Rollins, Inc. is the company started as Rollins Broadcasting in 1948. Founded by entrepreneur John W. Rollins and his brother, O. Wayne Rollins. The company, originally financed in large part by John Rollins' auto dealerships, began as Rollins Broadcasting when the brothers purchased a radio station in Virginia. The company grew to include other radio stations, a television station, Orkin, Inc., Western Pest Services, The Industrial Fumigant Company, a trucking concern (later sold to Penske Truck Leasing), a hazardous waste disposal service, and a cable television company.
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.
ATLANTA, Oct. 27 /PRNewswire-FirstCall/ -- Rollins, Inc. (NYSE: ROL), a premier North American consumer and commercial services company, today reported unaudited financial results for its third quarter ended September 30, 2010. The Company recorded third quarter revenues of $305.1 million, an increase of 6.4% over the prior year's third quarter revenue of $286.9 million. Net income increased 12.2% to $25.5 million or $0.26 per diluted share for the third quarter ended September 30, 2010, compared to $22.7 million or $0.23 per diluted share for the same period in 2009.
Revenues for the first nine months of 2010 increased 5.2% to $857.0 million compared to $814.4 million for the first nine months of 2009. Rollins' net income for the first nine months of 2010 rose 10.6% to $70.8 million, or $0.71 per diluted share, compared to net income of $64.0 million, or $0.64 per diluted share for the same period in 2009.
Rollins' balance sheet remains strong with total assets of $607.6 million and stockholders' equity increasing to $286.4 million.
In the third quarter, the Company announced that it repurchased 372,499 shares of common stock at a weighted average price of $20.93 per share during the third quarter bringing the total number of shares repurchased year-to-date to 1,259,427 at a weighted average price of $20.92. In total, 1,692,164 additional shares may be purchased under the share repurchase program.
Gary W. Rollins, President and Chief Executive Officer of Rollins, Inc. stated, "This quarter reflects a record performance in revenue and profits. Our revenue growth reflects contributions from all of our businesses. As you would expect, we are pleased with the results from our operational initiatives and their impact on customer and employee retention, as well as the bottom line."
Mr. Rollins concluded, "Our progress in the first nine months of this year has been solid and we are on target to meet our business objectives for the year. Our focus is squarely on providing a good job for our employees, great service to our customers and solid earnings improvement for our shareholders. We remain confident in our strategy and action plans, and are working hard to grow the business both organically and through strategic acquisitions."
During the late 1980s, RPS opened an expanded Technical Center in Atlanta, upgraded the computerized operating systems at its three alarm monitoring centers, acquired two security firms, and entered the Chicago residential security market. In 1989, Orkin--the only pest control business maintaining a continuous national television and outdoor advertising program--launched its "Exterminator" advertising campaign designed to reinforce the recognition of Orkin's name while using the robotic Exterminator to suggest that the firm was the service company of the future. For 1989, Rollins sales climbed above $400 million (for the first time since the 1984 spinoffs) while profits remained flat due to unusual weather conditions that reduced the termite swarm period and delayed the start-up season for lawn care.
During the slow-growth period of late 1980s, Rollins began focusing on lowering turnover among both customers and employees by initiating a program that increased employee recruiting, training, and compensation. Early the following decade, Rollins initiated a total quality improvement plan, beginning with corporate management and designed to eventually touch the company's entire work force with additional quality training.
Rollins entered the 1990s introducing a new division, a new foam termiticide, and new security systems. In 1990, Rollins formed Orkin Plantscaping to sell and rent flowering and green plants principally to commercial customers such as upscale hotels, office buildings, and shopping malls. Also that year, Orkin Termite and Pest Control division, after four years of development work, became the first business in its field to employ a foam termiticide. The pest control division, seeking ways to develop low-cost sales leads, also introduced a toll-free phone line--offering free termite inspections--in conjunction with its Exterminator commercials. In 1990, RPS launched a new automated alarm monitoring system and introduced the Rollins' System VI and the hardwired Vista LX System. The System VI, consisting of a network of alarm sensors and devices communicating directly with one of the company's three, 24-hour alarm monitoring centers, featured one-touch system activation, multiple zone security, and house lighting controls while the Vista LX system combined hardwired and wireless features.
In 1991, O. Wayne Rollins died unexpectedly after entering a hospital for a pacemaker implant. A near-billionaire and one of Florida's largest landowners and biggest cattle barons, Rollins had an estimated net worth of $930 million and had been one of Atlanta's most generous philanthropists. Randall Rollins succeeded his father as chairperson and chief executive while Gary Rollins remained president.
