6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

 THE SECURITIES EXCHANGE ACT OF 1934

For the month of: November 2009

Commission file number 0-24762

FIRSTSERVICE CORPORATION

 (Translation of registrant’s name into English)

 1140 Bay Street, Suite 4000

 Toronto, Ontario, Canada

 M5S 2B4

 (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F [  ]                                                                Form 40-F [X]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ]

Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes [  ]                                                      No [X]

If “Yes” is marked, indicate the file number assigned to the Registrant in connection with Rule 12g3-2(b):  N/A

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

FIRSTSERVICE CORPORATION

Date: November 3, 2009	/s/ John B. Friedrichsen
	Name:  John B. Friedrichsen
	Title:  Senior Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit	Description of Exhibit
99.1	Press release dated November 3, 2009

EX-99

EXHIBIT 99.1

 COMPANY CONTACTS:

 Jay S. Hennick

 Founder & CEO

 D. Scott Patterson

 President & COO

 John B. Friedrichsen

 Senior Vice President & CFO

 (416) 960-9500

FOR IMMEDIATE RELEASE

FirstService reports third quarter results

Operating highlights:
	Quarter ended September 30				Nine months ended 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

TORONTO, Canada, November 3, 2009 – FirstService Corporation (TSX: FSV; NASDAQ: FSRV; preferred shares - TSX: FSV.PR.U) 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:

(in thousands of US dollars)	Three months ended September 30						Nine months ended September 30
(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. Reconciliation of net earnings (loss) and net earnings (loss) per common share from continuing operations to adjusted net earnings and adjusted net earnings per share:

(in thousands of US dollars)	Three months ended September 30						Nine months ended September 30
(unaudited)	2009			2008			2009			2008
Net earnings (loss) attributable to common shareholders	$	4,793		$	115,128		$	(45,604	)	$	106,332
Non-controlling interest redemption increment		6,940			(36,344	)		17,787			(24,276	)
Company share of net (earnings) loss from discontinued operations, net of tax		19			(68,074	)		2,973			(66,218	)
Amortization of intangible assets		4,949			4,457			16,202			13,744
Goodwill impairment charge		-			-			29,583			-
Integrated Security division divestiture bonus		-			5,715			-			5,715
Stock-based compensation expense		1,525			326			4,696			2,646
Cost containment		1,766			1,634			7,841			2,424
(Gain) loss on AFS securities		(3,545	)		2,485			(4,488	)		2,485
Income tax on adjustments		(1,534	)		(4,705	)		(8,187	)		(8,954	)
Deferred income tax valuation allowance		3,563			-			18,521			-
Non-controlling interest on adjustments		(672	)		(479	)		(5,381	)		(1,420	)
Adjusted net earnings from continuing operations	$	17,804		$	20,143		$	33,943		$	32,478

(in US dollars)	Three months ended September 30					Nine months ended September 30
(unaudited)	2009			2008		2009			2008
Diluted net earnings (loss) per common share from continuing operations	$	0.16		$	0.36	$	(1.45	)	$	0.53
Non-controlling interest redemption increment		0.24			-		0.60			-
Amortization of intangible assets, net of income tax		0.10			0.09		0.33			0.26
Goodwill impairment charge		-			-		0.93			-
Integrated Security division divestiture bonus, net of income tax		-			0.12		-			0.12
Stock-based compensation expense, net of income tax		0.03			0.01		0.09			0.05
Cost containment, net of income tax		0.04			0.03		0.17			0.05
(Gain) loss on AFS securities, net of income tax		(0.08	)		0.07		(0.10	)		0.07
Deferred income tax valuation allowance		0.11			-		0.58			-
Adjusted diluted net earnings per common share from continuing operations	$	0.60		$	0.68	$	1.15		$	1.08

The Company is presenting adjusted earnings measures to eliminate the impact of: (i) the non-controlling interest (“NCI”) redemption increment in connection with ASC 810-10 and related guidance; (ii) amortization expense related to intangible assets recognized in connection with acquisitions; (iii) a non-recurring goodwill impairment charge; (iv) stock-based compensation expense; (v) non-recurring cost containment expenses; (vi) any realized gains on sale or unrealized losses on impairment of available-for-sale securities and (vii) a deferred income tax valuation allowance related to tax loss carry-forwards.  All of the adjustments are considered “non-GAAP financial measures” under applicable securities regulatory authority policies and guidelines.

Forward-looking Statements

This press release includes or may include forward-looking statements.  Forward-looking statements include the Company’s financial performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations.  These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward-looking statements.  Such factors include: (i) general economic and business conditions, which will, among other things, impact demand for the Company’s services and the cost of providing services; (ii) the ability of the Company to implement its business strategy, including the Company’s ability to acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; (iii) changes in or the failure to comply with government regulations; and (iv) other factors which are described in the Company’s filings with applicable Canadian and United States securities regulatory authorities (which factors are adopted herein).

