Pool Corporation Reports Third Quarter Results and Announces New Senior Credit Facility

Highlights for the quarter include:

-- Sales growth of 11%, including 9% from base business
-- 10% increase in operating income
-- 11% increase in diluted EPS to $0.50
-- Increased 2011 earnings guidance range to $1.43 - $1.47 per diluted
share

COVINGTON, La., Oct. 20, 2011 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq:POOL)
today reported results for the third quarter of 2011.

"Strong execution has significantly furthered our success in the 2011 season and
resulted in solid financial results. Our consistent focus on the fundamentals of
customer service combined with our innovative support programs that enhance
value throughout the supply channel have helped drive market share gains," said
Manuel Perez de la Mesa, President and CEO.

Net sales for the quarter ended September 30, 2011 increased 11% to $503.6
million, compared to $455.0 million in the third quarter of 2010. Base business
sales were up 9% due primarily to market share gains, including benefits from
our focus on the retail and building materials segments of our industry and
further expansion of product offerings. Higher replacement activity attributable
to the aging installed base of swimming pools, a modest improvement in consumer
discretionary expenditures compared to the restrained levels experienced in
2010, the impact of inflationary product cost increases and approximately 1%
growth from favorable currency fluctuations also contributed to sales growth.

Gross profit for the third quarter of 2011 improved 13% to $147.9 million from
$130.9 million in the comparable 2010 period. Gross profit as a percentage of
net sales (gross margin) increased 60 basis points to 29.4% in the third quarter
of 2011. The increase in gross margin is primarily due to continued improvements
in sales, pricing and purchasing discipline, with some favorable impact
attributed to mid-year vendor price increases. Higher freight out income
contributed 12 basis points to the gross margin improvement and compensated for
higher delivery costs included in selling and administrative expenses.

Selling and administrative expenses (operating expenses) increased 14% to $107.0
million in the third quarter of 2011 compared to the same period in 2010. Base
business operating expenses were up 12% compared to the third quarter of 2010,
including increases of 7% from higher incentive expenses, 2% due to increases in
other variable expenses and approximately 1% each related to higher delivery
costs, bad debt expense and the impact from currency fluctuations. Since we
record annual employee incentive costs based largely on profits and profit
growth, these expenses are recorded in our seasonally profitable second and
third quarters with the majority of the expense recorded in the second quarter.
The relatively higher rates of growth in annual incentive costs for 2011 reflect
the continued catch-up to more normalized levels of incentive costs following
sharp declines during the 2007-2009 recession. We anticipate that fourth quarter
2011 and future years' base business operating expense increases will be very
modest.

Operating income increased 10% to $40.9 million from $37.0 million in the
comparable 2010 period. Operating income as a percentage of net sales (operating
margin) was flat at 8.1% for the third quarter of 2011 compared to the same
period in 2010. Interest expense, net was comparatively higher due to $1.3
million in foreign currency transaction gains recorded in the third quarter of
2010. Despite a 13% increase in average debt levels, interest expense was down
slightly quarter over quarter due to a lower weighted average effective interest
rate.

Net income increased 6% to $24.2 million in the third quarter of 2011 compared
to $22.8 million in the third quarter of 2010. Earnings per share for the third
quarter of 2011 increased 11% to $0.50 per diluted share compared to $0.45 per
diluted share for the same period in 2010.

Net sales for the nine months ended September 30, 2011 increased 11% to $1,522.9
million from $1,372.3 million in the comparable 2010 period, driven by a 10%
improvement in base business sales. Gross margin increased 60 basis points to
29.6% in the first nine months of 2011 from 29.0% for the same period last year.

Operating expenses were up 11% compared to the first nine months of 2010,
including a 10% increase in base business operating expenses. Operating income
for the first nine months of 2011 increased 18% to $139.4 million compared to
$118.0 million in the same period last year. While interest expense, net
increased due to the impact in 2010 from foreign currency transaction gains,
interest expense declined approximately $1.1 million in the first nine months of
2011 due to a lower weighted average effective interest rate on slightly higher
average debt levels compared to the same period in 2010.

