Exhibit 99.1

 

For Further Information Contact

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

(in thousands)

 

At December 31, (unaudited)  2014  2013
ASSETS          
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 
Goodwill   255,563    211,847 
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 
Prepaid Pension   —      7,113 
Other assets   13,832    13,879 
Total Assets  $808,162   $739,217 
           
LIABILITIES          
Accounts payable  $22,878   $23,194 
Accrued insurance, current   24,204    25,631 
Accrued compensation and related liabilities   74,090    66,175 
Unearned revenue   94,056    91,014 
Other current liabilities   37,451    29,778 
Total Current Liabilities   252,679    235,792 
Accrued insurance, less current portion   30,946    28,245 
Accrued pension   29,558    691 
Long-term accrued liabilities   32,303    36,234 
Total Liabilities   345,486    300,962 
           
STOCKHOLDERS’ EQUITY          
Common stock   145,522    145,864 
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)

(unaudited)

 

   Fourth Quarter Ended  Twelve Months Ended
   December 31,  December 31,
   2014  2013  2014  2013
REVENUES                    
Customer services  $343,951   $324,707   $1,411,566   $1,337,374 
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)
Interest (income)/expense   (116)   (112)   (254)   (385)
    297,416    283,521    1,192,082    1,145,768 
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  $29,917   $27,957   $137,664   $123,330 
                     
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 

 

 
 

 

(( CONFERENCE CALL ANNOUNCEMENT ((

Rollins, Inc.

(NYSE: ROL)

  

 

 

 

Management will hold a conference call to discuss

Fourth Quarter and Full-Year 2014 results on:

 

Wednesday, January 28, 2015 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 888-438-5535 domestic;

719-325-2432 international
at least 5 minutes before start time.

 

REPLAY: available through February 4, 2015

Please dial 888-203-1112/719-457-0820, Passcode: 8203851

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, 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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