At June 30, 2013, cash and cash equivalents were $26 million, borrowings were $398 million and the Company's debt-to-total-capitalization ratio was 27%. On July 1, 2013, Watsco amended its $500 million credit facility. The amendment improved pricing, covenants and extends the maturity to July 1, 2018.
Outlook for 2013
Watsco’s outlook for full-year 2013 diluted earnings per share is within the range of $3.65 to $3.80 per diluted share, representing a prospective growth rate of 20% to 25% over 2012’s results (adjusted to exclude a 33 cent reduction in diluted EPS related to a $5.00 special dividend paid in October 2012).
As for dividends, the Company’s philosophy is to share increasing amounts of cash flow through higher dividends while maintaining a conservative financial position with continued capacity to build its distribution network. The Company intends to reduce debt and evaluate the payment of an increased dividend before the end of 2013.Conference Call Watsco is hosting a conference call at 10:00 a.m. (EDT) on July 18, 2013 to discuss its second quarter results. The conference call will be web-cast by CCBN's StreetEvents at http://www.watsco.com. A replay of the conference call will be available on the Company's website. For those unable to connect to the webcast, you may listen via telephone. The dial-in number for callers in the United States is (866) 652-5200 and for international callers is (412) 317-6060. About Watsco, Inc. Watsco improves indoor living and working environments with air conditioning and heating solutions that provide comfort regardless of the outdoor climate. Since heating and cooling accounts for approximately 56% of the energy consumed in a typical United States home, we offer consumers the greatest opportunity to save money on energy by replacing existing air conditioning and heating systems with more energy efficient and environmentally friendly solutions.