Summary financial information is provided in this press release.  This press release should be read in conjunction with the Company's full quarterly financial statements and MD&A to be made available on SEDAR at www.sedar.com.

FIRSTSERVICE CORPORATION

Condensed Consolidated Statements of Earnings

(in thousands of US dollars, except per share amounts)

		Three months ended September 30						Nine months ended September 30
(unaudited)		2009			2008			2009			2008
Revenues		$	451,080		$	450,051		$	1,237,433		$	1,273,951
Cost of revenues			275,469			267,635			762,397			773,499
Selling, general and administrative expenses			135,391			136,925			390,460			410,574
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			-
Operating earnings			28,143			35,442			19,299			58,917
Integrated Security division divestiture bonus			-			5,715			-			5,715
(Gain) 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
Other expense (income)			46			(1,354	)		(65	)		(3,274	)
			28,714			27,408			15,230			45,234
Income tax (1)			12,036			8,151			31,220			8,330
Net earnings (loss) from continuing operations			16,678			19,257			(15,990	)		36,904
Discontinued operations, net of tax (2)			(19	)		67,628			(3,248	)		64,410
Net earnings (loss)			16,659			86,885			(19,238	)		101,314
Non-controlling interest share of earnings (loss)			2,401			5,563			1,003			11,488
Non-controlling interest redemption increment			6,940			(36,344	)		17,787			(24,276	)
Net earnings (loss) attributable to Company		$	7,318		$	117,666		$	(38,028	)	$	114,102
Preferred share dividends			2,525			2,538			7,576			7,770
Net earnings (loss) attributable to common shareholders		$	4,793		$	115,128		$	(45,604	)	$	106,332
Net earnings (loss) per common share (3)
Basic
Continuing operations		$	0.16		$	0.36		$	(1.45	)	$	0.53
Discontinued operations			-			2.32			(0.10	)		2.22
		$	0.16		$	2.68		$	(1.55	)	$	2.75
Diluted (4)
Continuing operations		$	0.16		$	0.36		$	(1.45	)	$	0.53
Discontinued operations			-			2.30			(0.10	)		2.20
		$	0.16		$	2.66		$	(1.55	)	$	2.73
Adjusted diluted net earnings per common share from continuing operations (5)		$	0.60		$	0.68		$	1.15		$	1.08
Weighted average common shares outstanding:        (in thousands)	Basic		29,441			29,395			29,401			29,824
	Diluted		29,548			29,568			29,443			30,055

Notes to Condensed Consolidated Statements of Earnings

(1) Income tax expense for the three months ended September 30, 2009 includes a $3,563 non-cash valuation allowance charge related to deferred income tax assets (2008 - nil); income tax expense for the nine months ended September 30, 2009 includes a $18,521 non-cash valuation allowance charge related to deferred income tax assets (2008 - - nil).

(2) Reflects (i) the Integrated Security segment; (ii) the Canadian commercial mortgage securitization operation; and (iii) the Chicago-based US mortgage brokerage and servicing operation.   Amounts shown are before NCI share.  For the three months ended September 30, 2009, NCI share was nil (2008 - $445) and for the nine months ended September 30, 2009 NCI share was $(275) (2008 - $1,808).

(3) Based on the implementation rules within ASC 810-10 and related guidance, comparative earnings per share for both the three month and nine month periods ended September 30, 2008 were not restated for the changes in accounting for NCI.

(4) Numerators for diluted earnings per share calculations have been adjusted to reflect dilution from stock options at a subsidiary.  The adjustment for the three months ended September 30, 2009 was nil (2008 - $62) and nine months ended September 30, 2009 was nil (2008 - $79).

(5) See definition and reconciliation above.

Condensed Consolidated Balance Sheets

(in thousands of US dollars)

(unaudited)	September 30 2009		December 31 2008
Assets
Cash and cash equivalents	$	63,274	$	79,642
Restricted cash		3,715		10,240
Accounts receivable		212,597		175,520
Inventories		10,213		10,572
Prepaids and other current assets		48,016		50,674
Assets held for sale		415		14,210
Current assets		338,230		340,858
Fixed assets		76,310		76,789
Other non-current assets		23,754		39,363
Goodwill and intangibles		501,316		527,124
Assets held for sale		2,205		6,503
Total assets	$	941,815	$	990,637
Liabilities and shareholders’ equity
Accounts payable and accrued liabilities	$	219,882	$	215,992
Other current liabilities		39,197		35,242
Long term debt – current		23,181		20,899
Liabilities related to assets held for sale		10		12,946
Current liabilities		282,270		285,079
Long term debt – non-current		261,540		245,470
Other liabilities		24,792		21,832
Deferred income tax		41,999		42,072
Liabilities related to assets held for sale		-		278
Non-controlling interests		162,316		196,765
Shareholders’ equity		168,898		199,141
Total liabilities and equity	$	941,815	$	990,637
Supplemental Balance Sheet information
Total debt	$	284,721	$	266,369
Total debt, net of cash		221,447		186,727

