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Harry J. Cynkus (404) 888-2922
FOR IMMEDIATE RELEASE
ROLLINS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2014
RECORD FINANCIAL RESULTS
Company posts 35th consecutive quarter of improved earnings results
- Revenue increased 5.9% for the quarter and 5.5% for full year
- Income before taxes rose 13.0% for the quarter and 14.5% for the full year
- Net income up 7.0% for the quarter and 11.6% for the full year
- Earnings per diluted share rose 10.5% for the quarter to $0.21 from $0.19, and up 11.9% to $0.94 from $0.84 for the full year
ATLANTA, GEORGIA, January 28, 2015: 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, 2014.
All share and per share information is shown prior to the 3-for-2 stock dividend effective March 10, 2015 for shareholders of record February 10, 2015 as announced on January 27, 2015.
The Company recorded fourth quarter revenues of $344.0 million, an increase of 5.9% over the prior year’s fourth quarter revenue of $324.7 million. Income before income taxes rose 13.0%, but due to a less favorable income tax rate in 2014, net income increased 7.0% to $29.9 million or $0.21 per diluted share for the fourth quarter ended December 31, 2014, compared to $28.0 million or $0.19 per diluted share for the same period in 2013.
Rollins’ revenues for the full year rose 5.5% to $1.412 billion compared to $1.337 billion for the prior year. Rollins’ net income for the full year rose 11.6% to $137.7 million, or $0.94 per diluted share, compared to net income of $123.3 million, or $0.84 per diluted share for the same period last year.
Gary W. Rollins, Vice Chairman and Chief Executive Officer of Rollins, Inc. stated, “We are pleased to have achieved our financial objectives for 2014. These results reflect growth across all brands and lines of our business. We now have over 70 branches converted to our new branch CRM and operating system, and will accelerate our implementation in the new year.”
Mr. Rollins, concluded, “We are excited about 2015. We have important strategic initiatives in place to help us achieve our financial objectives, while providing our customers with award winning pest control service.”
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, 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 500 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.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 (i) expectation to accelerate the implementation of the branch CRM and operating system, and (ii) strategic initiatives in place to help achieve financial objectives for 2015 while providing customers with award winning pest control service. 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, 2013.
ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|At December 31, (unaudited)||2014||2013|
|Cash and cash equivalents||$||108,372||$||118,216|
|Trade accounts receivables, net||77,854||72,849|
|Financed receivables, net||12,234||12,220|
|Materials and supplies||14,078||12,251|
|Deferred income taxes, net||42,764||39,518|
|Other current assets||28,656||19,388|
|Total Current Assets||283,958||274,442|
|Equipment and property, net||101,669||87,215|
|Customer contracts and other intangible assets, net||133,472||128,569|
|Deferred income taxes, net||7,881||4,544|
|Financed receivables, long-term, net||11,787||11,608|
|Accrued insurance, current||24,204||25,631|
|Accrued compensation and related liabilities||74,090||66,175|
|Other current liabilities||37,451||29,778|
|Total Current Liabilities||252,679||235,792|
|Accrued insurance, less current portion||30,946||28,245|
|Long-term accrued liabilities||32,303||36,234|
|Retained earnings and other equity||317,154||292,391|
|Total stockholders’ equity||462,676||438,255|
|Total Liabilities and Stockholders’ Equity||$||808,162||$||739,217|
ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data)
|Fourth Quarter Ended||Twelve Months Ended|
|December 31,||December 31,|
|COSTS AND EXPENSES|
|Cost of services provided||174,979||167,357||707,739||678,459|
|Depreciation and amortization||11,250||9,833||43,509||39,571|
|Sales, general and administrative||111,357||106,362||441,706||428,288|
|(Gain)/loss on sales/impairment of assets, net||(54||)||81||(618||)||(165||)|
|INCOME BEFORE INCOME TAXES||46,535||41,186||219,484||191,606|
|PROVISION FOR INCOME TAXES||16,618||13,229||81,820||68,276|
|NET INCOME PER SHARE - BASIC||$||0.21||$||0.19||$||0.94||$||0.84|
|NET INCOME PER SHARE - DILUTED||$||0.21||$||0.19||$||0.94||$||0.84|
|Weighted average shares outstanding - basic and diluted||145,524||145,872||145,796||146,081|
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Fourth Quarter and Full-Year 2014 results on:
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The following information was filed by Rollins Inc (ROL) on Wednesday, January 28, 2015 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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