POOL

November 12, 2014
POOL CORPORATION
POOL/NASDAQ
Continuing Coverage:
Making Waves in the Recovering Market Through
Expansion and Steady Growth
Investment Rating: Market Perform
PRICE: $ 60.36 S&P 500: 2,038.25 DJIA: 17,612.20 RUSSELL 2000: 1,186.47

 Pool’s market share and scale offer competitive advantages
 Improved economic conditions mean increasing industry sales
 As earnings improve, management will return capital to shareholders
through continued share buybacks and dividends
 We anticipate a continuing increase in return on invested capital
 Our 12‐month target price is $62.00

Valuation
EPS
P/E
CFPS
P/CFPS
2013 A
$ 2.05
29.4x
$ 2.41
25.0x
2014 E
$ 2.39
25.3x
$ 2.88
20.9x
2015 E
$ 2.51
24.0x
$ 3.14
19.2x

Market Capitalization Stock Data
Equity Market Cap (MM): $ 2,621.43 52‐Week Range: $51.61 ‐ $62.84
Enterprise Value (MM): $ 2,996.81 12‐Month Stock Performance: 12.72%
Shares Outstanding (MM): 43.43 Dividend Yield: 1.36%
Estimated Float (MM): 41.36 Book Value Per Share: $ 5.89
6‐Mo. Avg. Daily Volume: 159,100 Beta: 0.80

Company Quick View:

Pool Corporation is a multinational wholesale distributor of swimming
pool, irrigation, and landscaping products and supplies. Pool
Corporation’s main office is located in Covington, Louisiana. Pool
distributes swimming pool and pool related products, along with
irrigation and landscaping supplies in North America, South America,
Europe, and Australia.
Company Website: www.poolcorp.com

Analysts: Investment Research Manager:
Eliza Caplan Pawan Saxena
Thomas Costa
Melissa Imperiale
Rory O’Driscoll
The BURKENROAD REPORTS are produced solely as a part of an educational program of Tulane University's
Freeman School of Business. The reports are not investment advice and you should not and may not rely on
them in making any investment decision. You should consult an investment professional and/or conduct your
own primary research regarding any potential investment.
Wall Street's Farm Team
BURKENROADREPORTS

Pool Corporation (POOL) BURKENROAD REPORTS (www.burkenroad.org) November 12, 2014
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Figure 1: 5‐year Stock Price
Performance
INVESTMENT SUMMARY
We give Pool Corporation a rating of Market Perform with a 12‐month target price of $62.00
per share. To derive this target price, we used Pool’s historical price to earnings (P/E) and
historical enterprise value to earnings before taxes, depreciation, and amortization
(EV/EBITDA).
Pool Corporation is the world’s largest wholesale distributor of swimming pool supplies,
equipment, and related products. Pool is also among the top three distributors of irrigation and
landscaping products in the U.S. The Company operates in North America, South America,
Europe, and Australia. Pool’s industry is unique because the Company has direct competitors
selling similar products and indirect competitors offering alternative leisure options. Pool also
sells discretionary and non‐discretionary products, with non‐discretionary products making up
about 60 percent of sales.
Pool has three strategies to provide high returns for its shareholders. The Company promotes
growth of the industry, promotes growth of its customers’ businesses, and continues to find
ways to operate more efficiently as a company. Pool believes that the increase in consumer
discretionary expenditures along with promotion of the industry will lead to steady growth for
the swimming pool, landscaping, and irrigation industries in the long run. In fact, Pool believes
that the industry will grow 4% to 7% over the next seven years, and then will revert to a 3% to
4% long‐term annual growth rate.
As the U.S. continues to recover from the recession, market conditions should improve within
the next few years. Typically, as market conditions improve, consumer spending will increase.
The Company believes that this increase brings potential for significant sales recovery because
of the accumulated pools that need to be remodeled or refurbished from the recession.

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Hence, as consumer spending slowly increases, Pool is confident that it will be able to grow.
Specifically, the Company will continue to expand through acquisitions and purchases of new
sales centers. The Company also plans to strategically penetrate new geographic markets,
existing markets, and new product categories. Overall, Pool is dedicated to maximizing the
profitability of the business through tactical planning and growth.
Table 1: Historical Burkenroad Ratings and Prices
Date Rating Price*
11/12/13 Market Perform $55.00
11/01/10 Market Outperform $25.17
01/19/00 Buy $4.56
12/14/98 Buy $2.89
03/26/97 Buy $1.77
*Price at time of report date
INVESTMENT THESIS
Pool Corp. is well positioned within its industry and should provide its shareholders with a
substantial return over the next three years. Pool has several strengths and catalysts that
warrant a Market Perform rating over the next 12 months. These strengths and catalysts
include: an experienced management team with a track record of success, strong market
position, economic improvement, a focus on acquisitions and management’s emphasis on
returning capital to shareholders.
Pool’s market share and scale offer competitive advantages
Pool has the largest market share in the pool industry and the third‐largest market share in the
landscape and irrigation industry leaving them well positioned to capitalize on the uptick in new
pool construction and an increased demand for replacement and refurbishment products. As
the industry slowly recovers from the 2007 financial collapse, Pool is seeing a steady increase in
sales: net sales grew 6% year over year from 2012 to 2013. Although there are numerous
competitors and low barriers to entry, the size and scale of the Company provides Pool with
cost advantages that have helped them build relationships with their customers.

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The majority of Pool’s customers are small business’s, who rely on the products and unique
services of Pool for their business’s to operate efficiently. Pool enjoys a favorable position in
the market place and a sustainable competitive advantage.
Improved economic conditions mean increasing industry sales
The financial crisis from 2007‐2009 drove an 80% reduction in new pool construction in the U.S.
while contributing to a 30% decline in replacement and refurbishment activities. Although the
industry has slowly started to improve, construction levels of new pools are still down more
then 70% from peak levels. Looking forward, management believes that improvements in
general external market factors such as discretionary income in the U.S. will help bolster
revenues. Pool forecasts annualized revenue growth of 6‐10 % for the next four to seven years,
outpacing the forecasted industry growth of 4‐7 %. In fact, current economic trends indicate
that consumer spending has begun to recover and Pool is well positioned to take advantage of
the eventual market recovery in addition to capitalizing on long‐term growth prospects.
As earnings improve, management will return capital to shareholders through continued
share buybacks and dividends
Pool has continually proved it is a shareholder friendly company by frequently returning excess
capital back to its shareholders. Over the past three years, Pool authorized a $100 million buy
back plan. Pool emphasizes reducing the number of outstanding shares and reauthorizes a new
$100 million buy back plan once the previous plan expires. Additionally, as earnings have
started to improve, Pool has increased its dividend each year since the financial crisis.
Specifically, Pool increased its quarterly dividend by 22% this year and plans to keep increasing
its dividend as the Company continues to recover.
We anticipate a continuing increase in return on invested capital
As consumer spending is slowly increasing, Pool is confident that it can take advantage of the
recovery by expanding through acquisitions and purchases of new sales centers. In 2014, Pool
extended business to Australia, which has significant potential for expansion. The Australian
pool, irrigation, and landscaping markets are largely untapped, giving Pool the opportunity to
establish itself and obtain market share. Pool also acquired five sales centers and opened nine
new locations in 2011. The Company also plans to strategically penetrate new geographic
markets, existing markets, and new product categories. In doing so, the Company will maximize
the profitability of the business through tactical planning and growth.
VALUATION
Our 12‐month target‐price for Pool Corp. is $62.00 per share. Our conservative valuation,
considering Pool’s current stock price of $60.36, is reflective of the Company’s recent
performance, and is in line other analysts. To value Pool, our team compared the Company’s
current multiples to the following historical Pool multiples: price to earnings (P/E), and
enterprise value to earnings before interest, taxes, depreciation, and amortization (EV/EBITDA).

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We chose to compare Pool to historical average multiples instead of peer average multiples
because Pool is the largest wholesaler and manufacturer of Pool supplies in the world, and the
Company does not have direct competitors that are appropriate comparisons.
We also attempted to use a discounted cash flows (DCF) model to value Pool, but this method
provided a significantly lower stock price than the valuations determined by P/E and
EV/EBITDA. The DCF method is unsuitable for Pool because the Company trades at a very high
P/E ratio (25.66x earnings), and the DCF method does not account for the recent growth in the
market overall. Because we assume that the market will continue to grow at a rate similar to
that of recent years, we decided not to include the DCF valuation to determine Pool’s 12‐month
target price.
Figure 2: Burkenroad Valuation
Historical Price to Earnings Multiple
The P/E method is relative multiple valuation method traditionally used to compare a target
company to its peers. However, we chose to compare Pool’s current P/E to Pool’s average P/E
from 2011‐2013, which was 23.83. After this, we multiplied the average P/E ratio by the sum of
Pool’s forecasted earnings per share for the next four quarters. By using this method, we
obtained a 12‐month target price $61.66 per share.
Historical Enterprise Value to EBITDA Multiple
The enterprise value (EV) to earnings before interest, taxes, depreciation and amortization
(EBITDA) valuation method uses a company’s historical average EV/EBITDA ratio and compares
it to the current EV/EBITDA of a target company. EV is calculated as market capitalization plus
debt, minority interest and preferred shares, minus cash and cash equivalents. To calculate
Pool’s stock price using this multiple, we first calculated Pool’s average EV/EBITDA from 2011‐
2013, which was 14.07. We then multiplied this value by our forecast for Pool’s next four
quarters’ EBITDA, and divided the total by Pool’s forecasted weighted shares outstanding for
the next 12 months, providing us with a 12‐month target price of $62.59 per share.