In 1991, the company launched a "Zero Pest" guarantee designed to attract premium commercial pest control accounts from sources such as upscale restaurants and major hotels as well as to complement the company's toll-free inspection hotline, which was generating increasing numbers of residential sales leads. In 1991, RPS introduced its Quality-Plus system, targeting the middle-income family and small business markets, and the following year the security division expanded its cross-marketing programs with other Rollins operations and opened new commercial offices. In 1991, Orkin Plantscaping acquired operations in Dallas, Nashville, and Denver and the following year purchased operations in Portland, San Diego, and Seattle, as it became the second largest plantscaping concern in the country. In 1992, with increased sales generated by three of its four divisions, Rollins' revenues rose more than $50 million and climbed above $500 million for the first time&mdashø $528 million--while net income rose to $38 million.
While Rollins pest control, security, and plantscaping services were growing during the early 1990s, Orkin Lawn Care continued to struggle, resulting in further departures from unprofitable markets. In 1991, Orkin Lawn Care abandoned California and the following year bowed out of parts of the Northeast and Midwest. A slowing of industry growth and an increase in competition caused the lawn care operation to boost its prices and redirect marketing activities to focus on direct sales and forced the operation to retreat from some of its territory. By 1993, the lawn care division had been pared back to a 32-branch area, largely in territory familiar to Rollins: the Southeast and the sunbelt region.
In 1993, Orkin Plantscaping, then serving 16 states, opened a new Dallas distribution center to consolidate purchasing, warehousing, and distribution of plants and supplies. Also that year, Orkin Pest Control introduced a 24-hour hotline and launched a new agribusiness service designed to help dairy farmers in the control of the common fly. In September 1993, the Smithsonian National Museum of Natural History's insect zoo was renamed the O. Orkin Insect Zoo after the company donated $500,000 for its expansion and renovation. Taking aiming at its core residential market, RPS introduced a mid-priced security system product, Protector. Moreover, Orkin Lawn Care introduced its Total Lawn Care (TLC) service, an expanded all-inclusive lawn service, and began a training school for its lawn care technicians and managers. For 1993, Rollins--for the seventh consecutive year--was ranked by Forbes as the nation's best services company, as revenues rose to more than $575 million and net income increased to $44.5 million, marking the company's fourth consecutive year recording double-digit earnings increases.
Rollins, Inc. moved into the mid-1990s with the Rollins family owning in excess of 41 percent of the company's common stock and occupying three of the company's seven director seats. The Orkin Pest Control division continued to pace Rollins' revenues and earnings and had only one national competitor in the fragmented and growing near $4 billion pest control industry, which was still in the process of slowly consolidating. In looking to the future, Rollins anticipated increased acquisition activity--which had slowed considerably during the late 1980s and early 1990s due to high asking prices--particularly in the area of local and regional pest control operations and possibly those which could extend operations into Canada and Europe. Rollins Protective Services, generating about ten percent of the company's revenues, appeared to be gaining momentum as it increased cross-marketing programs with other company divisions and expanded its product line in both residential and commercial market segments. Rollins was also hoping that its plantscaping operation, generating about five percent of Rollins' annual sales, could become the first national concern of its kind and that the company's determination to continue in the lawn care business, generating about five percent of Rollins' revenues, would eventually become profitable. With continued attention to customer and employee retention paying dividends as the company neared the mid-decade mark, Rollins appeared to have sound reasons to believe it could reach its goal of becoming a billion-dollar company by the year 2000.
The Crown Leadership Awards began in 1988 and are presented annually to individuals who have contributed positively to the growth and development of the structural pest control industry, as well as established strong ties with fellow business leaders and customers in their communities. These individuals uphold the highest standards of industry ethics and personal integrity.
Muldoon was among eight named as 2006 leaders. He was selected from approximately 50 nominees for his outstanding leadership, team building and customer advocacy. PCT solicits nominations throughout the year.
?Gary is a natural with a keen sense of business acumen,? says Orkin President Glen Rollins. ?I have unwavering confidence in Gary and am proud of his accomplishments.?
Beginning his career with Orkin in 1975 as a technician and salesperson, Muldoon has helped grow Orkin's $300 million commercial division in North America and the company's $68 million Canada operation, Orkin Canada (formerly PCO Services). Personable and hard-working, he is well liked by co-workers and clients alike.
