TORONTO - FirstService Corp., parent company of California Closets, reported strong third quarter sales which were largely the result of its residential brands: California Closets and Paul Davis restoration. Revenues for the third quarter were $409.1 million, a 17 percent increase relative to the same quarter in the prior year.
“Continuing the momentum established in the first half of this year, FirstService (FRSV) delivered another solid quarter of financial results,” said Scott Patterson, Chief Executive Officer of FirstService. “Strong operational execution, robust tuck-under acquisition activity during the year, and a healthy macro environment should enable us to finish 2016 with results that closely track our original expectations for the full year,” Patterson said.
In a conference call to investors, Patterson said that revenues for FirstService Brands were up 53 percent versus the prior year, due primarily to the acquisition of Century Fire Protection, but also influenced by the Paul Davis and California Closets tuck-under acquisitions completed over the last 12 months in advance of its company-owned strategies in those brands.
"Organic growth for the quarter was 7 percent driven by strong growth at California Closets, Floor Coverings International and Pillar to Post Home Inspection and supported by solid result at Paul Davis Restoration and CertaPro Painters," he explained. "These results were offset somewhat by year-over-year revenue declines at two of our smaller brands, College Pro Painters and Service America."
FirstService generates more than US$1.3 billion in annual revenues and has more than 16,000 employees across North America. It has two industry-leading service platforms: 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.