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: February 2010

Commission File Number: 000-24762

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):

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

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):

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether the registrant by furnishing the information contained in this Form 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 below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-.

SIGNATURES

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, thereunto duly authorized.

	FirstService Corporation
Date: February 24, 2010	/s/John B. Friedrichsen Name: John B. Friedrichsen Title: Senior Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit	Description of Exhibit
99.1	Earnings release dated February 24, 2010

EX-99

EXHIBIT 99.1

FirstService Reports Fourth Quarter and Annual Results

• Fourth quarter revenues up 12% and EBITDA up 21%
• Gains control of the Colliers International brand

Operating highlights:
	Quarter ended December 31						Year ended December 31
	2009			2008			2009			2008
Revenues (millions)	$	465.8		$	417.9		$	1,703.2		$	1,691.8
EBITDA (millions) (note 1)		36.0			29.8			133.1			124.7
GAAP EPS		(0.40	)		(0.74	)		(1.85	)		(0.19	)
Adjusted EPS (note 2)		0.27			0.28			1.42			1.37

TORONTO, Feb. 24, 2010 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (Nasdaq:FSRV) (preferred shares - TSX: FSV.PR.U; convertible debentures – TSX: FSV.DB.U) today reported results for its fourth quarter and year ended December 31, 2009. All amounts are in U.S. dollars.

For the quarter ended December 31, 2009, revenues were $465.8 million, a 12% increase relative to the same period in the prior year, EBITDA (note 1) was $36.0 million, up 21% from $29.8 million and Adjusted EPS (note 2) was $0.27, versus $0.28 reported in the prior year period. GAAP EPS from continuing operations was a loss of $0.40 per share in the quarter, compared to a loss of $0.74 for the same quarter a year ago.

For the year ended December 31, 2009, revenues were $1.70 billion, an increase of 1% relative to the same period in the prior year, EBITDA (note 1) was $133.1 million, up 7% from $124.7 million in the prior year and Adjusted EPS (note 2) was $1.42, up from $1.37 reported in the prior year period. GAAP EPS from continuing operations was a loss of $1.85 for the year which included charges for goodwill impairment and the new non-controlling interests accounting standard totalling $2.03 per share, compared to a loss of $0.19 for the prior year.

"FirstService delivered solid results in 2009 on the strength of our resilient residential property management business, continued growth in our property services division and a better than expected finish from our commercial real estate operations," said Jay S. Hennick, Founder and Chief Executive Officer of FirstService Corporation. "We are optimistic about our prospects for 2010 and beyond, particularly as the global market for real estate services begins to recover," he added.

Recently, the members of Colliers International voted to align the governance structure of the Colliers International affiliation with the economic interests of the members, resulting in FirstService gaining control over the Colliers International brand. "Gaining control of privately-held Colliers International was the highlight of our year. With 228 Company-owned offices in 41 countries and affiliate partners in 20 more countries, Colliers International makes FirstService the third largest global player in commercial real estate and offers us a unique opportunity to expand our other services lines internationally", said Mr. Hennick.

About FirstService Corporation

FirstService Corporation is a global diversified leader in the rapidly growing property services sector, providing services in the following three areas: commercial real estate, residential property management; and property services. The industry-leading service platform includes Colliers International, the third largest global player in commercial real estate services; 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 generates more than 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 $206.0 million for the quarter, up 13% relative to the prior year quarter; 7% on a local currency basis. Revenue growth was strong in the United States and the Asia Pacific region, compared to the weak fourth quarter experienced in 2008, while markets in Central and Eastern Europe continued to be affected by reduced transaction volumes due to the lingering economic downturn and tight credit markets in that region. Quarterly EBITDA, before a $5.7 million cost containment charge related to severance and lease termination, was $12.1 million, versus EBITDA of $9.0 million in the year-ago period, which was also before a cost containment charge of $4.5 million.

Residential Property Management revenues increased to $156.0 million for the quarter, up 8% versus the prior year period, primarily attributable to an increase in property management contract revenues. EBITDA for the quarter was $14.9 million, up 40% versus $10.6 million in the prior year period.

Property Services revenues totalled $103.8 million, an increase of 14% over the prior year period. The revenue increase was attributable primarily to the residential property preservation and foreclosure services operations, while revenues from the segment's consumer-oriented franchise operations, which had been reporting year-over-year declines through 2009, were flat for the quarter versus the prior year period. EBITDA in the fourth quarter was $11.1 million, an increase of 14% versus $9.7 million in the prior year.

Quarterly corporate costs were $2.8 million, relative to $0.8 million in the prior year period. The prior period's costs were impacted positively by a $1.1 million foreign currency translation gain and a $0.5 million insurance recovery.