Earnings per share for the first nine months of 2011 increased 21% to $1.67 per
diluted share on net income of $82.1 million, compared to $1.38 per diluted
share on net income of $69.4 million in the comparable 2010 period.

On the balance sheet, total net receivables increased only 3% compared to
September 30, 2010 as improved customer collections partially offset the
combined impact of higher September sales, a lower allowance for bad debt and
balances related to recent acquisitions. Inventory levels increased 10% to
$337.7 million at September 30, 2011 compared to levels at September 30, 2010,
reflecting higher inventory replenishment levels driven by sales growth,
inventories related to recent acquisitions and purchases made in advance of
vendor price increases. Total debt outstanding at September 30, 2011 was $268.7
million, up $37.5 million compared to September 30, 2010.

Cash provided by operations was $32.0 million in the first nine months of 2011
compared to $65.2 million in the first nine months of 2010, with the decline
reflecting the impact of higher comparative inventory balances. Adjusted EBITDA
(as defined in the addendum to this release) was $45.8 million in the third
quarter of 2011 compared to $43.3 million in the third quarter of 2010, and
$153.6 million for the nine months ended September 30, 2011 compared to $133.7
million for the nine months ended September 30, 2010.

"Our results to date have exceeded our expectations, strengthening our belief
that 2011 has been a pivotal year and enforcing our confidence in the resiliency
of our business model. We are updating our fiscal 2011 earnings guidance to a
projected range of $1.43 to $1.47 per diluted share, compared to the previous
range of $1.38 to $1.45 per diluted share," said Perez de la Mesa. "As we turn
our attention toward the 2012 season and longer term growth opportunities, we
are pleased to announce the completion of a new $430.0 million unsecured senior
credit facility. This new credit facility replaces our existing $240.0 million
unsecured senior credit facility. The increased borrowing capacity will be used
to pay down our $100.0 million private placement notes that mature in February
2012 and to fund future growth initiatives."

POOLCORP is the largest wholesale distributor of swimming pool and related
backyard products. Currently, POOLCORP operates 296 sales centers in North
America and Europe, through which it distributes more than 160,000 national
brand and private label products to roughly 80,000 wholesale customers. For more
information, please visit www.poolcorp.com.

The Pool Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4853

This news release includes "forward-looking" statements that involve risk and
uncertainties that are generally identifiable through the use of words such as
"believe," "expect," "intend," "plan," "estimate," "project" and similar
expressions and include projections of earnings. The forward-looking statements
in this release are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements speak only
as of the date of this release, and we undertake no obligation to update or
revise such statements to reflect new circumstances or unanticipated events as
they occur. Actual results may differ materially due to a variety of factors,
including the sensitivity of our business to weather conditions, changes in the
economy and the housing market, our ability to maintain favorable relationships
with suppliers and manufacturers, competition from other leisure product
alternatives and mass merchants and other risks detailed in POOLCORP's 2010
Annual Report on Form 10-K filed with the Securities and Exchange Commission.

POOL CORPORATION
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share data)

Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- ---------------------------

2011 2010 2011 2010
----------- ---------- ------------- ------------

Net sales $ 503,584 $ 455,020 $ 1,522,896 $ 1,372,320

Cost of sales 355,678 324,151 1,072,141 974,625
----------- ---------- ------------- ------------
Gross profit 147,906 130,869 450,755 397,695
Percent 29.4% 28.8% 29.6% 29.0%

Selling and
administrative
expenses 106,993 93,822 311,345 279,667
----------- ---------- ------------- ------------
Operating income 40,913 37,047 139,410 118,028
Percent 8.1% 8.1% 9.2% 8.6%

Interest expense, net 1,641 376 5,110 4,658
----------- ---------- ------------- ------------
Income before income
taxes and equity
earnings 39,272 36,671 134,300 113,370
Provision for income
taxes 15,126 13,902 52,377 44,044
Equity earnings in
unconsolidated
investments 23 15 185 117
----------- ---------- ------------- ------------

Net income $ 24,169 $ 22,784 $ 82,108 $ 69,443
=========== ========== ============= ============

