Watsco improves indoor living and working environments
with air conditioning and heating solutions that provide
comfort regardless of the outdoor climate. Our solutions
also promote healthier indoor spaces by removing
pollutants from the indoor air that can lead to asthma,
allergies and reductions in productivity. Furthermore,
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.
There are approximately 89 million central air
conditioning and heating systems installed in the United
States that have been in service for more than 10 years.
Older systems often operate below today's government
mandated energy efficiency and environmental standards.
Watsco has an opportunity to accelerate the replacement
of these systems at a scale greater than our competitors
as the movement toward reducing energy consumption and
its environmental impact continues. We operate from more
than 575 locations in the United States, Canada, Mexico
and Puerto Rico, with additional market coverage on an
export basis to Latin America and the Caribbean. As the
industry leader, significant growth potential remains
given that our current revenue run-rate is less than 10%
of the estimated $35 billion marketplace in the Americas
for HVAC/R products. Additional information about Watsco
may be found 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, new housing starts and completions,
capital spending in commercial markets, consumer
spending and debt levels, regulatory and other factors,
including, without limitation, the effects of supplier
concentration, competitive conditions within Watsco's
industry, seasonal nature of sales of Watsco's products,
the ability of the Company to expand its business,
insurance coverage risks and final GAAP adjustments.
Forward-looking statements speak only as of the date the
statement was made. Watsco assumes no obligation to
update forward-looking information to reflect actual
results, changes in assumptions or changes in other
factors affecting forward-looking information. Detailed
information about these factors and additional important
factors can be found in the documents that Watsco files
with the Securities and Exchange Commission, such as
Form 10-K, Form 10-Q and Form 8-K.