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 Operating highlights:
                               Quarter ended       Nine months ended
                                September 30          September 30
                           ---------------------  --------------------
                              2009       2008        2009      2008
                           ----------  ---------  ---------  ---------
 Revenues (millions)       $    451.1  $   450.1  $ 1,237.4  $ 1,274.0
 EBITDA (millions)         $     43.5  $    47.5  $    97.1  $    94.9
 Adjusted EPS              $     0.60  $    0.68  $    1.15  $    1.08
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TORONTO, Nov. 3, 2009 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (TSX:FSV.PR.U) (Nasdaq:FSRV) today reported results for its third quarter ended September 30, 2009. All amounts are in US dollars.

For the quarter ended September 30, 2009, revenues were $451.1 million, a slight increase relative to the same period in the prior year, EBITDA (1) was $43.5 million, down from $47.5 million and Adjusted EPS (2) was $0.60, versus $0.68 reported in the prior year period. GAAP EPS from continuing operations was $0.16 per share in the quarter, compared to $0.36 for the same quarter a year ago.

For the nine months ended September 30, 2009, revenues were $1.237 billion, a decrease of 3% relative to the same period in the prior year, EBITDA (1) was $97.1 million, up 2% from $94.9 million in the prior year and Adjusted EPS (2) was $1.15, up from $1.08 reported in the prior year period. GAAP EPS from continuing operations was a loss of $1.45 for the nine month period, compared to earnings of $0.53 for the same period a year ago.

"During the third quarter once again, we delivered solid results in Residential Property Management and excellent results in Property Services, while Commercial Real Estate continued to be under pressure primarily in North America and Europe," said Jay S. Hennick, Founder and Chief Executive Officer of FirstService Corporation. "We also recently completed several key initiatives including the acquisition of a 29.9% interest in publicly-traded Colliers CRE plc, the Colliers International operating partner in the UK, Ireland and Spain," he concluded.

On October 21, 2009, FirstService announced a $70 million public offering of 6.5% Convertible Unsecured Subordinated Debentures (the "Debentures"). FirstService has granted the underwriters a 10% over-allotment option, which may result in a total offering of up to $77 million. The Debentures are convertible into common shares at a price of US$28.00, and have a maturity date of December 31, 2014. FirstService has the right to pay interest and/or principal in cash or common shares, at its option. The net proceeds of the offering will be used to repay existing debt under the revolving credit facility and for general corporate purposes. On closing, currently expected to be November 10, 2009, FirstService will have in excess of $200 million of capital available for growth and acquisitions, represented by cash on hand and undrawn capacity on its revolving credit facility.

About FirstService Corporation

FirstService is a global diversified leader in the rapidly growing real estate services sector, providing services in the following three areas: commercial real estate; residential property management; and property services. Industry-leading service platforms include: Colliers International and FirstService Real Estate Advisors, together the third largest global player in commercial real estate; FirstService Residential Management, the largest manager of residential communities in North America; and TFC, North America's largest provider of property services through franchise and contractor networks.

FirstService is a diversified property services company with US$1.7 billion in annualized revenues and over 18,000 employees worldwide. More information about FirstService is available at www.firstservice.com.

Segmented Quarterly Results

Commercial Real Estate Services revenues totalled $156.0 million for the quarter, down 16% relative to the prior year quarter. Excluding the impact of acquisitions, revenues declined 23% (16% on a local currency basis) as a result of a reduction in investment sales and leasing activity, primarily in North America and Europe, due to the global economic slowdown and the depreciation of foreign currencies relative to the US dollar. Quarterly EBITDA, before a non-recurring $1.8 million cost containment charge, was $3.8 million, versus EBITDA of $12.3 million in the year-ago period.

Residential Property Management revenues increased to $174.8 million for the quarter, up 4% versus the prior year period, attributable to a 5% increase in property management contract revenue, offset by a decline in ancillary service revenues. EBITDA for the quarter was $17.6 million, versus $17.7 million in the prior year period.

Property Services revenues totalled $120.3 million, an increase of 23% over the prior year period. The revenue increase was attributable primarily to Field Asset Services. Revenues from the segment's consumer-oriented franchise operations declined 25% as a result of the continued weakness in the US economy. EBITDA in the third quarter was $24.2 million, an increase of 19% versus $20.3 million in the prior year.

Quarterly corporate costs were $3.6 million, relative to $3.2 million in the prior year period.

Deferred Income Tax Charge

During the quarter, the Company recorded a non-cash valuation allowance with respect to deferred income tax assets, which increased income tax expense by $3.6 million and reduced GAAP earnings per share by $0.11. For the nine month period ended September 30, 2009, the valuation allowance amounted to $18.5 million, or $0.58 per share. The valuation allowance relates to tax loss carry-forwards in the Company's North American Commercial Real Estate operations. The loss carry-forwards remain available to offset taxes over the next 20 years.

Conference Call

FirstService will be holding a conference call on Tuesday, November 3, 2009 at 11:00 a.m. Eastern Time to discuss results for the third quarter. The call will be simultaneously web cast and can be accessed live or after the call at www.firstservice.com in the "Investors / Newsroom" section.

Footnotes

1. Reconciliation of net earnings (loss) from continuing operations to EBITDA:

                             Three months ended     Nine months ended
 (in thousands of US            September 30          September 30
   dollars)                ---------------------  --------------------
 (unaudited)                  2009        2008       2009     2008
                           ----------  ---------  ---------  ---------

 Net earnings (loss) from
  continuing operations    $   16,678  $  19,257  $ (15,990) $  36,904
 Income tax                    12,036      8,151     31,220      8,330
 Other income                      46     (1,354)       (65)    (3,274)
 Integrated Security
  division divesture bonus         --      5,715         --      5,715
 Impairment loss on
  available-for-sale
  securities                   (3,545)     2,485     (4,488)     2,485
 Interest expense, net          2,928      1,188      8,622      8,757
                           ----------  ---------  ---------  ---------
 Operating earnings            28,143     35,442     19,299     58,917
 Depreciation                   7,128      5,592     19,492     17,217
 Amortization of
  intangible assets             4,949      4,457     16,202     13,744
 Goodwill impairment
 charge                            --         --     29,583         --
                           ----------  ---------  ---------  ---------
                               40,220     45,491     84,576     89,878
 Stock-based
  compensation expense          1,525        326     4,696       2,646
 Cost containment               1,766      1,634     7,841       2,424
                           ----------  ---------  ---------  ---------
 EBITDA                    $   43,511   $ 47,451  $  97,113  $  94,948
                           ----------  ---------  ---------  ---------

EBITDA is defined as net earnings from continuing operations before income taxes, interest, depreciation and amortization, stock-based compensation expense and other non-cash or non-recurring expenses. The Company uses EBITDA to evaluate operating performance. EBITDA is an integral part of the Company's planning and reporting systems. Additionally, the Company uses multiples of current and projected EBITDA in conjunction with discounted cash flow models to determine its overall enterprise valuation and to evaluate acquisition targets. The Company believes EBITDA is a reasonable measure of operating performance because of the low capital intensity of its service operations. The Company also believes EBITDA is a financial metric used by many investors to compare companies, especially in the services industry, on the basis of operating results and the ability to incur and service debt. EBITDA is not a recognized measure of financial performance under United States generally accepted accounting principles (GAAP), and should not be considered as a substitute for operating earnings, net earnings or cash flows from operating activities, as determined in accordance with GAAP. The Company's method of calculating EBITDA may differ from other issuers and accordingly, EBITDA may not be comparable to measures used by other issuers.

2.