First Service Corporation is a multi-faceted company offering a variety of property management, security and consumer services as well as business services. It is, in fact, North America's leading player in residential property management with 1850 properties comprising 365,000 residential units under management.  It is also the largest swimming pool and recreational facility manager in North America with 1400 commercial pools and 5500 residential pools in its stable.

Its commercial security divisions install and manage controlled access and closed circuit monitoring systems as well as provide guard services.

In consumer services, the company owns and operates California Closets (largest closet organizer in North America) as well as Certa Propainters (largest painting contractor in N.A.), Paul Davis Restoration (insurance restoration services), and three lawn care companies including Nutri-Lawn. (My wife and I contracted Nutri-Lawn for the first time this year to maintain our lawn and it's never looked better.) These services are provided through 1700 franchisees and 15 company-owned locations.

In the business arena, First Service offers a variety of services from customer relationship management to warehousing through two subsidiaries - DDS Distribution Services and the Watts Group. It also offers business process outsourcing in Canada for the banking, insurance and government sectors through BDP Business Data Services.

The company has an interesting history. It evolved out of a small business 17 year old Jay Hennick started in 1974 as an alternative to a summer job - Superior Pool, Spa and Leisure. That initial business managed commercial swimming pools for hotels, apartments and condominiums in Toronto.

Hennick continued to run Superior Pool as he completed university and worked for a number of years as a corporate lawyer. In the late 80's he did an in-depth study of the service sector and concluded that this was the fastest growing segment in the economy. In 1989 he formed First Service. In 1998 at the age of 41 he was named Canada's Entrepreneur of the Year. Hennick remains President and CEO to this day.

In the last five years First Service has grown has grown revenues and earnings by better than 25% a year. Much of the business is recurring. Company officers have a strong equity position in the company.

The company has been a long-time favorite of Pat McKeough of The Successful Investor and is included in the Canadian Shareowner Association's list of Great Stocks.

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Note: EPS excludes extraordinary items

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