ATLANTA, Oct. 26, 2011 /PRNewswire/ -- Rollins, Inc. (NYSE: ROL), a premier North American consumer and commercial services company, today reported strong unaudited financial results for its third quarter ended September 30, 2011.
The Company recorded third quarter revenues of $323.9 million, an increase of 6.2% over the prior year's third quarter revenue of $305.1 million. Net income increased 15.3% to $29.4 million or $0.20 per diluted share for the third quarter ended September 30, 2011, compared to $25.5 million or $0.17 per diluted share for the same period in 2010.
Rollins' revenues rose 6.9% for the first nine months of 2011 to $916.0 million compared to $857.0 million for the prior year. Net income for the first nine months of 2011 was $79.1 million, or $0.54 per diluted share, compared to net income of $70.8 million, or $0.48 per diluted share for the same period last year.
In the third quarter, the Company repurchased 598,986 shares at a weighted average price of $17.85 per share bringing the total number of shares repurchased year-to-date to 1,388,282 at a weighted average price of $18.63. In total, 1,149,964 additional shares may be purchased under the share repurchase program.
"Rollins, Inc. had another successful quarter which represents 22 consecutive quarters of record performance," said Gary W. Rollins, President and Chief Executive Officer of Rollins, Inc. "We are pleased with the solid financial results our Company reported for the third quarter and nine months of this year. This growth came from all of our business lines and continues to reflect the positive results from the investments we are making. As a result of these key operational initiatives and our dedicated teammates, we are on track to meet our financial objectives for 2011."
Mr. Rollins concluded, "We are currently working on our 2012 plans and would expect another positive year for Rollins."
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, Crane Pest Control, and TruTech, 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, Europe, Central America, the Caribbean, the Middle East, Asia, the Mediterranean and Africa 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, 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 belief that third quarter growth came from all of the Company's business lines and continues to reflect the positive results from the investments the Company is making; the Company's belief that these key operational initiatives and its dedicated teammates result in the Company being on track to meet its financial objectives for 2011; and the Company's expectation that 2012 will be another positive year for the Company. 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, 2010.
ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
At September 30, (unaudited)
Cash and cash equivalents
Trade receivables, short-term
Financed receivables, short-term
Materials and supplies
Deferred income taxes
Other current assets
Total Current Assets
Equipment and property, net
Customer Contracts and Other Intangible assets
Deferred income taxes
Financed receivables, long-term
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
CONDENSED 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
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
For Further Information Contact Harry J. Cynkus (404) 888-2922
CONFERENCE CALL ANNOUNCEMENT
Management will hold a conference call to discuss
Third Quarter results on:
Wednesday, October 26, 2011 at:
10:00 a.m. Eastern
9:00 a.m. Central
8:00 a.m. Mountain
7:00 a.m. Pacific
Please dial 877-941-9205 domestic;
at least 5 minutes before start time.
REPLAY: available through November 2, 2011
Please dial 800-406-7325/303-590-3030, Passcode: 4478118
THIS CALL CAN ALSO BE ACCESSED THROUGH THE INTERNET AT
Contact Samantha Alphonso at Financial Relations Board at 212-827-3746
Or email to firstname.lastname@example.org
SOURCE Rollins, Inc.