Earnings per share:

Basic $ 0.50 $ 0.46 $ 1.70 $ 1.40
=========== ========== ============= ============

Diluted $ 0.50 $ 0.45 $ 1.67 $ 1.38
=========== ========== ============= ============
Weighted average
shares outstanding:

Basic 47,987 49,615 48,357 49,442
=========== ========== ============= ============

Diluted 48,772 50,168 49,157 50,160
=========== ========== ============= ============

Cash dividends
declared per common
share $ 0.14 $ 0.13 $ 0.41 $ 0.39

POOL CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)

September September
30, 30, Change

2011 2010 $ %
----------------------------- ----------- ---------- ----------- -----

Assets
Current assets:
Cash and cash equivalents $ 20,656 $ 32,561 $ (11,905) (37)%
Receivables, net 160,647 155,252 5,395 3
Product inventories, net 337,698 306,609 31,089 10
Prepaid expenses and other
current assets 7,354 6,915 439 6

Deferred income taxes 10,145 10,662 (517)
----------------------------- ----------- ---------- ----------- (5)
Total current assets 536,500 511,999 24,501 5

Property and equipment, net 40,774 31,328 9,446 30
Goodwill 178,516 178,087 429 --
Other intangible assets, net 11,953 13,353 (1,400) (10)
Equity interest investments 976 978 (2) --

Other assets, net 29,493 29,304 189
----------------------------- ----------- ---------- ----------- 1

Total assets $ 798,212 $ 765,049 $ 33,163
----------------------------- ----------- ---------- ----------- 4%

Liabilities and stockholders'
equity
Current liabilities:
Accounts payable $ 120,221 $ 127,995 $ (7,774) (6)%
Accrued expenses and other
current liabilities 70,718 66,214 4,504 7

Current portion of long-term
debt and other long-term
liabilities 22 12,193 (12,171)
----------------------------- ----------- ---------- ----------- (100)
Total current liabilities 190,961 206,402 (15,441) (7)

Deferred income taxes 26,549 22,178 4,371 20
Long-term debt 268,700 219,200 49,500 23

Other long-term liabilities 7,503 7,004 499
----------------------------- ----------- ---------- ----------- 7

Total liabilities 493,713 454,784 38,929
----------------------------- ----------- ---------- ----------- 9

Total stockholders' equity 304,499 310,265 (5,766)
----------------------------- ----------- ---------- ----------- (2)

Total liabilities and
stockholders' equity $ 798,212 $ 765,049 $ 33,163
----------------------------- ----------- ---------- ----------- 4%

1. The allowance for doubtful accounts was $5.2 million at September 30,
2011 and $7.3 million at September 30, 2010.
2. The inventory reserve was $7.4 million at September 30, 2011 and
September 30, 2010.

POOL CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)

Nine Months Ended
September 30,
---------------------

2011 2010 Change
----------------------------------------- ---------- --------- -----------
Operating activities
Net income $ 82,108 $ 69,443 $ 12,665
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation 7,071 6,732 339
Amortization 1,243 1,827 (584)
Share-based compensation 6,143 5,912 231
Excess tax benefits from share-based
compensation (2,229) (1,271) (958)
Equity earnings in unconsolidated
investments (185) (117) (68)
Other (3,892) (7,673) 3,781
Changes in operating assets and
liabilities, net of effects of
acquisitions:
Receivables (55,941) (49,043) (6,898)
Product inventories 10,999 55,482 (44,483)
Accounts payable (49,542) (55,586) 6,044

Other current assets and liabilities 36,199 39,536 (3,337)
----------------------------------------- ---------- --------- -----------
Net cash provided by operating activities 31,974 65,242 (33,268)

Investing activities
Acquisition of businesses, net of cash
acquired (2,961) (4,872) 1,911
Purchase of property and equipment, net
of sale proceeds (16,959) (6,600) (10,359)

Other investments (177) -- (177)
----------------------------------------- ---------- --------- -----------
Net cash used in investing activities (20,097) (11,472) (8,625)

