-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V7ezap+rRwr7W3v44E1HjKS3OviFzwe/UM86allqNufNooNkS3OeIcaiRLASrvEk yXaF3vlnYIPf5NaHQe5qMw== 0000899243-98-000933.txt : 19980514 0000899243-98-000933.hdr.sgml : 19980514 ACCESSION NUMBER: 0000899243-98-000933 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980513 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCP POOL CORP CENTRAL INDEX KEY: 0000945841 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MISC DURABLE GOODS [5090] IRS NUMBER: 363926337 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-26640 FILM NUMBER: 98618384 BUSINESS ADDRESS: STREET 1: 109 NORTHPARK BLVD CITY: COVINGTON STATE: LA ZIP: 70433 BUSINESS PHONE: 5048925521 MAIL ADDRESS: STREET 2: 109 NORTHPARK BLVD 4TH FLOOR CITY: COVINGTON STATE: LA ZIP: 70433 10-Q 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ____________ TO ____________. COMMISSION FILE NO.: 0-26640 SCP POOL CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) DELAWARE 36-3943363 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 109 Northpark Boulevard, Covington, Louisiana 70433-5001 (Address of principal executive offices) (Zip Code) 504-892-5521 (Registrant's telephone number, including area code) (former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES [X] NO [ ] At April 27, 1998, there were 7,746,770 outstanding shares of the Registrant's Common Stock, $.001 par value per share. SCP POOL CORPORATION TABLE OF CONTENTS Part I. Financial Information Page ---- Item 1. Financial Statements Consolidated Balance Sheets -- March 31, 1998 (Unaudited) and December 31, 1997................... 1 Consolidated Statements of Operations (Unaudited) -- Three Months Ended March 31, 1998 and 1997......... 2 Consolidated Statements of Cash Flows (Unaudited)-- Three Months Ended March 31, 1998 and 1997.......... 3 Notes to Consolidated Financial Statements (Unaudited) -- March 31, 1998....................... 4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations................. 6 Part II. Other Information Items 1. - 6....................................... 13 SCP POOL CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands, except share data)
MARCH 31, DECEMBER 31, 1998 1997 ---------- ------------ (Unaudited) (Note) ASSETS Current assets: Cash and cash equivalents $ 6,586 $ 22,296 Receivables 53,898 24,775 Inventory, primarily goods purchased for resale 93,731 48,261 Prepaid expenses 1,857 562 Deferred income taxes 939 580 -------- -------- Total current assets 157,011 96,474 Property and equipment, net 5,956 4,792 Goodwill, net 37,248 32,614 Other assets, net 2,850 2,572 -------- -------- Total assets $203,065 $136,452 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 82,899 $ 20,266 Accrued and other current liabilities 6,678 6,078 Current portion of long-term debt 6,993 6,743 -------- -------- Total current liabilities 96,570 33,087 Deferred income taxes 3,687 3,584 Long-term debt, less current portion 37,296 33,146 Stockholders' equity: Preferred stock, $.01 par value; 100,000 shares authorized - - Common stock, $.001 par value; 10,000,000 shares authorized; 7,746,770 and 7,740,060 shares issued and outstanding in 1998 and 1997, respectively 8 8 Additional paid-in capital 52,408 52,352 Retained earnings 13,096 14,275 -------- -------- Total stockholders' equity 65,512 66,635 -------- -------- Total liabilities and stockholders' equity $203,065 $136,452 ======== ========
Note: The balance sheet at December 31, 1997 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. See accompanying notes. 1 SCP POOL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)
THREE MONTHS ENDED MARCH 31, 1998 1997 -------- -------- (Unaudited) Net sales $73,988 $63,565 Cost of sales 58,041 49,605 ------- ------- Gross profit 15,947 13,960 Warehouse expense 4,298 3,229 Selling and administrative expenses 12,550 10,416 Goodwill amortization 255 211 ------- ------- Operating income (loss) (1,156) 104 Other income (expense): Interest expense (776) (1,057) Amortization expense (210) (179) Miscellaneous income 269 159 ------- ------- (717) (1,077) ------- ------- Loss before income tax benefits (1,873) (973) Income tax benefit (693) (370) ------- ------- Net loss $(1,180) $ (603) ======= ======= Net loss per share of common stock: Basic $ (.15) $ (.10) ======= ======= Diluted $ (.15) $ (.10) ======= ======= Average shares outstanding: Basic 7,742 6,335 ======= ======= Diluted 7,742 6,335 ======= =======
See accompanying notes. 2 SCP POOL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
