HUG Hughes Supply

Hughes Supply Completes Acquisitions of Southwest Power, Inc. and Western States Electric, Inc. ORLANDO, Fla., Nov. 1 /PRNewswire-FirstCall/ -- Hughes Supply, Inc. (NYSE:HUG) ("Hughes") announced today that it has completed the previously announced acquisitions of Southwest Power, Inc. and Western States Electric, Inc. (collectively referred to as SWP/WSE) from a common private ownership group. The purchase price, net of approximately $12.8 million in anticipated tax benefits associated with a section 338(h)(10) election, was $110.7 million. (Logo: http://www.newscom.com/cgi-bin/prnh/19990803/HUGLOGO ) Founded in 1976, SWP/WSE is one of the largest distributors of electrical utility transmission and distribution (T&D) supplies and equipment focused exclusively on the western and southwestern United States and recently, western Canada. During the last twelve months ended August 31, 2004, SWP/WSE generated revenues of approximately $272.0 million. This strategic acquisition makes Hughes a leader nationally in the electrical utility T&D supplies and equipment distribution market and is clearly aligned with Hughes' growth strategy of investing in businesses that expand its national footprint, reduce business cyclicality, and offer superior returns. Hughes Supply, Inc., founded in 1928, is one of the nation's largest diversified wholesale distributors of construction, repair and maintenance- related products, with 493 locations in 38 states. Headquartered in Orlando, Florida, Hughes employs approximately 9,100 associates and generates annual revenues of nearly $4 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/ . "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release contain forward-looking statements that are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. 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," 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, fluctuating commodity prices and unexpected product shortages, competition, Hughes Supply's reliance on key personnel, general economic conditions, success in integrating acquired business units, Hughes Supply's dependence on credit sales, 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. http://www.newscom.com/cgi-bin/prnh/19990803/HUGLOGO http://photoarchive.ap.org/ DATASOURCE: Hughes Supply, Inc. CONTACT: Arleen Llerandi, Vice President, Investor Relations of Hughes Supply, Inc., +1-407-822-2989 Web site: http://www.hughessupply.com/

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