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INDUSTRY ANALYSIS
Pool operates in the swimming pool and landscaping/irrigation industries. These industries are
highly seasonal, with the majority of profits coming from the second and third quarters of the
year. These two industries are very similar and will likely follow similar long‐term growth rate
patterns. As such, the industries thrive when the economy is doing well because the customer
base is dependent on people having excess money to spend on luxury items. Both industries
rely on the need for repair and maintain cosmetic appearance and overall look of backyard
environments. Pool is considered the top distributor of swimming pool products and is among
the top three distributors for irrigation and landscaping products. The Company has a large
presence in these industries, but Pool also has many indirect and direct competitors.
Economic Conditions and Trends
The pool and irrigation and landscape business is affected by various economic factors.
Consumer demand for discretionary items tend to decline during periods of shifts in consumer
confidence, high unemployment, and low per capita disposable income levels. Fluctuations in
the housing market, including single‐family home value appreciation and housing turnover, is
directly tied to demand in the swimming pool industry. However, non‐discretionary products
make up 60% of consumer spending in the pool industry. Therefore, POOL is not completely
dependable on the volatility of the housing market as well as other conditions that adversely
affect the industry.
Seasonality
The pool and irrigation business is extremely seasonal. The second and third quarters represent
the prime months in swimming pool use, remodeling and repair, installation, and landscape
installations and maintenance. In Pool’s 2013 10‐K, the Company reports that approximately
66% of net sales and 100% of operating income were generated during those two quarters.
Consequently, POOL recognizes the possibility of net losses due to low sales during the first and
fourth quarters.
Threat of Entry
The threat of entry is high because of relatively low barriers to entry in these industries. The
swimming pool and irrigation industries do not have any monopolies or major players
controlling the industry, which allows new companies to easily enter into the markets. The
swimming pool and landscaping/irrigation industries are easy to enter because
 Required state‐based or industry‐based certifications are easily attainable through
completion of short courses
 Initial costs for equipment and tools are low, and leased equipment is readily available
 New companies have easy access to similar segments of the industry (such as cementing
and fencing), and can promote its swimming pool or landscaping/irrigation businesses.

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Though Pool is considered the largest wholesale distributor of swimming pool products, and is
one of the top three distributors of irrigation and landscaping products, the industry is always
open to new competitors.
Bargaining Power of Suppliers
In the swimming pool and irrigation industries, suppliers have low bargaining power. These
industries have many suppliers, thus providing purchasers/distributors with many supplier
options. Because of this imbalance, the suppliers frequently offer seasonal terms to qualified
customers so that the customers can pay for the products in quarters with higher sales. The
suppliers also tend to offer competitive pricing, return policies, and promotional allowances to
attract customers to Pool, and away from other suppliers. Pool maintains good relationships
with its suppliers and has a large market shares in these industries, which results in lower
bargaining power for the suppliers and in lower costs for the Company.
Bargaining Power of Buyers
Buyers in the swimming pool and landscaping/irrigation markets have low bargaining power
because of the structures of the industries. The many buyers in these two industries do not
have vast options for suppliers. Pool has over 80,000 customers, and each customer accounts
for <1% of the Company’s sales. Because of this low sales percentage, no single Pool customer
will significantly affect the Company’s business if the customer takes its business elsewhere.
The Company also offers a comprehensive selection of over 160,000 products to suit all of its
customers’ needs, which allows Pool to continue to attract buyers.
Availability of Substitutes
The pool and irrigation and landscape industries contain non‐discretionary and discretionary
products. There is a low availability of substitutes for non‐discretionary products, such as pool
maintenance and minor repair. The upkeep and repair of swimming pool equipment as well as
the maintenance of proper chemical balance creates a demand for non‐discretionary products.
The necessity of non‐discretionary products is not susceptible to either obsolescence or
shrinkage, and thus, eliminates the availability of substitutes. Conversely, discretionary
products, such as replacement/refurbishment activities and new pool construction, have a high
degree of substitutes. These products are nonessential for pool maintenance and are prone to
changes in levels of disposable income, fluctuations in the housing construction market, and
competition with other discretionary products.
Competitive Rivalry
A low level of competitive rivalry characterizes the industry. The industry is highly fragmented
and populated by many small local and regional distributors. The majority of companies
operate in narrow markets and run a minimal amount of stores. The competition is particularly
high in the four largest and higher density pool markets of California, Florida, Texas, and
Arizona because weather conditions in these markets prompt stronger demand for swimming
pool construction. Therefore, most of Pool’s competition stems from these geographic markets.

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Regulatory Environment
In the swimming pool and irrigation/landscaping industries, companies must follow regulations
under federal, state, and local environmental, health, transportation, and safety requirements.
In these industries, the regulations are for the packaging, labeling, handling, transportation,
storage, and sale of chemicals and fertilizers. The regulatory laws have changed significantly
over the past 25 years because the U.S. government has committed to regulating companies’
impacts on the environment. Operating costs for many companies, including Pool, have
increased because of these regulatory changes. The failure of a company to abide by the
regulations can result in the assessment of administrative, civil, and criminal penalties or the
imposition of injunctive relief. Because of the potential penalties, companies in these industries
must make an effort to follow all regulations.
ABOUT POOL
Pool Corporation (POOL/NASDAQ) is a multi‐national wholesale distributor of pool, irrigation,
and landscaping products. Moreover, Pool Corporation is the largest distributor of pool supplies
in the U.S. and is among the top three distributing companies for irrigation and landscaping
products. The Company is incorporated in Delaware, maintains its principal executive offices in
Covington, Louisiana, and has over 300 locations across North America, Europe, and South
America with more than 3,400 employees. The Company’s business is seasonal because the
demand for pool, irrigation, and landscaping supplies greatly depends on the weather. This
seasonal demand allows for high profits in the second and third quarters of the year, but also
creates net losses in the first and fourth quarters.
History
In 1980, Frank St. Romain, founded South Central Pool Supply as a small pool supply and
construction company. The company endured a moderate expansion until Code Hennessey &
Simmons LP (CH & S) acquired it and renamed the private company, SCP Holding Corporation,
in 1993. CH & S’s strategy led to a surge in the company’s growth. In 1995, SCP Holding
Corporation went public, changing its name to SCP Pool Corporation. In 1997, the Company
made a second public stock offering. After acquiring assets of swimming‐pool supply
wholesalers and distributors, opening several new distribution locations, and launching an
international expansion into Europe, SCP Pool Corporation officially changed its name to Pool
Corporation in 2006.
Industry
Pool Corporation is the largest distributor in the swimming pool industry. The Company
believes that this industry has potential to grow because approximately 80 million American
homes have the capacity and income to have a pool, but only 12% of homes have a pool.
Because of the 70.4 million potential swimming pool owners in the U.S., the swimming pool
industry has the opportunity to expand significantly. The industry also has growth opportunities
in pool remodels and pool equipment replacement because of technological advances and the
creation of more energy‐efficient products in the industry.

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Pool Corporation is also part of the irrigation and landscape industry, which the Company
believes mirrors the potential growth of the swimming pool industry. The continued recovery in
the housing market will also offer opportunities to both industries because as new‐home
construction continues to rise, the demand for new swimming pools and landscaping/irrigation
has the potential to rise as well.
Products
Pool offers its customers more than 160,000 products. This includes over 400 product lines and
over 50 product categories. Figure 3 shows Pool’s sales by product category in the U.S. in 2013.
Chemicals are consistently the top product category in sales.
Figure 3: Sales by Product Grouping

Source: POOL Presentation at Oppenheimer 14th
Annual Consumer Conference
Maintenance, repair, and replacement products account for a substantial amount of revenue
and Pool’s management groups these products in the following way
 Maintenance/minor repair (60 % of sales & gross profit)
 Major refurbishment & replacement (40 % of sales & gross profit)
In previous years, there has been a shift toward more sales of major refurbishment and
replacement products. Moving forward, Pool has two key product initiatives
1. Expand the number of sales centers locations that offer NPT Tile and composite pool
finish products. Since 2008, this number has grown from 14 to 80.
2. Expand high margin replacement parts and Pool branded products.

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Customers
Pool Corporation has approximately 80,000 customers throughout North America, Europe, and
South America. No customer accounts for more than 1% of the Company’s sales. The Company
generates 95% of its sales in North America, 5% in Europe, and less than 1% in South America.
The five prominent types of customers include
 Swimming pool remodelers and builders
 Specialty retailers that sell swimming pool supplies
 Swimming pool repair and service businesses
 Landscape construction and maintenance contractors
 Government, golf course and other commercial customers
These customers are primarily small, family‐owned businesses. The Company does the majority
of its business in California, Florida, Texas, and Arizona. These states represented 53% of the
Company’s net sales in 2013.
Operational Strategy/Distribution
Pool operates over 300 sales centers through its three distribution networks: SCP Distributors
LLC (SCP), Superior Pool Products LLC (Superior), and Horizon Distributors, Inc. (Horizon). SCP
contains nine designated locations concentrated on selling specialized products under the
National Pool Tile brand. Superior and Horizon are exclusively owned subsidiaries of SCP. Pool
purchases products in bulk quantities and redistributes the products through its five centralized
shipping locations. The centralized shipping locations distribute the merchandise to meet the
immediate needs of its customers by delivering them directly to customers or to the company’s
sales centers.
Corporate Strategy
Pool has developed three core strategies they believe will help them sustain success and realize
their potential growth in the coming years. These core strategies include
1. Promoting growth of the industry
2. Promoting the growth of existing customers business
3. Continuously striving to operate more efficiently
Pool promotes the growth of the industry through various advertising and promotional
programs intended to raise consumer awareness of the benefits and affordability of pool
ownership, the ease of pool maintenance and the different uses of a pool and surrounding
spaces.

