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Nahmad, shares tropicana field Watsco's President tropicana field event retells & Chief Executive Officer, stated, "We arepleased to see the continued trend toward high-efficiency andenvironmentally-friendly air conditioning systems, especially in this currenteconomic backdrop. We experienced higher unit sales, increased pricing andhigher selling margins in this product category, representing 26% of thisquarter`s unitary equipment sales. Excluding thesetransaction costs, SG&A expenses were $73.6 million, a decline of $15.1 millionor 17% versus last year. Operating income was $26.3 million with operatingmargin of 6.5%. Interest expense declined 11% to $.3 million on 36% loweraverage daily borrowings.
Gross profitmargin includes a 53 basis-point impact from lower margins on certain commoditybased products and a 19 basis-point impact due to a shift in sales mix towardHVAC equipment, which traditionally generates a lower gross profit margin versusnon-equipment products tropicana field parking . Selling margins for HVAC equipment increased 10basis-points during the quarter, reflecting the richer sales mix ofhigh-efficiency air conditioning systems tropicana field concessions . Gross profit was $101 million and gross profit margin was 24.9% tropicana field st pete . Revenues reflect a richer sales mix of high-efficiency air conditioning systemsoffset by lower unit demand due to economic conditions, new housing declines anda late start to the cooling season tropicana field events .
Results also reflect lower pricing forcertain commodity products and notable weakness in the Company`s westernoperations tropicana field fl . The combination of these two factors impacted sales by $46 million,or 44% of the quarter`s overall sales decline, and affected diluted earnings pershare by approximately 28 cents for the quarter tropicana field event . Second Quarter ResultsRevenues were $405 million, a 21% decline over 2008, including a 15% decrease inthe sale of air conditioning and heating (HVAC) equipment (49% of sales), a 28%decrease in other HVAC products (38% of sales) and a 15% decrease in the sale ofrefrigeration products (13% of sales) tropicana field concessions . EPS 61 Cents Per Share on an Adjusted Basis;Expanded Sales Mix of High-Efficiency A/C SystemsCOCONUT GROVE, Fla.--(Business Wire)--Watsco, Inc .
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