HUGHES SUPPLY ANNOUNCES FOURTH QUARTER RESULTS
HUGHES SUPPLY ANNOUNCES FOURTH QUARTER RESULTS ORLANDO, Fla., March 19 /PRNewswire/ -- Hughes Supply, Inc.
(NYSE: HUG) today announced results of operations for the fourth quarter ended Jan. 31, 1992. Sales for the quarter totaled $121,036,000, a 2 percent increase over the fourth quarter of the preceding fiscal year. The net loss for the fourth quarter ended Jan. 31, 1992 was $2.1 million or $.50 per share compared to a net quarterly loss in last year's fourth quarter of approximately $2.0 million or $.47 per share. There were approximately 4,177,000 shares outstanding at the end of both fiscal years.
Sales for the fiscal year ended Jan. 31, 1992 totaled $481,000,000, a 12 percent decrease from the prior fiscal year. The net loss for the year ended Jan. 31, 1992 was $4.1 million or $.99 per share compared to net income of $2.1 million in the preceding fiscal year or $.49 per share. Sales in the fourth quarter did not reflect any improvement in the construction markets served by Hughes. Additionally, the fourth quarter was adversely impacted by several non-recurring charges, including a $675,000 charge for petroleum related environmental clean-up costs, restructuring charges of $550,000 related to the reorganization of certain subsidiary operations, and the write-off of $625,000 for certain impaired or abandoned fixed assets. These charges are before any effects of income taxes. Although the company believes it has made significant progress in realigning its operations over the course of the last fiscal year by reducing its operating expenses by approximately $5.2 million and interest expense by approximately $2.0 million, additional quarterly losses may occur until overall market activity recovers from current depressed levels. -0- 3/19/92 /CONTACT: David H. Hughes, president of Hughes Supply, Inc., 407-841-4710/ (HUG) CO: Hughes Supply, Inc. ST: Florida IN: SU: ERN
AW-SB -- FL002 -- 9512 03/19/92 08:46 EST
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|Date:||Mar 19, 1992|
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