MIAMI, Apr 23, 2003 (BUSINESS WIRE) -- Watsco, Inc. (NYSE:WSO) announced today that it has completed the purchase of operations from Pameco Corporation, with 43 locations in Texas, Louisiana, Arkansas and Mississippi. The operations, which sell a wide array of heating, air conditioning, refrigeration and related parts and supplies, had revenues of $55 million during their most recent fiscal year. The purchase price, which was not disclosed, was paid in cash and is expected to be accretive to Watsco's annual earnings per share beginning in 2004.

Albert Nahmad, Watsco's President and Chief Executive Officer said, "Following a period of transition and investment to deepen and broaden inventories, we believe these locations represent a terrific opportunity for long-term market share development and growth. We also welcome the many industry veterans that will be joining the Watsco team and wish them success as we move forward."

Watsco 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 317 locations serving customers in 31 states. Additional information about Watsco may be found on the Internet at http://www.watsco.com.

This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive market and regulatory factors. More detailed information about those factors is contained in Watsco's filings with the Securities and Exchange Commission.

Watsco, Inc., Coconut Grove, FL
Barry S. Logan, 305/714-4102
e-mail: blogan@watsco.com
Fax: 305/858-4492
http://www.watsco.com

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