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FirstService Corporation (FSV & FSRV) |
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CEOCFO Current
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FirstService Corporation operates in
four areas: Property Management, Integrated Security, Consumer Services and Business
Services. While different, all divisions are service focused FirstService Corporation (FSV – TSX;
FSRV - NASDAQ) is a leader in the rapidly growing service sector providing services to
commercial and residential customers in the following areas: Residential Property
management; Integrated Security Systems; Consumer Services and Business Services. “Whether we are looking at the Residential Property Management area,
Security, Consumer Services or our Business Services area, we have what we refer to as
platform investments, which are larger investments in these areas.” Comments John Friedrichsen, Senior VP and Chief Financial Officer of
FirstService Corporation, “Many of these are geographic
specific. In virtually all of our businesses, the senior management teams are also
partners, so they retain a direct ownership interest in those businesses; they have a
direct investment in the businesses they manage on a day-to-day basis. We are big
proponents of variable, performance driven compensation and incentives. Whether on a
short-term basis, such as annual bonuses, or a longer-term basis, through equity
ownership, there is a high degree of motivation to ensure that they are managing and
providing service at an optimal level and that allows them to continue to retain customers
and grow their businesses.” Mr. Friedrichsen,
tells us that what sets them apart from the competition is, “The
management team at the FirstService level, along with the very strong management teams
that we have within our various operating businesses, has demonstrated that we know how to
acquire and operate service businesses. As a result, we have been fortunate in having been
able to deliver ongoing growth in revenues and earnings on an annual basis for a number of
years. We believe that we’ll continue to successfully execute our growth strategy
that we had set out from inception, and that there is a great opportunity to continue
building FirstService into a significant, diversified services company. Over the last few
years, our growth has slowed, including our acquisition pace. Nevertheless, we are
generating cash flow at record levels and we believe that over the next several years,
there will be excellent opportunities to once again acquire businesses, which will allow
us to return to our historical growth rate. Given that the stock is presently trading at
about 12 times trailing earnings, we think it is very attractively priced for those
investors interested in participating in our growth over the next several years.” FirstService is one of North America's largest
providers of integrated security services, primarily to the commercial market. Operating
with two security brands, the security companies extend their operations to 10 branches
within Canada and the United States. FirstService provides a variety of residential and
commercial services through their Consumer Services network of approximately 1,400
franchised and 23 Company-owned locations across North America and internationally. The
brand names in this franchise service unit include California Closets ®; Paul Davis
Restoration, Inc.®; Certa ProPainters and College Pro Painters ®; and Nutri-Lawn ®,
ChemLawn ® (in Canada) and Green Lawn Care ®. FirstService provides business-to-business customer support and fulfillment services as well as business process outsourcing to Fortune 1000 companies, including banks, insurance companies and governments through 24 branches in the United States and Canada. Services include customer relationship management ("CRM"), technical and product support; student loan servicing; claims and other items processing; coupon and rebate administration; and inventory management, order assembly and shipping of marketing support materials, textbooks, medical information and pharmaceutical samples. Instant Access: |
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To view Releases highlight & left click on the company name! CEOCFOinterviews.com TORONTO, Oct. 1 /PRNewswire-FirstCall/ - FirstService Corporation (Nasdaq: FSRV - News; TSX: FSV - News) today announced that it has successfully completed the private placement of US$50 million of senior secured notes with a fixed interest rate of 6.40 percent and a term of twelve years. The notes were purchased by Prudential Capital Group, a unit of The Prudential Insurance Company of America. Proceeds from the private placement will be used to repay all amounts outstanding under the Company's senior revolving credit facility. The notes are due September 30, 2015, with equal annual principal repayments beginning on the ninth anniversary for a ten and one-half-year average life. Posted: 10/6/03 - CEOCFOinterviews.com
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