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HUGHES RESOURCES ANNOUNCES RE-ELECTION OF DIRECTORS AND APPROVAL OF STOCK OPTION PLAN; COMPANY ALSO SECURES $3.5 MILLION TERM LOAN

 NEWTON, Texas, Sept. 17 /PRNewswire/ -- Hughes Resources Inc. (NASDAQ: HURI; BSE: HRI), a diversified provider of specialty lumber and other wood products, today announced results of its 1993 Annual Meeting of Stockholders held on Sept. 14.
 Shareholders voted to re-elect James E. Hughes, Sr., James E. Hughes, Jr. and Albert Brenman as directors. In addition, shareholders approved the company's 1992 Formula Stock Option Plan, which reserves 500,000 shares of common stock for issuance pursuant to the exercise of stock options. Each director of the company, who is not also an employee, will automatically be granted options to purchase 20,000 shares of common stock per year.
 "The plan is designed to provide additional incentive for non-employee directors to serve on behalf of Hughes Resources as well as to increase each director's equity interest in the company," said James E. Hughes, Jr., vice president.
 Following the annual meeting, the board of directors re-elected the officers of the company and appointed a fourth director, Donald Campbell. Campbell, age 59, is filling the position vacated recently by James H. Wood who resigned for personal reasons.
 "We are pleased to announce the addition of Mr. Campbell to the board of directors of Hughes Resources," Hughes said. He added that Campbell, who is currently a consultant to several privately-held companies principally doing business in Latin America, will contribute significantly as the company focuses on expanding its reach in the wood products export market.
 The company also reported that it has obtained a $3.5 million term loan from the Agriculture Production Credit Association in Tyler, Texas. Hughes said the loan will be used to retire and consolidate loans previously issued to the company.
 Hughes Resources recently reported results for its third quarter and nine-month period ended July 31, 1993, which included sales through nine months of $19.6 million and net income for the like period of $341,000, or 7 cents per share. These figures compare to sales of $16.8 million and a net loss of $83,000, or 2 cents per share, in the like period a year ago.
 Hughes Resources is engaged in four wood products segments: sawmilling, pole and chip milling, wood treatment and logging. Headquartered in Newton, the company has facilities in Bon Wier, Houston and San Antonio, Texas; and in DeQuincy, La.
 -0- 9/17/93
 /CONTACT: James E. Hughes, Jr. of Hughes Resources, 409-397-4221; or Pfeiffer Public Relations, 303-393-7044/
 (HURI)


CO: Hughes Resources Inc. ST: Texas IN: PAP SU: PER

BB -- DV001 -- 2947 09/17/93 08:30 EDT
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Publication:PR Newswire
Date:Sep 17, 1993
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