FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 001-08772
HUGHES SUPPLY, INC.
(Exact name of registrant as specified in its charter)
Florida 59-0559446
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
20 North Orange Avenue, Suite 200, Orlando, Florida 32801
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 407/841-4755
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES [X] NO [ ]
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Common Stock Outstanding as of May 31, 1997
$1 Par Value 11,736,864
Page 1
HUGHES SUPPLY, INC.
FORM 10-Q
Index
Page No.
Part I. Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets as of
April 30, 1997 and January 31, 1997 ........... 3 - 4
Consolidated Statements of Income for
the Three Months Ended April 30, 1997
and 1996 ...................................... 5
Consolidated Statements of Cash Flows for the
Three Months Ended April 30, 1997 and 1996 .... 6
Notes to Consolidated Financial Statements .... 7 - 9
Item 2. Management's Discussion and Analysis of
Financial Condition and Results
of Operations ................................. 10 - 12
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K .............. 13 - 17
Signatures .................................... 18
Index of Exhibits Filed with This Report ...... 19
Page 2
HUGHES SUPPLY, INC.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets (unaudited)
(in thousands, except share data)
April 30, January 31,
1997 1997
---------- ----------
ASSETS
Current Assets:
Cash and cash equivalents $ 11,110 $ 6,329
Accounts receivable, less allowance for
losses of $4,647 and $3,809 230,104 195,200
Inventories 266,776 250,113
Deferred income taxes 13,644 12,761
Other current assets 7,079 12,366
--------- ---------
Total current assets 528,713 476,769
Property and Equipment, net 78,927 73,038
Excess of Cost over Net Assets Acquired 93,680 89,755
Deferred Income Taxes 2,252 2,204
Other Assets 9,019 7,736
--------- ---------
$ 712,591 $ 649,502
========= =========
The accompanying notes are an integral part of these consolidated
financial statements.
Page 3
HUGHES SUPPLY, INC.
Consolidated Balance Sheets (unaudited) - continued
(in thousands, except share data)
April 30, January 31,
1997 1997
----------- -----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt $ 6,169 $ 3,108
Accounts payable 148,052 111,997
Accrued compensation and benefits 12,590 16,508
Other current liabilities 25,153 14,768
--------- ---------
Total current liabilities 191,964 146,381
Long-Term Debt 230,438 221,988
Other Noncurrent Liabilities 2,328 2,199
--------- ---------
Total liabilities 424,730 370,568
--------- ---------
Commitments and Contingencies
Shareholders' Equity:
Preferred stock - -
Common stock-11,611,650 and
11,518,298 shares issued and outstanding 11,612 11,518
Capital in excess of par value 117,553 114,927
Retained earnings 158,696 152,489
--------- ---------
Total shareholders' equity 287,861 278,934
--------- ---------
$ 712,591 $ 649,502
========= =========
The accompanying notes are an integral part of these consolidated
financial statements.
Page 4
HUGHES SUPPLY, INC.
Consolidated Statements of Income (unaudited)
(in thousands, except per share data)
Three months ended April 30,
1997 1996
---------- ----------
Net Sales $ 421,385 $ 349,500
Cost of Sales 332,224 280,157
---------- ----------
Gross Profit 89,161 69,343
---------- ----------
Operating Expenses:
Selling, general and administrative 68,674 56,239
Depreciation and amortization 4,540 2,743
Provision for doubtful accounts 344 851
---------- ----------
Total operating expenses 73,558 59,833
---------- ----------
Operating Income 15,603 9,510
---------- ----------
Non-Operating Income and (Expenses):
Interest and other income 1,234 1,595
Interest expense (3,981) (2,461)
---------- ----------
(2,747) (866)
---------- ----------
Income Before Income Taxes 12,856 8,644
Income Taxes 5,079 3,121
---------- ----------
Net Income $ 7,777 $ 5,523
========== ==========
Earnings Per Share:
Primary $ .66 $ .63
========== ==========
Fully diluted $ .66 $ .63
========== ==========
Average Shares Outstanding:
Primary 11,780 8,731
========== ==========
Fully diluted 11,784 8,771
========== ==========
Dividends Per Share $ .11 $ .09
========== ==========
The accompanying notes are an integral part of these consolidated
financial statements.
Page 5
HUGHES SUPPLY, INC.
