Watsco Declares Quarterly Dividend

  Watsco Declares Quarterly Dividend

Business Wire

MIAMI -- January 11, 2013

Regulatory News:

Watsco, Inc. (NYSE:WSO) (PARIS:WSO) announced today that its Board of
Directors has declared a regular quarterly cash dividend of 25 cents on each
outstanding share of its Common and Class B common stock. The cash dividend is
payable on January 31, 2013 to shareholders of record at the close of business
on January 25, 2013.

Watsco has paid dividends for over 35 consecutive years and has consistently
paid increasing dividends over the last decade. In October 2012, given the
uncertainty over government tax policy, Watsco’s Board of Directors approved
the payment of a special dividend of $172 million ($5.00 per share),
representing approximately two years of dividends based on the prior annual
dividend rate of $2.48 per share.

Albert H. Nahmad, Watsco’s Chairman & Chief Executive Officer stated: “We
expect 2013 to be another strong year of cash flow. In the short-term, we will
repay some of the indebtedness that funded the special dividend and evaluate
increasing the dividend before the end of the year. In the long-term, our
philosophies for sharing increasing amounts of cash flow through higher
dividends while maintaining a conservative financial position with continued
capacity to make investments and build our network remain cornerstones of our
company.”

Watsco improves indoor living and working environments with air conditioning
and heating solutions that provide comfort regardless of the outdoor climate.
Our solutions also promote healthier indoor spaces by removing pollutants from
the indoor air that can lead to asthma, allergies and reductions in
productivity. Furthermore, since heating and cooling accounts for
approximately 56% of the energy consumed in a typical United States home, we
offer consumers the greatest opportunity to save money on energy by replacing
existing air conditioning and heating systems with more energy efficient and
environmentally friendly solutions.

There are approximately 89 million central air conditioning and heating
systems installed in the United States that have been in service for more than
10 years. Older systems often operate below today’s government mandated energy
efficiency and environmental standards. Watsco has an opportunity to
accelerate the replacement of these systems at a scale greater than our
competitors as the movement toward reducing energy consumption and its
environmental impact continues. We operate from more than 570 locations in the
United States, Canada, Mexico and Puerto Rico, with additional market coverage
on an export basis to Latin America and the Caribbean. As the industry leader,
significant growth potential remains given that our current revenue run-rate
is less than 10% of the estimated $35 billion marketplace in the Americas for
HVAC/R products. Additional information about Watsco may be found at
http://www.watsco.com.

Contact:

Watsco, Inc.
Barry S. Logan, 305-714-4102
Senior Vice President
blogan@watsco.com
 
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