ATLANTA — Rollins, Inc. reported strong unaudited financial results for its first quarter ended March 31, 2016.
The company recorded first quarter revenues of $352.7 million, an increase of 6.6% over the prior year's first quarter revenue of $330.9 million. Income before income taxes rose 9.8% to $51.2 million compared to $46.6 million for the prior year's first quarter. Rollins' net income increased 5.4% to $31.9 million or $0.15 per diluted share for the first quarter ended March 31, 2016, compared to $30.3 million or $0.14 per diluted share for the same period in 2015. Net Income for 2016 did not include a favorable non-recurring tax adjustment present in 2015's Net Income.
On January 26, 2016, Rollins increased its regular quarterly cash dividend to shareholders 25% to $0.10 per share. Additionally, in the first quarter of 2016, the company announced it purchased 54,208 shares of the Company's stock under its share repurchase program. In total, 5.9 million additional shares may be purchased under previously approved programs by the Board of Directors.
Gary W. Rollins, Vice Chairman and Chief Executive Officer of Rollins, Inc. stated, "We are pleased to have reported solid year-over-year improvement in revenue, net income, and profit margin for the first quarter. These results reflect our team's ongoing commitment to invest in our business through acquisitions, productivity initiatives, sales, marketing, and other programs."
Mr. Rollins, concluded, "On March 1, 2016, we acquired Murray Pest Control, a leading pest control provider in South Australia that will continue our expansion in Australia since entering the country in 2014. This acquisition along with our international franchise expansion will further establish the company's global presence."