ATLANTA — Rollins, Inc., reported strong unaudited financial results for its second quarter and six months ended June 30, 2014.
The company recorded second quarter revenues of $369.4 million, an increase of 5.3% compared to $350.8 million in the prior year's second quarter. Net Income increased 13.5% to $40.9 million or $0.28 per diluted share for the second quarter ended June 30, 2014, compared to $36.0 million or $0.25 per diluted share for the same period in 2013.
Rollins' revenues rose 5.0% for the first six months of 2014 to $682.7 million compared to $650.5 million for the prior year. Net income for the first six months of 2014 was $66.6 million, an increase of 12.6%, or $0.46 per diluted share compared to $59.2 million or $0.40 per diluted share for the same period last year.
In the second quarter, the company repurchased 192,583 shares under its share repurchase program and 226,012 shares have been repurchased year-to-date. In total, 4,731,472 additional shares may be purchased under previously approved programs by the Board of Directors.
Commenting on the company's results, Gary W. Rollins, Vice Chairman and Chief Executive Officer of Rollins, Inc. stated, "We are pleased to have reported improved financial results for both the quarter and first half of 2014. We are particularly proud of our significant revenue to profit conversion that we achieved during this time period. This improvement was attributable to our favorable termite and casualty claim development and good cost control across most expense categories. Our marketing and sales program initiatives continue to contribute, although service demand was disappointing."
Mr. Rollins, concluded, "Rollins, Inc. again was recognized within our industry as North America's largest pest control company, although we were pleased with this achievement; however, we remain committed to being the world's best."