HUGHES SUPPLY, INC. ANNOUNCES AGREEMENT WITH ELECTRICAL DISTRIBUTORS, INC.
ORLANDO, Fla., June 30 /PRNewswire/ -- Hughes Supply, Inc. (NYSE: HUG) ("Hughes") today announced an agreement for the acquisition of Electrical Distributors, Inc. ("EDI"), an Atlanta-based wholesale distributor of electrical materials and supplies. The transaction is to be effective as of June 30, 1993, and is expected to be completed within the next several days. Electrical Distributors, Inc. employs 74 people, all of whom are expected to remain in the employ of EDI. Donald Martin, EDI's president, is also expected to join the Hughes Supply, Inc. board of directors. EDI is the largest independent electrical wholesaler headquartered in Atlanta serving the electrical needs of industrial and commercial accounts with annual sales of approximately $26 million. This transaction will be accounted for as a pooling-of-interest and calls for the issuance of 375,000 share of Hughes Supply, Inc. common stock in exchange for the shares of EDI. The issuance of the additional shares coupled with the effects of the pooling-of-interest method of accounting will have little historical effect on earnings per share. Going forward, Hughes is projecting that EDI will contribute to an increase in earnings per share for the current year. Hughes is a NYSE company headquartered in Orlando, Fla. with operations throughout the Southeast and sales of $528 million. Analysts have been predicting earnings for the current year of $.80 to $.90 per share. -0- 6/30/93 /CONTACT: David H. Hughes, president of Hughes Supply, Inc., 407-841-4710/
CO: Hughes Supply, Inc.; Electrical Distributors, Inc. ST: Florida, Georgia IN: CST SU: TNM
RC-AW -- FL003 -- 7041 06/30/93 09:55 EDT
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|Date:||Jun 30, 1993|
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