Exhibit 99.1

 

For Further Information Contact

Eddie Northen (404) 888-2242

 

 

 

FOR IMMEDIATE RELEASE

 

 

ROLLINS, INC. REPORTS FIRST QUARTER 2019

FINANCIAL RESULTS

 

 

  • U.S. Weather conditions dampened first quarter results
  • Tax rate higher due to impact of certain non-deductible expenses
  • International results affected by currency headwinds
  • Enhanced employee benefits had residual cost increases

ATLANTA, GEORGIA, April 24, 2019:

Rollins, Inc. (NYSE:ROL), a premier global consumer and commercial services company, reported strong unaudited financial results for its first quarter ended March 31, 2019.

The Company recorded first quarter revenues of $429.1 million, an increase of 5.0% over the prior year’s first quarter revenue of $408.7 million. Rollins reported net income of $44.2 million or $0.14 per diluted share in the first quarter ended March 31, 2019, compared to $48.5 million or $0.15 per diluted share for the same period in 2018.

Gary W. Rollins, Vice Chairman and Chief Executive Officer of Rollins, Inc. stated, “We had a successful quarter even while feeling the effects of artic weather and torrential rains in the country causing termites and other pests to remain dormant for the first quarter, however the company had improvements in both customer and employee retention. We look forward to warm weather and the spring pest season.”

“Our operations were well prepared and ready for a spring that has been delayed in many parts of the United States. Additionally, several items negatively impacted our EPS for the quarter by 1.5 cents. Mainly a higher tax rate, the strengthening U.S. dollar against foreign currency, professional services expenses related to acquisitions and enhanced employee benefit participation, affected the quarter by an average of $1M each,” stated Eddie Northen, Senior VP, CFO, and Treasurer of Rollins, Inc.

The Company continues to expect to close the acquisition of Clark Pest Control of Stockton, Inc. located in Lodi, California during the second quarter of 2019.  Closing remains subject to the receipt of regulatory clearance. Over the past month, we have completed the due diligence and met with expanded members of the Clark team and continue to be eager to bring them into our family of brands.

  

 

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, Northwest Exterminating, 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.orkincanada.ca, www.westernpest.com, www.callnorthwest.com, www.crittercontrol.com, www.indfumco.com, www.trutechinc.com, www.orkinau.com, www.walthamservices.com, www.opcpest.com, www.permatreat.com, www.cranepestcontrol.com, www.safeguardpestcontrol.co.uk, www.aardwolfpestkare.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 focus on achieving our 2019 plans and objectives and the expectation that the Clark Pest Control of Stockton, Inc. acquisition will close during the second quarter of 2019 subject to the receipt of regulatory clearance, including the expiration of the applicable waiting period under the Hart-Scott-Rodino Act. 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; changes in various government laws and regulations, including environmental regulations; and the impact of the U. S. Government shutdown. 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, 2018.

 

ROL-Fin

 

 

  

 

ROLLINS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in thousands)

At March 31, (unaudited)  2019  2018
ASSETS          
Cash and cash equivalents  $116,607   $84,319 
Trade accounts receivables, net   104,593    96,459 
Financed receivables, net   19,258    16,979 
Materials and supplies   16,572    15,885 
Other current assets   32,909    27,062 
Total Current Assets   289,939    240,704 
Equipment and property, net   136,806    136,272 
Goodwill   370,492    364,606 
Customer contracts   174,777    176,447 
Other intangible assets, net   64,646    61,636 
Operating lease, ROU assets   182,176    —   
Financed receivables, long-term, net   26,376    22,305 
Deferred income taxes, net   961    10,428 
Prepaid pension   5,274    18,237 
Other assets   20,625    20,061 
    Total Assets  $1,272,072   $1,050,696 
LIABILITIES          
Accounts payable   27,496    30,624 
Accrued insurance, current   27,940    28,462 
Accrued compensation and related liabilities   58,853    64,610 
Unearned revenue   123,935    117,934 
Operating lease liability, current   60,454    —   
Other current liabilities   54,034    57,443 
Total Current Liabilities   352,712    299,073 
Accrued insurance, less current portion   34,148    34,787 
Operating lease liability, less current portion   121,775    —   
Long-term accrued liabilities   44,313    54,073 
Total Liabilities   552,948    387,933 
STOCKHOLDERS’ EQUITY          
Common stock   327,530    327,280 
Retained earnings and other equity   391,594    335,483 
Total stockholders’ equity   719,124    662,763 
Total Liabilities and Stockholders’ Equity  $1,272,072   $1,050,696 

 

 

  

 

ROLLINS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands except per share data)

(unaudited)

   Three Months Ended
   March 31,
   2019  2018
REVENUES      
Customer services  $429,069   $408,742 
COSTS AND EXPENSES          
Cost of services provided   217,258    206,143 
Depreciation and amortization   16,683    16,916 
Sales, general and administrative   139,530    126,487 
Gain on sale of assets, net   (181)   (56)
Interest (income)/expense, net   (274)   58 
    373,016    349,548 
INCOME BEFORE INCOME TAXES   56,053    59,194 
PROVISION FOR INCOME TAXES   11,827    10,669 
NET INCOME  $44,226   $48,525 
NET INCOME PER SHARE - BASIC AND DILUTED  $0.14   $0.15 
Weighted average shares outstanding - basic and diluted   327,506    327,244 

 

 

  

 

(( CONFERENCE CALL ANNOUNCEMENT ((

Rollins, Inc.

(NYSE: ROL)

 

Management will hold a conference call to discuss

First Quarter 2019 results on

 

Wednesday, April 24, 2019 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 855-719-5012 domestic;

334-323-0505 international
at least 5 minutes before start time.

 

REPLAY: available through May 1, 2019

Please dial 888-203-1112/719-457-0820, Passcode 2305197

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

 

 

  


The following information was filed by Rollins Inc (ROL) on Wednesday, April 24, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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