EXHIBIT 99.1

Craig K. Hubbard

Treasurer

985.801.5117

craig.hubbard@scppool.com

FOR IMMEDIATE RELEASE

SCP POOL CORPORATION

REPORTS RECORD THIRD QUARTER RESULTS

18% EARNINGS PER SHARE INCREASE

COVINGTON, La. (October 21, 2004) – SCP Pool Corporation (the “Company” or “POOL”) (Nasdaq/NM: POOL) today reported record results for the third quarter of 2004.

Earnings per share for the third quarter of 2004 increased 18% to $0.39 per diluted share on net income of $22.0 million, compared to $0.33 per diluted share on net income of $18.4 million in the third quarter last year.

Net sales for the three months ended September 30, 2004 increased $24.5 million, or 7%, to $362.1 million, compared to $337.6 million in the third quarter of 2003. Base business sales growth of 5% contributed $15.9 million to the increase, while acquired service centers accounted for the remaining increase. The increase in base business sales is primarily due to the growth in the installed base of swimming pools and POOL’s execution of its sales and service programs coupled with a 31% growth in complementary product sales.

Gross profit for the three months ended September 30, 2004 increased $12.0 million, or 13%, to $104.2 million from $92.2 million in the same period in 2003. This increase was primarily due to the increase in net sales and improved margins. Gross profit as a percentage of net sales (gross margin) increased 150 basis points to 28.8% in the third quarter of 2004 from 27.3% in the comparable 2003 period. The base business gross margin improved 160 basis points primarily due to improved selling and supply chain management practices.

Operating expenses in the third quarter of 2004 increased $6.3 million, or 10%, to $67.2 million from $60.9 million in the third quarter of 2003. Operating expenses as a percentage of net sales increased 60 basis points to 18.6% in 2004 from 18.0% in 2003. Operating income for the third quarter of 2004 was $36.9 million, an increase of 18% over third quarter 2003 operating income of $31.2 million.

“It’s a real testament to the quality and determination of our dedicated employees that we continue to generate strong results despite adverse weather conditions. We continue to execute our strategies and pursue the many growth opportunities available within the young swimming pool industry”, commented Manuel Perez de la Mesa, President and CEO.

Net sales for the nine months ended September 30, 2004 increased $135.0 million, or 14%, to $1,100.9 million, compared to $965.9 million in the comparable 2003 period. Base business sales growth of 10% contributed $97.1 million to the increase, while acquired service centers and service centers consolidated with acquired locations accounted for the remaining increase. Gross margin increased 110 basis points to 28.6% in the first nine months of 2004 from 27.5% for the same period last year while base business gross margin increased 130 basis points between periods. Operating income for the first nine months of 2004 increased 28% to $117.2 million, or 10.6% of net sales, compared to operating income of $91.9 million, or 9.5% of net sales in the same period last year. Earnings per share for the first nine months increased 28% to

POOL Reports Record Third Quarter 2004 Results

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October 21, 2004

$1.24 per diluted share on net income of $69.7 million, compared to $0.97 per diluted share on net income of $53.8 million in the comparable 2003 period.

Cash provided by operations was $30.9 million in the first nine months of 2004 compared to $58.2 million in the same period in 2003. The decrease in cash provided by operations through September year-to-date is the result of a $15.8 million increase in net income offset by 1) an increase in inventory acquired in advance of anticipated price increases, 2) a reduction in outstanding accounts payable attributable to a more aggressive payment attitude and the capture of vendor provided terms discounts, and 3) a swing in cash flow benefit realized in the prior year related to inventory from consolidated branches.

Wilson B. Sexton, Chairman, added, “It is noteworthy that the Company continues to execute its plan at progressively higher levels. The Board is pleased with the results and confident in POOL’s future success.”

At September 30, 2004, 193 service centers were included in the base business calculations, and five service centers were excluded because they were acquired within the last 15 months.

