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Pool Corporation Reports Record Results And Updates 2012 Earnings Guidance Range

The table below summarizes the changes in our sales centers in the first nine months of 2012: 

December 31, 2011 298
Acquired 5
New locations 9
September 30, 2012 312

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,
  2012 2011 2012 2011
Net income  $ 21,375  $ 24,169  $ 89,969  $ 82,108
Add:        
Interest expense (1) 1,687 1,641 5,364 5,110
Provision for income taxes 17,965 15,126 60,020 52,377
Share-based compensation 1,930 2,059 6,236 6,143
Goodwill impairment 6,946 6,946
Equity earnings in unconsolidated investments (16) (23) (187) (185)
Depreciation 2,922 2,601 8,481 7,071
Amortization (2) 228 271 671 1,021
Adjusted EBITDA  $ 53,037  $ 45,844  $ 177,500  $ 153,645
(1)   Shown net of interest income and includes amortization of deferred financing costs as discussed below. 
(2)   Excludes amortization of deferred financing costs of $96 and $74 for the three months ended September 30, 2012 and September 30, 2011, respectively, and $291 and $222 for the nine months ended September 30, 2012 and September 30, 2011, 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,
  2012 2011 2012 2011
Adjusted EBITDA  $ 53,037  $ 45,844  $ 177,500  $ 153,645
Add:        
Interest expense, net of interest income (1,591) (1,567) (5,073) (4,888)
Provision for income taxes (17,965) (15,126) (60,020) (52,377)
Excess tax benefits from share-based compensation (925) (208) (2,534) (2,229)
Other (970) (1,094) 278 (3,892)
Change in operating assets and liabilities 59,423 23,064 14,379 (58,285)
Net cash provided by operating activities  $ 91,009  $ 50,913  $ 124,530  $ 31,974
CONTACT: Craig K. Hubbard
         985.801.5117
         craig.hubbard@poolcorp.com

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