Welcome!

News Feed Item

Rollins, Inc. Reports First Quarter 2014 Financial Results

Company posts 32nd consecutive quarter of improved earnings

ATLANTA, April 23, 2014 /PRNewswire/ -- Rollins, Inc. (NYSE: ROL), a premier global consumer and commercial services company, today reported unaudited financial results for its first quarter ended March 31, 2014. Revenues grew 4.6% to $313.4 million compared to $299.7 million for the first quarter ended March 31, 2013.

The Company recorded net income of $25.8 million, an increase of 11.2%, or $0.18 per diluted share for the first quarter ended March 31, 2014 compared to $23.2 million or $0.16 per diluted share for the same period in 2013.  On January 28, 2014, Rollins also increased its regular quarterly cash dividend to shareholders 16.7% to $0.105 per share.  Also, in the first quarter of 2014, the Company announced it purchased 33,429 shares under its share repurchase program.  In total, 4,924,055 additional shares may be purchased under previously approved programs by the Board of Directors. 

Commenting on the Company's results, Gary W. Rollins, Vice Chairman and Chief Executive Officer of Rollins, Inc. stated, "We are pleased to report revenue and profit improvements in the first quarter of 2014 compared to first quarter 2013.  These results reflect our team's commitment to the Company's growth strategies, productivity initiatives, and other programs that are improving operating efficiencies." 

"On February 17, 2014, we completed the acquisition of Australian based Allpest, the leading independent pest control provider in Western Australia.  This acquisition is a very important milestone for our Company and further establishes our global presence in international pest management.  We believe this Australian platform provides our company a meaningful opportunity for longer term growth.  We look forward to working with Allpest and their talented employees, while sharing each other's best practices."  

Rollins Inc. is a premier global consumer and commercial services company. Through its wholly owned subsidiaries, Orkin LLC, Orkin Canada, HomeTeam Pest Defense, Western Pest Services, The Industrial Fumigant Company, Waltham Services LLC, Crane Pest Control, Trutech LLC, and Rollins Australia, 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, Europe, South America, Central America, the Middle East, the Caribbean, Asia, the Mediterranean, Africa, Mexico and Australia 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, www.allpest.com.au 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 growth strategies, productivity initiatives, and other programs to improve operating efficiencies and the opportunity for longer term growth provided by our Australian acquisition.  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, 2013.

 

ROLLINS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in thousands)

At March 31, (unaudited)

2014


2013

ASSETS




Cash and cash equivalents

$                  83,129


$                    82,479

Trade accounts receivables, net

75,307


68,194

Financed receivables, net 

11,230


10,898

Materials and supplies

12,688


11,801

Deferred income taxes, net

39,563


32,839

Other current assets

19,087


18,995

Total Current Assets

241,004


225,206

Equipment and property, net

92,026


83,295

Goodwill 

235,257


212,280

Customer contracts and other intangible assets, net

157,014


136,458

Deferred income taxes, net

4,750


26,582

Financed receivables, long-term, net

11,246


11,214

Prepaid Pension

10,253


-

Other assets

14,111


12,403

    Total Assets

$               765,661


$                  707,438





LIABILITIES




Accounts payable

$                  26,581


$                    23,078

Accrued insurance, current

26,654


24,929

Accrued compensation and related liabilities

56,544


50,218

Unearned revenue

98,461


96,251

Other current liabilities

42,262


39,382

Total Current Liabilities

250,502


233,858

Accrued insurance, less current portion

28,625


31,740

Accrued pension

458


43,017

Long-term accrued liabilities

36,310


33,857

Total Liabilities

315,895


342,472





STOCKHOLDERS' EQUITY




Common stock

146,024


146,279

Retained earnings and other equity

303,742


218,687

Total stockholders' equity

449,766


364,966

Total Liabilities and Stockholders' Equity

$               765,661


$                  707,438

 

ROLLINS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands except per share data)

(unaudited)






First Quarter Ended


March 31,


2014


2013

REVENUES




Customer services

$    313,388


$      299,714

COSTS AND EXPENSES




Cost of services provided

161,308


155,606

Depreciation and amortization

10,214


9,894

Sales, general and administrative

100,832


99,166

Gain on sales/impairment of assets, net

(248)


(32)

Interest (income)

(76)


(45)


272,030


264,589

INCOME BEFORE INCOME TAXES

41,358


35,125

PROVISION FOR INCOME TAXES

15,592


11,946

NET INCOME

$      25,766


$       23,179





NET INCOME PER SHARE - BASIC

$          0.18


$           0.16

NET INCOME PER SHARE - DILUTED

0.18


0.16





Weighted average shares outstanding - basic

145,991


146,238

Weighted average shares outstanding - diluted

145,991


146,238

CONFERENCE CALL ANNOUNCEMENT
Rollins, Inc.
(NYSE: ROL)

Management will hold a conference call to discuss
First Quarter 2014 results on:

Wednesday, April 23, 2014 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 877-941-0844 domestic;
480-629-9835 international
at least 5 minutes before start time.

REPLAY: available through April 30, 2014
Please dial 800-406-7325/303-590-3030, Passcode: 4678054
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.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
"We view the cloud not really as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
UpGuard has become a member of the Center for Internet Security (CIS), and will continue to help businesses expand visibility into their cyber risk by providing hardening benchmarks to all customers. By incorporating these benchmarks, UpGuard's CSTAR solution builds on its lead in providing the most complete assessment of both internal and external cyber risk. CIS benchmarks are a widely accepted set of hardening guidelines that have been publicly available for years. Numerous solutions exist t...