Based on industry knowledge, SCP Pool Corporation believes it is the largest wholesale distributor of swimming pool supplies and related products. As of October 21, 2004 POOL operates 198 service centers in North America and Europe, through which it distributes more than 91,000 national brand and private label products to roughly 48,000 customers. For more information about POOL, please visit www.scppool.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 2003 Form 10-K and subsequent Form 10-Qs filed with the Securities and Exchange Commission.

POOL Reports Record Third Quarter 2004 Results

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October 21, 2004

Consolidated Statements of Income
(Unaudited) (In thousands, except per share data)	Three Months Ended September 30,						Nine Months Ended September 30,
	2004			2003			2004			2003
Net sales	$	362,091		$	337,611		$	1,100,916		$	965,883
Cost of sales		257,908			245,454			786,486			700,342
Gross profit		104,183			92,157			314,430			265,541
Percent		28.8	%		27.3	%		28.6	%		27.5	%
Selling and administrative expenses		67,234			60,937			197,220			173,613
Operating income		36,949			31,220			117,210			91,928
Percent		10.2	%		9.2	%		10.6	%		9.5	%
Interest expense		868			1,063			2,973			3,662
Income before income taxes		36,081			30,157			114,237			88,266
Provision for income taxes		14,071			11,761			44,552			34,424
Net income	$	22,010		$	18,396		$	69,685		$	53,842
Earnings per share
Basic	$	0.42		$	0.35		$	1.31		$	1.02
Diluted	$	0.39		$	0.33		$	1.24		$	0.97
Weighted average shares outstanding
Basic		52,847			53,075			53,057			53,018
Diluted		56,175			55,931			56,321			55,577
Cash dividends declared per common share	$	0.07		$	—		$	0.13		$	—

Note: Earnings per share and weighted average shares outstanding for the prior periods have been adjusted to reflect the three-for-two stock split effective September 10, 2004.

POOL Reports Record Third Quarter 2004 Results

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October 21, 2004

Condensed Consolidated Balance Sheets
(Unaudited) (In thousands)	September 30, 2004		September 30, 2003
Assets
Current assets
Cash and cash equivalents	$	30,427	$	29,714
Receivables, net		39,250		34,305
Receivables pledged under securitization agreement		91,110		83,637
Product inventories, net		167,024		141,688
Prepaid expenses		6,167		4,797
Deferred income taxes		1,512		1,376
Total current assets		335,490		295,517
Property and equipment, net		25,210		24,138
Goodwill		112,489		109,156
Intangible assets, net		11,609		6,400
Other assets, net		1,657		2,729
Total assets	$	486,455	$	437,940
Liabilities and stockholders’ equity
Current liabilities
Accounts payable		76,454		73,620
Accrued and other current liabilities		45,231		46,651
Short-term financing		69,770		62,270
Current portion of long-term debt		25,850		885
Total current liabilities		217,305		183,426
Deferred income taxes		20,890		12,599
Long-term debt, less current portion		3,043		43,033
Other long-term liabilities		3,534		2,656
Total stockholders’ equity		241,683		196,226
Total liabilities and stockholders’ equity	$	486,455	$	437,940

1. The allowance for doubtful accounts (AFDA) was $3.6 million in 2004 and $4.3 million in 2003. The AFDA represented 77% and 79% of the accounts receivable greater than 60 days past due in September 2004 and September 2003, respectively.

2. The inventory reserve was $3.7 million in September 2004 and $4.5 million in September 2003. The fastest moving inventory classes (classes 1-3) increased to 65.9% of total inventory in September 2004 compared to 63.7% of total inventory in September 2003.

