SCP POOL CORPORATION REPORTS RECORD SECOND QUARTER RESULTS

EARNINGS PER SHARE INCREASES 21% TO $0.93

COVINGTON, La. (July 21, 2005) – SCP Pool Corporation (the “Company” or “POOL”) (Nasdaq/NM: POOL) today reported record sales and net income for the second quarter of 2005.

Earnings per share for the second quarter of 2005 increased 21% to $0.93 per diluted share on net income of $51.6 million, compared to $0.77 per diluted share on net income of $43.6 million last year.

Net sales for the quarter ended June 30, 2005 increased $59.8 million, or 12%, to $564.0 million, compared to $504.2 million in the second quarter of 2004. This sales growth builds on a 17% sales increase reported for the same period last year. Contributing to this sales growth was the continued growth in the installed base of pools, price increases which were passed through the supply chain, and the continued strong growth of complementary product sales, which increased 33% over the second quarter of 2004.

Gross profit for the second quarter of 2005 increased $17.5 million, or 12%, to $162.7 million from $145.2 million in the comparable 2004 period. This increase is primarily due to the increase in net sales. Gross profit as a percentage of net sales (gross margin) was 28.8% for both the second quarter of 2005 and the second quarter of 2004. Gross margin was unchanged as decreases attributed to the disposition of POOL’s North American manufacturing assets in December 2004 were offset by increases achieved primarily through our continued focus on supply chain management.

Operating expenses increased $7.3 million, or 10%, to $79.9 million in the second quarter of 2005 from $72.6 million in the second quarter of 2004. Operating expenses as a percentage of net sales decreased to 14.2% in 2005 from 14.4% in 2004 as net sales increased at a rate faster than labor and other business support costs during the second quarter.

Operating income increased $10.2 million, or 14%, to $82.8 million from $72.6 million. The Company’s equity investment in Latham Acquisition Corporation also contributed $1.9 million to net income in the second quarter.

“Our success in executing our strategies continues to drive our financial performance. We remain committed to promoting the growth of the young swimming pool industry and providing increased value to both our customers and suppliers. Based on our strong financial results through the first half of 2005, we now project 20% growth in diluted earnings per share for the full year,” commented Manuel Perez de la Mesa, President and CEO.

Net sales for the six months ended June 30, 2005 increased $90.3 million, or 12%, to $829.1 million, compared to $738.8 million in the comparable 2004 period. Complementary products sales increased 31% over the six months ended June 30, 2004. Gross margin decreased 20 basis points to 28.3% in the first six months of 2005 from 28.5% for the same period last year. Operating income for the first six months of 2005 increased 17% to $94.1 million, or 11.3% of net sales, compared to operating income of $80.3 million, or 10.9% of net sales in the same period last year. Earnings per share for the first six months of 2005 increased 19% to $1.01 per diluted share on net income of $56.4 million, compared to $0.85 per diluted share on net income of $47.7 million in the comparable 2004 period.

POOL Reports Record Second Quarter Results
Page 2
July 21, 2005

The use of cash in operations increased $10.4 million to $51.6 million in the first six months of 2005 compared to $41.2 million in the same period in 2004. This change is primarily due to an increase in accounts receivable, driven by strong sales in the month of June.

Wilson B. Sexton, Chairman, further commented “the Board is very pleased with the Company’s solid results and strongly supports management’s initiatives for continued growth with positive returns for the shareholders.”

SCP Pool Corporation is the world’s largest wholesale distributor of swimming pool supplies and related products. As of July 21, 2005, POOL distributes more than 91,000 national brand and private label products to roughly 48,000 customers through 204 service centers in North America and Europe. For more information about POOL, please visit www.poolcorp.com.

This news release may include “forward-looking” statements that involve risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including the sensitivity of the swimming pool supply business to weather conditions and other risks detailed in POOL’s 2004 Form 10-K filed with the Securities and Exchange Commission.

POOL Reports Record Second Quarter Results
Page 3
July 21, 2005

Consolidated Statements of Income

(Unaudited)	Three Months Ended						Six Months Ended

(In thousands, except per share data)	June 30,						June 30,
	2005			2004			2005			2004
Net Sales	$	563,978		$	504,177		$	829,139		$	738,825
Cost of sales		401,297			358,962			594,507			528,578

Gross profit		162,681			145,215			234,632			210,247
Percent		28.8	%		28.8	%		28.3	%		28.5	%

Selling and administrative expenses		79,886			72,626			140,536			129,986

Operating income		82,795			72,589			94,096			80,261
Percent		14.7	%		14.4	%		11.3	%		10.9	%

