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July 17, 2008

Watsco Sales Up 8% in 2Q

Watsco, Inc., Coconut Grove, FL, reported revenues for the second quarter increased 8% to $510 million over the same period in 2007. Profit improved 7% to $26.1 million.

The revenue increase includes $62 million from 58 locations opened or acquired in the past 12 months.
 
Same-store sales declined 5%, reflecting a 4% decrease in sales of HVAC equipment, an 8% decline in other HVAC products and a 1% increase in commercial refrigeration products.
 
For the six months ended June 30, 2008, revenues increased 6% to $890 million, including $111 million from locations opened or acquired during the last 12 months. Gross profit for the period increased 7% to $229 million. Same-store sales declined 7% in the first six months.
 
Watsco is an independent distributor of air conditioning, heating and refrigeration equipment and related parts and supplies in the HVAC industry, operating 422 locations serving over 40,000 customers in 34 states.

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