BlackRock Credit Allocation Income Trust
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Company profile

BlackRock Credit Allocation Income Trust (the Trust) is a non-diversified closed-end management investment company. The Trust's investment objective is to provide current income, current gains and capital appreciation. The Trust has investments in industries, such as oil, gas and consumable fuels; real estate investment trusts; auto components; automobiles; banks; aerospace and defense; air freight and logistics; beverages; airlines; biotechnology; building products; capital markets; chemicals; containers and packaging; communications equipment; diversified telecommunication services; electric utilities; food and staples retailing; food products; healthcare equipment and supplies; electronic equipment, instruments and components; industrial conglomerates; insurance; Internet software and services; household durables; media; household products; independent power and renewable electricity producers, and metals and mining. The manager of the Trust is BlackRock Advisors, LLC.

Closing Price
$14.93
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
14.98
Day's Low
14.91
Volume
(Light)
Volume:
166,742

10-day average volume:
229,945
166,742

Rollins, Inc. Reports Third Quarter and Nine Months 2020 Financial Results

7:30 am ET October 28, 2020 (PR Newswire) Print

-- Total revenue increased 4.9% for the quarter despite pandemic hardships, with residential revenues increasing 10.6% over third quarter 2019

-- Earnings Per Share of $0.24 for the third quarter 2020 impacted by $0.02 from one-time non-cash accelerated stock vesting of $6.7 million compared to Earnings Per Share of $0.13 for third quarter 2019 impacted by $26.6 million of after-tax pension settlement loss

-- Adjusted earnings per share* of $0.26 for third quarter 2020 adjusted for accelerated stock vesting and adjusted earnings per share* of $0.22 for third quarter 2019 adjusted for divesting of the pension

Rollins, Inc. (NYSE:ROL), a premier global consumer and commercial services company, reported strong unaudited financial results for its third quarter and nine months ended September 30, 2020.

The Company recorded third quarter revenues of $583.7 million, an increase of 4.9% over the prior year's third quarter revenue of $556.5 million. Rollins' reported net income of $79.6 million or $0.24 per diluted share for the third quarter ended September 30, 2020, compared to $44.1 million or $0.13 per diluted share for the same period in 2019. Adjusted net income* for the third quarter ended September 30, 2020 was $86.3 million or $0.26 per diluted share, compared to adjusted net income* of $70.6 million or $0.22 per diluted share for the same quarter in 2019.

Rollins' revenues rose 7.6% for the first nine months of 2020 to $1.625 billion compared to $1.509 billion for the prior year. Net income for the first nine months of 2020 was $198.2 million or $0.60 per diluted share compared to $152.6 million or $0.47 per diluted share for the same period last year. Adjusted net income* for the nine months ended September 30, 2020 was $204.9 million or $0.63 per diluted share, compared to $179.2 million or $0.55 per diluted share for the same period last year.

The Company's profit improvement came primarily from the continuation of cost containment efforts implemented at the onset of the pandemic, Rollins ongoing routing and scheduling enhancements, and lower fuel prices. The increased spending on personal protective equipment and new health screening initiatives partly offset our cost savings initiatives.

With many people quarantined or working from home, we continue to see strong residential revenue growth. This has helped to offset the negative impact the pandemic has had on our commercial customers. After its launch this year, we are growing our new VitalClean sanitation services that help businesses reopen while protecting their employees and customers.

As announced in a press release on August 18, 2020, the Company's Chairman of the Board, R. Randall Rollins, passed away. Per the stock compensation plan, Mr. Rollins' restricted stock grants vesting was accelerated, resulting in a one-time non-cash expense of $6.7 million.

Gary W. Rollins, Vice Chairman and Chief Executive Officer of Rollins, Inc. stated, "The loss of Randall is felt profoundly, not only by our family, his friends and me personally, but also by a multitude of Rollins' employees and colleagues who had the privilege of knowing him during his over 70 years of contribution to the Rollins companies. He exemplified the principles of integrity, innovation and dedication instilled by our father O. Wayne Rollins"

*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.

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 www.orkin.com, www.pestdefense.com, www.clarkpest.com, www.orkincanada.ca, www.westernpest.com, www.callnorthwest.com, www.crittercontrol.com, www.indfumco.com, www.trutechinc.com, www.orkinau.com, www.walthamservices.com, www.opcpest.com, www.permatreat.com, www.safeguardpestcontrol.co.uk, www.aardwolfpestkare.com, www.cranepestcontrol.com and www.rollins.com. You can also find this and other news releases at www.rollins.com by accessing the news releases button.

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. These forward-looking statements include statements about the Company's continued strong residential revenue growth, and the success of the Company's new VitalClean sanitation services and the impact such services have on the ability of the Company's customers to reopen and protect their own employees and customers. The actual results of the Company could differ materially from those indicated by such forward-looking statements because 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; 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 by the forward-looking statements. 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 and June 30, 2020.