Most notably, Muldoon was integral during Orkin's acquisition of PCO Services in 1999, helping to oversee marketing and advertising changes and a sales force expansion, all while focusing on customer and employee retention. Under his leadership, Orkin Canada has thrived. The bilingual operation, which serves a country that spans 4,600 miles and four time zones, exhibits remarkable customer retention, growth and profits.
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.
ATLANTA, Oct. 27 /PRNewswire-FirstCall/ -- Rollins, Inc. (NYSE: ROL), a premier North American consumer and commercial services company, today reported unaudited financial results for its third quarter ended September 30, 2010. The Company recorded third quarter revenues of $305.1 million, an increase of 6.4% over the prior year's third quarter revenue of $286.9 million. Net income increased 12.2% to $25.5 million or $0.26 per diluted share for the third quarter ended September 30, 2010, compared to $22.7 million or $0.23 per diluted share for the same period in 2009.
Revenues for the first nine months of 2010 increased 5.2% to $857.0 million compared to $814.4 million for the first nine months of 2009. Rollins' net income for the first nine months of 2010 rose 10.6% to $70.8 million, or $0.71 per diluted share, compared to net income of $64.0 million, or $0.64 per diluted share for the same period in 2009.
Rollins' balance sheet remains strong with total assets of $607.6 million and stockholders' equity increasing to $286.4 million.
In the third quarter, the Company announced that it repurchased 372,499 shares of common stock at a weighted average price of $20.93 per share during the third quarter bringing the total number of shares repurchased year-to-date to 1,259,427 at a weighted average price of $20.92. In total, 1,692,164 additional shares may be purchased under the share repurchase program.
Gary W. Rollins, President and Chief Executive Officer of Rollins, Inc. stated, "This quarter reflects a record performance in revenue and profits. Our revenue growth reflects contributions from all of our businesses. As you would expect, we are pleased with the results from our operational initiatives and their impact on customer and employee retention, as well as the bottom line."
Mr. Rollins concluded, "Our progress in the first nine months of this year has been solid and we are on target to meet our business objectives for the year. Our focus is squarely on providing a good job for our employees, great service to our customers and solid earnings improvement for our shareholders. We remain confident in our strategy and action plans, and are working hard to grow the business both organically and through strategic acquisitions."
During the late 1980s, RPS opened an expanded Technical Center in Atlanta, upgraded the computerized operating systems at its three alarm monitoring centers, acquired two security firms, and entered the Chicago residential security market. In 1989, Orkin--the only pest control business maintaining a continuous national television and outdoor advertising program--launched its "Exterminator" advertising campaign designed to reinforce the recognition of Orkin's name while using the robotic Exterminator to suggest that the firm was the service company of the future. For 1989, Rollins sales climbed above $400 million (for the first time since the 1984 spinoffs) while profits remained flat due to unusual weather conditions that reduced the termite swarm period and delayed the start-up season for lawn care.
During the slow-growth period of late 1980s, Rollins began focusing on lowering turnover among both customers and employees by initiating a program that increased employee recruiting, training, and compensation. Early the following decade, Rollins initiated a total quality improvement plan, beginning with corporate management and designed to eventually touch the company's entire work force with additional quality training.
Rollins entered the 1990s introducing a new division, a new foam termiticide, and new security systems. In 1990, Rollins formed Orkin Plantscaping to sell and rent flowering and green plants principally to commercial customers such as upscale hotels, office buildings, and shopping malls. Also that year, Orkin Termite and Pest Control division, after four years of development work, became the first business in its field to employ a foam termiticide. The pest control division, seeking ways to develop low-cost sales leads, also introduced a toll-free phone line--offering free termite inspections--in conjunction with its Exterminator commercials. In 1990, RPS launched a new automated alarm monitoring system and introduced the Rollins' System VI and the hardwired Vista LX System. The System VI, consisting of a network of alarm sensors and devices communicating directly with one of the company's three, 24-hour alarm monitoring centers, featured one-touch system activation, multiple zone security, and house lighting controls while the Vista LX system combined hardwired and wireless features.
In 1991, O. Wayne Rollins died unexpectedly after entering a hospital for a pacemaker implant. A near-billionaire and one of Florida's largest landowners and biggest cattle barons, Rollins had an estimated net worth of $930 million and had been one of Atlanta's most generous philanthropists. Randall Rollins succeeded his father as chairperson and chief executive while Gary Rollins remained president.
