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Rollins, Inc. Reports First Quarter 2012 Financial Results


News provided by

Rollins, Inc.

Apr 25, 2012, 07:30 ET

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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 significant contributions 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
at least 5 minutes before start time.


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 [email protected]  

For Further Information Contact
Harry J. Cynkus (404) 888-2922

SOURCE Rollins, Inc.

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