ATLANTA – Rollins Inc. reported unaudited financial results for its second quarter and six months ended June 30, 2016.
The company recorded second quarter revenues of $411.1 million, an increase of 4.8 percent over the prior year's $392.2 million. Rollins' net income increased 6 percent to $47.8 million or $0.22 per diluted share for the second quarter that ended June 30, 2016, compared to $45.1 million or $0.21 per diluted share for the same period in 2015.
Rollins' revenues rose 5.6 percent for the first six months of 2016 to $763.9 million compared to $723.1 million for the prior year. Net income for the first six months of 2016 was $79.7 million, an increase of 5.8 percent, or $0.36 per diluted share compared to$75.4 million or $0.34 per diluted share for the same period last year.
"We are pleased to have reported solid financial results for both the quarter and first half of 2016,” Gary W. Rollins, vice chairman and CEO of Rollins, said. “These results reflect our team's ongoing commitment to continuous improvements in all areas of our business: customer service, sales, productivity initiatives, marketing and other programs. We completed the conversion of our new CRM and operating system (BOSS), to over 95 percent of the Orkin branches this quarter. Our expenses were negatively impacted this quarter by the acceleration of this roll-out."
Additionally, in the second quarter of 2016, the company announced it purchased 365,121 shares of the company's stock under its share repurchase program and 419,329 shares have been repurchased year-to-date. In total, 5.5 million additional shares may be purchased under previously approved programs by the board of directors.
"We're extremely proud to announce our company's acquisition this quarter of our first operation in the United Kingdom, Safeguard Pest Control and Environmental Services,” Rollins said. “Safeguard is the largest independent pest control company in London and the surrounding Southeastern Counties. This is a significant milestone for us as we continue our strategic plan to expand our brand globally. We look forward to working with Safeguard's exceptional team and sharing each other's best practices of pest control, training, and customer service."