Exhibit 99.1

 

  For Further Information Contact
  Eddie Northen (404) 888-2242

 

 

FOR IMMEDIATE RELEASE

 

 

ROLLINS, INC. REPORTS SECOND QUARTER AND SIX MONTHS 2017 FINANCIAL RESULTS

 

Company posts 45th consecutive quarter of improved revenue and earnings

 

ATLANTA, GEORGIA, July 26, 2017: Rollins, Inc. (NYSE:ROL), a premier global consumer and commercial services company, reported unaudited financial results for its second quarter and six months ended June 30, 2017.

 

The Company recorded second quarter revenues of $433.6 million, an increase of 5.5% over the prior year’s second quarter revenue of $411.1 million. Rollins’ net income increased 12.4% to $53.7 million or $0.25 per diluted share for the second quarter ended June 30, 2017, compared to $47.8 million or $0.22 per diluted share for the same period in 2016.

 

Rollins’ revenues rose 5.9% for the first six months of 2017 to $808.8 million compared to $763.9 million for the prior year. Net income for the first six months of 2017 was $94.0 million, an increase of 17.9%, or $0.43 per diluted share compared to $79.7 million or $0.36 per diluted share for the same period last year.

 

Commenting on the Company’s financial results, Gary W. Rollins, Vice Chairman and Chief Executive Officer of Rollins, Inc. stated, “This quarter reflects a record performance in revenue and profits. Our revenue growth reflects contributions from all of our businesses. As you would expect, we are pleased with the results from our operational initiatives and their impact on customer and employee retention, as well as the bottom line.”

 

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. 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, 2016.

 

ROL-Fin

 

 

 

ROLLINS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in thousands)

 

At June 30, (unaudited)  2017  2016
ASSETS          
  Cash and cash equivalents  $194,837   $126,465 
  Trade accounts receivables, net   101,229    96,959 
  Financed receivables, net   16,834    15,263 
  Materials and supplies   15,507    14,635 
  Other current assets   33,219    33,265 
  Total Current Assets   361,626    286,587 
  Equipment and property, net   131,443    133,519 
  Goodwill   258,263    254,001 
  Customer contracts and other intangible assets, net   156,997    164,604 
  Deferred income taxes, net   34,203    34,403 
  Financed receivables, long-term, net   19,467    16,617 
  Other assets   18,527    15,870 
  Total Assets  $980,526   $905,601 
LIABILITIES          
  Accounts payable  $33,777   $27,628 
  Accrued insurance, current   27,118    25,636 
  Accrued compensation and related liabilities   72,013    71,564 
  Unearned revenue   112,973    109,733 
  Other current liabilities   41,216    36,738 
  Total Current Liabilities   287,097    271,299 
  Accrued insurance, less current portion   33,144    31,333 
  Accrued pension   2,132    9,459 
  Long-term accrued liabilities   40,691    35,190 
  Total Liabilities   363,064    347,281 
  STOCKHOLDERS’ EQUITY          
  Common stock   217,991    218,300 
  Retained earnings and other equity   399,471    340,020 
  Total stockholders’ equity   617,462    558,320 
  Total Liabilities and Stockholders’ Equity  $980,526   $905,601 

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands except per share data)

(unaudited)

 

   Three Months Ended  Six Months Ended
   June 30,  June 30,
   2017  2016  2017  2016
REVENUES            
Customer services  $433,555   $411,133   $808,802   $763,869 
COSTS AND EXPENSES                    
Cost of services provided   204,480    195,943    393,643    373,745 
Depreciation and amortization   13,547    12,350    27,317    23,990 
Sales, general and administrative   129,667    126,545    244,821    238,800 
Gain on sale of assets, net   (88)   (579)   (113)   (668)
Interest income, net   (190)   (88)   (263)   (138)
    347,416    334,171    665,405    635,729 
INCOME BEFORE INCOME TAXES   86,139    76,962    143,397    128,140 
PROVISION FOR INCOME TAXES   32,450    29,179    49,438    48,429 
NET INCOME  $53,689   $47,783   $93,959   $79,711 
                     
NET INCOME PER SHARE - BASIC AND DILUTED  $0.25   $0.22   $0.43   $0.36 
                     
Weighted average shares outstanding - basic and diluted   218,002    218,437    217,987    218,562 

 

 

 

 

(( CONFERENCE CALL ANNOUNCEMENT ((

Rollins, Inc.

(NYSE: ROL)

 

 

 

Management will hold a conference call to discuss

Second Quarter 2017 results on

 

Wednesday, July 26, 2017 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 877-397-0298 domestic;

719-325-4810 international
at least 5 minutes before start time.

 

REPLAY: available through August 2, 2017

Please dial 888-203-1112/719-457-0820, Passcode: 4118006

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