ATLANTA, July 27, 2011 /PRNewswire/ -- Rollins, Inc. (NYSE: ROL), a premier North American consumer and commercial services company, today reported strong unaudited financial results for its second quarter ended June 30, 2011.
The Company recorded second quarter revenues of $320.4 million, an increase of 7.2% over the prior year's second quarter revenue of $298.8 million. Net income increased 12.1% to $31.1 million or $0.21 per diluted share for the second quarter ended June 30, 2011, compared to $27.7 million or $0.19 per diluted share for the same period in 2010.
Rollins' revenues rose 7.3% for the first six months of 2011 to $592.1 million compared to $551.8 million for the prior year. Net income for the first six months of 2011 was $49.7 million, or $0.34 per diluted share, compared to net income of $45.3 million, or $0.30 per diluted share for the same period last year.
In the second quarter, the Company repurchased 533,012 shares at a weighted average price of $19.37 per share bringing the total number of shares repurchased year-to-date to 789,296 at a weighted average price of $19.22. In total, 1,748,950 additional shares may be purchased under the share repurchase program.
Gary W. Rollins, President and Chief Executive Officer of Rollins, Inc. stated, "We are pleased with the strong financial results our Company reported for the second quarter and first six months of this year. The contributions made to our business across all our brands position us to achieve our business objectives for 2011 and beyond. Furthermore, we are seeing the benefits of the organizational changes made this year involving John Wilson heading Orkin USA, and Bob Wanzer leading the Rollins Independent Brands."
Mr. Rollins concluded, "We continue to make investments in our company and are confident that these strategies and action plans will enable us to continue to improve our margins and market share and grow at a faster pace than our industry."
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 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, 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 the contributions made to our business across all of our brands position us to achieve our business objectives for 2011 and beyond and our belief the Company's strategies and action plans with enable the Company to continue to improve its margins and market share and grow at a faster pace than the Company's industry. 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 June 30, (unaudited)
Cash and cash equivalents
Trade 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
Trade 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)
Second Quarter Ended
Six 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
CONFERENCE CALL ANNOUNCEMENT
Management will hold a conference call to discuss
Second Quarter results on:
Wednesday, July 27, 2011 at:
10:00 a.m. Eastern
9:00 a.m. Central
8:00 a.m. Mountain
7:00 a.m. Pacific
Please dial 877-941-8609 domestic;
at least 5 minutes before start time.
REPLAY: available through August 4, 2011
Please dial 800-406-7325/303-590-3030, Passcode:4456994
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
For Further Information Contact
Harry J. Cynkus (404) 888-2922
SOURCE Rollins, Inc.