ATLANTA, April 25, 2012 /PRNewswire/ -- Rollins, Inc. (NYSE: ROL), a premier North American consumer and commercial services company, today reported strong unaudited financial results for its first quarter ended March 31, 2012.
The Company recorded first quarter revenues of $289.5 million, an increase of 6.6% over the prior year's first quarter revenue of $271.6 million. Net income increased 23.8% to $23.1 million or $0.16 per diluted share for the first quarter ended March 31, 2012, compared to $18.6 million or $0.13 per diluted share for the same period in 2011.
On January 24, 2012, Rollins increased its regular quarterly cash dividend to shareholders 14.3% to $0.08 per share. The Company also repurchased 68,000 shares at a weighted average price of $19.58 per share during the first quarter. In total, 1,011,964 additional shares may be purchased under the share repurchase program.
Gary W. Rollins, President and Chief Executive Officer of Rollins, Inc. stated, "Our successful marketing and sales programs, along with a nice assist from the unseasonably warm winter, made significantcontributions to our record first quarter results.We are especially proud that our team took full advantage of this situation.We are certainly pleased with our revenue and profit increases, and are enthusiastic about the opportunities that we have before us. Rollins will continue to focus on the strengths of our leading pest control brands, and our 2012 plans directed to grow our business, improve earnings and generate a strong cash flow."
Rollins Inc. is a premier North American consumer and commercial services company. Through its wholly owned subsidiaries, Orkin LLC., HomeTeam Pest Defense, Western Pest Services, Orkin Canada, The Industrial Fumigant Company, Waltham Services LLC., Crane Pest Control and Trutech LLC., the Company provides essential pest control services and protection against termite damage, rodents and insects to more than 2 million customers in the United States, Canada, Mexico, Central America, the Caribbean, the Middle East, Asia, the Mediterranean, Europe and Africa from more than 500 locations. You can learn more about our subsidiaries by visiting our web sites at www.orkin.com, www.pestdefense.com, www.westernpest.com, www.orkincanada.ca, www.indfumco.com, www.walthamservices.com, www.cranepestcontrol.com, www.trutechinc.com and www.rollins.com. You can also find this and other news releases at www.rollins.com by accessing the news releases button.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements about the Company's enthusiasm about its opportunities, plans to continue to focus on the strengths of its leading pest control brands, and plans to grow its business, improve earnings and generate a strong cash flow. The actual results of the Company could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties, including without limitation, economic and competitive conditions which may adversely affect the Company's business; the degree of success of the Company's pest and termite process, and pest control selling and treatment methods; the Company's ability to identify and integrate potential acquisitions; climate and weather trends; competitive factors and pricing practices; the Company's ability to attract and retain skilled workers, and potential increases in labor costs; uncertainties of litigation; and changes in various government laws and regulations, including environmental regulations. All of the foregoing risks and uncertainties are beyond the ability of the Company to control, and in many cases the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. A more detailed discussion of potential risks facing the Company can be found in the Company's Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2011.
ROLLINS, INC. AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||
(in thousands) | |||
At March 31, (unaudited) | 2012 | 2011 | |
ASSETS | |||
Cash and cash equivalents | $ 59,684 | $ 23,340 | |
Trade Accounts Receivables Short Term, Net | 63,790 | 59,174 | |
Financed Receivables, Net | 11,386 | 10,350 | |
Materials and supplies | 10,874 | 12,680 | |
Deferred income taxes | 29,718 | 27,178 | |
Other current assets | 15,123 | 14,522 | |
Total Current Assets | 190,575 | 147,244 | |
Equipment and property, net | 77,146 | 73,444 | |
Goodwill | 211,237 | 212,130 | |
Customer Contracts and Other Intangible assets | 139,580 | 146,742 | |
Deferred income taxes | 21,775 | 14,336 | |
Financed receivables, long-term | 11,441 | 9,786 | |
Other assets | 11,052 | 10,523 | |
Total Assets | $ 662,806 | $ 614,205 | |
LIABILITIES | |||
Accounts payable | $ 19,214 | $ 23,283 | |
Accrued insurance | 20,430 | 19,918 | |
Accrued compensation and related liabilities | 52,592 | 51,697 | |
Unearned revenue | 92,778 | 92,193 | |
Line of Credit | - | 25,000 | |
Other current liabilities | 43,569 | 29,825 | |
Total Current Liabilities | 228,583 | 241,916 | |
Accrued insurance | 30,203 | 25,969 | |
Accrued pension | 29,850 | 8,390 | |
Long-term accrued liabilities | 37,915 | 36,710 | |
Total Liabilities | 326,551 | 312,985 | |
STOCKHOLDERS' EQUITY | |||
Common stock | 146,803 | 147,428 | |
Retained earnings and other equity | 189,452 | 153,792 | |
Total Stockholders' Equity | 336,255 | 301,220 | |
Total Liabilities and Stockholders' Equity | $ 662,806 | $ 614,205 | |
ROLLINS, INC. AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||
(in thousands except per share data) | |||
(unaudited) | |||
First Quarter Ended | |||
March 31, | |||
2012 | 2011 | ||
REVENUES | |||
Customer services | $ 289,465 | $ 271,643 | |
COSTS AND EXPENSES | |||
Cost of services provided | 148,082 | 140,898 | |
Depreciation and amortization | 9,767 | 9,200 | |
Sales, general and administrative | 94,824 | 91,498 | |
Interest Expense | 51 | 192 | |
252,724 | 241,788 | ||
INCOME BEFORE TAXES | 36,741 | 29,855 | |
PROVISION FOR INCOME TAXES | 13,661 | 11,215 | |
NET INCOME | $ 23,080 | $ 18,640 | |
NET INCOME PER SHARE - BASIC | $ 0.16 | $ 0.13 | |
NET INCOME PER SHARE - DILUTED | $ 0.16 | $ 0.13 | |
Weighted average shares outstanding - basic | 146,697 | 147,473 | |
Weighted average shares outstanding - diluted | 146,714 | 147,570 | |
CONFERENCE CALL ANNOUNCEMENT |
Rollins, Inc. |
(NYSE: ROL) |
Management will hold a conference call to discuss |
First Quarter 2012 results on: |
Wednesday, April 25, 2012 at: |
10:00 a.m. Eastern |
9:00 a.m. Central |
8:00 a.m. Mountain |
7:00 a.m. Pacific |
TO PARTICIPATE: |
Please dial 866-225-8754 domestic; |
480-629-9818 international |
REPLAY: available through May 2, 2012 |
Please dial 800-406-7325/303-590-3030, Passcode: 4531560 |
THIS CALL CAN ALSO BE ACCESSED THROUGH THE INTERNET AT |
www.viavid.net |
Questions? |
Contact Samantha Alphonso at Financial Relations Board at 212-827-3746 |
Or email to salphonso@mww.com |
For Further Information Contact
Harry J. Cynkus (404) 888-2922
SOURCE Rollins, Inc.
