ROLLINS, INC 3Q EASNINGS PRESS RELEASE
Published on October 29, 2003
Exhibit 99.1 For Further Information Contact
Harry J. Cynkus
(404) 888-2922
FOR IMMEDIATE RELEASE
ROLLINS, INC. REPORTS CONTINUED GROWTH IN QUARTERLY EARNINGS
15TH Consecutive Quarter of Improvement in Earnings Per Share
o Net Income rose 45.1% to $9.8 million
o Cash and Marketable Securities increased 26.5% to $82.1 million
o Revenue grew 2.4% over last year
ATLANTA, GEORGIA, October 29, 2003: Rollins, Inc. (NYSE:ROL), a premier North
American consumer services company, today reported that net income increased
45.1% to $9.8 million or $0.21 per diluted share for the third quarter ended
September 30, 2003, compared to $6.8 million or $0.15 per diluted share for the
same period in 2002. Revenue for the third quarter grew 2.4% to $178.3 million
compared to $174.1 million for the third quarter ended September 30, 2002.
Net income for the first nine months of 2003 climbed 32.3% to $30.9 million or
$0.67 per diluted share compared to net income of $23.4 million or $0.52 per
diluted share for the comparable nine months in 2002. Revenues increased to
$518.5 million for the first nine months compared to $511.6 million for the
prior year-to-date period.
Rollins' balance sheet continued to strengthen. The Company ended the quarter
with cash and marketable securities of $82.1 million, total assets of $357.1
million and stockholders' equity increased to $119.8 million.
Gary W. Rollins, President and Chief Executive Officer of Rollins, Inc. stated,
"We are pleased by the increased rate of organic revenue growth for the quarter,
an indication that our sales programs have begun to contribute. Our service
initiatives are enabling us to provide better service to our customers while
improving productivity. The Company's strong free cash flow supports our ability
to pursue opportunities to acquire select pest control companies."
Rollins, Inc. is one of the nation's largest consumer services companies.
Through its wholly-owned subsidiary, Orkin, Inc., the Company provides essential
pest control services and protection against termite damage, rodents and insects
to approximately 1.6 million customers in the United States, Canada and Mexico
from over 400 locations. You can learn more about Orkin by visiting our Web
sites at www.orkin.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
The above release contains statements that constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. 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, general economic conditions; market
risk; changes in industry practices or technologies; the degree of success of
the Company's pest and termite process reforms and pest control selling and
treatment methods; the Company's ability to identify potential acquisitions;
climate and weather trends; competitive factors and pricing practices; the cost
reduction benefits of the corporate restructuring may not be as great as
expected or eliminated positions may have to be reinstated in the future;
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.
CONFERENCE CALL
Rollins, Inc.
(NYSE: ROL)
ROLLINS
Management will hold a conference call to discuss
third quarter results on:
Wednesday, October 29, 2003 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 800-240-5318 domestic;
303-262-2130 international
at least 5 minutes before start time.
REPLAY: through November 5, 2003 at 11:00 p.m.
Please dial 800-405-2236/303-590-3000, Passcode: 555970
THIS CALL CAN ALSO BE ACCESSED THROUGH THE INTERNET AT
www.viavid.net
Questions?:
Janet Cruz at FRB/Weber Shandwick at 212-445-8453 or
email to jcruz@webershandwick.com