Deferred Income Tax Valuation Allowance

During the quarter, the Company recorded a net reduction in its valuation allowance with respect to deferred income tax assets, which decreased fourth quarter income tax expense by $1.2 million and increased GAAP earnings per share by $0.04. For the year ended December 31, 2009, there were net additions to the valuation allowance which increased income tax expense by $17.3 million and decreased GAAP earnings per share by $0.54. The valuation allowance relates to tax loss carry-forwards in the Company's North American Commercial Real Estate operations, which remain available to offset taxes over the next 20 years.

Conference Call

FirstService will be holding a conference call on Wednesday, February 24, 2010 at 11:00 a.m. Eastern Time to discuss results for the fourth 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.

Notes

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

(in thousands of U.S. dollars)	Three months ended December 31						Year ended December 31
(unaudited)	2009			2008			2009			2008
Net earnings (loss) from continuing operations	$	8,711		$	(17,068	)	$	(7,279	)	$	19,837
Income tax		7,846			13,917			39,066			22,246
Other (income) expense		(1,559	)		26			(1,624	)		(3,248	)
Interest expense, net		3,884			3,340			12,506			12,097
Loss (gain) on available-for-sale securities		--			12,195			(4,488	)		14,680
Integrated Security division divesture bonus		--			--			--			5,715
Operating earnings		18,882			12,410			38,181			71,327
Depreciation		7,341			7,160			26,833			24,377
Amortization of intangible assets		3,348			4,437			19,550			18,181
Goodwill impairment charge		--			--			29,583			--
		29,571			24,007			114,147			113,885
Stock-based compensation expense		728			1,280			5,424			3,926
Cost containment		5,655			4,510			13,496			6,934
EBITDA	$	35,954		$	29,797		$	133,067		$	124,745

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 its own operating performance and as an integral part of its planning and reporting systems. Additionally, the Company uses EBITDA in conjunction with discounted cash flow models to evaluate acquisition targets. The Company believes EBITDA is a reasonable measure of determining operating performance because of the low capital intensity of its service operations. EBITDA is a financial metric used by many investors to compare companies, especially in the services industry. 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 loss and net loss per common share from continuing operations to adjusted net earnings and adjusted net earnings per share:

(in thousands of U.S. dollars)	Three months ended December 31						Year ended December 31
(unaudited)	2009			2008			2009			2008
Net (loss) earnings attributable to common shareholders	$	(9,351	)	$	(60,298	)	$	(54,955	)	$	46,035
Non-controlling interest redemption increment		14,815			20,540			32,602			(3,736	)
Company share of net (earnings) loss from discontinued operations, net of tax		(2,492	)		18,170			481			(48,048	)
Amortization of intangible assets		3,348			4,437			19,550			18,181
Goodwill impairment charge		--			--			29,583			--
Stock-based compensation expense		728			1,280			5,424			3,926
Cost containment		5,655			4,510			13,496			6,934
Integrated Security division divesture bonus		--			--			--			5,715
Loss (gain) on available-for-sale securities		--			12,195			(4,488	)		14,680
Income tax on adjustments		(3,174	)		(5,546	)		(11,361	)		(14,500	)
Deferred income tax valuation allowance		(1,232	)		15,627			17,289			15,627
Non-controlling interest on adjustments		(354	)		(2,628	)		(5,735	)		(4,048	)
Adjusted net earnings from continuing operations	$	7,943		$	8,287		$	41,886		$	40,766

(in U.S. dollars)	Three months ended December 31						Year ended December 31
(unaudited)	2009			2008			2009			2008
Net loss per common share from continuing operations	$	(0.40	)	$	(0.74	)	$	(1.85	)	$	(0.19	)
Non-controlling interest redemption increment		0.50			--			1.10			--
Amortization of intangible assets, net of tax		0.07			0.09			0.39			0.35
Goodwill impairment charge		--			--			0.93			--
Stock-based compensation expense, net of tax		0.02			0.03			0.11			0.08
Cost containment, net of tax		0.12			0.10			0.30			0.15
Integrated Security division divestiture bonus, net of tax		--			--			--			0.12
Loss (gain) on AFS securities, net of tax		--			0.34			(0.10	)		0.40
Deferred income tax valuation allowance		(0.04	)		0.46			0.54			0.46
Adjusted diluted net earnings per common share    from continuing operations	$	0.27		$	0.28		$	1.42		$	1.37