Condensed Consolidated Statements of Cash Flows

(in thousands of US dollars)

(unaudited)	Three months ended September 30						Nine months ended September 30
	2009			2008			2009			2008
Operating activities
Net earnings (loss) from continuing operations	$	16,678		$	19,257		$	(15,990	)	$	36,904
Items not affecting cash:
Depreciation and amortization		12,077			10,051			35,694			30,963
Goodwill impairment charge		-			-			29,583			-
Deferred income tax		(1,547	)		(3,047	)		879			(22,641	)
Other		721			190			1,837			3,986
		27,929			26,451			52,003			49,212
Changes in operating assets and liabilities		4,905			4,089			(26,572	)		(38,810	)
Discontinued operations		6,573			381			621			7,688
Net cash provided by operating activities		39,407			30,921			26,052			18,090
Investing activities
Acquisitions of businesses, net of cash    acquired		(9,044	)		(15,189	)		(34,323	)		(43,716	)
Purchases of fixed assets, net		(7,233	)		(4,010	)		(18,548	)		(19,285	)
Other investing activities		11,456			1,218			8,442			8,612
Discontinued operations		307			155,101			(167	)		154,413
Net cash (used in) provided by investing activities		(4,514	)		137,120			(44,596	)		100,024
Financing activities
(Decrease) increase in long-term debt, net		(32,035	)		(136,357	)		15,786			(87,778	)
Preferred share dividends		(2,525	)		(2,538	)		(7,576	)		(7,770	)
Other financing activities		(3,900	)		(3,374	)		(9,444	)		(27,308	)
Discontinued operations		-			-			-			140
Net cash used in financing activities		(38,460	)		(142,269	)		(1,234	)		(122,716	)
Effect of exchange rate changes on cash		1,757			56			3,149			(2,379	)
(Decrease) increase in cash and cash     equivalents		(1,810	)		25,828			(16,629	)		(6,981	)
Cash and cash equivalents, beginning of period including cash held by discontinued operations	$	65,230		$	69,227		$	80,049		$	102,036
Cash and cash equivalents, end of period including cash held by discontinued operations	$	63,420		$	95,055		$	63,420		$	95,055

Segmented Revenues, EBITDA and Operating Earnings

(in thousands of US dollars)

(unaudited)	Commercial Real Estate Service			Residential Property Management		Property Services		Corporate			Consolidated
Three months ended September 30
2009
Revenues	$	155,984		$	174,757	$	120,305	$	34		$	451,080
EBITDA		2,008			17,646		24,180		(3,614	)		40,220
Stock-based compensation												1,525
Cost containment		1,766										1,766
		3,774										43,511
Operating earnings (loss)		(4,338	)		14,720		21,457		(3,696	)		28,143
2008
Revenues	$	185,158		$	167,388	$	97,467	$	38		$	450,051
EBITDA		10,649			17,744		20,266		(3,168	)		45,491
Stock-based compensation												326
Cost containment		1,634										1,634
		12,283										47,451
Operating earnings		5,250			15,039		18,408		(3,255	)		35,442

(unaudited)	Commercial Real Estate Service			Residential Property Management		Property Services		Corporate			Consolidated
Nine months ended September 30
2009
Revenues	$	417,043		$	489,271	$	331,020	$	99		$	1,237,433
EBITDA		(13,516	)		46,074		60,414		(8,396	)		84,576
Stock-based compensation												4,696
Cost containment		7,841										7,841
		(5,675	)									97,113
Operating earnings (loss) (1)		(62,827	)		37,402		53,351		(8,627	)		19,299
2008
Revenues	$	564,342		$	471,038	$	238,412	$	159		$	1,273,951
EBITDA		19,321			43,626		35,369		(8,438	)		89,878
Stock-based compensation												2,646
Cost containment		2,424										2,424
		21,745										94,948
Operating earnings		2,729			35,009		29,932		(8,753	)		58,917

(1) Includes goodwill impairment charge in the amount of $29,583 recorded in the Commercial Real Estate Services segment during the quarter ended March 31, 2009.