ATLANTA — Rollins Inc. on Wednesday reported first quarter revenues of $375.2 million, an increase of 6.4% over the prior year's first quarter revenue of $352.7 million. Rollins' net income increased 26.1% to $40.3 million or $0.18 per diluted share for the first quarter ended March 31, 2017, compared to $31.9 million or $0.15 per diluted share for the same period in 2016.
A portion of the company's higher net income was due to a tax benefit of approximately $4.3 million as result of adoption of the Accounting Standards Update (ASU) 2016-09. This update was recently issued by the Financial Accounting Standards Board, addressing the accounting for employee share-based payments in the first quarter 2017. Excluding this tax benefits in the first quarter, net income increased approximately 12.7% to $36.0 million or $0.17 per diluted share.
Gary W. Rollins, Vice Chairman and Chief Executive Officer of Rollins, Inc. stated, "We were pleased to have reported solid year-over-year improvement in both revenue and net income for the first quarter. We are continuing to invest in our business and are looking forward to reporting our results of the important second quarter."
Source: PRNewswire