MIAMI, Mar 7, 2002 (BUSINESS WIRE) -- Watsco, Inc. (NYSE:WSO) announced today that its Board of Directors increased the regular quarterly cash dividend by 20% to 3.0 cents per share from 2.5 cents per share on both its Common Stock and Class B Common Stock.

"From 1999 through 2001, Watsco generated a record $144 million in operating cash flow which has enabled the company to reduce debt by approximately $68 million, repurchase 3.4 million shares of common stock for $35 million and continue its 28 year history of paying cash dividends. We are pleased that the Company's performance once again enables us to increase dividends to our stockholders," stated Albert H. Nahmad, Chairman and Chief Executive Officer.

The Board has declared cash dividends to shareholders of record as of April 15, 2002, payable on April 30, 2002.

Watsco, Inc., with 2001 revenue of $1.2 billion, is the nation's largest independent distributor of air conditioning, heating and refrigeration equipment and related products in the distribution segment of the HVAC/R industry, currently operating 292 locations and serving over 35,000 contractor customers in 30 states. The Company is actively pursuing opportunities for further growth throughout the country. Additional information about Watsco may be found on the Internet at http://www.watsco.com.

CONTACT: Watsco, Inc., Coconut Grove, Fla. Barry S. Logan, 305/714-4102 e-mail: blogan@watsco.com http://www.watsco.com URL: http://www.businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page.

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