FIRSTSERVICE CORP. (Toronto symbol FSV; www.firstservice.com) serves the following areas of the real estate market: commercial real estate, residential property management and property improvement. The company has more than 24,000 employees worldwide.
In the quarter ended March 31, 2014, FirstService’s revenue rose 15.1%, to $548.4 million from $476.4 million a year earlier (all figures except share prices in U.S. dollars). Excluding one-time items, earnings per share were $0.09, compared to a loss of $0.20. The first quarter is typically a slower time for the company.
Revenue rose at all three of FirstService’s divisions: Colliers International (commercial real estate), up 28%; FirstService Residential (residential property management), up 7%; and FirstService Brands (property services), up 11%. FirstService Brands operates Paul Davis Restoration, California Closets and CertaPro Painters.
FirstService continues to grow by acquisition. Its latest purchase is Auckland-based Shore Commercial Realty, one of New Zealand’s leading commercial property brokerage firms, for an undisclosed amount. The move strengthens FirstService’s leading position in the Auckland metropolitan area, which is New Zealand’s largest.
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Canadian stocks: AlarmForce adds over 12% to U.S. customer base
ALARMFORCE INDUSTRIES (Toronto symbol AF; www.alarmforce.com) sells two-way voice-alarm systems and monitoring services in Canada and increasingly in the U.S.
In the quarter ended April 30, 2014, the company’s sales rose 8.7%, to $13.2 million from $12.1 million a year earlier. It earned $1.8 million, or $0.15 a share, up 34.3% from $1.3 million, or $0.11.
AlarmForce’s revenue rose along with its subscriber base. Earnings jumped because it spent a lot less on marketing after launching its VideoRelay system. This service lets subscribers watch their homes through computers and smartphones. AlarmForce now has 7,500 VideoRelay subscribers, with 4,400 in Canada and 3,100 in the U.S.
The company’s U.S. customer base jumped 12.8%, to 35,200 from 31,200 a year ago. In Canada, AlarmForce now has 108,600 subscribers, up just 2.0% from 106,500.
Alarmforce recently raised its quarterly dividend by 20.0%, to $0.03 from $0.025. The shares now yield 1.1%. It also paid a special dividend of $0.60 a share.
A rising U.S. dollar would boost the amount that AlarmForce’s U.S. operations contribute to its earnings.
In the latest edition of Stock Pickers Digest, we look at the impact of global real estate trends on the earnings outlook for FirstService. We also look at the competitive pressure AlarmForce faces in Canada and consider the capital expenditure the company requires to promote new services and sustain its U.S. expansion. We conclude with our clear buy-hold-sell advice on this stock.
If you’re a member of Pat’s Inner Circle and you’d like to ask a question about today’s article, please go to the question page reserved for you (be sure you’re logged in first). Click here to ask your question.
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FIRSTSERVICE CORP. (Toronto symbol FSV; www.firstservice.com) serves the following areas of the real estate market: commercial real estate, residential property management and property improvement. The company has more than 24,000 employees worldwide.
