ATLANTA — Rollins, Inc. reported strong unaudited financial results for its third quarter ended Sept. 30, 2011.
The company recorded third quarter revenues of $323.9 million, an increase of 6.2% over the prior year's third quarter revenue of $305.1 million. Net income increased 15.3% to $29.4 million or $0.20 per diluted share for the third quarter ended Sept. 30, 2011, compared to $25.5 million or $0.17 per diluted share for the same period in 2010.
Rollins' revenues rose 6.9% for the first nine months of 2011 to $916.0 million compared to $857.0 million for the prior year. Net income for the first nine months of 2011 was $79.1 million, or $0.54 per diluted share, compared to net income of $70.8 million, or $0.48 per diluted share for the same period last year.
In the third quarter, the company repurchased 598,986 shares at a weighted average price of $17.85 per share bringing the total number of shares repurchased year-to-date to 1,388,282 at a weighted average price of $18.63. In total, 1,149,964 additional shares may be purchased under the share repurchase program.
"Rollins, Inc. had another successful quarter which represents 22 consecutive quarters of record performance," said Gary W. Rollins, president and chief executive officer of Rollins, Inc. "We are pleased with the solid financial results our Company reported for the third quarter and nine months of this year. This growth came from all of our business lines and continues to reflect the positive results from the investments we are making. As a result of these key operational initiatives and our dedicated teammates, we are on track to meet our financial objectives for 2011."
Gary Rollins concluded, "We are currently working on our 2012 plans and would expect another positive year for Rollins."