Hughes Supply, based in Orlando, Fla., reported its unaudited results of operations for the fourth quarter and for fiscal year 2005. Sales for the fourth quarter ended Jan. 31, were $1.12 billion, an increase of 41% from the previous year's fourth quarter. Organic sales growth was 16%, with double-digit growth reported in the majority of the business segments for the fourth consecutive quarter. Net income grew 120% to $20.7 million compared to $9.4 million in the prior year's fourth quarter. Sales for the year were up 36% at $4.42 billion vs. the previous year. Organic sales grew a record 16%, with double-digit growth reported in six of eight business segments. Net income for the year grew 114% to $123.7 million compared with the previous year.

Operations

Hughes reported “significant progress” on the implementation of the Hughes Unified distribution system with 424 branches, more than 80% fully converted. More than 74% of total company revenue is now on the Hughes Unified platform vs. 43% at the beginning of fiscal year 2005.

The wholesaler successfully completed three accretive acquisitions during fiscal year 2005: Standard Wholesale, Todd Pipe & Supply, and Southwest Power / Western States Electric.

Other operational achievements Hughes reported include:

  • Successful and on-time completion of integration activities related to the Century acquisition announced December 2004.

  • Successful implementation of Phase 1 of Oracle Financial Systems.

  • Successful completion of the first Teradata enterprise data warehouse application.

  • “Strong financial performance, significant progress on operational initiatives, three strategic and accretive acquisitions, and a strengthened capital structure made fiscal year 2005 the best year in our company's history,” Tom Morgan, president/CEO, said in a statement.