FirstService Corporation (Nasdaq: FSRV; TSX: FSV.SV) today reported record results for its third quarter ended December 31, 2005. All amounts are in US dollars.

Quarterly revenues were $342.0 million, an increase of 57% relative to the same period last year. EBITDA (see definition and reconciliation below) increased 15% to $27.9 million. Adjusted net earnings were $10.3 million, up 21% from $8.5 million in the prior year period. Adjusted diluted earnings per share were $0.32, up 14% from $0.28 in the prior year period. The adjustment (see reconciliation below) represents non-cash amortization of short-lived brokerage backlog intangible assets, relating to pending brokerage transactions and listings, recognized on recent acquisitions in the Company's Colliers International commercial real estate services platform. Revenues in Property Improvement Services totalled $32.4 million, an increase of 21% over the prior year period. Internal growth was 12%, with strong system-wide sales increases generated across franchise systems.
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