The Company is presenting adjusted earnings measures to eliminate the impact of: (i) the non-controlling interest ("NCI") redemption increment in connection with new NCI accounting standards and related guidance adopted in 2009; (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) 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 annual 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 U.S. dollars, except per share amounts)
		Three months ended December 31						Year ended December 31
(unaudited)		2009			2008			2009			2008
Revenues		$	465,789		$	417,860		$	1,703,222		$	1,691,811
Cost of revenues			300,009			261,276			1,062,406			1,034,775
Selling, general and administrative expenses			136,209			132,577			526,669			543,151
Depreciation			7,341			7,160			26,833			24,377
Amortization of intangible assets			3,348			4,437			19,550			18,181
Goodwill impairment charge			--			--			29,583			--
Operating earnings			18,882			12,410			38,181			71,327
Integrated Security division divestiture bonus			--			--			--			5,715
Loss (gain) on available-for-sale securities			--			12,195			(4,488	)		14,680
Interest expense, net			3,884			3,340			12,506			12,097
Other (income) expense			(1,559	)		26			(1,624	)		(3,248	)
			16,557			(3,151	)		31,787			42,083
Income tax (1)			7,846			13,917			39,066			22,246
Net earnings (loss) from continuing operations			8,711			(17,068	)		(7,279	)		19,837
Discontinued operations, net of tax (2)			2,672			(19,113	)		(576	)		45,297
Net earnings (loss)			11,383			(36,181	)		(7,855	)		65,134
Non-controlling interest share of earnings			3,394			971			4,397			12,459
Non-controlling interest redemption increment			14,815			20,540			32,602			(3,736	)
Net (loss) earnings attributable to Company			(6,826	)		(57,692	)		(44,854	)		56,411
Preferred share dividends			2,525			2,606			10,101			10,376
Net (loss) earnings attributable to common shareholders		$	(9,351	)	$	(60,298	)	$	(54,955	)	$	46,035
Net (loss) earnings per common share (3)
Basic
Continuing operations		$	(0.40	)	$	(0.74	)	$	(1.85	)	$	(0.19	)
Discontinued operations			0.08			(0.62	)		(0.02	)		1.61
		$	(0.32	)	$	(1.36	)	$	(1.87	)	$	1.42
Diluted (4)
Continuing operations		$	(0.40	)	$	(0.74	)	$	(1.85	)	$	(0.19	)
Discontinued operations			0.08			(0.62	)		(0.02	)		1.61
		$	(0.32	)	$	(1.36	)	$	(1.87	)	$	1.42
Adjusted diluted net earnings per common share    from continuing operations (5)		$	0.27		$	0.28		$	1.42		$	1.37
Weighted average common shares	Basic		29,547			29,263			29,438			29,684
outstanding: (in thousands)	Diluted		29,547			29,263			29,438			29,684

Notes to Condensed Consolidated Statements of Earnings

(1) Income tax expense for the three months ended December 31, 2009 includes a $1,232 valuation allowance reversal related to deferred income tax assets (2008 – charge of $15,627); income tax expense for the year ended December 31, 2009 includes a $17,289 non-cash valuation allowance charge related to deferred income tax assets (2008 - $15,627).

(2) Reflects (i) the Integrated Security segment; (ii) the Canadian commercial mortgage securitization operation; and (iii) the Chicago-based U.S. mortgage brokerage and servicing operation.   Amounts shown are before NCI share. For the three months ended December 31, 2009, NCI share was $180 (2008 - $943) and for the year ended December 31, 2009 NCI share was $(95) (2008 - $2,751).

(3) Based on the implementation rules within the new NCI accounting standards and related guidance adopted January 1, 2009, comparative earnings per share for both the three-month and annual periods ended December 31, 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 December 31, 2009 was nil (2008 - nil) and year ended December 31, 2009 was nil (2008 - $530).

(5) See definition and reconciliation above.

Condensed Consolidated Balance Sheets
(in thousands of U.S. dollars)
(unaudited)	December 31 2009		December 31 2008
Assets
Cash and cash equivalents	$	99,778	$	79,642
Restricted cash		5,039		10,240
Accounts receivable		214,285		175,520
Inventories		9,458		10,572
Prepaids and other current assets		53,733		50,674
Assets held for sale		--		14,210
Current assets		382,293		340,858
Fixed assets		75,939		76,789
Other non-current assets		46,479		39,363
Goodwill and intangibles		504,819		527,124
Assets held for sale		--		6,503
Total assets	$	1,009,530	$	990,637
Liabilities and shareholders' equity
Accounts payable and accrued liabilities	$	269,668	$	215,992
Other current liabilities		29,008		35,242
Long term debt – current		22,347		20,899
Liabilities related to assets held for sale		--		12,946
Current liabilities		321,023		285,079
Long term debt – non-current		213,647		245,470
Convertible unsecured subordinated debentures		77,000		--
Other liabilities		27,606		21,832
Deferred income tax		40,052		42,072
Liabilities related to assets held for sale		--		278
Non-controlling interests		164,168		196,765
Shareholders' equity		166,034		199,141
Total liabilities and equity	$	1,009,530	$	990,637
Supplemental balance sheet information
Total debt	$	312,994	$	266,369
Total debt excluding convertible debentures		235,994		266,369
Total debt, net of cash		213,216		186,727
Total debt excluding convertible debentures, net of cash		136,216		186,727