Financing activities
Proceeds from revolving line of credit 446,649 370,639 76,010
Payments on revolving line of credit (376,649) (354,668) (21,981)
Payments on long-term debt and other
long-term liabilities (145) (36,160) 36,015
Payments of deferred acquisition
consideration (500) (500) --
Payments of deferred financing costs -- (145) 145
Excess tax benefits from share-based
compensation 2,229 1,271 958
Proceeds from stock issued under
share-based compensation plans 9,506 4,717 4,789
Payments of cash dividends (19,798) (19,308) (490)

Purchases of treasury stock (62,842) (1,534) (61,308)
----------------------------------------- ---------- --------- -----------
Net cash used in financing activities (1,550) (35,688) 34,138

Effect of exchange rate changes on cash
and cash equivalents 608 (1,364) 1,972
----------------------------------------- ---------- --------- -----------
Change in cash and cash equivalents 10,935 16,718 (5,783)

Cash and cash equivalents at beginning of
period 9,721 15,843 (6,122)
----------------------------------------- ---------- --------- -----------

Cash and cash equivalents at end of
period $ 20,656 $ 32,561 $ (11,905)
----------------------------------------- ---------- --------- -----------

ADDENDUM

Base Business Results

The following tables break out our consolidated results into the base business
component and the excluded components (sales centers excluded from base
business):

--------------------------------------------------------------------------------
------------------
(Unaudited) Base Business Excluded
Total
(In thousands) Three Months Ended Three Months Ended
Three Months Ended
September 30, September 30,
September 30,

2011 2010 2011 2010
2011 2010
------------------- ------------- ------------ ---------- --------
------------- ------------
Net sales $ 497,464 $ 454,781 $ 6,120 $ 239 $
503,584 $ 455,020

Gross profit 146,083 130,788 1,823 81
147,906 130,869
Gross margin 29.4% 28.8% 29.8% 33.9%
29.4% 28.8%

Operating expenses 105,046 93,663 1,947 159
106,993 93,822
Expenses as a % of

net sales 21.1% 20.6% 31.8% 66.5%
21.2% 20.6%

Operating income

(loss) 41,037 37,125 (124) (78)
40,913 37,047

Operating margin 8.2% 8.2% (2.0)% (32.6)%
8.1% 8.1%
------------------- ------------- ------------ ---------- --------
------------- ------------

--------------------------------------------------------------------------------
------------------
(Unaudited) Base Business Excluded
Total
(In thousands) Nine Months Ended Nine Months Ended
Nine Months Ended
September 30, September 30,
September 30,

2011 2010 2011 2010
2011 2010
------------------- ------------- ------------ ---------- --------
------------- ------------
Net sales $ 1,501,733 $ 1,366,901 $ 21,163 $ 5,419 $
1,522,896 $ 1,372,320

Gross profit 444,594 396,045 6,161 1,650
450,755 397,695
Gross margin 29.6% 29.0% 29.1% 30.4%
29.6% 29.0%

Operating expenses 304,965 278,500 6,380 1,167
311,345 279,667
Expenses as a % of

net sales 20.3% 20.4% 30.1% 21.5%
20.4% 20.4%

Operating income

(loss) 139,629 117,545 (219) 483
139,410 118,028

Operating margin 9.3% 8.6% (1.0)% 8.9%
9.2% 8.6%
------------------- ------------- ------------ ---------- --------
------------- ------------

We have excluded the following acquisitions from base business for the periods
identified:

Net

Sales

Centers

Acquisition
Periods
Acquired Date Acquired
Excluded
--------------------------------- ---------------- --------
-----------------------------------
The Kilpatrick Company, Inc. May 2011 4 May 2011 --
September 2011
Turf Equipment Supply Co. December 2010 3 January 2011 --
September 2011
Pool Boat and Leisure, S.A. December 2010 1 January 2011 --
September 2011
Les Produits de Piscine Metrinox January 2011 --
June 2011 and April
Inc. April 2010 2 2010 -- June
2010

As of September 30, 2011, the base business results also excluded one new market
sales center that opened in the second quarter of 2011 and one existing sales
center that was consolidated into an acquired sales center in May 2011.

