Net income rose 9.9% to a record $21.2 million or $0.31 per diluted share for the second quarter 2007, compared to $19.3 million or $0.28 per diluted share for the same period in 2006.
During the quarter, the Company repurchased 612,700 shares of common stock at a weighted average price of $22.84 per share, with a total of 1,204,700 shares repurchased year-to-date. In total, approximately 1.1 million additional shares may be purchased under previously approved programs by the company’s board of directors.
Commenting on the company's results, Gary W. Rollins, president and Chief Executive Officer of Rollins, Inc. said, "We had a positive quarter where we saw an increase in revenues and posted record earnings. Key drivers in our business: customer retention, commercial pest controls sales, and termite claims were very favorable. Residential revenue was hampered however by an unseasonably cold April. The most unusual spring weather, in general, impacted insect activity. We were nevertheless pleased that our profit margin continued to improve even with less than expected revenue growth. We remain committed to having a successful year."