HUGHES SUPPLY ANNOUNCES QUARTERLY RESULTS
HUGHES SUPPLY ANNOUNCES QUARTERLY RESULTS ORLANDO, Fla., Nov. 19 /PRNewswire/ -- Hughes Supply, Inc.
(NYSE: HUG) announced today sales of $123.4 million for the third quarter ended Oct. 31, 1991 compared to sales of $143.2 million in last year's third quarter. The company reported a net loss for the quarter of $.24 million compared to net earnings of $.97 million. The loss per share was $.06 compared to last year's third quarter earnings of $.23 per share.
For the nine months ended Oct. 31, 1991, the company reported sales of $360.0 million compared to $430.2 million for the comparable period last year. The loss for the nine month period totaled $2.0 million or $.49 per share compared to earnings of $4.1 million or $.88 per share for the nine month period. The company's cash flow from operations for both the quarter and nine month period remained positive and has enabled the company to pay down debt. The company has continued to reduce its quarterly losses from the $1.3 million reported in the first quarter of the current fiscal year. These reductions have been achieved by scaling down working capital, debt, administrative expense and personnel. The 14 percent sales decrease for the quarter was attributed to severely depressed construction activity throughout the company's markets. Although the company believes it has made significant progress in realigning its operations to current market conditions, additional quarterly losses may be likely until overall market activity recovers from current depressed levels. -0- 11/19/91 /CONTACT: David H. Hughes, president of Hughes Supply, Inc., 407-841-4710/ (HUG) CO: Hughes Supply, Inc. ST: Florida IN: SU: ERN AW-SS -- FL007 -- 4993 11/19/91 13:42 EST
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|Date:||Nov 19, 1991|
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