HUG Hughes Supply

Hughes Supply Announces Acquisition of Standard Wholesale Supply Co. ORLANDO, Fla., May 3 /PRNewswire-FirstCall/ -- Hughes Supply, Inc. announced today that it has completed the acquisition of Standard Wholesale Supply Company, a distributor of waterworks, electrical and plumbing products serving the Las Vegas, Nevada area. The transaction closed on May 3, 2004 and is expected to be immediately accretive to earnings. (Logo: http://www.newscom.com/cgi-bin/prnh/19990803/HUGLOGO ) Standard Wholesale Supply is majority-owned by its President, Gary Crowe, whose father founded the company in 1939. The company's Waterworks, Electrical and Plumbing segments serve primarily the residential and infrastructure new construction markets in the Las Vegas area. Its product offerings include pipes, hydrants, valves, fittings, poles, street lights, wire and cable, and fixtures. Standard Wholesale Supply generated sales of approximately $73 million in its latest fiscal year ended December 31, 2003, and has 90 employees. Both Gary Crowe and Russ Soderquist, General Manager, are expected to remain with the company after the acquisition. "As a family-owned company with 65 years of history in Las Vegas, joining another family-originated company with the power and tradition of Hughes Supply is the ideal fit to help take Standard Wholesale Supply to a new level," stated Gary Crowe, President of Standard Wholesale Supply Company. "Hughes' waterworks, plumbing and electrical product groups complement us, and their philosophies and dedication to the customer mirror our own guiding principles." Tom Morgan, President and CEO of Hughes Supply Inc., commented, "The acquisition of Standard Wholesale Supply accelerates our geographic expansion into the very attractive market of Las Vegas, Nevada, the fastest-growing city in the country. In addition, the company's long history of providing the highest level of service possible to the customer, along with quality products, is well-aligned with the Hughes culture. We look forward to Gary and Russ continuing their leadership and are very pleased to have them join the Hughes Supply family." Hughes Supply, Inc., founded in 1928, is one of the nation's largest diversified wholesale distributors of construction, repair and maintenance- related products, with 486 locations in 38 states. Headquartered in Orlando, Florida, Hughes employs approximately 8,400 associates and generates annual revenues of over $3 billion. Hughes is a Fortune 500 company and was named the #2 Most Admired Company in America in the Wholesalers: Diversified Industry segment by Fortune Magazine. For additional information on Hughes, you may visit http://www.hughessupply.com/. Except for historical information, all other information discussed in this news release consists of forward-looking statements under the Private Securities Litigation Reform Act of 1995. When used in this report, the words "believe", "anticipate", "estimate", "expect", "may", "will", "should", "plan", "intend", "project", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be different from any future results, performance, and achievements expressed or implied by these statements. These risks and uncertainties include, but are not limited to, the strength of the construction market and the general economy, fluctuating commodity prices and unexpected product shortages, competition, success in integrating, and achieving expected profitability from, acquired businesses, reliance on key personnel, overseas movement of manufacturing facilities, delay in implementing operating systems, our fixed cost structure, product purchasing and supply, customer credit policies, and other factors set forth from time to time in filings with the Securities and Exchange Commission. The forward-looking statements included in this news release are made only as of the date of this news release and under section 27A of the Securities Act and section 21E of the Exchange Act. Hughes Supply does not have any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances. AP Archive: http://photoarchive.ap.org PRN Photo Desk, photodesk@prnewswire.com http://www.newscom.com/cgi-bin/prnh/19990803/HUGLOGODATASOURCE: Hughes Supply, Inc. CONTACT: Arleen Llerandi, Director, Investor Relations, Hughes Supply, Inc., +1-407-822-2989 Web site: http://www.hughessupply.com/

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