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Pool promotes the growth of its customers business by offering support programs that include
promotional tools and marketing support to help its customers increase their sales. In addition
to providing certain retail store customers assistance with all aspects of its business, Pool
uniquely tailors programs to include features such as customer lead generation and business
development training.
Pool’s main growth initiatives include a retail brand licensing program and a reward program
designed for pool service professionals. Additionally, Pool expects to realize immense growth
through expanding their swimming pool and irrigation networks via acquisitions and new sales
center openings.
Latest Developments
Pool Corporation grows through acquisitions, most recently with its expansion into Australia.
Table 2 outlines these acquisitions.
Table 2: Notable Pool Acquisitions Since 2005
Late 2005
The Company acquired Automatic Rain Co. and its subsidiary, Horizon Distributors Inc., thereby
adding irrigation and landscape products to its inventory.
August 2006
The Company expanded its network in irrigation products by acquiring Wickham Supply Inc. and
Water Zone LP.
March 2008
The Company acquired National Pool Tile Group, Inc. (NPT), thus growing its markets share of
product offerings in the refurbishment and construction of swimming pools.
May 2011
The Company acquired certain distribution assets of The Kilpatrick Company, Inc., located in
South Florida to increase its landscape and irrigation products network
November 2011
The Company acquired the distribution assets of Poolway Schwimmbadtechnik GmbH, to expand
its distribution network to Germany.
December 2011
The Company acquired the distribution assets of G.L. Cornell Company, a distributor of irrigation
products located in Maryland.
February 2012
The Company acquired certain distribution networks of Ideal Distributors Ltd., to expand its
network to Canada.
March 2012
The Company acquired certain distribution networks of CCR Distribution, a pool products
distributor in Ontario, Canada, thus increasing the company’s presence in Canada.
March 2013
The Company acquired certain distribution networks of Swimming Pool Supply Center, Inc.,
located in Los Angeles, California.
May 2013 The Company acquired B. Shapiro Supply, LLC, located in Pennsylvania.
February 2014 The Company acquired two sales centers of Atlantic Chemical & Aquatics in Canada.
March 2014 The Company acquired two sales centers of DFW Stone Supply in Dallas, Texas.
August 4th
2014
POOL announces expansion into Australia. Pool Corp purchased a majority interest in Pool
Systems Pty. Ltd., a distributor of pool and spa products located in Brisbane. As a part of the deal,
Pool Systems acquired Niagara Pool Supplies, located in Sydney, thus providing POOL with a
second distribution network in Australia.
Source: Pool Corporation 2013 10K

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Recent Financial Performance
On June 24, 2014, Pool Chief Executive Officer (CEO) Manuel J. Perez De La Mesa presented at
the Oppenheimer 14th Annual Consumer Conference. At this conference, the CEO shared
financial results dating back to 2003, most importantly, the annual changes in revenue
throughout the decade.
Figure 4: Revenue ($ Millions)

Source: POOL Presentation at Oppenheimer 14th
Annual Consumer Conference
(Company Financials)
2013 marked the fourth consecutive year of industry recovery following the economic
downturn between 2007 and 2009 that resulted in an 80% reduction in new pool construction
in the U.S. Still, in 2013, the Company’s 20th year, revenues surpassed $2.0 billion in sales. Base
business sales growth was partially offset by weather driven declines in non‐discretionary
product sales, mainly in the Company’s seasonal markets. However, this difference lessened as
weather comparisons evened out later in the year.
On July 17, 2014, the Company recorded second quarter and year‐to‐date results for 2014.
Specifically, the second quarter net sales increased 7% to $848.2 million compared to $790.4
million in the second quarter of 2013. Gross profit increased to a record $247.0 million and net
income increased 11% to a record $73.9 million for the second quarter of 2014 with a gross
margin improvement of 25 basis points. The second quarter diluted earnings per share were
$1.61, up 16% from a year ago.
On October 16, 2014, the Company reported third quarter and year‐to‐date results for the
2014. The Company had third quarter 2014 base business sales growth of 5% and base business
gross profit of 7%. Pool also had a margin improvement of 50 basis points in the same quarter.
Similarly, diluted earnings per share also rose to $0.78, up 15% from third quarter 2013.

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PEER ANALYSIS
Pool faces competition from both inside and outside the pool, irrigation, and landscape
products industry. Within the industry, Pool competes against regional and local distributors,
mass‐market retailers, large pool and landscape supply retailers, and internet retailers. Outside
of their industry, Pool competes with companies who rely on discretionary homeowner
expenditures in addition to competing with sellers of other leisure product alternatives. We
compared the Company to three competitors to gauge Pool’s business relative to several
distinct business models: a distributor with a similar business structure, a retailer that sells
home improvement products, and a business that offers alternative leisure/luxury activities.
Specifically, Stock Building Supply Holdings, Inc. is a distributor of building materials and lumber
with a similar business structure and geographic forefront. The Home Depot, Inc. is a mass‐
market home improvement retailer, and competes with Pool by selling similar swimming pool
and irrigation/landscaping products. Finally, Carnival Corporation as an alternative leisure
option and substitute product provider.
Table 3: Peer Analysis
Company
Ticker
Symbol
Market
Cap
P/E
(ttm)
P/BV
(mrq)
EV/
EBITDA
(ttm)
Debt/
Equity
(mrq)
Div.
Yield
ROE
(ttm)
Stock Building Supply
Holdings, Inc.
STCK 411.15M N/A 3.27 17.58 74.97 N/A (0.52%)
The Home Depot, Inc. HD 124.27B 21.95
10.780
11.90 146.08
1.88
(2.03%)
43.02%
Carnival Corporation CCL 30.61B 21.6 1.24 12.09 27.69
1.00
(2.8%)
5.68%
Marine Products
Corporation
MPX 303.71M 35.78 3.59 23.23 N/A
0.12
(1.50%)
10.90%
Pool Corp POOL 2.38B 23.94 8.87 14.58 159.61
0.88
(1.60%)
34.12%
Source: Yahoo! Finance 9/30/14
Stock Building Supply Holdings, Inc. (STCK/NASDAQ)
Stock Building Supply Holdings Inc. is a leading lumber and building materials distributor and
solutions provider in the U.S. The company provides products to contractors for new
construction as well as repair and remodel work. Similar to Pool, geographically, Stock primarily
operates in southeast and southwest regions of the U.S.

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The Home Depot, Inc. (HD/NYSE)
Home Depot operates as the world’s largest home improvement specialty retailer. The
company has more than 2,200 stores in the U.S., Canada, China, and Mexico. Home Depot is a
main competitor for Pool because it offers pool chemicals, lighting, toys, chemicals, paint, and
more. Home Depot also offers an assortment of landscaping and irrigation supplies, such as
pavers, stones, and soil. Although Home Depot offers a myriad of products, Pool offers the
most extensive selection of pool products in the U.S. One disadvantage for Pool, however, is
that Home Depot is a trusted household name offering convenience and low prices.
Carnival Corporation (CCL/NYSE)
Carnival Corporation operates as a global cruise company, strongly concentrated in North
American, Europe Australia and Asia. Although Carnival is not a direct competitor within Pool’s
industry, Carnival’s cruise lines are an alternative to owning a pool and pool related products.
Pool and CCL’s revenue streams are heavily dependent on consumer’s excess discretionary
income and are consistently competing against each other for their consumer’s purchasing
power.
Marine Products Corporation (MPX/NYSE)
Marine Products Corporation is the largest manufacturer of sterndrive powerboats in the U.S.
Marine Products designs, manufacturers, and sells recreational powerboats in the sportboat,
cruiser, sport yacht, deckboat, and sport fishing markets. Marine Products, based in Atlanta,
Georgia, operates two manufacturing factories in Valdosta, Georgia and Nashville, Georgia.
Marine Products sells its boats through an international dealer network. However, Marine
Products is not a direct competitor within Pool’s industry, Marine Products lines are an
alternative to owning a pool and pool related products.
MANAGEMENT PERFORMANCE AND BACKGROUND
A seasoned management team of seven officers and a board of directors manage and direct
Pool Corporation. Manuel J. Perez de la Mesa is the current President, Chief Executive Officer
(CEO), and Director of Pool. Perez de la Mesa, along with the management team and board of
directors, significantly contributes to the success or failure of the Company. To assess how
successful the Company’s management is, we look at how the Company has performed in the
past given its invested capital. In order to do this, we calculate Pool’s return on invested capital
(ROIC) for the past four years in comparison to its competitors. ROIC takes the Company’s net
income less dividends over its total capital to show how successful a company is at allocating
its capital to maximize its returns.
Return on Invested Capital (ROIC)
Management teams desire a high ROIC because this reflects the company’s profitability.
POOL’s management has worked to improve the Company’s ROIC since the market downfall in
2008. Pool’s ROIC has steadily increased over the past four years. This improvement shows
that management is progressing in allocating the Company’s capital year by year.

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In comparison to the Company’s competitors, Pool predominantly maintains higher ROICs
throughout the past four years. Through Pool’s outperformance of its competitors, we can see
that management is efficiently allocating the Company’s capital (see Table 4).
Table 4: Return on Invested Capital
ROIC 2010 2011 2012 2013
Pool Corporation 13.21% 15.28% 16.86% 16.47%
Stock Building Supply
Holdings, Inc.
n/a n/a n/a (1.91%)
The Home Depot, Inc.   12.06% 13.78% 14.82% 19.71%
Carnival Corporation   7.24% 6.79% 4.89% 3.96%
Marine Products Corp. 17.9% 5.03% 7.75% 9.78%
Source: Bloomberg
Manuel J. Perez de la Mesa
President, Chief Executive Officer, and Director (57)
Manuel J. Perez de la Mesa is the President, Chief Executive Officer (CEO), and a Director of
Pool Corporation. Mr. Perez de la Mesa has been the CEO of Pool since May 2001 and the
President since February 1999. Prior to Pool, Mr. Perez de la Mesa was the Vice President of
Distributions Operations for four years at Watsco, Inc. His other experiences include executive
posts at Del Monte, IBM, ARC document Company, Morrison Supply Company, and American
Reprographics Holdings.
A. David Cook
Group Vice President (58)
A. David Cook has been the Group Vice President of Pool since January 2005. He is in charge of
management of field operations, staff management of sales and marketing, and acquisition
initiatives of SCP Pool. Previously, Mr. Cook was the Vice President Sales and Marketing until
January 2005. He has also served as the Director of National Sales Development.
Kenneth F. St. Romain
Group Vice President (51)
Kenneth F. St. Romain has served as a Group Vice President of Pool since July 2007. Previously,
he had served General Manager of the central division and as Vice President of as SCP
Distributors, LLC. Mr. St. Romain has been employed with the Company since 1993.
Mark W. Joslin
Chief Financial Officer and Vice President (54)
Mark W. Joslin has been the Chief Financial Officer and Vice President of Pool since August
2004. Mr. Joslin was a Principal Accounting Officer at Pool until May 2008, when he became
Pool’s Treasurer. Before Pool, Mr. Joslin was the Vice President of Corporate Development at
Eastmen Chemical Company.

