ATLANTA, Oct. 27 /PRNewswire-FirstCall/ -- Rollins, Inc. (NYSE: ROL), a premier North American consumer and commercial services company, today reported unaudited financial results for its third quarter ended September 30, 2010. The Company recorded third quarter revenues of $305.1 million, an increase of 6.4% over the prior year's third quarter revenue of $286.9 million. Net income increased 12.2% to $25.5 million or $0.26 per diluted share for the third quarter ended September 30, 2010, compared to $22.7 million or $0.23 per diluted share for the same period in 2009.
Revenues for the first nine months of 2010 increased 5.2% to $857.0 million compared to $814.4 million for the first nine months of 2009. Rollins' net income for the first nine months of 2010 rose 10.6% to $70.8 million, or $0.71 per diluted share, compared to net income of $64.0 million, or $0.64 per diluted share for the same period in 2009.
Rollins' balance sheet remains strong with total assets of $607.6 million and stockholders' equity increasing to $286.4 million.
In the third quarter, the Company announced that it repurchased 372,499 shares of common stock at a weighted average price of $20.93 per share during the third quarter bringing the total number of shares repurchased year-to-date to 1,259,427 at a weighted average price of $20.92. In total, 1,692,164 additional shares may be purchased under the share repurchase program.
Gary W. Rollins, President and Chief Executive Officer of Rollins, Inc. stated, "This quarter reflects a record performance in revenue and profits. Our revenue growth reflects contributions from all of our businesses. As you would expect, we are pleased with the results from our operational initiatives and their impact on customer and employee retention, as well as the bottom line."
Mr. Rollins concluded, "Our progress in the first nine months of this year has been solid and we are on target to meet our business objectives for the year. Our focus is squarely on providing a good job for our employees, great service to our customers and solid earnings improvement for our shareholders. We remain confident in our strategy and action plans, and are working hard to grow the business both organically and through strategic acquisitions."
Rollins, Inc. is a premier North American consumer and commercial services company. Through its wholly owned subsidiaries, Orkin, HomeTeam Pest Defense, Western Pest Services, PCO Services, The Industrial Fumigant Company, Waltham Services, and Crane Pest Control, the Company provides essential pest control services and protection against termite damage, rodents and insects to over 2 million customers in the United States, Canada, Mexico, Europe, Central America, the Caribbean, the Middle East, Asia and the Mediterranean from over 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 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 belief that the Company is on target to meet its business objectives for the year; the Company is focused on providing a good job for its employees, great service to its customers, and solid earnings improvement for its shareholders; the Company's confidence in its strategy and action plans; and the Company's work to grow its business both organically and through strategic acquisitions. 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, 2009.
ROLLINS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
At September 30, (unaudited)
Cash and cash equivalents
Trade receivables, short-term
Accounts Receivable - Other
Materials and supplies
Deferred income taxes
Other current assets
Total Current Assets
Trade receivables, long-term
Equipment and property, net
Other Intangible Assets
Deferred income taxes
Accrued compensation and related liabilities
Line of Credit
Other current liabilities
Total Current Liabilities
Long-term accrued liabilities
Retained earnings and other equity
Total Stockholders’ Equity
Total Liabilities and Stockholders’ Equity
ROLLINS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data)
Third Quarter Ended
Nine Months Ended
COSTS AND EXPENSES
Cost of services provided
Depreciation and amortization
Sales, general and administrative
Loss on sale of assets
Interest expense, net
INCOME BEFORE TAXES
PROVISION FOR INCOME TAXES
NET INCOME PER SHARE - BASIC
NET INCOME PER SHARE - DILUTED
Weighted average shares outstanding - basic
Weighted average shares outstanding - diluted
CONFERENCE CALL ANNOUNCEMENT
Management will hold a conference call to discuss
Third Quarter results on:
Wednesday, October 27, 2010 at:
10:00 a.m. Eastern
9:00 a.m. Central
8:00 a.m. Mountain
7:00 a.m. Pacific
Please dial 877-941-7133 domestic;
at least 5 minutes before start time.
REPLAY: available through November 4, 2010
Please dial 800-406-7325/303-590-3030, Passcode: 4372650
THIS CALL CAN ALSO BE ACCESSED THROUGH THE INTERNET AT
Contact Samantha Alphonso at Financial Relations Board at 212-827-3746
Or email to email@example.com
For Further Information Contact
Harry J. Cynkus (404) 888-2922
SOURCE Rollins, Inc.