“The outstanding level of cash flow during the fourth quarter again demonstrates the safety and efficiency of our business from a cash flow perspective during a period of weaker sales. We are also glad to again raise our dividend so shareholders can continue to meaningfully participate in the Company’s success,” Mr. Nahmad said.At December 31, 2011, cash and cash equivalents were $16 million and borrowings were $20 million for a “net debt” position near zero. The Company’s debt-to-total-capitalization ratio is a conservative 2%. Mr. Nahmad added: “Given Watsco’s financial strength and the simple fact that our share of the U.S. market is about 10%, we continue to seek substantial additional opportunities to invest and to grow our business in the same disciplined manner as we have in the past. We have much to accomplish.” Conference Call Watsco is hosting a conference call at 10:00 a.m. (ET) on February 15, 2012 to discuss its fourth quarter and annual earnings 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) 740-9405; the dial-in number for callers outside of the United States is (702) 696-4900. Use of Non-GAAP Financial Information In this release, the Company discloses non-GAAP measures of same-store sales and adjusted operating cash flow. Information referring to “same-store basis” excludes the effects of locations acquired or locations opened or closed during the immediately preceding 12 months unless they are within close geographical proximity to existing locations. The Company believes that this information provides greater comparability regarding its ongoing operating performance. These measures should not be considered an alternative to measurements required by accounting principles generally accepted in the United States (GAAP).