16
Previously at Eastmen Chemical, he served as the Vice President and Corporate Controller. Mr.
Joslin’s other experience includes Chief Financial Officer and Treasurer of Eastman Resins, Inc,
Corporate Controller of ANGUS Chemical Company, and positions at Baxter International and
Arthur Anderson LLP.
Stephen C. Nelson
Vice President and General Manager (67)
Stephen C. Nelson has served as the Vice President and General Manager of Pool since May
2002. Previously, Mr. Nelson was the Senior Business Consultant‐Supply Chain Manager for
General Electric Information Services.
Jennifer M. Neil
General Counsel and Secretary (40)
Jennifer M. Neil has served as General Counsel of Pool since May 2003. She also has served as
Secretary since February 2005. Before Pool, Ms. Neil represented and advised the corporation
while working for Adams and Reese LLP for three years. She also focused on structured finance
while working as an Associate for Skadden, Arps, Slate, Meagher, & Flom LLP.
Melanie M. Housey
Principal Accounting Officer and Corporate Controller (41)
Melanie M. Housey has served as Pool’s Principal Accounting Officer since May 2008 and as its
Corporate Controller since July 2007. Ms. Housey originally joined Pool as the Senior Director
of Corporate Accounting in May 2006. Before Pool, Ms. Housey worked at Ernst & Young in the
Assurance and Advisory Business Services Group for 12 years. She is a certified public
accountant and is apart of the Society of Louisiana Certified Public Accountants.
Craig K. Hubbard
Investor Relations Officer, Treasurer, and Assistant Secretary (62)
Craig K. Hubbard has served as the Investor Relations Officer of Pool since 2009. He has also
served as Treasurer and Assistant Secretary since 1997. Previously, Mr. Hubbard also served as
Chief Financial Officer and Controller for the Company’s principal operating subsidiary.
Board of Directors
Wilson B. Sexton has led the Board of Directors as Chairman since 1993. The board is
comprised of inside and independent directors, and only two of eight are inside directors.
These two inside directors are Wilson B. Sexton and Manuel J. Perez de la Mesa. Mr. De la
Mesa, the President and CEO, has been on the board since 1999. The other six members each
sit on different committees. These committees are the compensation committee, nominating
and corporate governance committee, audit committee, and strategic planning committee. No
member sits on all four committees. The remaining six members on the board are Andrew W.
Code, James J. Gaffney, George T. Haymaker, Harlan F. Seymour, Robert C. Sledd, and John E.
Stokely.

17
Mr. Code is a Partner at Code, Hennessy, & Simmons, LLC and has sat on the board since 1993.
Mr. Gaffney is the Chairman of Imperial Sugar Company and has been a Director since 1999.
Mr. Haymaker was formerly the Chairman of Kaiser Aluminum Corporation and has been a
Director since 2004. Mr. Seymour is the Chairman of ACI Worldwide, Inc., and has been a
Director since 2003. Mr. Sledd was formerly the Chairman and Chief Executive Officer of
Performance Food Group Company and has been a Director since 1996. Mr. Stokely was
formerly the President, Chief Executive Officer, and Chairman of Richfood Holdings, Inc. and
has been a director since 2000.
SHAREHOLDER ANALYSIS
Pool Corp.’s equity is largely held by three different categories of investors: institutional, retail,
and insider. Although institutional investor’s hold 98.3 percent of Pool’s outstanding shares,
many of these institutions and funds have been unloading shares as the stock market
continues to hit record highs. Pool’s largest shareholders are ten institutions, who hold 49.41%
of Pool’s outstanding shares (see Table 5). Eight of Pool’s largest shareholders have sold shares
in the past six months, while Alliance Bernstein has heavily added to their position.
Table 5: Institutional Investors
Holder Shares Shares Traded Ownership
Neuberger Berman LLC 3,891,749 (201,046) 8.20%
Vanguard Group, Inc. 2,867,906 (31,830) 6.50%
Columbia Wanger Asset Management LLC 2,790,000 (17,000) 6.32%
Villere St Denis J & Co Llc 2,458,845 330,304 5.57%
BlackRock Fund Advisors 2,310,319 (213,070) 5.23%
T. Rowe Price Associates, Inc. 1,999,189 (692,140) 4.53%
J.P. Morgan Investment Management Inc. 1,637,603 (94,465) 3.71%
Royce & Associates, LLC 1,538,600 (200,000) 3.49%
TimesSquare Capital Management, LLC 1,183,750 (136,950) 2.68%
AllianceBernstein LP 1,128,519 1,028,799 2.56%
Source: Morningstar
Pool has seen its stock price rise 24% in the past three years and executives have been taking
profits by selling shares. In some instances this can be alarming, but in the case of Pool’s
executives it appears to be financial prudence. As shown in the Table 6, Pool CEO, Manuel
Perez De La Mesa, is the largest executive shareholder.

18
Table 6: Executive Shareholders
Holder Shares Ownership
Manuel J. Perez de la Mesa 871,035 1.8
Wilson B. Sexton 475,439 1.32
Arthur D. Cook 132,366 0.31
Kenneth G. St. Romain 123,380 0.27
Mark Joslin 101,618 0.23
Source: Yahoo Finance
Pool works hard to return capital to shareholders and repurchased shares worth $94.3 million,
$77 million, and $71 million in 2013, 2012 and 2011, respectively. The Company recently
authorized a share repurchase plan of up to $100 million and increased its dividend by 16% per
quarter. The increase in dividend and share repurchase plan portrays Pool’s confidence in the
Company’s growth prospects and fundamentals.
RISK ANALYSIS AND INVESTMENT CAVEATS
Pool Corp. is subject to operational, financial, and regulatory risks because of the nature of its
business. The Company must address these risks because they could have serious
consequences on the profitability of the company.
Operational Risks
Weather Risk
Pool’s profitability can greatly change year to year because of adverse weather conditions.
Weather is one of the most significant external factors affecting the Company because it
changes the length of the swimming pool season, which is when Pool makes the majority of its
revenue. Pool is negatively impacted in unseasonably cold weather because it decreases
landscaping and swimming pool use, repair, and maintenance. Also, extreme weather, such as
droughts, can lead to government ordinances that limit water use, which further affects the
Company’s revenue. Similarly, global climate change also significantly impacts Pool because it
currently leads to more variability in weather patterns and may lead to unknown
consequences in the future.
Seasonality Risk
Pool is a highly seasonal business, with approximately 66% of its net sales occurring in the
second and third quarters of the year. In the first and fourth quarters of the year, Pool often
incurs net losses. Seasonality risk directly relates to weather risk because if there is unusually
warm or cold weather, the quarterly revenues will be affected.

19
Supplier Relations Risk
Pool heavily relies on favorable relationships with its suppliers. The Company’s suppliers offer
competitive pricing, return policies, and promotional allowances. Pool has three main
suppliers, Pentair Water Pool and Spa, Inc., Hayward Pool Products, Inc, and Zodiac Pool
Systems, Inc., making up 18%, 11%, and 8% of product costs, respectively. If the Company does
not maintain good relations with the suppliers, its business would be negatively impacted.
Likewise, if any of its main suppliers decided to sell directly to the customers, then Pool could
lose a significant amount of business.
Competition Risk
Pool faces competition from both inside and outside of its industry. Inside of its industry, Pool
competes against regional and local distributors, mass‐market retailers, and internet retailers.
Outside of its industry, Pool competes against companies who offer alternative leisure
products, such as boat retailers. The swimming pool, landscaping, and irrigation industries also
have low barriers to entry, so new competition may emerge. Also, if a mass‐market retailer
decided to commit more capital to swimming pool, irrigation, or landscaping products, Pool
could lose customers.
Hazardous Products Risk
Pool sells chemicals and fertilizers, which can be dangerous to transport and store. These
products could cause fires, explosions, or floods, which could affect the Company’s facilities
and/or employees. For this reason, Pool maintains insurance coverage to protect the Company
against claims. If the Company’s insurance does not cover a certain claim, this could negatively
impact Pool’s cash flows. Consequently, the Company is at risk for rising insurance prices if any
accidents occur.
Technological Risk
Pool relies on information technology systems, so that employees are able to conduct business
efficiently. The systems include information on product sourcing, pricing, customer service,
financial reporting, collections, cost management, and more. If the system was ever breached
or hacked, Pool’s ability to conduct business would be negatively impacted. While Pool has
created procedures and protocols to avoid technological mishaps, if the system was hacked, it
would damage Pool’s reputation, lower its competitive advantage, and expose the Company to
potential lawsuits.
Economic Conditions
The 2007 economic downturn had a significant impact on the pool industry and drove an 80%
reduction in new pool construction compared to the peak levels of 2005. Pool has worked hard
to combat this downturn and is now seeing a gradual recovery in the pool industry. Although
the recovery is moving at a sluggish pace, increased demand for replacement and
refurbishment of existing pool and pool components has lead to industry growth.