POOL Reports Record Third Quarter 2004 Results

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October 21, 2004

Condensed Consolidated Statements of Cash Flows
(Unaudited) (In thousands)	Nine Months Ended September 30,
	2004			2003
Operating activities
Net income	$	69,685		$	53,842
Adjustments to reconcile net income to net cash provided by operating activities		7,324			8,582
Changes in operating assets and liabilities, net of effects of acquisitions
Receivables		(46,270	)		(42,701	)
Product inventories		26,307			45,581
Accounts payable		(45,005	)		(25,689	)
Other		18,840			18,547
Net cash provided by operating activities		30,881			58,162
Investing activities
Acquisition of businesses, net of cash acquired		(349	)		(5,262	)
Purchase of property and equipment, net of sale proceeds		(5,060	)		(6,080	)
Net cash used in investing activities		(5,409	)		(11,342	)
Financing activities
Proceeds from revolving line of credit		218,069			168,710
Payments on revolving line of credit		(232,469	)		(253,885	)
Proceeds from asset-backed financing		66,522			102,270
Payments on asset-backed financing		(39,170	)		(40,000	)
Proceeds from other long-term debt		—			3,033
Payments on other long-term debt		(1,519	)		(886	)
Payments on other short-term debt		—			(2,100	)
Issuance of common stock under stock option plans		6,273			3,042
Payment of cash dividends		(7,053	)		—
Purchase of treasury stock		(20,085	)		(3,336	)
Net cash used in financing activities		(9,432	)		(23,152	)
Effect of exchange rate changes on cash		1,575			914
Change in cash and cash equivalents		17,615			24,582
Cash and cash equivalents at beginning of period		12,812			5,132
Cash and cash equivalents at end of period	$	30,427		$	29,714

POOL Reports Record Third Quarter 2004 Results

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October 21, 2004

Addendum

(In thousands) (Unaudited)	Base Business Three Months Ended September 30,						Acquired Service Centers Three Months Ended September 30,						Total Three Months Ended September 30,
	2004			2003			2004			2003			2004			2003
Net sales	$	350,425		$	334,505		$	11,666		$	3,106		$	362,091		$	337,611
Gross profit		100,822			91,111			3,361			1,046			104,183			92,157
Gross margin		28.8	%		27.2	%		28.8	%		33.7	%		28.8	%		27.3	%
Selling and operating expenses		63,843			59,701			3,391			1,236			67,234			60,937
Expenses as a % of net sales		18.2	%		17.9	%		29.1	%		39.8	%		18.6	%		18.0	%
Operating income (loss)		36,979			31,410			(30	)		(190	)		36,949			31,220
Operating margin		10.6	%		9.4	%		(0.3	)%		(6.1	)%		10.2	%		9.2	%

(In thousands) (Unaudited)	Base Business Nine Months Ended September 30,						Acquired and Consolidated Nine Months Ended September 30,						Total Nine Months Ended September 30,
	2004			2003			2004			2003			2004			2003
Net sales	$	1,051,414		$	954,276		$	49,502		$	11,607		$	1,100,916		$	965,883
Gross profit		301,286			261,895			13,144			3,646			314,430			265,541
Gross margin		28.7	%		27.4	%		26.6	%		31.4	%		28.6	%		27.5	%
Selling and operating expenses		183,686			168,145			13,534			5,468			197,220			173,613
Expenses as a % of net sales		17.5	%		17.6	%		27.3	%		47.1	%		17.9	%		18.0	%
Operating income (loss)		117,600			93,750			(390	)		(1,822	)		117,210			91,928
Operating margin		11.2	%		9.8	%		(0.8	)%		(15.7	)%		10.6	%		9.5	%

We calculate base business growth by excluding the following service centers from the calculation for 15 months:

• Service centers acquired;

• Service centers consolidated with acquired service centers; and

• New service centers opened in new markets.

POOL Reports Record Third Quarter 2004 Results

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October 21, 2004

Additionally, we allocate overhead expenses to the base business by considering base business net sales as a percentage of total net sales.

The effect of service center acquisitions and consolidations in the tables above includes the operations of the following:

• Service centers consolidated with Fort Wayne locations – January and February 2003 and January and February 2004

• Les Industries R.P., Inc – January through July 2004 and May through July 2003

• SCP Mexico S.A. de C.V. – January through September 2004 and August through September 2003

• Sud Ouest Filtration – January through September 2004 and August through September 2003

• Distribution division of Litehouse Products—January through September 2004

• SCP Pool Distributors Spain, S.L. – January through September 2004