Financial Results ... Hughes Supply

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.