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WATSCO EXPECTS RECORD 1993 EARNINGS;NET INCOME TO BE UP OVER 35 PERCENT

 -- Earnings Per Share To Be Up About 10 Percent
 On Increased Number Of Shares --
 MIAMI, Oct. 12 /PRNewswire/ -- Watsco, Inc. (AMEX: WSOA WSOB) said today that it expects its results to be in line with recent analyst estimates of approximately a 10 percent increase in earnings per share for 1993 and 20 percent for 1994, given continued moderate improvements in Florida and Texas markets and stabilization of the California market.
 The company would expect even faster growth should homebuilding in these markets show strong recoveries or should the government enforce environmental legislation related to Watsco's line of chloroflourocarbon (CFC) recovery and recycling equipment.
 The company said that it expects 1993 net income to increase over 35 percent to record levels. Earnings per share for 1993 are also expected to reach record levels, despite the increased number of shares following a public offering earlier this year. The proceeds of the offering have been employed in the past several months to acquire residential central air conditioner distributors in Texas and California and to expand the company's air conditioner parts and components manufacturing operations.
 "These investments should provide very attractive returns to shareholders over the next several years," said Albert H. Nahmad, chairman and chief executive officer. "The Texas operations acquired in June are already contributing to the bottom line."
 "The California homebuilding slump enabled us to obtain four excellent distribution centers at an attractive price. These facilities are being integrated very efficiently into our existing California operations, but are expected to be dilutive to earnings through next year. When the California market stabilizes, our expanded reach and service levels position us to be major beneficiaries."
 Watsco, Inc, is an emerging growth company that manufactures products for climate control, environmental protection and energy conservation, and is the nation's largest independent distributor of residential central air conditioners. Revenues have grown from $15 million in 1987 to a current annual rate of approximately $250 million.
 -0- 10/12/93
 /CONTACT: Ronald P. Newman of Watsco, Inc., 305-858-1204, or William J. Jenks of Broadgate Consultants, 212-229-2222/
 (WSOA)


CO: Watsco, Inc. ST: Florida IN: ENV SU: ERP

TM -- NY013 -- 0978 10/12/93 09:55 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
Words:359
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