ATLANTA, April 29 /PRNewswire-FirstCall/ — Rollins, Inc. (NYSE: ROL), a premier North American consumer and commercial services company, today reported unaudited financial results for its first quarter ended March 31, 2009. Revenues grew 15.7% to $243.0 million compared to $210.1 million for the first quarter ended March 31, 2008. Revenue growth excluding significant acquisitions and the negative impact of the Canadian dollar improved modestly.
Net income increased 14.2% to $15.8 million or $0.16 per diluted share for the first quarter ended March 31, 2009 compared to $13.8 million or $0.14 per diluted share for the first quarter ended March 31, 2008. This was the Company’s 12th consecutive quarter of improved earnings. EBITDA increased 24.3% for the first quarter ended March 31, 2009 compared to the prior year quarter(1).
On January 27, 2009, Rollins increased its regular quarterly cash dividend to shareholders 12 percent to $0.07. The Company also announced that it repurchased 603,400 shares of common stock at a weighted average price of $15.19 per share during the quarter. In total, approximately 4.0 million additional shares may be purchased under its share repurchase program.
Gary W. Rollins, President and Chief Executive Officer of Rollins, Inc. stated, “This is a very challenging time for all businesses, and our company is fortunate to have a large base of recurring revenue, great pest control brands, and a proven team of highly professional and dedicated employees. One of our greatest company attributes is to be situated in an industry that is recession resistant. Historically during economic downturns prospective customers and existing customers maintain a high regard for our ability to protect their health and property against the threat of pests.”
Mr. Rollins, concluded, “Although we are seeing an expected softening in residential pest control sales, we are experiencing gains in commercial pest control as well as our termite control business. We will continue to seek new growth opportunities both internally and externally through acquisitions.”
Rollins, Inc. is a premier North American consumer and commercial services company. Through its wholly owned subsidiaries, Orkin, Inc., PCO Services, HomeTeam Pest Defense, Western Pest Services and The Industrial Fumigant Company, the Company provides essential pest control services and protection against termite damage, rodents and insects to over 2 million customers in the United States, Canada, Mexico, Central America, the Caribbean, the Middle East and Asia from over 500 locations.