Consolidated Statements of Cash Flows (unaudited)
(in thousands)
Three months ended April 30,
1997 1996
---------- ----------
Increase (Decrease) in Cash and Cash
Equivalents:
Cash flows from operating activities:
Cash received from customers $ 389,333 $ 328,485
Cash paid to suppliers and employees (376,349) (318,934)
Interest received 858 1,075
Interest paid (1,919) (2,732)
Income taxes paid (567) (860)
---------- ----------
Net cash provided by
operating activities 11,356 7,034
---------- ----------
Cash flows from investing activities:
Capital expenditures (8,354) (4,601)
Proceeds from sale of
property and equipment 135 263
Business acquisitions, net of cash (6,590) (5,419)
---------- ----------
Net cash used in
investing activities (14,809) (9,757)
---------- ----------
Cash flows from financing activities:
Net borrowings under short-term
debt arrangements 11,903 10,752
Principal payments on:
Long-term notes (2,405) (6,425)
Capital lease obligations (236) (217)
Proceeds from stock options exercised 200 442
Purchase of common shares (76) (78)
Dividends paid (1,152) (2,109)
---------- ----------
Net cash provided by
financing activities 8,234 2,365
---------- ----------
Net Increase (Decrease) in Cash and
Cash Equivalents 4,781 (358)
Cash and Cash Equivalents:
Beginning of period 6,329 3,644
---------- ----------
End of period $ 11,110 $ 3,286
========== ==========
The accompanying notes are an integral part of these consolidated
financial statements.
Page 6
HUGHES SUPPLY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited) (dollars in thousands, except per share data)
1. In the opinion of the Company, the accompanying unaudited
consolidated financial statements contain all adjustments
(consisting only of normal recurring adjustments) necessary to
present fairly the financial position as of April 30, 1997, and the
results of operations and cash flows for the three months ended
April 30, 1997 and 1996.
The fiscal year of the Company is a 52- or 53-week period ending on
the last Friday in January. Fiscal year 1998 will be a 52-week
period while fiscal year 1997 was a 53-week period. The quarters
ended April 30, 1997 and 1996 contained 13 weeks and 14 weeks,
respectively.
In March 1997, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 128, Earnings per
Share ("SFAS 128"). SFAS 128 is effective for financial statements
issued for periods ending after December 15, 1997 and, accordingly,
will be adopted by the Company commencing with its period ending
January 30, 1998. Management of the Company expects its adoption
of SFAS 128 to have an immaterial effect on the calculation of its
earnings per share.
2. During the three months ended April 30, 1997, the Company acquired
two wholesale distributors of materials to the construction
industry for cash and stock. These acquisitions have been
accounted for as purchases and did not have a material effect on
the consolidated financial statements of the Company. Results of
operations of these companies from their respective dates of
acquisition have been included in the consolidated financial
statements.
Page 7
HUGHES SUPPLY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(unaudited) (dollars in thousands, except per share data)
3. The following is a reconciliation of net income to net cash
provided by (used in) operating activities:
Three months ended April 30,
1997 1996
---------- ----------
Net income $ 7,777 $ 5,523
Adjustments to reconcile net
income to net cash provided by
(used in) operating activities:
Depreciation 2,703 2,186
Amortization 1,837 557
Provision for doubtful accounts 344 851
Gain on sale of property
and equipment (99) (175)
Undistributed earnings
of affiliate (65) (24)
Changes in assets and liabilities,
net of effects of acquisitions:
(Increase) decrease in:
Accounts receivable (32,264) (21,336)
Inventories (13,364) (1,754)
Other current assets 5,879 7,155
Other assets (1,200) (588)
Increase (decrease) in:
Accounts payable and accrued
expenses 33,105 12,521
Accrued interest and income
taxes 7,505 3,038
Other noncurrent liabilities 129 128
Increase in deferred income taxes (931) (1,048)
---------- ----------
Net cash provided by
operating activities $ 11,356 $ 7,034
========== ==========
Page 8
HUGHES SUPPLY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(unaudited) (dollars in thousands, except per share data)
4. Subsequent events:
On May 20, 1997 the Company's Board of Directors declared a three-
for-two stock split to shareholders of record as of July 10, 1997.
The date of issuance for the additional shares will be July 17,
1997. Accordingly, average number of shares, per share amounts and
stock option data will be restated for periods prior to the stock
split. The following table presents pro forma average shares
outstanding and earnings per share information, assuming the
additional shares resulting from the stock split had been
outstanding since the beginning of each period presented:
Three Months Ended April 30,
1997 1996
---------- ----------
Average shares outstanding:
Primary 17,670 13,097
Fully diluted 17,676 13,157
Earnings per share:
Primary $ .44 $ .42
Fully diluted .44 .42
Financial information contained elsewhere in this report has not
been adjusted to reflect the impact of the stock split.
On May 20, 1997 the Company's Board or Directors also increased the
regular quarterly cash dividend from $.11 per share (pre split
basis) to $.075 per share (post split basis) effective for the
second quarter dividend which will be payable on August 15, 1997 to
shareholders of record on August 1, 1997.
On May 20, 1997 the shareholders approved an amendment to the
Restated Articles of Incorporation of the Company increasing the
number of authorized shares of common stock from 20,000,000 to
100,000,000 shares, $1.00 par value per share.
