ATLANTA, Jan. 25, 2017 /PRNewswire/ -- Rollins, Inc. (NYSE: ROL), a premier global consumer and commercial services company, reported strong unaudited financial results for its fourth quarter and year ended December 31, 2016.
The Company recorded fourth quarter revenues of $385.6 million, an increase of 6.4% over the prior year's fourth quarter revenue of $362.5 million. Rollins' net income increased 19.7% to $38.0 million or $0.17 per diluted share for the fourth quarter ended December 31, 2016, compared to $31.7 million or $0.15 per diluted share for the same period in 2015.
For the full-year ended December 31, 2016, Rollins' revenues rose 5.9% to $1.573 billion compared to $1.485 billion for the prior year. The Company's net income for the year rose 10.0% to $167.4 million, or $0.77 per diluted share, compared to net income of $152.1 million, or $0.70 per diluted share last year.
Gary W. Rollins, Vice Chairman and Chief Executive Officer of Rollins, Inc. stated, "The positive performance we achieved in our fourth quarter and for the full year reflects the success of our 2016 initiatives. We were especially pleased that this year we again exceeded our revenue and profit plans, and we surpassed the $1.5 billion revenue milestone. The Fourth Quarter results represent our 43rd consecutive quarter of improved revenues and earnings."
Mr. Rollins concluded, "We are excited about our Company's opportunities for 2017. The Rollins culture of continuous improvement enables us to generate aggressive plans and new programs that should provide another successful year. We are very proud of our people who made 2016 possible and who will likewise be working diligently to achieve our 2017 objectives."
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 being excited about its opportunities for 2017; and the expectation of another successful year and the achievement of the 2017 objectives. 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.
ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
At December 31, (unaudited)
Cash and cash equivalents
Trade accounts receivables, net
Financed receivables, net
Materials and supplies
Other current assets
Total Current Assets
Equipment and property, net
Customer contracts and other intangible assets, net
Deferred income taxes, net
Financed receivables, long-term, net
Accrued insurance, current
Accrued compensation and related liabilities
Other current liabilities
Total Current Liabilities
Accrued insurance, less current portion
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)
Three Months Ended
Twelve Months Ended
COSTS AND EXPENSES
Cost of services provided
Depreciation and amortization
Sales, general and administrative
Gain on sale of assets, net
Interest income, net
INCOME BEFORE INCOME TAXES
PROVISION FOR INCOME TAXES
NET INCOME PER SHARE - BASIC AND DILUTED
Weighted average shares outstanding - basic and diluted
CONFERENCE CALL ANNOUNCEMENT
Management will hold a conference call to discuss
Fourth Quarter and Twelve Months 2016 results on
Wednesday, January 25, 2017 at:
10:00 a.m. Eastern
9:00 a.m. Central
8:00 a.m. Mountain
7:00 a.m. Pacific
Please dial 800-533-7619 domestic;
at least 5 minutes before start time.
REPLAY: available through February 1, 2017
Please dial 888-203-1112/719-457-0820, Passcode: 2262830
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
Eddie Northen (404) 888-2242
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SOURCE Rollins, Inc.