(RTTNews) -  Tuesday, Pool Corp (POOL: News ), wholesale distributor of swimming pool supplies, reported a net loss for the third quarter compared with profit in the year-ago period, as revenues declined 13%, hurt further by a $26.5 million non-cash equity charge in the quarter. The company also reduced its adjusted earnings view for the full year. Shares are currently down more than 10% on the Nasdaq.

Covington, Louisiana based Pool said its third-quarter net loss was $9.32 million or $0.19 per share compared with a profit of $22.06 million or $0.45 per share in the prior year period.

The Company recognized a $26.5 million equity loss related to its 38% equity interest investment in Latham Acquisition Corp. (LAC), on non-cash goodwill and other intangible asset impairment charges, in the quarter. Excluding this one-time item, adjusted net income for the quarter decreased to $17.15 million or $0.35 per share from $22.06 million or $0.45 per share in the year-ago period.

On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter declined to $430.05 million from $493.53 million in the comparable period, citing lower pool and irrigation construction activity and deferred discretionary replacement activity. Unfavorable weather further hurt earnings from Northern U.S. markets, partially offset by an increase in certain maintenance and repair product sales.

Wall Street's revenue expectation was $432.57 million for the third quarter.

Third quarter operating income declined 17% to $32.1 million from $38.6 million in the comparable 2008 period.
For the nine months ended September 30, earnings declined to $32.8 million or $0.67 per share, compared with $71.8 million or $1.47 per share last year. Excluding the impact of special items, adjusted earnings per share was $1.21 compared with $1.47 per share in the previous year.

Revenues for the nine-month period declined to $1.308 billion from $1.52 billion from the same period last year.

The company revised its full year adjusted earnings guidance, expecting adverse weather impact of the third quarter and a modest seasonal drag from recent acquisitions.

The company now expects full-year earnings per share to be in the range of $0.41 - $0.46, including the effect of the LAC charge in the third quarter.

For fiscal 2009, excluding the LAC impairment charge and other one-time charges, the company currently anticipates earnings per share in a range of $0.95 - $1.00.

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