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HUGHES SUPPLY ANNOUNCES ANNUAL RESULTS

 ORLANDO, Fla., March 15 /PRNewswire/ -- Hughes Supply, Inc. (NYSE: HUG) announced today that sales for the year ended January 1993 totaled $528.4 million or a 10 percent increase over fiscal year 1992 sales of $481.0 million.
 Net income for the most recent year was $2.3 million compared to a net loss of $4.0 million for a year ago.
 Earnings per share were $.54 compared to a net loss per share of $.97 last year.
 Sales for the fourth quarter increased 8 percent to $130.9 million while net income was $1.0 million and primary earnings per share were $.24 compared to a net loss of $2.0 million or $.48 per share for the fourth quarter of the preceding year.
 Results of operations improved steadily over the course of the year as market conditions in most of the Southeast other than Florida improved gradually. The gross margin percentage improved slightly in the fourth quarter, but for the year was approximately the same as the prior fiscal year at 19.6 percent. The 10 percent sales increase translated into a 9.5 percent increase in gross profit dollars for the year ended January 1993, while selling, general and administrative expense increased by only 3 percent for the year. The company also benefited by better bad debt experience (.3 percent of sales for fiscal 1993 compared to .5 percent of sales for fiscal 1992) and lower interest expense.
 The company believes construction markets throughout the Southeast continue to improve gradually as consumer confidence has increased and interest rates have again moderated; however, continued cautiousness is warranted as Congress and the new Administration struggle with the Federal deficit and tax issues.
 -0- 3/15/93
 /CONTACT: David H. Hughes, president of Hughes Supply, 407-841-4710/
 (HUG)


CO: Hughes Supply, Inc. ST: Florida IN: CST SU: ERN

AW-SS -- FL007 -- 5918 03/15/93 09:57 EST
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Publication:PR Newswire
Date:Mar 15, 1993
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