Page 9
HUGHES SUPPLY, INC.
PART I. FINANCIAL INFORMATION - Continued
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
The following is management's discussion and analysis of certain
significant factors which have affected the financial condition of the
Company as of April 30, 1997, and the results of operations for the
three months then ended.
Material Changes in Results of Operations
Net Sales
Net sales were $421 million for the quarter ended April 30, 1997, an
increase of 21% over the prior year's first quarter. On a basis
comparable to the prior year's first quarter, the Company experienced a
same-store net sales increase of 10%. The remaining increase in net
sales is attributable to newly-opened and acquired wholesale outlets.
Management expects market activity to continue at current levels. These
favorable conditions coupled with the Company's acquisition program
should result in continued sales growth.
Gross Profit
Gross profit and gross margin for the three months ended April 30, 1997
and 1996 were as follows (dollars in thousands):
1997 1996 Variance
Gross profit $ 89,161 $ 69,343 $ 19,818 28.6%
Gross margin 21.2% 19.8%
The improvement in gross margins has resulted from several factors,
including expansion of product offerings to lines with better margins,
efficiencies created with central distribution centers, increased volume
and concentration of supply sources as part of the Company's preferred
vendor program.
Operating Expenses
Operating expenses for the three months ended April 30, 1997 and 1996
were as follows (dollars in thousands):
1997 1996 Variance
Operating expenses $ 73,558 $ 59,833 $ 13,725 22.9%
Percentage of net sales 17.5% 17.1%
Page 10
Newly-opened wholesale outlets and recent acquisitions accounted for
approximately 20 percentage points of the 22.9% increase. The remainder
of the increase is due primarily to personnel and transportation costs
associated with same-store sales growth.
Interest Expense
Interest expense was $4.0 million and $2.5 million for the quarters
ended April 30, 1997 and 1996, respectively, a 62% increase. The
increase is primarily the result of higher borrowing levels as interest
rates have been essentially unchanged. Expansion through business
acquisitions has been partially funded by debt financing.
Income Taxes
The effective income tax rates for the three months ended April 30, 1997
and 1996 were 39.5% and 36.1%, respectively. Prior to the mergers on
April 26, 1996 with ELASCO and January 24, 1997 with Metals,
Incorporated and Stainless Tubular Products, Inc., all three entities
were Subchapter S corporations and, therefore, not subject to corporate
income tax. Each entity's Subchapter S corporation status terminated
upon the merger with the Company. As a result, the Company's effective
rate is higher for the current quarter compared to the prior year's
first quarter. The Company's effective tax rate in the prior year's
first quarter would have been approximately 40% assuming ELASCO, Metals,
Incorporated and Stainless Tubular Products, Inc. were tax paying
entities.
Net Income
Net income was $7.8 million compared to $5.5 million for the prior
year's first quarter, a 41% increase. Fully diluted earnings per share
for the quarter increased to $.66 compared to $.63 in the prior year on
34% more shares outstanding.
These improved results reflect operating leverage that has been achieved
through the Company's acquisition program and through internal growth.
Operating margins (operating income as a percentage of net sales) have
improved to 3.7% compared to 2.7% for the quarters ended April 30, 1997
and 1996, respectively.
Liquidity and Capital Resources
Working capital at April 30, 1997 amounted to $337 million compared to
$330 million at January 31, 1997. The working capital ratio was 2.8 to
1 and 3.3 to 1 as of April 30, 1997 and January 31, 1997, respectively.
The Company typically becomes more leveraged in expansionary periods.
Consequently, higher levels of inventories and receivables, trade
payables and debt are required to support the growth.
Page 11
Cash payments for business acquisitions, accounted for as purchases,
totaled $6.6 million for the three months ended April 30, 1997. In
addition, the Company issued approximately 52,000 of its common shares
valued at approximately $2.0 million for such purchases.
Net cash provided by operations was $11.4 million for the three months
ended April 30, 1997 compared to $7.0 million for the three months ended
April 30, 1996. This change is due primarily to fluctuations in
accounts receivable, inventories and accounts payable.
Expenditures for property and equipment were $8.4 million for the
quarter ended April 30, 1997 compared to $4.6 million for the prior
year's first quarter. Capital expenditures for property and equipment,
not including amounts for business acquisitions, are expected to be
approximately $20 million for fiscal year 1998.
Principal reductions on long-term debt were $2.4 million for the three
months ended April 30, 1997 compared to $6.4 million for the prior year
first quarter. These amounts are attributed primarily to paying off
debt assumed as a result of certain business acquisitions. Dividend
payments were $1.2 million and $2.1 million (including $1.5 million in
cash dividends of pooled companies) during the three months ended April
30, 1997 and 1996, respectively.
