ATLANTA — Rollins, Inc. reported strong unaudited financial results for its first quarter ended March 31, 2011.
The company recorded first quarter revenues of $271.6 million, an increase of 7.4% over the prior year's first quarter revenue of $253.0 million. Net income increased 6.0% to $18.6 million or $0.13 per diluted share for the first quarter ended March 31, 2011, compared to $17.6 million or $0.12 per diluted share for the same period in 2010.
On Jan. 25, Rollins increased its regular quarterly cash dividend to shareholders 16.7 percent to $0.07 per share. The company also repurchased 256,284 shares at a weighted average price of $18.90 per share during the first quarter. In total, 2,281,962 additional shares may be purchased under the share repurchase program.
Gary W. Rollins, president and CEO of Rollins, Inc. said, "We are pleased to report our strongest increase in revenue for a first quarter in more than five years, we are understandably pleased with our solid start of 2011."
Rollins added, "Our opportunities for this year are exciting and we believe that each of our businesses is well positioned to contribute. We remain committed to growing our revenue, improving earnings, generating strong cash flows and maintaining a strong balance sheet. We are clearly focused on achieving our goals."