Interest expense		1,905			1,122			2,985			2,105

Income before income taxes and equity earnings		80,890			71,467			91,111			78,156
Provision for income taxes		31,192			27,872			35,178			30,481
Equity earnings in unconsolidated interests		1,942			—			460			—

Net income	$	51,640		$	43,595		$	56,393		$	47,675



Earnings per share:
Basic	$	0.98		$	0.82		$	1.08		$	0.90
Diluted	$	0.93		$	0.77		$	1.01		$	0.85

Weighted average shares outstanding:
Basic		52,491			53,063			52,383			53,164
Diluted		55,763			56,378			55,641			56,390

Cash dividends declared per common share	$	0.09		$	0.07		$	0.16		$	0.07

POOL Reports Record Second Quarter Results
Page 4
July 21, 2005

Condensed Consolidated Balance Sheets

(Unaudited)	Six Months Ended June 30,

(In thousands)	2005		2004
Assets
Current assets
Cash and cash equivalents	$	36,652	$	21,124
Receivables, net		59,540		51,006
Receivables pledged under securitization agreement		172,196		146,677
Product inventories, net		247,350		219,711
Prepaid expenses		4,466		9,494
Deferred income taxes		4,395		1,864

Total current assets		524,599		449,876

Property and equipment, net		21,761		25,499
Goodwill		104,602		112,488
Intangible assets, net		10,826		12,589
Equity investment interests		20,197		--
Other assets, net		2,788		1,626

Total assets	$	684,773	$	602,078

Liabilities and stockholders' equity
Current liabilities
Accounts payable		165,872		144,029
Accrued and other current liabilities		57,997		60,642
Short-term financing		100,000		100,000
Current portion of long-term debt		1,350		53,980

Total current liabilities		325,219		358,651

Deferred income taxes		13,123		10,570
Long-term debt		70,191		3,344
Other long-term liabilities		3,202		4,442

Total liabilities		411,735		377,007

Total stockholders' equity		273,038		225,071

Total liabilities and stockholders' equity	$	684,773	$	602,078

1. The allowance for doubtful accounts (AFDA) was $3.0 million at June 30, 2005 and $3.7 million at June 30, 2004. The total past due accounts receivable balance decreased 14% between periods.

2. The inventory reserve was $4.1 million at June 30, 2005 and $3.6 million at June 30, 2004, or 1.6% of inventory in both periods. The slowest moving class of inventory as a percentage of total inventory decreased slightly between periods.

POOL Reports Record Second Quarter Results
Page 5
July 21, 2005

Condensed Consolidated Statements of Cash Flows

(Unaudited)	Six Months Ended June 30,

(In thousands)	2005			2004
Operating activities
Net income	$	56,393		$	47,675
Adjustments to reconcile net income
to net cash used in operating activities
Depreciation		2,444			3,041
Amortization		2,026			2,269
Equity earnings in unconsolidated investments		(460	)		--
Other		246			(487	)
Changes in operating assets and liabilities,
net of effects of acquisitions
Receivables		(134,018	)		(113,673	)
Product inventories		(52,530	)		(26,305	)
Accounts payable		52,758			25,717
Other current assets and liabilities		21,501			20,596

Net cash used in operating activities		(51,640	)		(41,167	)

Investing activities
Acquisition of businesses		(3	)		(348	)
Equity interest investment		(1,121	)		--
Purchase of property and equipment, net of sale proceeds		(5,575	)		(3,919	)

Net cash used in investing activities		(6,699	)		(4,267	)

Financing activities
Proceeds from revolving line of credit		147,238			169,640
Payments on revolving line of credit		(127,467	)		(155,910	)
Proceeds from asset-backed financing		62,170			66,522
Payments on asset-backed financing		(4,765	)		(8,940	)
Payments on other long-term debt		(47	)		(310	)
Issuance of common stock under stock option plans		8,060			3,713
Payment of cash dividends		(8,401	)		(3,528	)
Purchase of treasury stock		(3,072	)		(18,225	)

Net cash provided by financing activities		73,716			52,962
Effect of exchange rate changes on cash		(487	)		784

Change in cash and cash equivalents		14,890			8,312
Cash and cash equivalents at beginning of period		21,762			12,812

Cash and cash equivalents at end of period	$	36,652		$	21,124

SCP POOL CORPORATION REPORTS RECORD SECOND QUARTER RESULTS EARNINGS PER SHARE INCREASES 21% TO $0.93

SCP POOL CORPORATION REPORTS RECORD SECOND QUARTER RESULTS

EARNINGS PER SHARE INCREASES 21% TO $0.93