Ranked Second Among Global Commercial Real Estate Firms
TORONTO, June 5, 2014 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (Nasdaq:FSRV) ("FirstService") announced today that its subsidiary Colliers International ("Colliers") has been selected once again to the International Association of Outsourcing Professionals' (IAOP®) annual list of Global Outsourcing 100 companies, ranking #5 for 2014, up significantly from #17 last year, and second among global commercial real estate services firms included in the annual list. This prestigious recognition follows Colliers' selection earlier this year as #2 in The Lipsey Company's annual ranking of the Top 25 brands in commercial real estate.
"We are thrilled to be acknowledged by IAOP® as a top-five global outsourcer, a recognition rooted in our continued development of innovative strategies that better serve our corporate clients," said Doug Frye, President and CEO of Colliers International. "We are committed to advancing our business technology offerings in order to remain a front runner within the commercial real estate industry and revolutionize the industry as a whole."
According to IAOP®, companies were judged on four critical characteristics for The Global Outsourcing 100® ranking: size and growth; customer references, company recognition and certifications; organizational competencies and management capabilities; and executive leadership. Additional details on relative rankings, the selection process and companies' key strengths will be featured in a special advertising section produced by IAOP® in the current issue of FORTUNE® magazine, dated June 16, 2014.
"Colliers International has been a major focal point for FirstService since our initial investment in partnership with CEO Doug Frye and his executive team in 2004," said Jay S. Hennick, Founder & CEO, FirstService Corporation. "This top 5 ranking in The Global Outsourcing 100 parallels the trajectory of Colliers performance over the last 10 years," he added. "With revenues of $250 million and EBITDA of $15 million in 2004, increasing to revenues of just under $1.4 billion and EBITDA of more than $130 million currently, our results support our position as the fastest growing global commercial real estate company and reflect our relentless focus on developing the best people, providing services that add real value, and most importantly, accelerating the success of our clients," he concluded.
FirstService Corporation is a global leader in the rapidly growing real estate services sector, one of the largest markets in the world. FirstService manages more than 2.5 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 services; FirstService Residential - North America's largest manager of residential communities; and FirstService Brands - one of North America's largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.
FirstService generates more than US$2.3 billion in annual revenues and has more than 24,000 employees world-wide. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders since becoming a publically listed company in 1993. The subordinate voting shares of FirstService trade on the NASDAQ under the symbol "FSRV" and on the Toronto Stock Exchange under the symbol "FSV". More information is available at www.firstservice.com.
Certain information included in this news release is forward-looking, within the meaning of applicable securities laws. Much of this information can be identified by words such as "believe", "expects", "expected", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar expressions suggesting future outcomes or events. FirstService believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.
Forward-looking statements are based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those anticipated. These risks include, but are not limited to, risks associated with: (i) general economic and business conditions, which will, among other things, impact demand for FirstService's services and the cost of providing services; (ii) the ability of FirstService to implement its business strategy, including FirstService'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) such factors as are identified in FirstService's Annual Information Form for the year ended December 31, 2013 under the heading "Risk Factors" (which factors are adopted herein and a copy of which can be obtained at www.sedar.com). Forward looking statements contained in this news release are made as of the date hereof and are subject to change. All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, FirstService undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
CONTACT: COMPANY CONTACTS:
Jay S. Hennick
Founder & CEO
John B. Friedrichsen
Senior Vice President & CFO
Source: FirstService Corporation