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Rollins, Inc. Reports Record Third Quarter And Nine Months 2016 Financial Results

Company posts 42nd consecutive quarter of improved revenue and earnings


News provided by

Rollins, Inc.

Oct 26, 2016, 07:30 ET

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ATLANTA, Oct. 26, 2016 /PRNewswire/ -- Rollins, Inc. (NYSE: ROL), a premier global consumer and commercial services company, reported unaudited financial results for its third quarter and nine months ended September 30, 2016.

The Company recorded third quarter revenues of $424.0 million, an increase of 6.1% over the prior year's $399.7 million.  Rollins' net income increased 10.2% to $49.7 million or $0.23 per diluted share for the third quarter ended September 30, 2016, compared to $45.0 million or $0.21 per diluted share for the same period in 2015. 

Rollins' revenues rose 5.8% for the first nine months of 2016 to $1.188 billion compared to $1.123 billion for the prior year.  Net income for the first nine months of 2016 was $129.4 million, an increase of 7.4%, to $0.59 per diluted share compared to $120.4 million or $0.55 per diluted share for the same period last year.  

Additionally, in the third quarter of 2016, the Company purchased 416,230 shares of the Company's stock under its share repurchase program, 835,559 shares have been repurchased year-to-date.  5.1 million additional shares may be purchased under previous approval by the Board of Directors. 

Commenting on the Company's financial results, Gary W. Rollins, Vice Chairman and Chief Executive Officer of Rollins, Inc. stated, "We are very pleased with the financial results our Company reported for the third quarter.  The strong growth we experienced across the Company reflects the positive benefits we are realizing from the investments we have made in marketing and sales training."   

Mr. Rollins, concluded, "Our progress in the first nine months of this year has been solid and we are optimistic about completing another successful year; one that includes gaining market share and enhanced service delivery to our customers.  Our strategy and action plans have enabled us to grow our business both organically and through strategic acquisitions."

Rollins, Inc. is a premier global consumer and commercial services company. Through its wholly owned subsidiaries, Orkin LLC., HomeTeam Pest Defense, Orkin Canada, Western Pest Services, Critter Control, Inc., The Industrial Fumigant Company, Trutech LLC., Rollins Australia, Waltham Services LLC., PermaTreat, Rollins UK, and Crane Pest Control, the Company provides essential pest control services and protection against termite damage, rodents and insects to more than two million customers in the United States, Canada, Central America, South America, the Caribbean, the Middle East, Asia, the Mediterranean, Europe, Africa, Mexico, and Australia from more than 700 locations. You can learn more about Rollins and its subsidiaries by visiting our web sites at www.orkin.com, www.pestdefense.com, www.westernpest.com, www.orkincanada.ca, www.crittercontrol.com, www.indfumco.com, www.trutechinc.com, www.allpest.com.au, www.walthamservices.com, www.permatreat.com, www.cranepestcontrol.com, www.murraypestcontrol.com.au, www.statewidepestcontrol.com.au,, www.safeguardpestcontrol.co.uk, 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 ability to purchase 5.1 million shares under the previously approved share repurchase program; and the Company's optimism about completing another successful year; one that includes gaining market share and enhanced service delivery to our customers.  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, 2015.

ROL-Fin

For Further Information Contact
Eddie Northen (404) 888-2242

ROLLINS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in thousands)

At September 30, (unaudited)

2016


2015

ASSETS




Cash and cash equivalents

$               139,263


$                  134,310

Trade accounts receivables, net

99,113


90,782

Financed receivables, net 

15,984


14,211

Materials and supplies

13,787


12,964

Other current assets

31,759


24,695

Total Current Assets

299,906


276,962

Equipment and property, net

134,166


115,731

Goodwill 

260,154


248,792

Customer contracts and other intangible assets, net

161,885


142,640

Deferred income taxes, net

32,749


50,449

Financed receivables, long-term, net

16,282


14,217

Other assets

16,373


13,548

    Total Assets

$               921,515


$                  862,339





LIABILITIES




Accounts payable

$                 26,436


$                    21,092

Accrued insurance, current

26,544


31,192

Accrued compensation and related liabilities

72,569


74,138

Unearned revenue

110,848


105,725

Other current liabilities

35,249


32,727

Total Current Liabilities

271,646


264,874

Accrued insurance, less current portion

32,443


21,866

Accrued pension

6,320


24,538

Long-term accrued liabilities

36,877


31,631

Total Liabilities

347,286


342,909





STOCKHOLDERS' EQUITY




Common stock

217,830


218,591

Retained earnings and other equity

356,399


300,839

Total stockholders' equity

574,229


519,430

Total Liabilities and Stockholders' Equity

$               921,515


$                  862,339

ROLLINS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands except per share data)

(unaudited)










Three Months Ended


Nine Months Ended


September 30,


September 30,


2016


2015


2016


2015

REVENUES








Customer services

$   423,994


$    399,746


$ 1,187,863


$     1,122,805

COSTS AND EXPENSES








Cost of services provided

205,608


195,489


579,353


553,741

Depreciation and amortization

13,083


11,156


37,073


33,182

Sales, general and administrative

125,407


121,944


364,207


346,141

Gain on sale of assets, net 

(52)


(1,255)


(720)


(1,504)

Interest income, net 

(18)


(21)


(156)


(134)


344,028


327,313


979,757


931,426

INCOME BEFORE INCOME TAXES

79,966


72,433


208,106


191,379

PROVISION FOR INCOME TAXES

30,315


27,387


78,744


70,979

NET INCOME

$     49,651


$      45,046


$    129,362


$       120,400









NET INCOME PER SHARE - BASIC AND DILUTED

$         0.23


$          0.21


$          0.59


$             0.55









Weighted average shares outstanding - basic and diluted

218,039


218,594


218,386


218,583

CONFERENCE CALL ANNOUNCEMENT

Rollins, Inc.

(NYSE: ROL)


Management will hold a conference call to discuss

Third Quarter and Nine Months 2016 results on


Wednesday, October 26, 2016 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 800-905-0392 domestic;

785-830-1913 international

at least 5 minutes before start time.


REPLAY: available through November 2, 2016

Please dial 888-203-1112/719-457-0820, Passcode: 6530216

THIS CALL CAN ALSO BE ACCESSED THROUGH THE INTERNET AT

www.viavid.com


Questions?

Contact Samantha Alphonso at Financial Relations Board at 212-827-3746

Or email to [email protected]

SOURCE Rollins, Inc.

Related Links

http://www.rollins.com

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ROLLINS, INC. SCHEDULES DATE FOR RELEASE OF FOURTH QUARTER AND FULL YEAR 2022 RESULTS

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