20
This industry growth occurred despite inclement weather in regions Pool Corp derives a
substantial amount of their revenue from. The rebound in Pool’s base business sales reflect the
improvement in consumer discretionary expenditures and higher replacement activities. For
2014, Pool projects the macroeconomic environment to be similar to the conditions of 2013
with slight improvements in the weather and external factors in the U.S.
International Business Risk
Pool’s presence in ten different countries exposes the Company to a myriad of other risks
associated with doing business outside the U.S. The Company faces different regulations,
different currencies, and a different customer base. Although conducting business abroad
exposes Pool to risk, it is minimal as 98% of Pool’s sales come from the U.S. Still, as in any
international business, Pool is further subject to the following risks: difficulty in staffing
international subsidiary operations, different political and regulatory conditions, currency
fluctuations, adverse tax consequences, and dependence on other economies.
Interest Rate Risk
Although Pool has very stable cash flows, the Company’s earnings are exposed to changes in
short‐term interest rates because of the variable interest rates on its debt. Pool has
concentrated its efforts on reducing this interest rate risk by entering into interest rate swap
contracts to reduce its exposure to market fluctuations. However, failure of Pool’s swap
counterparties would negate the Company’s effort to reduce its interest rate risk and the
effect it has on earnings.
Currency Risk
Pool owns subsidiaries in Canada, the United Kingdom, France, Germany, Italy Portugal, Spain,
Mexico, and Columbia. The functional currencies for these international subsidiaries may
positively or negatively impacts Pool’s sales, operating expenses, and earnings. The Company
plans on expanding their international business, meaning their exposure to currency rate
fluctuations will increase, as its international operations comprise a larger percentage of their
consolidated results.
Liquidity Risk
The current ratio measures a company’s abilities to meet its short‐term assets. Pool has a
current ratio of 2.48, which means the Company has almost 2.5 the amount of assets as it does
liabilities. While looking at the current ratio, it seems as if Pool has a low liquidity risk due to its
increase in assets since the financial crisis.
Another measure of liquidity is the quick ratio. The quick ratio is a good indicator of a
company’s short‐term liquidity. In the past, Pool has shown weakness in short‐term liquidity as
it has historically had a quick ratio of less than 1. However, since the financial crisis, Pool has
been increasing its quick ratio and it is now 1.04. This means for every $1 in liabilities, Pool has
$1.04 in assets. When evaluating Pool’s liquidity, both the quick ratio and current ratio support
a weak liquidity risk.

21
FINANCIAL PERFORMANCE AND PROJECTIONS
To evaluate Pool Corp.’s financial performance, we broke the Company down into three
segments; operating activities, investing activities, and financing activities.
Operating Activities
To forecast revenue, we used a regression model in combination with a terminal growth rate.
To forecast revenue for the short‐term, our regression model included property, plant, and
equipment, intangible assets, seasonality, and a dummy variable to account for the housing
slowdown of 2007‐2008. Our projections are heavily based on two assumptions: 1) the housing
sector should continue to improve, and 2) U.S. consumers will experience a steady increase in
discretionary income. Although some analysts have forecasted a decrease in costs of goods
sold due to a Company emphasis on higher margin products and services, we forecasted costs
of goods sold to remain constant.
Investing Activities
Pool Corp’s investing activities are mainly attributed to their focus on acquisitions. Pool hopes
to use this inorganic method of growth to bolster their top and bottom line while building a
competitive moat. Pool’s PP&E and capital expenditures are expected to remain stable as Pool
continues to make acquisitions both internationally and domestically.
Financing Activities
Pool has significant financial flexibility due to the Company’s cash on hand. Pool has structured
their capital structure and debt schedule to allow them to have enough cash on hand to make
strategic acquisitions in cost effective ways.
SITE VISIT
On Friday, October 3, 2014, the Pool analyst team drove to the Company’s headquarters in
Covington, Louisiana. We met with the Investor Relations Officer, Craig Hubbard. The meeting
took place in the conference room where Mr. Hubbard distributed the 2014 Investor Days
presentation.
Mr. Hubbard walked us through the Investor Days presentation, and answered all of our
prepared questions. The presentation stressed several main points, such as the Company’s
increasing market‐share position and continued expansion. Mr. Hubbard also emphasized
Pool’s confidence in continuing its growth in market share without the fear of competitors
taking a significant percentage of the increasing market share. Pool mostly competes against
companies for discretionary dollars. Therefore, Pool invests in marketing and advertising
strategies targeted at promoting public awareness of the Company, as well as awareness of
the pool industry as a whole. Thus, Pool’s predominant role in market share allows the
Company to reap the benefits of the increasing growth in the pool industry.

22
Throughout the meeting, Mr. Hubbard discussed Pool’s plans to continue expanding in both
the pool and the irrigation and landscape industries through acquisitions. Pool’s acquisition
strategy allows the Company to smoothly enter new markets and install bases. The Company is
focusing on international market expansion, such as the Canadian and European markets,
because of higher market growth potential due to smaller installed base than the U.S. market.
In August 2014, Pool expanded its global presence into the Australian market. This continued
expansion highlights the Company’s “broad geographic and network diversification.”
The meeting concluded after nearly two hours. Mr. Hubbard’s insight into Pool provided us
with valuable knowledge that will remain useful for the duration of our analysis into the
Company.
INDEPENDENT OUTSIDE RESEARCH
To better understand Pool, we consulted several sources throughout our research including
Bloomberg, SEC filings, Yahoo! Finance, and Thomson ONE.
To assess Pool in comparison to its competitors, our team visited two of its main competitors.
We visited Leslie’s Pool Supplies in Metairie, Louisiana and Home Depot in New Orleans,
Louisiana. We evaluated the supplies and services the stores have to offer and compared their
selections to Pool.
Leslie’s Pool Supplies operates as a specialty retailer of swimming pool supplies and related
products domestically. Leslie’s strategy appears to focus on residential above‐ground and in‐
ground pool and spa owners as opposed to pool owners who hire pool maintenance services.
Similar to Pool the company also provides assistance and education to its customers. However,
Leslie’s supplies and equipment selection is sparse in comparison to Pool’s.
Home Depot operates as a home improvement retailer. Unlike Pool, Home Depot offers fewer
supplies and does not provide any installation services or education to its customers. The
managers also said the business for pool supply products are extremely seasonal. As such, the
store primarily only makes sales regarding pool products during the summer.
Overall, Pool’s pool supply products selection exceeds both of its direct competitors, Leslie’s
and Home Depot.

23

ANOTHER WAY TO LOOK AT IT
ALTMAN Z‐SCORE
The Altman Z‐Score is a tool often used by investors to estimate a company’s probability of
going bankrupt within the next two years. Edward Altman, a finance professor at New York
University, created the formula in 1968. The formula uses inputs from the financial
statements to calculate five ratios. These inputs include assets, liabilities, sales, market value
of equity, and earnings before interest and taxes. Essentially Z‐Scores can fall into one of
three categories: safe zone, grey zone, and distressed zone. A Z‐Score of 2.99 or higher
means that a company is in the “safe zone,” is financially healthy, and has a very low chance
of going bankrupt in the next two years. A Z‐Score between 1.81 and 2.99 means a company
is in the “grey zone” and may or may not go bankrupt within the next two years. A Z‐Score
below 1.8 places a company in the “distressed zone” meaning the company has a much
higher probability of going bankrupt within the next two years. The Altman Z‐Score has
historically been able to predict bankruptcy within two years 72% of the time, and above 80%
accurate one year in advance.
Pool Corp. has produced a Z‐Score of above 2.99 since 2006, and therefore is financially
healthy and has a very low chance of going bankrupt within the next two years. Table 7
shows Pool’s Altman Z‐Scores since 2006.
Table 7: Z‐Score
Year Z‐Score
2006 5.92
2007 4.19
2008 3.92
2009 4.24
2010 4.70
2011 4.96
2012 5.97
2013 6.60
Source: Burkenroad Team, Yahoo Finance

24
PETER LYNCH EARNINGS MULTIPLE VALUATION
Peter Lynch, the author of One Up on Wall Street, showed the world an essential charting
tool that helped him become the best mutual fund manager. This chart includes the stock
price and earnings per share (EPS), with $1 in EPS aligned to $15 in stock price.
Lynch wrote that you can tell if a stock is overpriced by comparing the price line to the
earnings per share line. When a stock trades below the earnings line, then you should buy it.
When a stock trades above the earnings line, then you should sell it.
Figure 4 shows the EPS and stock price for Pool Corporation for the past ten years. At the last
price of $59.92 and earnings of $35.55, Peter Lynch would not suggest buying this stock.
Figure 5: Peter Lynch Chart

Source: Burkenroad Team/Bloomberg

25
WWBD?
What Would Ben (Graham) Do?

Benjamin Graham is considered the father of fundamental equity analysis and had an
extremely successful investment career, including mentoring Warren Buffet. Graham created
criteria for value stock picking which gave investors a strong risk reward outlook. Graham’s
method contained eight hurdles that when passed indicate an undervalued stock.
Pool Corp. passed four out of the eight hurdles that make up Graham’s criteria. Pool has a
dividend yield one‐half the yield on the 10‐year Treasury, has a current ratio of two or more,
has earnings growth of 7% or higher over past five years, and has stability of earnings
growth. Pool failed to meet the following criteria: An earnings to price yield of two times the
yield on the 10‐year Treasury, a price to earnings ratio down to one‐half of the stocks highest
in five years, a stock price less than 1.5 Book value, and the Company has more total debt
than book value (see Figure 6).
Figure 6: Ben Graham Analysis