ROL-Fin

ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands)
At September 30, (unaudited)                      2020                       2019
ASSETS
Cash and cash equivalents                         $                  95,440  $                  104,362
Trade accounts receivables, net                   138,392                    132,065
Financed receivables, net                         24,091                     23,821
Materials and supplies                            30,386                     17,500
Other current assets                              43,527                     46,440
Total Current Assets                              331,836                    324,188
Equipment and property, net                       186,825                    197,549
Goodwill                                          619,656                    570,759
Customer contracts, net                           275,366                    283,830
Trademarks and tradenames, net                    9,966                      11,008
Other intangible assets, net                      104,610                    102,657
Operating lease, right-of-use assets              211,345                    196,854
Financed receivables, long-term, net              37,430                     30,750
Benefit plan assets                               1,198                      25,949
Deferred income tax assets                        2,165                      -
Other assets                                      25,669                     21,249
Total Assets                                      $            1,806,066     $               1,764,793
LIABILITIES
Accounts payable                                  56,393                     32,932
Accrued insurance, current                        31,756                     29,817
Accrued compensation and related liabilities      88,566                     78,699
Unearned revenue                                  139,734                    132,915
Operating lease liabilities, current              72,197                     63,952
Current portion of long-term debt                 15,625                     12,500
Other current liabilities                         64,868                     60,065
Total Current Liabilities                         469,139                    410,880
Accrued insurance, less current portion           36,164                     34,157
Operating lease liabilities, less current portion 140,795                    133,703
Long-term debt                                    154,375                    313,500
Deferred income tax liabilities                   15,244                     7,971
Long-term accrued liabilities                     57,633                     57,685
Total Liabilities                                 873,350                    957,896
STOCKHOLDERS' EQUITY
Common stock                                      327,749                    327,442
Retained earnings and other equity                604,967                    479,455
Total stockholders' equity                        932,716                    806,897
Total Liabilities and Stockholders' Equity        $            1,806,066     $               1,764,793
ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data)
(unaudited)
                                                        Three Months Ended            Nine Months Ended
                                                        September 30,                 September 30,
                                                        2020           2019           2020            2019
REVENUES
Customer services                                       $  583,698     $   556,466    $1,624,928      $ 1,509,492
COSTS AND EXPENSES
Cost of services provided                               275,474        268,718        782,248         739,309
Depreciation and amortization                           22,404         21,690         65,926          58,505
Sales, general and administrative                       168,006        167,168        497,121         468,584
Accelerated stock vesting expense                       6,691          -              6,691           -
Pension settlement loss                                 -              49,898         -               49,898
Gain / (loss) on sale of assets, net                    1,355          27             629             (406)
Interest expense, net                                   866            2,826          4,491           4,451
                                                        474,796        510,327        1,357,106       1,320,341
INCOME BEFORE INCOME TAXES                              108,902        46,139         267,822         189,151
PROVISION FOR INCOME TAXES                              29,323         2,078          69,617          36,569
NET INCOME                                              $    79,579    $     44,061   $   198,205     $    152,582
NET INCOME PER SHARE - BASIC AND DILUTED                $        0.24  $        0.13  $         0.60  $         0.47
Weighted average shares outstanding - basic and diluted 327,754        327,459        327,733         327,490

APPENDIX

Reconciliation of GAAP and non-GAAP Financial Measures

The Company has used the non-GAAP financial measures of adjusted net income and adjusted EPS in today's earnings release. These measures should not be considered in isolation or as a substitute for net income or other performance measures prepared in accordance with GAAP.

The Company uses adjusted net income and adjusted EPS as a measure of operating performance because it allows it to compare performance consistently over various periods without regard to the impact of the accelerated stock vesting expense and pension settlement losses.

A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.

Set forth below is a reconciliation of adjusted net income and adjusted EPS with net income, the most comparable GAAP measures.

(unaudited in thousands except EPS)

                                      Three Months Ended                            Nine Months Ended
                                      September 30,                                 September 30,
                                      2020        2019         Better/      %       2020          2019            Better/      %
                                                               (Worse)                                            (Worse)
Net Income                            $79,579     $  44,061    $  35,518    80.6 %  $198,205      $   152,582     $  45,623    29.9 %
Accelerated Stock Vesting Expense     6,691       -            6,691        -       6,691         -               6,691        -
Pension Settlement Loss               -           49,898       (49,898)     -       -             49,898          (49,898)     -
Adjusted Income Taxes on Excluded     -           (23,315)     23,315       -       -             (23,315)        23,315       -
Expenses
Adjusted Net Income                   $86,270     $70,644      $15,626      22.1 %  $204,896      $179,165        $25,731      14.4 %
Adjusted Net Income Per Share - Basic $     0.26  $      0.22  $      0.04  18.2    $       0.63  $         0.55  $      0.08  14.5
And Diluted
Weighted average participating shares 327,754     327,459      295          0.1     327,733       327,490         243          0.1
outstanding - basic and diluted

CONFERENCE CALL ANNOUNCEMENTRollins, Inc.(NYSE: ROL)

Management will hold a conference call to discuss Third Quarter 2020 results on

Wednesday, October 28, 2020 at:10:00 a.m. Eastern9:00 a.m. Central8:00 a.m. Mountain7:00 a.m. Pacific

TO PARTICIPATE: Please dial 877-407-9716 domestic; 201-493-6779 internationalwith conference ID of 13710819at least 5 minutes before start time.

REPLAY: available through November 4, 2020Please dial 844-512-2921 / 412-317-6671, Passcode 13710819THIS CALL CAN ALSO BE ACCESSED THROUGH THE INTERNET AT

www.rollins.com

Questions?Contact Samantha Alphonso at Financial Relations Board at 212-827-3746Or email to salphonso@mww.com

For Further Information Contact:Eddie Northen (404) 888-2242

https://c212.net/c/img/favicon.png?sn=CL72998&sd=2020-10-28

View original content:http://www.prnewswire.com/news-releases/rollins-inc-reports-third-quarter-and-nine-months-2020-financial-results-301161265.html

SOURCE Rollins, Inc.

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