Officer of FirstService Corporation. "The first quarter is traditionally the weakest quarter in the commercial real estate industry and the fact that Colliers posted a profit in this quarter, for the first time since 2007, is a clear sign that real estate markets are beginning to regain their confidence. With the improving market conditions in commercial real estate, the steps taken over the past twelve months to strengthen our ownership of Colliers International and the multiple opportunities to grow our three complementary service lines, FirstService is in a better position today than at any time in our history to create value for our shareholders," he added.</p><p>
	<strong>About FirstService Corporation</strong></p><p>
	FirstService Corporation is a global diversified leader in the rapidly growing real estate services sector, providing services in commercial real estate, residential property management and property services. Industry-leading service platforms include Colliers International, the third largest global player in commercial real estate services; FirstService Residential Management, the largest manager of residential communities in North America; and TFC, North America's largest provider of property services through franchise and contractor networks.</p><p>
	FirstService generates over US$1.8 billion in annualized revenues and has more than 18,000 employees worldwide. More information about FirstService is available at www.firstservice.com.</p><p>
	<strong>Segmented Quarterly Results</strong></p><p>
	Commercial Real Estate Services revenues totalled $154.1 million for the quarter, up 30% relative to the prior year quarter; 18% on a local currency basis.&#xA0;Revenue growth&#xA0;was strong in all service lines, led by sales and leasing,&#xA0;in Asia, Australia and the United States, while revenues in other global markets were similar to the prior year quarter. Quarterly EBITDA was $0.9 million, versus a loss of $11.5 million reported in the prior year quarter.</p><p>
	Residential Property Management revenues were $146.9 million for the quarter, similar to the $146.6 million reported in the prior year quarter.&#xA0;The segment's revenue mix was affected by continued growth in contractual property management fee revenues, which was offset by a decline in ancillary property services revenues including landscaping and swimming pool restoration that are more discretionary in nature. EBITDA for the quarter was $11.6 million, versus $11.5 million in the prior year period.</p><p>
	Property Services revenues totalled $101.4 million, an increase of 6% over the prior year period. The revenue increase was primarily attributable to the Field Asset Services property preservation and foreclosure services business,&#xA0;while&#xA0;the segment's&#xA0;consumer-oriented franchise operations were also up 3% versus the prior year period. EBITDA for the first quarter was $10.9 million versus $13.5 million in the prior year as a&#xA0;&#xA0;result of significant operating leverage from&#xA0;a surge in new client activity in early 2009.</p><p>
	Quarterly corporate costs were $4.3 million, relative to $2.8 million in the prior year period.&#xA0;The current quarter's results were impacted by higher performance-based compensation accruals and foreign currency translation of Canadian dollar-denominated expenses.</p><p>
	<strong>Deferred Income Tax Valuation Allowance </strong></p><p>
	During the first quarter, the Company recorded an increase in its valuation allowance with respect to deferred income tax assets, which increased income tax expense by $3.9 million and decreased GAAP earnings per share by $0.12. In the prior year quarter, the valuation allowance amounted to $12.5 million, or $0.39 per share. The valuation allowance relates to tax loss carry-forwards in the Company's North American Commercial Real Estate operations, which remain available to offset taxes over the next 17 to 20 years.</p><p>
	<strong>Conference Call</strong></p><p>
	FirstService will be holding a conference call on Wednesday, April 28, 2010 at 11:00 a.m. Eastern Time to discuss results for the first quarter.&#xA0;The call will be simultaneously web cast and can be accessed live or after the call at www.firstservice.com in the "Investors / Newsroom" section.</p><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Notes</strong></td>
		</tr>
		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<i>1. </i><i>Reconciliation of net earnings (loss) from continuing operations to EBITDA:</i></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				(in thousands of U.S. dollars)</td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				Three months ended<br>
				March 31</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				(unaudited)</td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2010 </strong></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				2009</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net earnings (loss) from continuing operations</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>$ 6,637</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ (44,327)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Income tax</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>(213)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				7,491</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Other expense (income)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>1,632</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(91)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Interest expense, net</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>4,076</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				2,654</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Operating earnings (loss)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>12,132</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(34,273)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Acquisition accounting items</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>(4,559)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				--</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Depreciation and amortization</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>11,511</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				12,260</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Goodwill impairment charge</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>--</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				29,583</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>19,084</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				7,570</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Stock-based compensation expense</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>982</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1,637</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Cost containment</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>--</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				3,212</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				EBITDA</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>$ 20,066</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				$ 12,419</td>
		</tr>
		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				EBITDA is defined as net earnings from continuing operations before income taxes, interest, depreciation and amortization, stock-based compensation expense and other non-cash or non-recurring expenses. The Company uses EBITDA to evaluate its own operating performance and as an integral part of its planning and reporting systems.&#xA0;Additionally, the Company uses EBITDA in conjunction with discounted cash flow models to evaluate acquisition targets.&#xA0;The Company believes EBITDA is a reasonable measure of determining operating performance because of the low capital intensity of its service operations. EBITDA is a financial metric used by many investors to compare companies, especially in the services industry. EBITDA is not a recognized measure of financial performance under United States generally accepted accounting principles (GAAP), and should not be considered as a substitute for operating earnings, net earnings or cash flows from operating activities, as determined in accordance with GAAP.&#xA0
;The Company's method of calculating EBITDA may differ from other issuers and accordingly, EBITDA may not be comparable to measures used by other issuers.</td>
		</tr>