Condensed Consolidated Statements of Cash Flows
(in thousands of U.S. dollars)
(unaudited)	Three months ended December 31						Year ended December 31
	2009			2008			2009			2008
Operating activities
Net earnings (loss) from continuing operations	$	8,711		$	(17,068	)	$	(7,279	)	$	19,837
Items not affecting cash:
Depreciation and amortization		10,689			11,597			46,383			42,557
Goodwill impairment charge		--			--			29,583			--
Deferred income tax		(4,057	)		14,290			(3,178	)		(8,352	)
Other		708			11,010			2,548			14,995
		16,051			19,829			68,057			69,037
Changes in operating assets and liabilities		41,815			16,144			15,240			(22,664	)
Discontinued operations		(2,869	)		(3,094	)		(2,248	)		4,596
Net cash provided by operating activities		54,997			32,879			81,049			50,969
Investing activities
Acquisitions of businesses and non-controlling  interests		(24,387	)		(50,434	)		(59,077	)		(94,150	)
Purchases of fixed assets, net		(5,686	)		(2,537	)		(24,234	)		(21,821	)
Other investing activities		(14,638	)		(6,482	)		(5,829	)		2,129
Discontinued operations		1,511			(728	)		1,343			153,685
Net cash (used in) provided by investing  activities		(43,200	)		(60,181	)		(87,797	)		39,843
Financing activities
Increase (decrease) in long-term debt, net		27,411			21,375			43,197			(66,403	)
Preferred share dividends		(2,525	)		(2,606	)		(10,101	)		(10,376	)
Other financing activities		(4,936	)		1,069			(14,380	)		(26,239	)
Discontinued operations		--			--			--			140
Net cash provided by (used in) financing  activities		19,950			19,838			18,716			(102,878	)
Effect of exchange rate changes on cash		4,611			(7,542	)		7,761			(9,921	)
Increase (decrease) in cash and cash  equivalents		36,358			(15,006	)		19,729			(21,987	)
Cash and cash equivalents, beginning of  period including cash held by discontinued operations	$	63,420		$	95,055		$	80,049		$	102,036
Cash and cash equivalents, end of period  including cash held by discontinued operations	$	99,778		$	80,049		$	99,778		$	80,049

Segmented Revenues, EBITDA and Operating Earnings
(in thousands of U.S. dollars)
(unaudited)	Commercial Real Estate Services			Residential Property Management		Property Services		Corporate			Consolidated
Three months ended December 31
2009
Revenues	$	205,953		$	155,980	$	103,818	$	38		$	465,789
EBITDA		6,465			14,886		11,061		(2,841	)		29,571
Stock-based compensation												728
Cost containment		5,655										5,655
		12,120										35,954
Operating earnings		1,162			11,997		8,677		(2,954	)		18,882
2008
Revenues	$	182,132		$	144,687	$	91,010	$	31		$	417,860
EBITDA		4,458			10,648		9,708		(807	)		24,007
Stock-based compensation												1,280
Cost containment		4,510										4,510
		8,968										29,797
Operating (loss) earnings		(2,803	)		8,379		7,724		(890	)		12,410

(unaudited)	Commercial Real Estate Services			Residential Property Management		Property Services		Corporate			Consolidated
Year ended December 31
2009
Revenues	$	622,996		$	645,251	$	434,838	$	137		$	1,703,222
EBITDA		(7,051	)		60,960		71,475		(11,237	)		114,147
Stock-based compensation												5,424
Cost containment		13,496										13,496
		6,445										133,067
Operating (loss) earnings (1)		(61,665	)		49,399		62,028		(11,581	)		38,181
2008
Revenues	$	746,476		$	615,725	$	329,422	$	188		$	1,691,811
EBITDA		23,778			54,274		45,077		(9,244	)		113,885
Stock-based compensation												3,926
Cost containment		6,934										6,934
		30,712										124,745
Operating earnings		(75	)		43,388		37,656		(9,642	)		71,327

(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.

CONTACT: FirstService Corporation
         Jay S. Hennick, Founder & CEO
         D. Scott Patterson, President & COO
         John B. Friedrichsen, Senior Vice President & CFO
         (416) 960-9500