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Pool Management Discusses Q2 2012 Results - Earnings Call Transcript

An item of recent interest, given the difficult economic climate is our European business. It helps for perspective to note that Europe represents 6% of our total sales and 2% of our profits. Despite all the bad press regarding the European economy, our base business sales in Europe were down only 3.6% through June in local currency, versus an 11% increase in the first half of 2011, as we continuously and gradually increase market share.

Just like in North America, our share gains are earned through superior execution based on our investments in talent management, development, technology, marketing, and altogether, combined with the outstanding commitment of our people.

Another item of interest has been our Green business, that for perspective, represents 7% of our total sales and has suffered as that market declined by more than 60% from peak levels with the collapse of new residential constructions. While new construction appears to have stabilized, the progressive actions taken by our team have translated into solid sales and share gains and a solid Green bottom line in 2012.

Mark will fill you in on our expenses, receivables and inventories, but my one word summary of these is, solid.

Our base business addendum also serves to identify that, both in the quarter and year-to-date, our recent acquisitions are coming along well with a modest profit contribution. It's important in these cases to recognize both the members of the acquired entities for their openness to a new culture, as well as those involved with the integration of those entities who commit long hours to ensuring a seamless transition.

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