</table><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<i>2. Reconciliation of net loss and net loss per common share from continuing operations to adjusted net earnings and adjusted net earnings per share:</i></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				(in thousands of U.S. dollars)</td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				Three months ended<br>
				March 31</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				(unaudited)</td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2010</strong></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				2009</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net loss attributable to common shareholders</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>$ (526)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ (48,479)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Non-controlling interest redemption increment</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>290</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1,916</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Company share of net (earnings) loss from discontinued<br>
				operations, net of tax</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>--</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				3,318</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Acquisition accounting items</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>(4,559)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				--</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Amortization of intangible assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>4,751</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				6,521</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Goodwill impairment charge</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>--</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				29,583</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Stock-based compensation expense</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>982</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1,637</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Cost containment</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>--</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				3,212</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Income tax on adjustments</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>(1,989)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(3,747)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Deferred income tax valuation allowance</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>3,898</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				12,482</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Non-controlling interest on adjustments</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>1,538</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(3,939)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Adjusted net earnings from continuing operations</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>$ 4,385</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				$ 2,504</td>
		</tr>

</table><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				(in U.S. dollars)</td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				Three months ended <br>
				March 31</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				(unaudited)</td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2010</strong></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				2009</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net loss per common share from continuing operations</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>$ (0.02)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ (1.54)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Non-controlling interest redemption increment</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>0.01</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				0.07</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Acquisition accounting items</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>(0.08)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				--</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Amortization of intangible assets, net of tax</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>0.10</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				0.13</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Goodwill impairment charge</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>--</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				0.93</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Stock-based compensation expense, net of tax</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>0.02</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				0.03</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Cost containment, net of tax</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>--</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				0.07</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Deferred income tax valuation allowance</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>0.12</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				0.39</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Adjusted diluted net earnings per common share from continuing<br>
				operations</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>$ 0.15</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				$ 0.08</td>
		</tr>
		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				The Company is presenting adjusted earnings measures to eliminate the impact of: (i) the non-controlling interest ("NCI") redemption increment in connection with new NCI accounting standards and related guidance adopted in 2009; (ii) acquisition accounting-related items including fair value adjustments on contingent acquisition consideration, settlements of contingent liabilities initially recognized at the acquisition date and transaction costs; (iii) amortization expense related to intangible assets recognized in connection with acquisitions; (iv) a non-recurring goodwill impairment charge; (v) stock-based compensation expense; (vi) cost containment expense and (vii) deferred income tax valuation allowances related to tax loss carry-forwards. &#xA0;All of the adjustments are considered "non-GAAP financial measures" under applicable securities regulatory authority policies and guidelines.</td>
		</tr>

