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TWST: What is FirstService?
Mr. Friedrichsen: FirstService is a diversified services company that was
founded in 1989. We went public in Canada in 1993 and then listed on NASDAQ in
1995. We focus on four service areas, all property-related. One of those is
commercial real estate services, where we are one of the largest commercial
providers of real estate services globally. We operate through the Colliers
International brand name in North America, Australia, New Zealand, China, Hong
Kong, Singapore, and India as well as several countries in Central Europe and in
South America.
In our residential property management business, we are the largest provider of
residential property services to the US market. We serve homeowners living in
condominiums, gated communities, and townhomes & residential communities in
which we are providing administrative services along with other services to
maintain the common areas of these communities.
Our third service line provides property improvement services ultimately to
consumers, through a number of well-known brands, operated through a franchise
system. Some of these would include California Closets (which is the original
founding company of the organized closet solution business), the property
improvement company called Paul Davis Restoration (which is really disaster
restoration services organization and the largest franchised organization of its
kind in North America), and a number of other well-known brands, including
CertaPro Painters, Pillar-to-Post Home Inspection, and Handyman Connection.
Fourthly, we are a major provider of commercial security solutions to
corporations and institutions across North America. We are primarily a
commercial systems integrator, in which we are working with companies to provide
them with the best-of-breed electronic security solutions to secure their
premises. We also provide high-end security guards as an additional service only
in the Canadian market.
So all told, today, we are company that generates just over $1.2 billion of
revenue, which we reported in US dollars under US GAAP. We will generate EBITDA
north of $110 million and will generate earnings per share this year between
$1.20-$1.30. That will provide us with yet another year of 20% growth from
revenues right down to earnings per share. And that would be the 12th year out
of 14 years of being a public company in which we have been able to achieve
growth in excess of 20% on an annual basis.
Tickers included in this excerpt: FSRV
For more information call (212) 952 7433. The
Wall Street Transcript does not endorse any of the comments made by interviewees, and does
not make stock recommendations.
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