ROLLINS, INC. 
By ATLANTA, Jan. 29, 2014 /PRNewswire/ --
-- Revenue increased 6.0% for the quarter and 5.2% for full year
-- Net income up 22.0% for the quarter and 10.8% for the full year
-- Earnings per diluted share rose 18.8% for the quarter to $0.19 from
$0.16, and up 10.5% to $0.84 from $0.76 for the full year
Rollins, Inc. (NYSE: ROL), a premier global consumer and commercial services company, today reported strong unaudited financial results for its fourth quarter and year ended December 31, 2013.
The Company recorded fourth quarter revenues of $324.7 million, an increase of 6.0% over the prior year's fourth quarter revenue of $306.4 million. Net income increased 22.0% to $28.0 million or $0.19 per diluted share for the fourth quarter ended December 31, 2013, compared to $22.9 million or $0.16 per diluted share for the same period in 2012.
Rollins' revenues for the full year rose 5.2% to $1.337 billion compared to $1.271 billion for the prior year. Rollins' net income for the full year rose 10.8% to $123.3 million, or $0.84 per diluted share, compared to net income of $111.3 million, or $0.76 per diluted share for the same period last year.
Gary W. Rollins, Vice Chairman and Chief Executive Officer of Rollins, Inc. stated, "Once again, the Rollins group of leading pest control companies has achieved our major financial objectives for 2013. These results reflect the execution of our strategic programs that were designed to accelerate our sales, while improving productivity and profit margins."
Mr. Rollins, concluded, "We are thankful and very proud of our people who made 2013 successes possible and who now are clearly focused on achieving our Company's 2014 objectives."
Rollins Inc. is a premier global consumer and commercial services company. Through its wholly owned subsidiaries, Orkin LLC., HomeTeam Pest Defense, Western Pest Services, Orkin Canada, The Industrial Fumigant Company, Waltham Services LLC., Crane Pest Control and Trutech LLC., the company provides essential pest control services and protection against termite damage, rodents and insects to more than 2 million customers in the United States, Canada, Central America, South America, the Caribbean, the Middle East, Asia, the Mediterranean, Europe, Africa and Mexico from more than 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 our focus on achieving the Company's 2014 objectives. 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, 2012.
For Further Information Contact
Harry J. Cynkus (404) 888-2922
ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands)
At December 31, (unaudited) 2013 2012
-------------------------- ---- ----
ASSETS
Cash and cash equivalents $118,216 $65,082
Trade accounts receivables, net 72,849 68,920
Financed receivables, net 12,220 11,823
Materials and supplies 12,251 11,847
Deferred income taxes, net 39,518 33,338
Other current assets 19,388 14,982
Total Current Assets 274,442 205,992
------- -------
Equipment and property, net 87,215 82,263
Goodwill 211,847 212,477
Customer contracts and other intangible
assets, net 128,569 141,789
Deferred income taxes, net 4,544 26,841
Financed receivables, long-term, net 11,608 11,681
Prepaid Pension 7,113 -
Other assets 13,879 11,463
Total Assets $739,217 $692,506
======== ========
LIABILITIES
Accounts payable $23,194 $24,854
Accrued insurance, current 25,631 24,164
Accrued compensation and related
liabilities 66,175 60,042
Unearned revenue 91,014 87,753
Other current liabilities 29,778 31,603
------ ------
Total Current Liabilities 235,792 228,416
------- -------
Accrued insurance, less current portion 28,245 31,283
Accrued pension 691 43,271
Long-term accrued liabilities 36,234 34,580
------ ------
Total Liabilities 300,962 337,550
------- -------
STOCKHOLDERS' EQUITY
Common stock 145,864 146,015
Retained earnings and other equity 292,391 208,941
Total stockholders' equity 438,255 354,956
------- -------
Total Liabilities and Stockholders' Equity $739,217 $692,506
======== ========
ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data)
(unaudited)
Fourth Quarter Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2013 2012 2013 2012
---- ---- ---- ----
REVENUES
Customer services $324,707 $306,393 $1,337,374 $1,270,909
COSTS AND EXPENSES
Cost of services provided 167,357 163,025 678,459 647,578
Depreciation and amortization 9,833 9,810 39,571 38,655
Sales, general and
administrative 106,362 98,040 428,288 407,488
(Gain)/loss on sales/
impairment of assets, net 81 (432) (165) (468)
Pension settlement loss - 1,000 - 1,000
Interest (income)/expense (112) (76) (385) 14
283,521 271,367 1,145,768 1,094,267
INCOME BEFORE INCOME TAXES 41,186 35,026 191,606 176,642
PROVISION FOR INCOME TAXES 13,229 12,112 68,276 65,310
NET INCOME $27,957 $22,914 $123,330 $111,332
======= ======= ======== ========
NET INCOME PER SHARE - BASIC $0.19 $0.16 $0.84 $0.76
NET INCOME PER SHARE -
DILUTED 0.19 0.16 $0.84 $0.76
==== ==== ===== =====
Weighted average shares
outstanding -basic 145,872 146,028 146,081 146,299
Weighted average shares
outstanding -diluted 145,872 146,029 146,081 146,306
CONFERENCE CALL ANNOUNCEMENT
Rollins, Inc.
(NYSE: ROL)
Management will hold a conference call to discuss
Fourth Quarter and Full-Year 2013 results on:
Wednesday, January 29, 2014 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 877-941-9205 domestic;
480-629-9771 international
at least 5 minutes before start time.
REPLAY: available through February 5, 2014
Please dial 800-406-7325/303-590-3030, Passcode: 4660653
THIS CALL CAN ALSO BE ACCESSED THROUGH THE INTERNET AT
www.viavid.net
Questions?
Contact Samantha Alphonso at Financial Relations Board at 212-827-3746
Or email to salphonso@mww.com
SOURCE Rollins, Inc.
