ATLANTA, Jan. 27, 2021 /PRNewswire/ --
Rollins, Inc. (NYSE:ROL), a premier global consumer and commercial services company, reported strong unaudited financial results for its fourth quarter and year ended December 31, 2020.
The Company recorded fourth quarter revenues of $536.3 million, an increase of 6.0% over the prior year's fourth quarter revenue of $506.0 million. Rollins' reported net income of $62.6 million or $0.13 per diluted share for the fourth quarter ended December 31, 2020, compared to $50.8 million or $0.10 per diluted share for the same period in 2019.
All shares and per share data have been adjusted to reflect the 3-for-2 stock split effective December 10, 2020.
For the full year ended December 31, 2020, Rollins' revenues rose 7.2% to $2.161 billion compared to $2.015 billionfor the prior year. The Company reported net income of $260.8 millionor$0.53per diluted share compared to $203.3 million or $0.41 per diluted share for the same period last year. Net income for the full year 2020 was negatively impacted by the one-time non-cash accelerated stock vesting of $6.7 million. Adjusted net income* for the full year 2020 was$267.5 millionor$0.54per diluted share, compared toadjusted net income* of $229.9 millionor$0.47 per diluted share for the same period last year.
Gary W. Rollins, Chairman and Chief Executive Officer of Rollins, Inc. stated, "We are very proud of our results, and our employees and their commitment to customer service. Although 2020 brought many difficult circumstances related to COVID, we benefitted from our residential pest control demand and our previous technology investments."
Rollins, Inc. is a premier global consumer and commercial services company. Through its family of leading brands, Orkin, HomeTeam Pest Defense, Clark Pest Control, Orkin Canada, Western Pest Services, Northwest Exterminating, Critter Control, The Industrial Fumigant Company, Trutech, Orkin Australia, Waltham Services, OPC Services, PermaTreat, Rollins UK, Aardwolf Pestkare, and Crane Pest Control, the Company provides essential pest control services and protection against termite damage, rodents and insects to more than two million customers in North America, South America, Europe, Asia, Africa, and Australia from more than 700 locations. You can learn more about Rollins and its subsidiaries by visiting our web sites at http://www.orkin.com, http://www.pestdefense.com, http://www.clarkpest.com,www.orkincanada.ca, http://www.westernpest.com, http://www.callnorthwest.com, http://www.crittercontrol.com, http://www.indfumco.com, http://www.trutechinc.com, http://www.orkinau.com, http://www.walthamservices.com, http://www.opcpest.com, http://www.permatreat.com, http://www.safeguardpestcontrol.co.uk, http://www.aardwolfpestkare.com, http://www.cranepestcontrol.comand http://www.rollins.com. You can also find this and other news releases at http://www.rollins.comby accessing the news releases button.
*Adjusted amounts presented in this release are non-GAAP financial measures. See the appendix to this release for a discussion of non-GAAP financial metrics including a reconciliation of the most closely correlated GAAP measure.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS This release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The actual results of the Company could differ materially from those indicatedbecause of various risks and uncertainties, including without limitation, the extent and duration of the coronavirus (COVID-19) pandemic and its potential impact on the financial health of the Company's business partners, customers, supply chains and suppliers, global economic conditions and capital and financial markets, changes in consumer behavior and demand, the potential unavailability of personnel or key facilities, modifications to the Company's operations, and the potential implementation of regulatory actions; economic and competitive conditions which may adversely affect the Company's business; the degree of success of the Company's pest and termite process, and pest control selling and treatment methods; the Company's ability to identify and integrate potential acquisitions; climate and weather trends; competitive factors and pricing practices; the Company's ability to attract and retain skilled workers, and potential increases in labor costs; uncertainties of litigation; the results of the SEC's investigation of the Company; and changes in various government laws and regulations, including environmental regulations. All of the foregoing risks and uncertainties are beyond the ability of the Company to control, and in many cases the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated. A more detailed discussion of potential risks facing the Company can be found in the Company's Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2019 and the Company's Report on Form 10-Q filed with the Securities and Exchange Commission for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020.
ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
At December 31, (unaudited)
Cash and cash equivalents
Trade accounts receivables, net
Financed receivables, net
Materials and supplies
Other current assets
Total Current Assets
Equipment and property, net
Customer contracts, net
Trademarks and tradenames, net
Other intangible assets, net
Operating lease, right-of-use assets
Financed receivables, long-term, net
Benefit plan assets
Deferred income tax assets
Accrued insurance, current
Accrued compensation and related liabilities
Operating lease liabilities, current
Current portion of long-term debt
Other current liabilities
Total Current Liabilities
Accrued insurance, less current portion
Operating lease liabilities, less current portion
Read the original here:
Rollins, Inc. Reports Fourth Quarter and Full Year 2020 Financial Results - PRNewswire