At September 30, 2012, cash and cash equivalents were $46 million and long-term debt was $202 million, reflecting $82 million of borrowings used in the formation of the Canadian joint venture and $52 million of borrowings used to fund the purchase of the additional 10% ownership interest in Carrier Enterprise. At September 30, 2012, the Company's debt-to-total-capitalization was 14%. The Company expects to generate significant cash flow from operations during the fourth quarter of 2012 and meet its annual goal of producing operating cash flow equal to or greater than net income.Dividends paid during the first nine-months of 2012 increased 14% to $62 million. On October 1, 2012, the Company’s Board of Directors declared a special cash dividend of $5.00 per share, which will be paid on October 31, 2012. The Company anticipates that, subject to its financial position, government tax policy and general economic conditions, it will continue to pay quarterly cash dividends, but on a more moderate basis in 2013.
Watsco Delivers 17% EPS Growth And Record Cash Flow In Third Quarter
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