26
Earnings per share (ttm) 1.85$ Price: 60.36$
Earnings to Price Yield 3.06%
10 Year Treasury (2X) 4.75%
P/E ratio as of 12/31/09 48.9
P/E ratio as of 12/31/10 19.6
P/E ratio as of 12/31/11 20.5
P/E ratio as of 12/31/12 24.7
P/E ratio as of 12/31/13 28.4
Current P/E Ratio 32.6
Dividends per share (ttm) 0.84$ Price: 60.36$
Dividend Yield 1.39%
1/2 Yield on 10 Year Treasury 1.19%
Stock Price 60.36$
Book Value per share as of 11/12/14 5.70$
150% of book Value per share as of 11/12/14 8.56$
Interest‐bearing debt as of 11/12/14 393,738$
Book value as of 11/12/14 255,804$
Current assets as of 11/12/14 651,890$
Current liabilities as of 11/12/14 232,351$
Current ratio as of 11/12/14 2.81
EPS for year ended 12/31/13 2.05$
Stock price data as of November 12, 2014
Yes
Hurdle # 8: Stability in Growth of Earnings
Yes
Hurdle # 3: A Dividend Yield of 1/2 the Yield on 10 Year Treasury
Yes
Hurdle # 4: A Stock Price less than 1.5 BV
No
Hurdle # 5: Total Debt less than Book Value
No
Hurdle # 6: Current Ratio of Two or More
Yes
Hurdle # 7: Earnings Growth of 7% or Higher over past 5 years
No
POOL CORPORATION (POOL)
Ben Graham Analysis
Hurdle # 1: An Earnings to Price Yield of 2X the Yield on 10 Year Treasury
No
Hurdle # 2: A P/E Ratio Down to 1/2 of the Stocks Highest in 5 Yrs

Pool Corporation (POOL) BURKENROAD REPORTS (www.burkenroad.org)November 12, 2014
27
POOLCORPORATION(POOL)
QuarterlyandAnnualIncomeStatements
Inthousands
Fortheperiodended
Netsales
Costofsales
Grossprofit
Sellingandadministrativeexpenses
Goodwillimpairment
Operatingincome
2011A
1,793,318$
1,261,728
531,590
406,523
125,067
2012A
1,953,974$
1,386,567
567,407
415,592
6,946
144,869
2013A31‐MarA30‐JunA30‐SepA31‐DecE2014E31‐MarE30‐JunE30‐SepE31‐DecE2015E
2,079,700$406,344$848,240$615,536$412,813$2,282,933$458,656$846,305$671,995$455,278$2,432,233$
1,488,423292,244601,264439,292291,5901,624,390327,716597,973478,897321,5851,726,171
591,277114,100246,976176,244121,223658,543130,940248,332193,098133,693706,062
425,791105,454124,477117,787124,293472,011120,091124,292127,747137,078509,207
165,4868,646122,49958,457(3,069)186,53310,849124,04065,351(3,385)196,855
2014E2015E
Interestexpense,net(7,964)(6,469)(6,748)(1,933)(1,894)(1,864)(3,158)(8,849)(3,080)(3,036)(2,054)(3,469)(11,639)
Incomebeforeincometaxesandequityearnings
Incometaxes
Equityearnings(loss)inunconsolidatedinvestments
Less:netincomeattributabletononcontrollinginterest
Netincome
Incomepershareofcommonstock:
Basicasreported
Adjustmentforimpairmentofgoodwillandintangibles
Basicadjusted
Dilutedasreported
Adjustmentforimpairmentofgoodwillandintangibles
Dilutedadjustedforimpairment
Weightedaveragesharesoutstanding:
Basic
Diluted
Dividendspershare
SELECTEDCOMMON‐SIZEAMOUNTS
Costofsales
Grossprofit
117,103
45,319
209
71,993$
1.49$
1.49$
1.47$
1.47$
48,158
48,987
0.55$
70.36%
29.64%
22.67%
138,400
56,744
316
81,972$
1.75$
0.13$
1.88$
1.71$
0.12$
1.83$
46,937
48,058
0.62$
70.96%
29.04%
21.27%
158,7386,713120,60556,593(6,227)177,6847,770121,00463,297(6,854)185,216
61,5902,60446,79621,711(1,161)69,9504,10246,90324,711(1,280)74,437
1827954766026972532566216
(122)(122)
97,330$4,188$73,863$34,836$(5,007)$107,880$3,739$74,154$38,611$(5,508)$110,995$
2.10$0.09$1.65$0.80$(0.11)$2.43$0.09$1.71$0.89$(0.13)$2.57$
2.10$0.09$1.65$0.80$(0.11)$2.43$0.09$1.71$0.89$(0.13)$2.57$
2.05$0.09$1.61$0.78$(0.11)$2.39$0.08$1.67$0.87$(0.13)$2.51$
2.05$0.09$1.61$0.78$(0.11)$2.39$0.08$1.67$0.87$(0.13)$2.51$
46,28245,17844,76943,75643,64244,33643,41843,26943,19243,12143,250
47,53046,37545,97144,84643,64245,20844,61844,46944,39243,12144,150
0.73$0.19$0.22$0.22$0.22$0.85$0.22$0.22$0.22$0.22$0.90$
71.57%71.92%70.88%71.37%70.63%71.15%71.45%70.66%71.26%70.63%70.97%
28.43%28.08%29.12%28.63%29.37%28.85%28.55%29.34%28.74%29.37%29.03%
20.47%25.95%14.67%19.14%30.11%20.68%26.18%14.69%19.01%30.11%20.94%
Operatingincome6.97%7.41%7.96%2.13%14.44%9.50%‐0.74%8.17%2.37%14.66%9.72%‐0.74%8.09%
Netincome
YEARTOYEARCHANGE
Sales
Costofsales
Grossprofit
6.53%
4.01%
11.1%
10.4%
12.8%
9.9%
7.08%
4.20%
9.0%
9.9%
6.7%
2.2%
7.63%1.65%14.22%9.19%‐1.51%7.78%1.69%14.30%9.42%‐1.51%7.62%
4.68%1.03%8.71%5.66%‐1.21%4.73%0.82%8.76%5.75%‐1.21%4.56%
6.4%9.7%7.3%6.5%21.1%9.8%12.9%‐0.2%9.2%10.3%6.5%
7.3%10.0%6.9%5.7%19.0%9.1%12.1%‐0.5%9.0%10.3%6.3%
4.2%8.9%8.2%8.4%26.5%11.4%14.8%0.5%9.6%10.3%7.2%
2.5%7.8%7.1%7.9%21.1%10.9%13.9%‐0.1%8.5%10.3%7.9%
Operatingincome23.5%15.8%14.2%24.7%9.4%9.5%‐55.0%12.7%25.5%1.3%11.8%10.3%5.5%
Netincome
23.8%
24.9%
18.2%
13.9%
14.7%26.2%9.7%9.2%‐25.2%11.9%15.7%0.3%11.8%10.1%4.2%
18.7%21.7%11.0%7.7%0.6%10.8%‐10.7%0.4%10.8%10.0%2.9%