In 1991, the company launched a "Zero Pest" guarantee designed to attract premium commercial pest control accounts from sources such as upscale restaurants and major hotels as well as to complement the company's toll-free inspection hotline, which was generating increasing numbers of residential sales leads. In 1991, RPS introduced its Quality-Plus system, targeting the middle-income family and small business markets, and the following year the security division expanded its cross-marketing programs with other Rollins operations and opened new commercial offices. In 1991, Orkin Plantscaping acquired operations in Dallas, Nashville, and Denver and the following year purchased operations in Portland, San Diego, and Seattle, as it became the second largest plantscaping concern in the country. In 1992, with increased sales generated by three of its four divisions, Rollins' revenues rose more than $50 million and climbed above $500 million for the first time&mdashø $528 million--while net income rose to $38 million.
While Rollins pest control, security, and plantscaping services were growing during the early 1990s, Orkin Lawn Care continued to struggle, resulting in further departures from unprofitable markets. In 1991, Orkin Lawn Care abandoned California and the following year bowed out of parts of the Northeast and Midwest. A slowing of industry growth and an increase in competition caused the lawn care operation to boost its prices and redirect marketing activities to focus on direct sales and forced the operation to retreat from some of its territory. By 1993, the lawn care division had been pared back to a 32-branch area, largely in territory familiar to Rollins: the Southeast and the sunbelt region.
In 1993, Orkin Plantscaping, then serving 16 states, opened a new Dallas distribution center to consolidate purchasing, warehousing, and distribution of plants and supplies. Also that year, Orkin Pest Control introduced a 24-hour hotline and launched a new agribusiness service designed to help dairy farmers in the control of the common fly. In September 1993, the Smithsonian National Museum of Natural History's insect zoo was renamed the O. Orkin Insect Zoo after the company donated $500,000 for its expansion and renovation. Taking aiming at its core residential market, RPS introduced a mid-priced security system product, Protector. Moreover, Orkin Lawn Care introduced its Total Lawn Care (TLC) service, an expanded all-inclusive lawn service, and began a training school for its lawn care technicians and managers. For 1993, Rollins--for the seventh consecutive year--was ranked by Forbes as the nation's best services company, as revenues rose to more than $575 million and net income increased to $44.5 million, marking the company's fourth consecutive year recording double-digit earnings increases.
Rollins, Inc. moved into the mid-1990s with the Rollins family owning in excess of 41 percent of the company's common stock and occupying three of the company's seven director seats. The Orkin Pest Control division continued to pace Rollins' revenues and earnings and had only one national competitor in the fragmented and growing near $4 billion pest control industry, which was still in the process of slowly consolidating. In looking to the future, Rollins anticipated increased acquisition activity--which had slowed considerably during the late 1980s and early 1990s due to high asking prices--particularly in the area of local and regional pest control operations and possibly those which could extend operations into Canada and Europe. Rollins Protective Services, generating about ten percent of the company's revenues, appeared to be gaining momentum as it increased cross-marketing programs with other company divisions and expanded its product line in both residential and commercial market segments. Rollins was also hoping that its plantscaping operation, generating about five percent of Rollins' annual sales, could become the first national concern of its kind and that the company's determination to continue in the lawn care business, generating about five percent of Rollins' revenues, would eventually become profitable. With continued attention to customer and employee retention paying dividends as the company neared the mid-decade mark, Rollins appeared to have sound reasons to believe it could reach its goal of becoming a billion-dollar company by the year 2000.
The Crown Leadership Awards began in 1988 and are presented annually to individuals who have contributed positively to the growth and development of the structural pest control industry, as well as established strong ties with fellow business leaders and customers in their communities. These individuals uphold the highest standards of industry ethics and personal integrity.
Muldoon was among eight named as 2006 leaders. He was selected from approximately 50 nominees for his outstanding leadership, team building and customer advocacy. PCT solicits nominations throughout the year.
?Gary is a natural with a keen sense of business acumen,? says Orkin President Glen Rollins. ?I have unwavering confidence in Gary and am proud of his accomplishments.?
Beginning his career with Orkin in 1975 as a technician and salesperson, Muldoon has helped grow Orkin's $300 million commercial division in North America and the company's $68 million Canada operation, Orkin Canada (formerly PCO Services). Personable and hard-working, he is well liked by co-workers and clients alike.
Most notably, Muldoon was integral during Orkin's acquisition of PCO Services in 1999, helping to oversee marketing and advertising changes and a sales force expansion, all while focusing on customer and employee retention. Under his leadership, Orkin Canada has thrived. The bilingual operation, which serves a country that spans 4,600 miles and four time zones, exhibits remarkable customer retention, growth and profits.