10:12 AM EST - FirstService Corp. : raised its annual outlook to reflect an acquisition Wednesday as it reported a 27 per cent increase in revenue for the previous year. FirstService, which reports in U.S. dollars, said it earned $34.9 million or $1.17 per share on revenue of $1.36 billion in its financial year ended March 31. This compared with prior-year earnings of $69.5 million, $2.30 per share, on $1.07 billion. Fourth-quarter revenue was $320.7 million, up 29 per cent from $247.9 million, but January-March net income declined to $2.4 million or eight cents per share, from $36.4 million, $1.12 per share. FirstService said earnings from continuing operations excluding one-time items increased to 18 cents per share from six cents. "We set new records in our financial performance for fiscal 2007 through a combination of strong internal growth and disciplined acquisitions, while remaining true to the FirstService way of operating," declared Jay Hennick, founder and chief executive officer of the 15,000-employee company. "With more than $200 million in available cash and other resources, we are well positioned to deliver excellent growth again in fiscal 2008." FirstService Corp.
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