THREE MONTHS ENDED MARCH 31, 1998 1997 -------- -------- (Unaudited) OPERATING ACTIVITIES Net loss $ (1,180) $ (603) Adjustments to reconcile net loss to net cash provided by operating activities 2,404 8,021 --------- ------- Net cash provided by operating activities 1,224 7,418 INVESTING ACTIVITIES Acquisition of businesses (21,687) -- Purchase of property and equipment (511) (284) Proceeds from sale of property and equipment 833 29 --------- ------- Net cash used in investing activities (21,365) (255) FINANCING ACTIVITIES Net borrowings on revolving loan 5,400 3,000 Payments on long-term debt (1,000) (5,504) Issuance of common stock 31 5 --------- ------- Net cash provided by (used in) financing activities 4,431 (2,499) --------- ------- Change in cash and cash equivalents (15,710) 4,664 Cash and cash equivalents at beginning of period 22,296 4,621 --------- ------- Cash and cash equivalents at end of period $ 6,586 $ 9,285 ========= ======= SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the period for: Interest $ 503 $ 1,044 ========= ======= Income taxes $ 1,108 $ 2,242 ========= =======
See accompanying notes. 3 SCP POOL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) MARCH 31, 1998 1. UNAUDITED INTERIM FINANCIAL STATEMENTS The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. In the opinion of management, the accompanying unaudited interim financial statements reflect all adjustments, of a normal recurring nature, necessary for a fair presentation of the results of the interim periods. The Company's business is highly seasonal. In general, sales and net income are highest during the second and third quarters, which represent the peak months of swimming pool use and installation. Operating results for the three-month period ended March 31, 1998 are not necessarily indicative of the results that may be expected for the year ending December 31, 1998. For further information, refer to the consolidated financial statements for the year ended December 31, 1997 and footnotes thereto included in the annual report on Form 10-K filed by the Company with the Securities and Exchange Commission. 2. DESCRIPTION OF BUSINESS As of March 31, 1998, SCP Pool Corporation and its wholly owned subsidiaries (collectively referred to as the Company) maintain 89 service centers in 32 states located throughout the United States from which they sell swimming pool equipment and supplies to pool builders, retail stores, and service firms. In January 1998, the Company acquired substantially all of the assets and assumed certain liabilities of Bicknell Huston Distributors, Inc. (BHD), a distributor of swimming pool supplies and related products through eleven service centers in six northeastern states, for a purchase price of approximately $22 million, which was paid in cash. This acquisition was accounted for using the purchase method of accounting. 3. RECENTLY ISSUED AUTHORITATIVE PRONOUNCEMENT In April 1998 the AICPA's Accounting Standards Executive Committee issued SOP 98-5, Reporting on the Costs of Start-Up Activities. SOP 98-5 requires entities to charge to expense start-up costs, including organizational costs, as incurred. In addition, the SOP requires entities upon adoption to write-off as the cumulative effect of a change in 4 SCP POOL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)--(CONTINUED) 3. RECENTLY ISSUED AUTHORITATIVE PRONOUNCEMENT (CONTINUED) accounting principle any previously capitalized start-up or organization costs. The SOP is effective for most entities for fiscal years beginning after December 15, 1998. At March 31, 1998, the Company had unamortized organizational costs of $1,016,000. 5 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL The Company was formed in December 1993 to acquire substantially all of the assets and assume certain liabilities of its predecessor. From its inception in 1980 through the end of 1993, the predecessor increased its sales through strategic acquisitions, by opening new service center locations and by increasing sales to new and existing customers. Since the Company's acquisition of the predecessor in December 1993 (the "SCP Acquisition"), the Company has grown through acquisitions, by opening new service centers and by increasing sales to new and existing customers. From January 1990 to March 1998, the Company expanded from 8 service centers in 6 states to 89 service centers in 32 states, primarily through acquisitions, including the January 1998 acquisition of Bicknell Huston Distributors, Inc. (BHD Acquisition). The Company acquired substantially all of the assets and assumed certain liabilities of BHD, a distributor of swimming pool supplies and related products through eleven service centers in six northeastern states, for a purchase price of approximately $22 million. The Company derives its revenues primarily from the sale of swimming pool supplies and related products, including chemicals, cleaners, packaged pools and liners, filters, heaters, pumps, lights, repair parts and other equipment required to build, maintain, install and overhaul residential and small commercial swimming pools. The Company sells its products primarily to swimming pool remodelers and builders, independent swimming pool retailers and swimming pool repair and service companies. These customers tend to be small, family owned businesses with relatively limited capital resources. The Company maintains a strict credit policy. Losses from customer receivables have historically been within management's expectations. The swimming pool supply industry is affected by various factors, including general economic