28
QuarterlyandAnnualBalanceSheets
Inthousands
Asof
Assets
Currentassets:
Cashandcashequivalents
Receivables
Receivablespledgedunderfacility
Inventory
Prepaidexpenses
Deferredincometaxes
Totalcurrentassets
Propertyandequipment,net
Goodwill,net
Intangibleassets
Investments
Otherassets,net
Totalassets
Currentliabilities:
Accountspayable
Accruedexpensesandothercurrentliabilities
31‐Dec‐11A
17,487$
110,555
386,924
11,298
11,737
538,001
41,394
177,103
11,738
980
29,406
798,622$
177,437$
53,398
31‐Dec‐12A
12,463$
113,859
400,308
11,280
5,186
543,096
46,566
169,983
11,053
1,160
8,718
780,576$
199,787$
48,186
31‐Dec‐13A31‐MarA30‐JunA30‐SepA31‐DecE31‐Dec‐14E31‐MarE30‐JunE30‐SepE31‐DecE31‐Dec‐15E
8,006$7,257$27,563$14,455$8,129$8,129$29,954$55,870$56,543$46,413$46,413$
45,13847,69497,52769,84751,78851,78879,98498,51369,88357,11657,116
80,149163,413208,973137,318110,050110,050169,966209,340148,502121,371121,371
429,197527,304451,507414,331561,300561,300609,940455,346435,386607,392607,392
9,8029,94410,05510,56110,64010,64010,72010,80010,88110,96310,963
5,4575,4275,4165,3785,8735,8737,7314,8323,6216,8336,833
577,749761,039801,041651,890747,780747,780908,295834,701724,816850,088850,088
52,32855,21257,27557,26059,47459,47459,52359,91364,00666,15266,152
171,974173,554173,800174,607174,607174,607174,607174,607174,607174,607174,607
10,19610,99110,72512,43312,31812,31812,28912,26012,23112,20212,202
1,2431,2721,2631,2891,3491,3491,4201,4731,4991,5651,565
10,27111,13211,34411,75711,70011,70011,68611,67211,65711,64311,643
823,761$1,013,200$1,055,448$909,236$1,007,228$1,007,228$1,167,820$1,094,626$988,815$1,116,256$1,116,256$
214,596$370,002$233,549$154,511$274,046$274,046$375,864$296,460$219,046$299,129$299,129$
49,30128,06989,20075,22261,08661,08683,78166,08248,82666,67766,677
2014E2015E
Currentportionoflong‐termdebt
Totalcurrentliabilities
Deferredincometaxes
Long‐termdebt,lesscurrentportion
Otherlongtermliabilities
Stockholders'equity:
22
230,857
32,993
247,300
7,726
23
247,996
13,453
230,882
6,622
942,6182,6182,6182,6182,6182,6182,6182,618
263,906398,075322,749232,351337,750337,750462,263365,159270,490368,424368,424
19,10819,74719,97919,93420,39020,39020,73520,62920,99721,11621,116
246,418324,226430,971391,120416,120416,120476,120446,120416,120471,120471,120
8,1479,47410,43210,02710,02710,02710,02710,02710,02710,02710,027
Commonstockatparvalue
Additionalpaid‐incapital
Retainedearnings
47
243,180
34,299
46
276,334
5,377
4545444344444343434343
310,503319,278325,415329,588311,333311,333293,078282,657272,235261,814261,814
(27,278)(59,826)(56,381)(77,619)(92,227)(92,227)(98,238)(33,801)(4,889)(20,080)(20,080)
Accumulatedothercomprehensiveincome
RedeemableNoncontrollingInterest
Totalstockholders'equity
Totalliabilitiesandstockholders'equity
2,220
279,746
798,622$
(134)
281,623
780,576$
2,9122,1812,239648648648648648648648648
3,1443,1443,1443,1443,1443,1443,1443,144
286,182261,678271,317255,804222,941222,941198,675252,691271,181245,569245,569
823,761$1,013,200$1,055,448$909,236$1,007,228$1,007,228$1,167,820$1,094,626$988,815$1,116,256$1,116,256$
SELECTEDCOMMON‐SIZEAMOUNTS(asapercentageofsales)
Receivables
Inventory
Prepaidexpenses
Accountspayable
SELECTEDCOMMON‐SIZEAMOUNTS(asapercentageoftotalassets)
Totalcurrentassets
Goodwill,net
Otherassets,net
6.16%
21.58%
0.63%
2.31%
9.89%
2.98%
67.37%
5.18%
22.18%
3.68%
5.83%
20.49%
0.58%
2.38%
10.22%
2.47%
69.58%
5.97%
21.78%
1.12%
6.02%51.95%36.13%33.66%39.20%7.09%54.50%36.38%32.50%39.20%7.34%
20.64%129.77%53.23%67.31%135.97%24.59%132.98%53.80%64.79%133.41%24.97%
0.47%2.45%1.19%1.72%2.58%0.47%2.34%1.28%1.62%2.41%0.45%
2.52%13.59%6.75%9.30%14.41%2.61%12.98%7.08%9.52%14.53%2.72%
10.32%91.06%27.53%25.10%66.39%12.00%81.95%35.03%32.60%65.70%12.30%
2.37%6.91%10.52%12.22%14.80%2.68%18.27%7.81%7.27%14.65%2.74%
70.14%75.11%75.90%71.70%74.24%74.24%77.78%76.25%73.30%76.16%76.16%
6.35%5.45%5.43%6.30%5.90%5.90%5.10%5.47%6.47%5.93%5.93%
20.88%17.13%16.47%19.20%17.34%17.34%14.95%15.95%17.66%15.64%15.64%
1.25%1.10%1.07%1.29%1.16%1.16%1.00%1.07%1.18%1.04%1.04%
Accountspayable
22.22%
6.69%
25.59%
6.17%
26.05%36.52%22.13%16.99%27.21%27.21%32.19%27.08%22.15%26.80%26.80%
5.98%2.77%8.45%8.27%6.06%6.06%7.17%6.04%4.94%5.97%5.97%
Totalcurrentliabilities
Deferredincometaxes
Long‐termdebt,lesscurrentportion
Totalstockholders'equity
28.91%
4.13%
30.97%
35.03%
31.77%
1.72%
29.58%
36.08%
32.04%39.29%30.58%25.55%33.53%33.53%39.58%33.36%27.35%33.01%33.01%
2.32%1.95%1.89%2.19%2.02%2.02%1.78%1.88%2.12%1.89%1.89%
29.91%32.00%40.83%43.02%41.31%41.31%40.77%40.76%42.08%42.21%42.21%
34.74%25.83%25.71%28.13%22.13%22.13%17.01%23.08%27.42%22.00%22.00%

29
QuarterlyandAnnualStatementsofCashFlows
Inthousands
Fortheperiodended
CashFlowFromOperations:
Netincome
Adjustments
2011A
71,993$
2012A
81,972$
97,330$4,188$73,863$34,958$(5,007)$108,002$3,739$74,154$38,611$(5,508)$110,995$
2014E2015E
Depreciation
Amortization
Share‐basedcompensation
Excesstaxbenefitsfromshare‐basedcompensation
Equity(earnings)lossesinunconsolidatedinvestments
Provisionfordoubtfulaccountsreceivable,net
Provisionforinventoryobsolescence,net
Provisionfordeferredincometaxes
Loss(gain)onsaleofpropertyandequipment
Gainsonforeigncurrencytransactions
Goodwillimpairment
Other
Changesinoperatingassets&liabilities,net
Accountsreceivable
Inventory
9,746
1,559
8,233
(3,118)
(209)
(1,202)
(11)
2,605
263
592
1,550
195
(5,887)
(35,339)
11,592
1,284
8,465
(4,487)
(316)
(422)
447
3,168
44
(111)
6,946
138
(3,396)
(9,232)
13,3593,4343,5873,7283,94114,6904,0794,1964,3714,57417,220
1,2373283683791721,24744444444174
8,1502,0582,5992,1972,0798,9332,0792,0792,0792,0798,314
(4,611)(1,487)(2,433)(221)(4,141)
(930)(79)(54)(76)(60)(269)(72)(53)(25)(66)(216)
(416)(536)(536)(591)(591)
707
97(38)(38)(1,513)2,7931,579(3,092)(234)
(182)
220
108335(408)(654)(727)
(10,085)(85,018)(95,057)100,18445,862(34,029)(88,112)(57,902)89,46840,489(16,057)
(27,291)(97,032)75,09641,198(146,969)(127,707)(48,640)154,59419,960(172,006)(46,092)
Prepaidexpensesandotherassets
Accountspayable
Netcashprovidedbyoperatingactivities
Cashflowfrominvestingactivities:
Acquisitionofbusinesses,netofcashacquired
(2,951)
6,402
20,682
75,103
(5,934)
(1,159)
20,253
3,892
119,078
(4,699)
504(1,197)(153)138(79)(1,291)(80)(80)(81)(82)(323)
14,007154,675(136,610)(79,609)119,53557,991101,818(79,405)(77,414)80,08325,083
12,884(17,550)65,659(14,114)(14,136)19,85922,696(17,699)(17,256)17,8515,591
105,088(37,345)(13,543)88,1084,76441,984(3,963)82,71861,335(36,226)103,864
(1,244)(4,512)(100)(4,769)(9,381)
Purchaseofpropertyandequipment,netofsalesproceeds(19,454)(16,271)(18,742)(5,870)(6,051)(2,766)(6,155)(20,842)(4,128)(4,587)(8,463)(6,720)(23,898)
Otherinvestments
Netcashusedininvestingactivities
Cashflowfromfinancingactivities:
Netborrowings(repayments)ofrevolvingloan
Netproceedsfromasset‐backedfinancing
(190)
(25,578)
48,600
(238)
(21,208)
83,582
125494737133
(19,861)(10,333)(6,104)(7,498)(6,155)(30,090)(4,128)(4,587)(8,463)(6,720)(23,898)
(36,464)21,43955,11440,14925,000141,70260,000(30,000)(30,000)55,00055,000
52,00056,36951,631(80,000)28,000
Proceedsfromdebtandotherliabilities,net
Paymentsofdeferredacquisitionconsideration
(149)
(500)
(100,022)(10)1,6211,621
Paymentsofdeferredfinancingcosts
Excesstaxbenefitsfromshare‐basedcompensation
Issuanceofcommonstock
Cashdividends
Purchaseoftreasurystock
Netcashprovidedby(usedin)financingactivities
Effectofexchangeratechangesoncash
Changeincashandcashequivalents
Cashandcashequivalentsatbeginningofperiod
Cashandcashequivalentsatendofperiod
(1,674)
3,118
13,085
(26,470)
(76,564)
(40,554)
(1,205)
7,766
9,721
17,487
4,487
20,205
(29,135)
(81,761)
(102,644)
(250)
(5,024)
17,487
12,463
(1,044)(7)(7)
4,6111,4872,4332214,141
21,4095,2311,1041,7554,78812,8784,7884,7884,7884,78819,151
(33,808)(8,569)(9,841)(9,665)(9,601)(37,676)(9,750)(9,716)(9,699)(9,683)(38,848)
(96,179)(28,168)(60,577)(46,410)(25,121)(160,276)(25,121)(17,288)(17,288)(17,288)(76,985)
(89,485)47,78939,864(92,336)(4,935)(9,618)29,917(52,216)(52,199)32,817(41,682)
(199)(860)89(1,382)(2,153)
(4,457)(749)20,306(13,108)(6,326)12321,82625,915673(10,129)38,285
12,4638,0067,25727,56314,4558,0068,12929,95455,87056,5438,129
8,0067,25727,56314,4558,1298,12929,95455,87056,54346,41346,413
Supplementalcashflowinformation
Operatingcashflowpershare
excludingworkingcapitalchanges
Operatingcashflowpershare
includingworkingcapitalchanges
1.83$
1.53$
2.12$
2.48$
2.41$0.18$1.70$0.91$0.01$2.88$0.19$1.92$1.08$(0.06)$3.14$
2.21$(0.81)$(0.29)$1.96$0.11$0.93$(0.09)$1.86$1.38$(0.84)$2.35$