We generally allocate corporate overhead expenses to excluded sales centers on
the basis of their net sales as a percentage of total net sales. After 15 months
of operations, we include acquired, consolidated and new market sales centers in
the base business calculation including the comparative prior year period.

The table below summarizes the changes in our sales centers in the first nine
months of 2011:

December 31, 2010 291
Acquired 4
New locations (1) 4

Consolidated (3)
---

September 30, 2011 296
===

(1) Includes two new sales centers in Florida, one new sales center in Puerto
Rico and one sales center in Oregon that reopened (a previous SCP network
location that closed in December 2007 and has operated within a Horizon network
sales center since then).

Adjusted EBITDA

We define Adjusted EBITDA as net income or net loss plus interest expense,
income taxes, depreciation, amortization, share-based compensation, goodwill and
other non-cash impairments and equity earnings or loss in unconsolidated
investments. Adjusted EBITDA is not a measure of cash flow or liquidity as
determined by generally accepted accounting principles (GAAP). We have included
Adjusted EBITDA as a supplemental disclosure because we believe that it is
widely used by our investors, industry analysts and others as a useful
supplemental liquidity measure in conjunction with cash flows provided by or
used in operating activities to help investors understand our ability to provide
cash flows to fund growth, service debt and pay dividends as well as compare our
cash flow generating capacity from year to year.

We believe Adjusted EBITDA should be considered in addition to, not as a
substitute for, operating income or loss, net income or loss, cash flows
provided by or used in operating, investing and financing activities or other
income statement or cash flow statement line items reported in accordance with
GAAP. Other companies may calculate Adjusted EBITDA differently than we do,
which may limit its usefulness as a comparative measure.

The table below presents a reconciliation of net income to Adjusted EBITDA.

-------------------------------------------------------------------------

(Unaudited) Three Months Ended Nine Months Ended
(In thousands) September 30, September 30,

2011 2010 2011 2010
------------------------- ---------- --------- ----------- ----------
Net income $ 24,169 $ 22,784 $ 82,108 $ 69,443
Add:
Interest expense (1) 1,641 1,933 5,110 6,215
Provision for income
taxes 15,126 13,902 52,377 44,044
Share-based compensation 2,059 1,878 6,143 5,912
Equity earnings in
unconsolidated
investments (23) (15) (185) (117)
Depreciation 2,601 2,263 7,071 6,732

Amortization (2) 271 507 1,021 1,465
------------------------- ---------- --------- ----------- ----------

Adjusted EBITDA $ 45,844 $ 43,252 $ 153,645 $ 133,694
------------------------- ---------- --------- ----------- ----------

(1) Shown net of interest income and includes amortization of deferred
financing costs as discussed below.
(2) Excludes amortization of deferred financing costs of $74 and $130
for the three months ended September 30, 2011 and September 30, 2010,
respectively, and $222 and $362 for the nine months ended September 30,
2011 and September 30, 2010, respectively.

The table below presents a reconciliation of Adjusted EBITDA to net cash
provided by operating activities. Please see page 5 for our Condensed
Consolidated Statements of Cash Flows.

-------------------------------------------------------------------------------

(Unaudited) Three Months Ended Nine Months Ended

(In thousands) September 30, September 30,

2011 2010 2011 2010

------------------------------- ---------- --------- -----------
----------
Adjusted EBITDA $ 45,844 $ 43,252 $ 153,645 $
133,694
Add:

Interest expense, net of

interest income (1,567) (1,803) (4,888)
(5,853)
Provision for income taxes (15,126) (13,902) (52,377)
(44,044)
Excess tax benefits from

share-based compensation (208) (169) (2,229)
(1,271)
Other (1,094) (3,759) (3,892)
(7,673)

Change in operating assets

and liabilities 23,064 12,908 (58,285)
(9,611)
------------------------------- ---------- --------- -----------
----------

Net cash provided by operating

activities $ 50,913 $ 36,527 $ 31,974 $
65,242
------------------------------- ---------- --------- -----------
----------

CONTACT: Craig K. Hubbard
985.801.5117
craig.hubbard@poolcorp.com