ROLLINS, INC. ATLANTA, July 29, 2015 /PRNewswire/ -- Rollins, Inc. (NYSE: ROL), a premier global consumer and commercial services company, today reported unaudited financial results for its second quarter and six months ended June 30, 2015.
The Company recorded second quarter revenues of $392.2 million, an increase of 6.2% over the prior year's second quarter of $369.4 million. Net income increased 10.3% to $45.1 million or $0.21 per diluted share for the second quarter ended June 30, 2015 compared to $40.9 million or $0.19 per diluted share for the same period in 2014.
Rollins' revenues rose 5.9% for the first six months of 2015 to $723.1 million compared to $682.7 million for the prior year. Net income for the first six months of 2015 was $75.4 million, an increase of 13.1%, or $0.34 per diluted share compared to $66.6 million or $0.30 per diluted share for the same period last year.
Commenting on the Company's results, Gary W. Rollins, Vice Chairman and Chief Executive Officer of Rollins, Inc. stated, "The continued revenue and profit growth that we experienced in the quarter and first half of 2015 is a testament to the success we are having with our sales and service programs. We are committed to continuous improvement in all areas of our business. A good example is our investment in new IT technologies which will have a tremendous ongoing impact on the improvement of our customers' service delivery and the company's growth rate. We are on track and dedicated to achieve our financial goals for the year."
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, 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 600 locations. You can learn more about our subsidiaries by visiting our web sites at www.orkin.com, www.pestdefense.com, www.orkincanada.ca, www.westernpest.com, www.crittercontrol.com, www.indfumco.com, www.trutechinc.com, www.allpest.com.au, www.walthamservices.com, www.permatreat.com, www.cranepestcontrol.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 success of our sales and service programs; commitment to continuous improvement; impact of our investment in new IT technologies on customers' service delivery and company's growth rate; being on track and dedicated to achieve the financial goals for the year. 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, 2014.
ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands)
At June 30, (unaudited) 2015 2014
---------------------- ---- ----
ASSETS
Cash and cash equivalents $109,684 $101,519
Trade accounts receivables, net 88,267 86,156
Financed receivables, net 14,059 12,821
Materials and supplies 14,034 13,136
Deferred income taxes, net 40,636 40,781
Other current assets 32,377 19,052
Total Current Assets 299,057 273,465
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Equipment and property, net 110,375 94,678
Goodwill 269,867 255,515
Customer contracts and other intangible
assets, net 132,395 139,231
Deferred income taxes, net 8,614 4,564
Financed receivables, long-term, net 14,370 12,955
Prepaid pension - 10,393
Other assets 14,083 13,788
Total Assets $848,761 $804,589
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LIABILITIES
Accounts payable $28,550 $27,972
Accrued insurance, current 27,347 24,212
Accrued compensation and related
liabilities 69,295 63,408
Unearned revenue 107,327 105,455
Other current liabilities 31,416 38,384
------ ------
Total Current Liabilities 263,935 259,431
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Accrued insurance, less current portion 28,210 31,340
Accrued pension 26,045 475
Long-term accrued liabilities 33,328 37,801
------ ------
Total Liabilities 351,518 329,047
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STOCKHOLDERS' EQUITY
Common stock 218,595 218,640
Retained earnings and other equity 278,648 256,902
Total stockholders' equity 497,243 475,542
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Total Liabilities and Stockholders' Equity $848,761 $804,589
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ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2015 2014 2015 2014
---- ---- ---- ----
REVENUES
Customer services $392,150 $369,357 $723,059 $682,745
COSTS AND EXPENSES
Cost of services provided 190,209 182,642 358,252 343,950
Depreciation and amortization 11,245 10,608 22,026 20,822
Sales, general and administrative 118,622 110,752 224,197 211,584
Gain on sale of assets, net (194) (230) (249) (478)
Interest income, net (66) (86) (113) (162)
319,816 303,686 604,113 575,716
INCOME BEFORE INCOME TAXES 72,334 65,671 118,946 107,029
PROVISION FOR INCOME TAXES 27,261 24,811 43,592 40,403
NET INCOME $45,073 $40,860 $75,354 $66,626
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NET INCOME PER SHARE - BASIC AND DILUTED $0.21 $0.19 $0.34 $0.30
===== ===== ===== =====
Weighted average shares outstanding - basic and diluted 218,613 218,813 218,577 218,899
CONFERENCE CALL ANNOUNCEMENT
Rollins, Inc.
(NYSE: ROL)
Management will hold a conference call to discuss
Second Quarter and Six Months 2015 results on
Wednesday, July 29, 2015 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 888-505-4368 domestic;
719-457-1035 international
at least 5 minutes before start time.
REPLAY: available through August 5, 2015
Please dial 888-203-1112/719-457-0820, Passcode: 3030827
THIS CALL CAN ALSO BE ACCESSED THROUGH THE INTERNET AT
www.viavid.com
Questions?
Contact Samantha Alphonso at Financial Relations Board at 212-827-3746
Or email to salphonso@mww.com
For Further Information Contact
Eddie Northen (404) 888-2242
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SOURCE Rollins, Inc.