30
Ratios
ProductivityRatios
Receivablesturnover
2011A
10.15
2012A
17.41
17.392.423.282.402.2415.902.233.032.552.2914.29
2015E2014E
Inventoryturnover3.293.523.590.611.231.010.603.280.561.121.080.622.95
Workingcapitalturnover6.396.496.831.202.021.371.006.311.071.851.450.975.46
Netfixedassetturnover47.7344.4342.067.5615.0810.757.0740.847.7114.1710.857.0038.72
Totalassetturnover2.092.472.590.440.820.630.432.490.420.750.650.432.29
#ofdayssalesinaccountsreceivable23212247332936224933303622
#ofdayscostofsalesininventory11210510516269811751261687084172128
#ofdayscash‐basedexpensesinpayables49494989383573569143397258
Liquiditymeasures
Currentratio2.332.192.191.912.482.812.212.211.962.292.682.312.31
Quickratio0.550.510.510.551.040.950.500.500.611.001.020.610.61
Cashflowfromoperationsratio0.330.480.40‐0.09‐0.040.380.010.12‐0.010.230.23‐0.100.28
Workingcapital307,144295,100313,843362,964478,292419,539410,030410,030446,032469,541454,326481,664481,664
FinancialRisk(Leverage)Ratios
Totaldebt/equityratio1.851.771.882.872.892.553.523.524.883.332.653.553.55
Debt/equityratio(excludingdeferredtaxes)1.740.050.072.802.822.483.430.094.773.252.573.460.09
TotalLTdebt/equityratio1.030.890.961.351.701.652.002.002.551.891.652.052.05
LTdebt/equity(excludingdeferredtaxes)0.910.840.891.281.631.571.911.912.451.811.571.961.96
Interestcoverageratio(Earnings=EBIT)15.7022.3924.524.4764.6831.36‐0.9721.083.5240.8631.81‐0.9816.91
Interestcoverageratio(Earnings=EBI)10.0113.6215.403.1339.9719.71‐0.6013.172.1925.4119.78‐0.6110.52
Totaldebtratio0.650.640.650.740.740.720.780.780.830.770.730.780.78
Debtratio(excudingdeferredtaxes)0.640.640.650.740.740.720.780.780.830.770.720.780.78
Profitability/ValuationMeasures
Grossprofitmargin29.64%29.04%28.43%28.08%29.12%28.63%29.37%28.85%28.55%29.34%28.74%29.37%29.03%
Operatingprofitmargin6.97%7.41%7.96%2.13%14.44%9.50%‐0.74%8.17%2.37%14.66%9.72%‐0.74%8.09%
Returnonassets8.40%10.38%12.13%0.46%7.14%3.55%‐0.52%11.78%0.34%6.56%3.71%‐0.52%10.45%
Returnonequity25.25%29.20%34.28%1.53%27.72%13.22%‐2.09%42.38%1.77%32.86%14.74%‐2.13%47.38%
Earningsbeforeinterestandtaxesmargin4.01%4.20%4.68%1.03%8.71%5.66%‐1.21%4.73%0.82%8.76%5.75%‐1.21%4.56%
EBITDAmargin6.97%7.41%7.96%2.13%14.44%9.50%‐0.74%8.17%2.37%14.66%9.72%‐0.74%8.09%
EBITDA/Assets14.59%18.35%20.63%0.94%11.84%5.95%‐0.32%20.38%1.00%10.97%6.27%‐0.32%18.54%

BURKENROAD REPORTS RATING SYSTEM
MARKET OUTPERFORM: This rating indicates that we believe forces are in place that would enable this
company's stock to produce returns in excess of the stock market averages over the next 12 months.
MARKET PERFORM: This rating indicates that we believe the investment returns from this company's stock will
be in line with those produced by the stock market averages over the next 12 months.
MARKET UNDERPERFORM: This rating indicates that while this investment may have positive attributes, we
believe an investment in this company will produce subpar returns over the next 12 months.

BURKENROAD REPORTS CALCULATIONS
 CPFS is calculated using operating cash flows excluding working capital changes.
 All amounts are as of the date of the report as reported by Bloomberg or Yahoo Finance unless
otherwise noted. Betas are collected from Bloomberg.
 Enterprise value is based on the equity market cap as of the report date, adjusted for long‐term
debt, cash, & short‐term investments reported on the most recent quarterly report date.
 12‐month Stock Performance is calculated using an ending price as of the report date.
The stock performance includes the 12‐month dividend yield.

2014‐2015 COVERAGE UNIVERSE
Amerisafe Inc. (AMSF)
Bristow Group Inc. (BRS)
The First Bancshares (FBMS)
CalIon Petroleum Company (CPE)
Cal‐Maine Foods Inc. (CALM)
Carbo Ceramics Inc. (CRR)
Cash America International Inc. (CSH)
Conn's Inc. (CONN)
Crown Crafts Inc. (CRWS)
Cyberonics Incorporated (CYBX)
Denbury Resources Inc. (DNR)
EastGroup Properties Inc. (EGP)
Era Group Inc. (ERA)
Evolution Petroleum Corp. (EPM)
Globalstar (GSAT)
Gulf Island Fabrication Inc. (GIFI)
Hibbett Sports (HIBB)
Hornbeck Offshore Services Inc. (HOS)
IBERIABANK Corp. (IBKC)
ION Geophysical Corp. (IO)
Key Energy Services (KEG)
Marine Products Corp. (MPX)
MidSouth Bancorp Inc. (MSL)
Newpark Resources Inc. (NR)
PetroQuest Energy Inc. (PQ)
Popeyes Louisiana Kitchen (PLKI)
Pool Corporation (POOL)
Powell Industries Inc. (POWL)
Rollins Incorporated (ROL)
RPC Incorporated (RES)
Ruth’s Hospitality Group Inc. (RUTH)
Sanderson Farms Inc. (SAFM)
SEACOR Holdings Inc. (CKH)
Sharps Compliance Inc. (SMED)
Stone Energy Corp. (SGY)
Sunoco LP (SUN)
Superior Energy Services Inc. (SPN)
Team Incorporated (TISI)
Vaalco Energy Inc. (EGY)
Willbros Group Inc. (WG)

PETER RICCHIUTI
Director of Research
Founder of Burkenroad Reports
Peter.Ricchiuti@tulane.edu

ANTHONY WOOD
Senior Director of Accounting
Awood11@tulane.edu
JERRY DICOLO
DAVID DOWTY
ELLIOTT EDWARDS
Associate Directors of Research

BURKENROAD REPORTS
Tulane University
New Orleans, LA 70118‐5669
(504) 862‐8489
(504) 865‐5430 Fax

To receive complete reports on any of the companies we follow, contact:
Peter Ricchiuti, Founder & Director of Research
Tulane University
Freeman School of Business
BURKENROAD REPORTS
Phone: (504) 862-8489
Fax: (504) 865-5430
E-mail: Peter.Ricchiuti@Tulane.edu
Please visit our web site at www.BURKENROAD.org
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Named in honor of William B. Burkenroad Jr., an alumnus and a longtime supporter
of Tulane’s business school, and funded through contributions from his family and
friends, BURKENROAD REPORTS is a nationally recognized program, publishing
objective, investment research reports on public companies in our region. Students
at Tulane University’s Freeman School of Business prepare these reports.
Alumni of the BURKENROAD REPORTS program are employed at a number of
highly respected financial institutions including:
ABNAMRO Bank ·Aegis Value Fund · Invesco/AIM Capital Management ·Alpha
Omega Capital Partners · American General Investment Management · Ameriprise
Financial · Atlas Capital · Banc of America Securities · Bank of Montreal ·
Bancomer · Barclays Capital · Barings PLC · Bearing Point · Bessemer Trust ·
Black Gold Capital· Bloomberg · Brookfield Asset Management · Brown Brothers
Harriman Capital · Blackrock Financial Management · Boston Consulting Group
· Buckingham Research · California Board of Regents · Cambridge Associates·
Canaccord Genuity · Cantor Fitzgerald · Chaffe & Associates · Citadel Investment
Group · Citibank · Citigroup Private Bank · City National Bank · Cornerstone
Resources · Credit Suisse · D. A. Davidson & Co. · Deutsche Banc · Duquesne
Capital Management · Equitas Capital Advisors· Factset Research · Financial
Models · First Albany · Fiduciary Trust · Fitch Investors Services · Forex Trading
· Franklin Templeton · Friedman Billings Ramsay · Fulcrum Global Partners ·
Gintel Asset Management · Global Hunter Securities · Goldman Sachs · Grosever
Funds · Gruntal & Co. · Guggenheim Securities , LLC · Hancock Investment
Services · Healthcare Markets Group · Capital One Southcoast · Howard Weil
Labouisse Friedrichs · IBERIABANK Capital Markets · J.P. Morgan Securities
· Janney Montgomery Scott · Jefferies & Co. · Johnson Rice & Co. · KBC
Financial · KDI Capital Partners · Key Investments · Keystone Investments ·
Legacy Capital · Liberty Mutual · Lowenhaupt Global Advisors · Mackay Shields
· Manulife/John Hancock Investments · Marsh & McLennan · Mercer Partners
· Merrill Lynch · Miramar Asset Management · Moodys Investor Services ·
Morgan Keegan · Morgan Stanley · New York Stock Exchange · Perkins Wolf
McDonnell · Piper Jaffray & Co. · Professional Advisory Services · Quarterdeck
Investment Services · RBC · Raymond James · Restoration Capital · Rice Voelker,
LLC · Royal Bank of Scotland· Sandler O'Neill & Partners · Sanford Bernstein
& Co. · Scotia Capital · Scottrade · Second City Trading LLC · Sequent Energy
· Sidoti & Co · Simmons & Co. · Southwest Securities · Stephens & Co. · Sterne
Agee · Stewart Capital LLC · Stifel Nicolaus · Sun-Trust Capital Markets ·
Susquehanna Investment Group · Thomas Weisel Partners · TD Waterhouse
Securities · Texas Employee Retirement System · Texas Teachers Retirement
System · ThirtyNorth Investments · Thornburg Investment Management · Tivoli
Partners · Tudor Pickering & Co. · Tulane University Endowment Fund · Turner
Investment Partners · UBS · Value Line Investments · Vaughan Nelson Investment
Management · Wells Fargo Capital Management · Whitney National Bank ·
William Blair & Co. · Zephyr Management

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