Secret Site Map
Monday, September 22, 2014

Home News Rollins Reports Fourth Quarter and Full-Year 2009 Financial Results

Rollins Reports Fourth Quarter and Full-Year 2009 Financial Results

The company recorded fourth quarter revenues of $259.6 million, an increase of 4.6% over the prior year's fourth quarter revenue of $248.1 million.

| February 5, 2010

ATLANTA — Rollins, parent company of Orkin, reported unaudited financial results for its fourth quarter and year ended December 31, 2009.

The company recorded fourth quarter revenues of $259.6 million, an increase of 4.6% over the prior year's fourth quarter revenue of $248.1 million.  Net income increased 59.0% to $20.0 million or $0.20 per diluted share for the fourth quarter ended December 31, 2009, compared to $12.6 million or $0.13 per diluted share for the same period in 2008. 

In the fourth quarter of 2009, Rollins converted Orkin, Inc. and certain other operating subsidiaries from C corporations to wholly owned limited liability companies.  This change will allow Rollins to use the operating profits generated by these subsidiaries to offset Rollins' state tax losses and reduce state income taxes.  The Company also recognized a non-cash pre-tax impairment charge of approximately $2.9 million following management's determination that a routing and scheduling system under development would require substantial changes and expense in order to deliver the product expected.  The Company is exploring alternative solutions as the potential benefits of an effective routing and scheduling system would be significant.

Excluding a tax benefit of $6.2 million or $0.06 per diluted share on Rollins' conversion of Orkin to a limited liability company, net of cost associated with a Canadian restructuring and repatriation of cash, and the impairment charge of $0.02 per diluted share associated with the software system write-off, the Company's earnings per share for fourth quarter 2009 were $0.16 per diluted share, an improvement of 23.1% compared to fourth quarter 2008.

The Company repurchased 227,100 shares at a weighted average price of $18.18 per share in the fourth quarter bringing the total number of shares repurchased in 2009 to 1,677,200.  In total, 2,951,591 additional shares may be purchased under the share repurchase program.

Revenues for the full year 2009 rose 5.2% to $1.1 billion compared to slightly over $1.0 billion for the prior year.  Rollins' net income for the full year rose 21.8% to $84.0 million, or $0.84 per diluted share, compared to net income of $68.9 million, or $0.69 per diluted share for the prior year. Excluding the impact of Rollins conversion of Orkin to a limited liability company, and the impairment charge associated with the software system write off in the fourth quarter of 2009, the Company's earnings for the year were $0.80 per diluted share, an improvement of 15.9% compared to the full year 2008.

Rollins' balance sheet continued to strengthen with total assets increasing to $566.5 million and stockholders' equity of $264.6 million.  

Source: PRNewswire

Top news

Patented Portable Heat Injector System Introduced

The new heating system was created with significant input from pest control companies.

Stoy Hedges Establishes Consulting Firm

After 25 years at Terminix, Hedges said it was time for a change in his career.

Agri-Turf Distributing Names Lon Records CEO

Records is a familiar face in the industry with a career that dates back to the early 1970s.

Suspect Arrested in Death of Jill Su

Police have arrested Dayont'e Omar Resiles in connection with the death of Su, wife of renowned UF Entomologist Nan-Yao Su, Local 10 News reported.

Australian Mosquito Found in L.A. County, LA Times Reports

An Australian mosquito capable of transmitting viruses to humans and heartworm to dogs was found in the San Gabriel Valley, the LA Times reported.