conditions, consumer saving and discretionary spending levels, the level of new housing construction, weather and consumer attitudes towards pool products for environmental or safety reasons. Although management believes that the Company's geographic diversity could mitigate the effect of a regional economic downturn and that the continuing maintenance and repair needs for existing swimming pools could mitigate the effect of a general economic downturn, there can be no assurance that the Company's results of operations and expansion plans would not be materially adversely affected by any of such downturns. The principal components of the Company's expenses include the cost of products purchased from manufacturers and sold during the year and operating expenses, which are primarily related to labor, occupancy, commissions and marketing. Some geographic markets serviced by the Company, particularly California, Arizona, Texas and Florida, 6 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED) GENERAL (CONTINUED) tend to be more competitive than others. In response to competitive pressures from any of its current or future competitors, the Company may be required to lower selling prices in order to maintain or increase market share, and such measures could adversely affect the Company's gross margins and operating results. RESULTS OF OPERATIONS The following table shows, for the periods indicated, information derived from the consolidated statements of operations of the Company expressed as a percentage of net sales for such period.
THREE MONTHS ENDED MARCH 31, 1998 1997 ------------------ Net sales 100.0% 100.0% Cost of sales 78.4 78.0 ------------------ Gross profit 21.6 22.0 Warehouse expense 5.8 5.1 Selling and administrative expenses 17.0 16.4 Goodwill amortization .3 .3 ------------------ Operating income (1.5) .2 Other income (expense): Interest expense (1.1) (1.7) Amortization expense (.3) (.3) Miscellaneous .4 .3 ------------------ Income (loss) before income taxes (2.5) (1.5)% ==================
The following discussions compare the results of operations of the Company for the three-month periods ended March 31, 1998 and 1997. Three Months Ended March 31, 1998 Compared to Three Months Ended March 31, 1997 Net sales increased by $10.4 million, or 16.4%, to $74.0 million in the three months ended March 31, 1998 from $63.6 million in the comparable 1997 period. Service centers acquired from BHD in January 1998 contributed 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED) RESULTS OF OPERATIONS (CONTINUED) $5.7 million to the increase, while an increase of approximately 3% in sales at service centers open at least 15 months contributed $1.9 million to the increase. The balance of the increase was attributable to sales at new service centers open less than 15 months. Gross profit increased by $1.9 million, or 14.2%, to $15.9 million in the three months ended March 31, 1998 from $14.0 million in the comparable 1997 period. Gross profit as a percentage of net sales decreased slightly, at 21.6% in the 1998 period compared to 22.0% in the 1997 period. The slight compression in margin is attributable to the lower margins realized at centers acquired from BHD, which approximated 17.5% for the first three months of 1998. Operating expenses increased by $3.2 million, or 23.4%, to $17.1 million in the three months ended March 31, 1998 from $13.9 million in the comparable 1997 period. This increase is reflective of an additional $2.6 million of operating expenses incurred at service centers acquired from BHD during the first quarter of 1998. Operating expenses for SCP, excluding service centers acquired from BHD, remained relatively stable compared to the same period last year. Operating expenses as a percentage of sales increased to 23.1% in the 1998 period compared to 21.8% in the 1997 period. This increase was primarily attributable to the increased operating expenses incurred by the service centers and administrative offices acquired as a result of the BHD acquisition in January 1998. Excluding BHD, operating expenses as a percentage of net sales for the first quarter remained relatively stable at 21.3% in 1998 compared to 21.8% in the comparable period. Interest and other expenses decreased to $0.7 million in the three months ended March 31, 1998 from $1.1 million in the comparable 1997 period. The decline in interest expense for the first quarter of 1998 is reflective of both the lower level of debt carried during the quarter compared to the same quarter in 1997, and the more favorable interest rate on the Company's senior bank credit facility (the "Senior Loan Facility"). SEASONALITY AND QUARTERLY FLUCTUATIONS The Company's business is highly seasonal. In general, sales and net income are highest during the second and third quarters, which represent the peak months of swimming pool use and installation. Sales are substantially lower during the first and fourth quarters, when the Company may incur net losses. The Company experiences a build-up of inventory and accounts payable during the first and second quarters of the year