Rollins Inc Profit Up
Press release from the issuing company
Thursday, April 30th, 2015
Rollins, Inc., a premier global consumer and commercial services company, today reported unaudited financial results for its first quarter ended March 31, 2015.
The Company recorded first quarter revenues of $330.9 million, an increase of 5.6% over the prior year's first quarter of $313.4 million. Net income increased 17.5% to $30.3 million or $0.14 per diluted share for the first quarter ended March 31, 2015 compared to $25.8 million or $0.12 per diluted share for the same period in 2014.
On January 27, 2015, Rollins increased its regular quarterly cash dividend to shareholders 14.3% to $0.08 per share. Additionally, in the first quarter of 2015, the Company announced it purchased 19,137 shares of the Company's stock under its share repurchase program. In total, 5.9 million 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 extremely pleased to have reported another quarter of improved revenue and profit, with all lines of our business contributing to our growth. The conversion of revenue growth to net income increase was outstanding. We are highly focused on executing our strategic business objectives. Our team is committed to taking our Company to the next level as it relates to customer growth, employee development and retention as well as shareholder value. We are off to an exciting start and the New Year presents us with many opportunities to advance these objectives."
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ROLLINS, INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
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(in thousands) |
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At March 31, (unaudited) |
2015 |
2014 |
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ASSETS |
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Cash and cash equivalents |
$ 93,389 |
$ 83,129 |
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Trade accounts receivables, net |
76,523 |
75,307 |
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Financed receivables, net |
11,964 |
11,230 |
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Materials and supplies |
13,766 |
12,688 |
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Deferred income taxes, net |
40,749 |
39,563 |
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Other current assets |
18,840 |
19,087 |
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Total Current Assets |
255,231 |
241,004 |
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Equipment and property, net |
105,448 |
92,026 |
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Goodwill |
269,375 |
235,257 |
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Customer contracts and other intangible assets, net |
136,635 |
157,014 |
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Deferred income taxes, net |
8,912 |
4,750 |
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Financed receivables, long-term, net |
11,650 |
11,246 |
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Prepaid pension |
- |
10,253 |
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Other assets |
14,011 |
14,111 |
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Total Assets |
$ 801,262 |
$ 765,661 |
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LIABILITIES |
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Accounts payable |
$ 21,426 |
$ 26,581 |
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Accrued insurance, current |
24,888 |
26,654 |
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Accrued compensation and related liabilities |
60,217 |
56,544 |
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Unearned revenue |
100,104 |
98,461 |
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Other current liabilities |
37,822 |
42,262 |
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Total Current Liabilities |
244,457 |
250,502 |
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Accrued insurance, less current portion |
31,231 |
28,625 |
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Accrued pension |
26,051 |
458 |
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Long-term accrued liabilities |
32,543 |
36,310 |
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Total Liabilities |
334,282 |
315,895 |
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STOCKHOLDERS' EQUITY |
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Common stock |
218,641 |
219,035 |
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Retained earnings and other equity |
248,339 |
230,731 |
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Total stockholders' equity |
466,980 |
449,766 |
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Total Liabilities and Stockholders' Equity |
$ 801,262 |
$ 765,661 |
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ROLLINS, INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(in thousands except per share data) |
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(unaudited) |
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First Quarter Ended |
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March 31, |
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2015 |
2014 |
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REVENUES |
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Customer services |
$ 330,909 |
$ 313,388 |
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COSTS AND EXPENSES |
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Cost of services provided |
168,043 |
161,308 |
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Depreciation and amortization |
10,781 |
10,214 |
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Sales, general and administrative |
105,575 |
100,832 |
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Gain on sale of assets, net |
(55) |
(248) |
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Interest income, net |
(47) |
(76) |
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284,297 |
272,030 |
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INCOME BEFORE INCOME TAXES |
46,612 |
41,358 |
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PROVISION FOR INCOME TAXES |
16,331 |
15,592 |
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NET INCOME |
$ 30,281 |
$ 25,766 |
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NET INCOME PER SHARE - BASIC |
$ 0.14 |
$ 0.12 |
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NET INCOME PER SHARE - DILUTED |
0.14 |
0.12 |
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Weighted average shares outstanding - basic and diluted |
218,541 |
218,986 |
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