ROLLINS, INC. ATLANTA, Jan. 27, 2016 /PRNewswire/ -- Rollins, Inc. (NYSE: ROL), a premier global consumer and commercial services company, reported strong unaudited financial results for its fourth quarter and year ended December 31, 2015.
The Company recorded fourth quarter revenues of $362.5 million, an increase of 5.4% over the prior year's fourth quarter revenue of $344.0 million. Income before income taxes rose 11.3% to $51.8 million compared to $46.5 million for the prior year's fourth quarter. Rollins' net income increased 6.1% to $31.7 million or $0.15 per diluted share for the fourth quarter ended December 31, 2015, compared to $29.9 million or $0.14 per diluted share for the same period in 2014.
For the full-year ended December 31, 2015, Rollins' revenues rose 5.2% to $1.485 billion compared to $1.412 billion for the prior year, and income before income taxes increased 10.8% to $243.2 million compared to prior year's $219.5 million. The Company's net income for the year rose 10.5% to $152.1 million, or $0.70 per diluted share, compared to net income of $137.7 million, or $0.63 per diluted share for last year.
Gary W. Rollins, Vice Chairman and Chief Executive Officer of Rollins, Inc. stated, "We are pleased to have achieved our major financial objectives for 2015 with record revenue and profit growth across all the Company's brands. The progress we made this past year is a reflection of the dedication of our employees and their commitment to achieve our strategic initiatives."
Mr. Rollins, concluded, "Our culture of continued improvement is the driving force behind our enhanced customer service, sales results, productivity improvement, customer growth and financial results. We are excited about our Company's plans for 2016 and are clearly focused on having another successful 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 700 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 being excited about its plans for 2016 and focused on having another successful 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 December 31, (unaudited) 2015 2014
-------------------------- ---- ----
ASSETS
Cash and cash equivalents $134,574 $108,372
Trade accounts receivables, net 79,864 77,854
Financed receivables, net 13,830 12,234
Materials and supplies 12,801 14,078
Deferred income taxes, net 44,445 42,764
Other current assets 28,365 28,656
Total Current Assets 313,879 283,958
------- -------
Equipment and property, net 121,356 101,669
Goodwill 249,939 255,563
Customer contracts and other intangible
assets, net 138,931 133,472
Deferred income taxes, net - 7,881
Financed receivables, long-term, net 13,636 11,787
Other assets 14,690 13,832
Total Assets $852,431 $808,162
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LIABILITIES
Accounts payable $24,919 $22,878
Accrued insurance, current 24,874 24,204
Accrued compensation and related
liabilities 73,607 74,090
Unearned revenue 96,192 94,056
Other current liabilities 33,394 37,451
------ ------
Total Current Liabilities 252,986 252,679
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Accrued insurance, less current portion 30,402 30,946
Accrued pension 9,735 29,558
Deferred income taxes, net 3,780 -
Long-term accrued liabilities 31,499 32,303
------ ------
Total Liabilities 328,402 345,486
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STOCKHOLDERS' EQUITY
Common stock 218,553 218,283
Retained earnings and other equity 305,476 244,393
Total stockholders' equity 524,029 462,676
------- -------
Total Liabilities and Stockholders' Equity $852,431 $808,162
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ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2015 2014 2015 2014
---- ---- ---- ----
REVENUES
Customer services $362,500 $343,951 $1,485,305 $1,411,566
COSTS AND EXPENSES
Cost of services provided 182,235 174,979 735,976 707,739
Depreciation and amortization 11,340 11,250 44,522 43,509
Sales, general and administrative 117,601 111,357 463,742 441,706
Gain on sale of assets, net (449) (54) (1,953) (618)
Interest income, net (26) (116) (160) (254)
310,701 297,416 1,242,127 1,192,082
INCOME BEFORE INCOME TAXES 51,799 46,535 243,178 219,484
PROVISION FOR INCOME TAXES 20,050 16,618 91,029 81,820
NET INCOME $31,749 $29,917 $152,149 $137,664
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NET INCOME PER SHARE - BASIC AND DILUTED $0.15 $0.14 $0.70 $0.63
===== ===== ===== =====
Weighted average shares outstanding - basic and diluted 218,585 218,287 218,583 218,695
CONFERENCE CALL ANNOUNCEMENT
Rollins, Inc.
(NYSE: ROL)
Management will hold a conference call to discuss
Fourth Quarter and Twelve Months 2015 results on
Wednesday, January 27, 2016 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 888-632-3384 domestic;
785-424-1675 international
at least 5 minutes before start time.
REPLAY: available through February 3, 2016
Please dial 888-203-1112/719-457-0820, Passcode: 8962426
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.