</table><p>
	<strong>Forward-looking Statements</strong></p><p>
	This press release includes or may include forward-looking statements.&#xA0;Forward-looking statements include the Company's financial performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations.&#xA0;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.&#xA0;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).</p><p>
	Summary financial information is provided in this press release.&#xA0;This press release should be read in conjunction with the Company's quarterly financial statements and MD&amp;A to be made available on SEDAR at www.sedar.com.</p><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td colspan="4" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				FIRSTSERVICE CORPORATION</td>
		</tr>
		<tr>
			<td colspan="4" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Condensed Consolidated Statements of Earnings</strong></td>
		</tr>
		<tr>
			<td colspan="4" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				(in thousands of U.S. dollars, except per share amounts)</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				Three months ended<br>
				March 31</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				(unaudited)</td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2010</strong></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				2009</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Revenues</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>$ 402,391</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ 361,009</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Cost of revenues</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>248,822</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				227,612</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Selling, general and administrative expenses</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>134,485</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				125,827</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Depreciation</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>6,760</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				5,739</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Amortization of intangible assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>4,751</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				6,521</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Goodwill impairment charge</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>--</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				29,583</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Acquisition accounting items (1)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>(4,559)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				--</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Operating earnings (loss)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>12,132</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(34,273)</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Interest expense, net</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>4,076</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				2,654</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Other expense (income)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>1,632</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(91)</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>6,424</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(36,836)</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Income tax (2)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>(213)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				7,491</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net earnings (loss) from continuing operations</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>6,637</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(44,327)</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Discontinued operations, net of tax (3)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>--</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(3,921)</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Net earnings (loss)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>6,637</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(48,248)</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Non-controlling interest share of earnings</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>4,348</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(4,210)</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Non-controlling interest redemption increment</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>290</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				1,916</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net earnings (loss) attributable to Company</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>1,999</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(45,954)</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Preferred share dividends</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>2,525</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				2,525</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Net loss attributable to common shareholders</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				<strong>$ (526)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$ (48,479)</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net loss per common share</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Basic</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Continuing operations</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>$ (0.02)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ (1.54)</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Discontinued operations</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>--</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(0.11)</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				<strong>$ (0.02)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$ (1.65)</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Diluted (4)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Continuing operations</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>$ (0.02)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ (1.54)</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Discontinued operations</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>--</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(0.11)</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				<strong>$ (0.02)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$ (1.65)</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Adjusted diluted net earnings per common share from<br>
				continuing operations (5)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				<strong>$ 0.15</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$ 0.08</td>
		</tr>
		<tr>
			<td colspan="2" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Weighted average common shares<br>
				outstanding:&#xA0;(in thousands)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Basic</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>29,694</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				29,356</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Diluted</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>29,909</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				29,371</td>
		</tr>
		<tr>
			<td colspan="4" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="4" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Notes to Condensed Consolidated Statements of Earnings</strong><br>
				(1) Acquisition accounting-related items include fair value adjustments on contingent acquisition consideration, settlements of contingent liabilities initially recognized at the acquisition date and transaction costs.<br>
				(2) Income tax expense for the three months ended March 31, 2010 includes a $3,898 valuation allowance related to deferred income tax assets (2009 -- $12,482).<br>
				(3) Amount shown is before NCI share.&#xA0;For the three months ended March 31, 2009, NCI share of discontinued operations was $(607).<br>
				(4) Numerators for diluted earnings per share calculations have been adjusted to reflect dilution from stock options at a subsidiary.&#xA0;The adjustment for the three months ended March 31, 2010 was nil (2009 - nil).<br>
				(5) See definition and reconciliation above.</td>
		</tr>

</table><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Condensed Consolidated Balance Sheets</strong></td>
		</tr>
		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				(in thousands of U.S. dollars)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				(unaudited)</td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>March 31</strong><br>
				<strong>2010</strong></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				December 31<br>
				2009</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Assets</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Cash and cash equivalents</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>$ 70,199</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ 99,778</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Restricted cash</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>4,707</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				5,039</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Accounts receivable</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>204,370</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				214,285</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Inventories</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>10,062</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				9,458</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Prepaids and other current assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>55,759</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				53,733</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				<strong>Current assets</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>345,097</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				382,293</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Fixed assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>75,472</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				75,939</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Other non-current assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>44,928</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				46,479</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Goodwill and intangibles</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>501,549</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				504,819</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				<strong>Total assets</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				<strong>$ 967,046</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$ 1,009,530</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Liabilities and shareholders' equity</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Accounts payable and accrued liabilities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>$ 222,315</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ 269,668</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Other current liabilities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>32,935</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				29,008</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Long term debt &#x2013; current</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>21,462</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				22,347</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				<strong>Current liabilities</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>276,712</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				321,023</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Long term debt &#x2013; non-current</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>214,753</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				213,647</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Convertible unsecured subordinated debentures</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>77,000</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				77,000</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Other liabilities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>20,968</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				27,606</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Deferred income tax</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>35,277</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				40,052</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Non-controlling interests</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>168,487</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				164,168</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Shareholders' equity</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>173,849</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				166,034</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				<strong>Total liabilities and equity</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				<strong>$ 967,046</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$ 1,009,530</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Supplemental balance sheet information</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Total debt</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>$ 313,215</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				$ 312,994</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Total debt excluding convertible debentures</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>236,215</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				235,994</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Total debt, net of cash</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>243,016</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				213,216</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Total debt excluding convertible debentures, net of cash</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>166,016</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				136,216</td>
		</tr>