in anticipation of the peak swimming pool supply selling 8 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED) SEASONALITY AND QUARTERLY FLUCTUATIONS (CONTINUED) season. The Company's peak borrowing occurs during the second quarter, primarily because dated accounts payable offered by the Company's suppliers typically are payable in April, May and June, while the Company's peak accounts receivable collections typically occur in June, July and August. The principal external factor affecting the Company's business is weather. Hot weather can increase purchases of chemicals and supplies and pool installations. Unseasonably cool weather or extraordinary amounts of rainfall during the peak sales season can decrease purchases of chemicals and supplies and pool installations. In addition, unseasonably early or late warming trends can increase or decrease the length of the pool season and, therefore, the Company's sales. To encourage preseason orders, the Company, like many other swimming pool supply distributors, utilizes preseason sales programs which provide for extended dating terms and other incentives to its customers. Some of the Company's suppliers also offer extended dating terms on certain products to the Company for preseason or early season purchases. In offering extended dating terms to its customers and accepting extended dating terms from its suppliers, the Company effectively finances a portion of its receivables with extended payables. The Company expects that its quarterly results of operations will continue to fluctuate depending on the timing and amount of revenue contributed by new service centers and acquisitions, if any. The Company attempts to open its new stores at the end of the fourth quarter or the beginning of the first quarter to take advantage of preseason sales programs and the peak season. The following table sets forth certain unaudited quarterly data for 1997 and the first quarter for 1998 which, in the opinion of management, reflects all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of such data. Results of any one or more quarters are not necessarily indicative of results for an entire fiscal year or of continuing trends. 9 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED) SEASONALITY AND QUARTERLY FLUCTUATIONS (CONTINUED)
1997 1998 ----------------------------------------- ------- 1ST 2ND 3RD 4TH 1ST QUARTER QUARTER QUARTER QUARTER QUARTER ------- ------- ------- ------- ------- (Dollars in thousands) Net sales $63,565 $124,790 $98,492 $48,175 $73,988 Gross profit 13,960 28,159 21,460 9,798 15,947 Operating income (loss) 104 11,496 6,847 (2,726) (1,156) Net sales as a percentage of annual net sales 19% 37% 29% 15 % N/A Gross profit as a percentage of annual gross profit 19% 38% 29% 13 % N/A Operating income as a percentage of annual operating income 1% 73% 44% (18)% N/A
LIQUIDITY AND CAPITAL RESOURCES Currently, the Company's primary sources of working capital are cash flow from operations and borrowings under the Senior Loan Facility, which consists of a term loan and a revolving line of credit. The Company's borrowings under its credit facilities, together with cash flow from operations and seller financing have historically have been sufficient to support the Company's growth and to finance acquisitions. Considering the Company's borrowing base as of March 31, 1998, the Company had approximately $42.8 million available for borrowing under the Senior Loan Facility, the only additional credit source currently available to the Company. During the three months ended March 31, 1998, the Company had cash flow of $1.3 million from operating activities. The increase in the amount of the Company's accounts receivable, inventory and accounts payable from December 31, 1997 to March 31, 1998 is a result of the BHD Acquisition and the normal seasonal increase as discussed above. See "Seasonality and Quarterly Fluctuations." During the three months ended March 31, 1998, the Company borrowed $5.4 million to meet seasonal working capital requirements and made scheduled principal payments of $1.0 million required under its Senior Loan Facility. Borrowings under the Senior Loan Facility may, at the Company's option, bear interest at either (i) the agent bank's corporate base rate or the federal funds rate plus 0.5%, whichever is higher, plus a margin ranging from 0.0% to .5% or (ii) LIBOR plus a margin ranging from .75% to 2.0%, in each case depending on the Company's leverage ratio. Substantially all of the assets of the Company (other than inventory which secures the 10 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED) LIQUIDITY AND CAPITAL RESOURCES (CONTINUED) Company's obligations to the seller of The B-L Network Inc.), including the capital stock of South Central Pool Supply, Inc., the Company's wholly owned subsidiary, secure the Company's obligations under the Senior Loan Facility. The Senior Loan Facility has numerous restrictive covenants which require the Company to maintain minimum levels of interest coverage and fixed charge coverage and which also restrict the