<SEC-DOCUMENT>0001171843-12-002367.txt : 20120626
<SEC-HEADER>0001171843-12-002367.hdr.sgml : 20120626
<ACCEPTANCE-DATETIME>20120626105654
ACCESSION NUMBER:		0001171843-12-002367
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120625
FILED AS OF DATE:		20120626
DATE AS OF CHANGE:		20120626

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:		12926435

	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>
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		<title>Form 6-K Filing</title>
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			<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>June 2012</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"><p>
	<b>EXHIBIT INDEX</b></p>
<p>
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				<p>
					<font style="font-size: 12px"><b>Exhibit</b></font></p>
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				<p>
					<font style="font-size: 12px"><b>Description of Exhibit</b></font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="77">
				<p>
					<font style="font-size: 12px">99.1 </font></p>
			</td>
			<td valign="top" width="601">
				<p>
					<font style="font-size: 12px">Press release dated June 25, 2012.</font></p>
			</td>
		</tr>

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</table></font></p>
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			<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>
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				<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: June 26, 2012</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>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>newsrelease.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html><head><title>FirstService Makes Decision to Transition Out of Service Contract</title></head><body><p align="right">EXHIBIT 99.1</p><h3 align="center">FirstService Makes Decision to Transition Out of Service Contract</h3><h4 align="center">Results in Positive Impact to Adjusted EBITDA</h4><p>TORONTO, June 25, 2012 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (Nasdaq:FSRV) (TSX:FSV.PR.U) (TSX:FSV.DB.U)&#160;today announced that Field Asset Services ("FAS"), a unit of its Property Services division, has decided to transition out of a large property services agreement with a government sponsored entity ("GSE") in the US. All amounts are in US dollars.</p><p>
	The agreement, initially awarded in 2008, was reset earlier this year with a significantly increased scope in a very competitive environment. FAS attempted to provide services under the revised terms, but determined it could not do so profitably at an acceptable quality standard. After discussions with the client, it was agreed that FAS would transition out of the contract as soon as August 1, 2012.</p><p>
	The current annual run rate of revenues generated by the agreement is approximately $100 million, down 30% from the prior year, as a result of industry-wide reductions in order volumes consistent with declines in foreclosure activity in the US. Excluding approximately $2 million in pre-tax reorganization charges which will be taken in the third quarter, the impact on Adjusted EBITDA (note 1) is expected to be positive.</p><p>
	"We made the difficult decision to transition out of this contract in our Property Services division when it became clear it was not profitable," said Jay S. Hennick, Founder and Chief Executive Officer of FirstService Corporation. "Since winning this assignment back in 2008, our team consistently exceeded quality and service standards and was rewarded with increased volumes and share over the years. However, as market conditions changed and foreclosure volumes declined, the scope of the services expected increased without commensurate compensation. As a result, we exit a relationship representing about 4% of our revenues but positively impact our EBITDA going forward," he concluded.</p><p>
	<strong><u>About FirstService Corporation</u></strong></p><p>
	FirstService Corporation is a global leader in the rapidly growing real estate services sector, providing a variety of services in commercial real estate, residential property management and property services. As one of the largest property managers in the world, FirstService manages more than 2.3 billion square feet of residential and commercial properties through its three industry-leading service platforms: Colliers International, one of the largest global players in commercial real estate; FirstService Residential Management, the largest manager of residential communities in North America; and Property Services, one of North America's largest providers of property-related services delivered through franchise and contractor networks.</p><p>
	FirstService generates over $2.3 billion in annual revenues and has more than 23,000 employees worldwide. More information about FirstService is available at www.firstservice.com.</p><p>
	<strong><u>Forward-looking Statements</u></strong></p><p>
	This press release includes or may include forward-looking statements. Forward-looking statements include the Company's financial performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward-looking statements. Such factors include: (i) general economic and business conditions, which will, among other things, impact demand for the Company's services and the cost of providing services; (ii) the ability of the Company to implement its business strategy, including the Company's ability to acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; (iii) changes in or the failure to comply with government regulations; and (iv) other factors which are described in the Company's filings with applicable Canadian and United States securities regulatory authorities (which factors are adopted herein).</p><p>
	<strong><u>Note</u></strong></p><p>
	<i>1. Definition of</i><i> Adjusted EBITDA</i></p><p>
	Adjusted EBITDA is defined as net earnings, adjusted to exclude: (i) income tax; (ii) other expense (income); (iii) interest expense; (iv) depreciation and amortization; (v) acquisition-related items; (vi) stock-based compensation expense and (vii) reorganization charges. 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'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'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'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.</p><pre>CONTACT: 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>
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</SEC-DOCUMENT>