</table><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Condensed Consolidated Statements of Cash Flows</strong></td>
		</tr>
		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				(in thousands of U.S. dollars)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				(unaudited)</td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				Three months ended <br>
				March 31</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2010 </strong></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				2009</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong><i>Operating activities</i></strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net earnings (loss) from continuing operations</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>$ 6,637</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ (44,327)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Items not affecting cash:</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Depreciation and amortization</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>11,511</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				12,260</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Goodwill impairment charge</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>--</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				29,583</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Deferred income tax</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>(5,216)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				2,218</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Other</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>1,240</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				851</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>14,172</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				585</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Changes in operating assets and liabilities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>(41,029)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(31,548)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Discontinued operations</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>--</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(8,012)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net cash used in operating activities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>(26,857)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(38,975)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong><i>Investing activities</i></strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Acquisitions of businesses and non-controlling<br>
				Interests</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>(2,477)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(11,829)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Purchases of fixed assets, net</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>(6,293)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(4,208)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Other investing activities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>2,331</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				3,311</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Discontinued operations</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>--</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				17</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net cash used in investing activities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>(6,439)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(12,709)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong><i>Financing activities</i></strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Increase in long-term debt, net</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>221</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				37,528</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Preferred share dividends</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>(2,525)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(2,525)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Other financing activities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>1,658</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(2,906)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net cash (used in) provided by financing<br>
				activities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>(646)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				32,097</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Effect of exchange rate changes on cash</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>4,363</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(2,581)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Decrease in cash and cash equivalents</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>(29,579)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(22,168)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Cash and cash equivalents, beginning of period including<br>
				cash held by discontinued operations</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>99,778</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				$ 80,049</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Cash and cash equivalents, end of period including cash<br>
				held by discontinued operations</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				<strong>$ 70,199</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$ 57,881</td>
		</tr>

</table><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td colspan="6" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="6" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Segmented Revenues, EBITDA and Operating Earnings</strong></td>
		</tr>
		<tr>
			<td colspan="6" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				(in thousands of U.S. dollars)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				(unaudited)</td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				Commercial<br>
				Real Estate<br>
				Services</td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				Residential<br>
				Property<br>
				Management</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				Property<br>
				Services</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				Corporate</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				Consolidated</td>
		</tr>
		<tr>
			<td colspan="6" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="6" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Three months ended March 31</strong></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>2010</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Revenues</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>$ 154,085</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>$ 146,851</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>$ 101,412</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>$ 43</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>$ 402,391</strong></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				EBITDA</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>853</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>11,621</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>10,880</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>(4,270)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>19,084</strong></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Stock-based compensation</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>982</strong></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>&#xA0;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<strong>20,066</strong></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Operating (loss) earnings</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>(459)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>8,311</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>8,601</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>(4,321)</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<strong>12,132</strong></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>2009</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Revenues</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ 118,489</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ 146,617</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ 95,882</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ 21</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ 361,009</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				EBITDA</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(14,692)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				11,534</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				13,507</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(2,779)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				7,570</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Stock-based compensation</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1,637</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Cost containment</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				3,212</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				3,212</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(11,480)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				12,419</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Operating (loss) earnings (1)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(51,716)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				8,728</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				11,563</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(2,848)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(34,273)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="6" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				(1) Includes goodwill impairment charge in the amount of $29,583 recorded in the Commercial Real Estate Services segment during the quarter ended March 31, 2009.</td>
		</tr>

</table><pre>CONTACT:  FirstService Corporation
          Jay S. Hennick, Founder &amp; CEO
          D. Scott Patterson, President &amp; COO
          John B. Friedrichsen, Senior Vice President &amp; CFO
          (416) 960-9500</pre></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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