Company's ability to pay dividends and make capital expenditures. As of March 31, 1998, the Company was in compliance with all such covenants and financial ratio requirements. The Senior Loan Facility expires on December 31, 2002. In December 1997, the Company completed a public offering of 1,350,000 shares of Common Stock at a public offering price of $18.00 per share, resulting in net proceeds to the Company of approximately $22.6 million. These proceeds were used to finance the BHD Acquisition in January 1998. Prior to the BHD Acquisition, the Company's acquisitions have been financed primarily by borrowings under the Senior Loan Facility and seller notes. To finance future acquisitions, the Company may utilize its ability to borrow additional funds under the Senior Loan Facility or, depending on market conditions, incur additional indebtedness or issue common or preferred stock (which may be issued to third parties or to sellers of acquired businesses). YEAR 2000 ISSUE The Company continues to assess and review its computer systems devices, software applications and equipment (collectively, "Computer Systems") to identify those areas that could be affected by Year 2000 noncompliance. Based on such review, management believes that the Company's Computer Systems will function properly when handling date-related data in the Year 2000 and thereafter, although there can be no such assurances, and failure of the Company's Computer Systems to function properly could have a material adverse effect on the Company's business, operations or financial condition. The total cost to the Company of complying with Year 2000 requirements is not known at this time, although management does not currently expect such costs to have a material adverse effect on the Company's business, operations or financial condition. The Company is communicating with suppliers, service providers, and large customers (collectively, "Third Party Businesses") regarding their compliance with Year 2000 requirements. If the Third Party Businesses fail to comply in a timely manner with Year 2000 requirements, such failures by Third Party Businesses could have a material adverse effect on the Company's business, operations or financial condition. 11 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED) INFLATION The Company does not believe that inflation has had a significant impact on its results of operations for the periods presented. CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 With the exception of historical matters, the matters discussed in this Form 10-Q are forward-looking statements that involve risks and uncertainties, including but not limited to factors related to (i) the Company's ability to identify appropriate acquisition candidates, complete acquisitions on satisfactory terms, or successfully integrate acquired businesses; (ii) the sensitivity of the swimming pool supply business to cool or rainy weather; (iii) the intense competition and low barriers to entry in the swimming pool supply industry; (iv) the Company's ability to obtain financing on satisfactory terms and the degree to which Company is leveraged; (v) the sensitivity of the swimming pool supply business to general economic conditions; (vi) the Company's ability to remain in compliance with the numerous environmental, health and safety requirements to which it is subject; (vii) the risk of fire, safety and casualty losses and related liabilities claims inherent in the storage of chemicals sold by the Company; and (viii) the other factors discussed in the Company's filings with the Securities and Exchange Commission. Such factors could affect the Company's actual results and could cause such results to differ materially from the Company's expectations described above. 12 Part II. Other Information Item 1. Legal Proceedings The Company currently is not involved in any material legal proceedings. Item 2. Changes in Securities None Item 3. Defaults Upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders None Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 27.1 Financial Data Schedule Reports on Form 8-K On January 12, 1998, the Company filed a report on Form 8-K in connection with the acquisition of certain assets of Bicknell Huston Distributors, Inc. by the Company's wholly owned subsidiary, South Central Pool Supply, Inc. 13 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SCP POOL CORPORATION DATE: 5/13/98 BY: /s/ CRAIG K. HUBBARD --------------------- ------------------------------------------- Craig K. Hubbard, Chief Financial Officer, Treasurer and Secretary and duly authorized signatory on behalf of the Registrant 14 EX-27 2 FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from consolidated financial statements and is qualified in its entirety by reference to such financial statements. 1,000 3-MOS DEC-31-1998 MAR-31-1998 $6,586 0 52,229 (2,047) 93,731 157,011 10,124 (4,168) 203,065 96,570 44,289 0 0 8 65,504 203,065 73,988 73,988 58,041 75,144 0 319 986 (1,873) (693) (1,180) 0 0 0 (1,180) (.15) (.15)
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