Management believes that the Company has sufficient borrowing capacity,
with approximately $23 million available under its existing credit
facilities and a $50 million commitment to expand its existing credit
facilities (subject to borrowing limitations under long-term debt
covenants) as of April 30, 1997, to take advantage of growth and
business acquisition opportunities and has the resources necessary to
fund ongoing operating requirements and anticipated capital
expenditures. Future expansion will continue to be financed on a
project-by-project basis through additional borrowing, or, as
circumstances allow, through the issuance of common stock.
Page 12
HUGHES SUPPLY, INC.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits Filed
(2) Plan of acquisition, reorganization, arrangement, liquidation
or succession. Not applicable.
(3) Articles of incorporation and by-laws.
3.1 Restated Articles of Incorporation, as amended.
3.2 Composite By-Laws, as amended, filed as Exhibit 3.2 to
Form 10-Q for the quarter ended July 31, 1994 (Commission
File No. 001-08772).
(4) Instruments defining the rights of security holders, including
indentures.
4.1 Specimen Stock Certificate representing shares of the
Registrant's common stock, $1.00 par value, filed as
Exhibit 4.2 to Form 10-Q for the quarter ended October
31, 1984 (Commission File No. 0-5235).
4.2 Resolution Approving and Implementing Shareholder Rights
Plan filed as Exhibit 4.4 to Form 8-K dated May 17, 1988
(Commission File No. 0-5235).
(10) Material contracts.
10.1 Lease Agreements with Hughes, Inc.
(a) Orlando Trucking, Garage and Maintenance Operations
dated December 1, 1971, filed as Exhibit 13(n) to
Registration No. 2-43900 (Commission File No. 0-
5235). Letter dated April 15, 1992 extending lease
from month to month, filed as Exhibit 10.1(a) to
Form 10-K for the fiscal year ended January 31,
1992 (Commission File No. 0-5235).
(b) Leases effective March 31, 1988, filed as Exhibit
10.1(c) to Form 10-K for the fiscal year ended
January 27, 1989 (Commission File No. 0-5235).
Page 13
Sub-Item Property
(1) Clearwater
(2) Daytona Beach
(3) Fort Pierce
(4) Lakeland
(6) Leesburg
(7) Orlando Electrical Operation
(8) Orlando Plumbing Operation
(9) Orlando Utility Warehouse
(11) Sarasota
(12) Venice
(13) Winter Haven
(c) Lease amendment letter between Hughes, Inc. and the
Registrant, dated December 1, 1986, amending
Orlando Truck Operations Center and Maintenance
Garage lease, filed as Exhibit 10.1(i) to Form 10-K
for the fiscal year ended January 30, 1987
(Commission File No. 0-5235).
(d) Lease agreement dated June 1, 1987, between Hughes,
Inc. and the Registrant, for additional Sarasota
property, filed as Exhibit 10.1(j) to Form 10-K for
the fiscal year ended January 29, 1988 (Commission
File No. 0-5235).
(e) Leases dated March 11, 1992, filed as Exhibit
10.1(e) to Form 10-K for the fiscal year ended
January 31, 1992 (Commission File No. 0-5235).
Sub-Item Property
(2) Gainesville Electrical Operation
10.2 Hughes Supply, Inc. 1988 Stock Option Plan as amended
March 12, 1996 filed as Exhibit 10.2 to Form 10-K for the
fiscal year ended January 26, 1996 (Commission File No.
001-08772).
10.3 Form of Supplemental Executive Retirement Plan Agreement
entered into between the Registrant and eight of its
executive officers, filed as Exhibit 10.6 to Form 10-K
for fiscal year ended January 30, 1987 (Commission File
No. 0-5235).
10.4 Directors' Stock Option Plan, as amended, filed as
Exhibit 10.4 to Form 10-Q for the quarter ended July 31,
1994 (Commission File No. 001-08772).
Page 14
10.5 Asset Purchase Agreement with Accord Industries Company,
dated October 9, 1990, for sale of Registrant's
manufacturing operations, filed as Exhibit 10.7 to Form
10-K for the fiscal year ended January 25, 1991
(Commission File No. 0-5235).
10.6 Lease Agreement dated June 30, 1993 between Donald C.
Martin and Electrical Distributors, Inc., filed as
Exhibit 10.6 to Form 10-K for the fiscal year ended
January 28, 1994 (Commission File No. 001-08772).
10.7 Consulting Agreement dated June 30, 1993 between Hughes
Supply, Inc. and Donald C. Martin, filed as Exhibit 10.7
to Form 10-K for the fiscal year ended January 28, 1994
(Commission File No. 001-08772).
10.8 Written description of senior executives' long-term
incentive bonus plan for fiscal year 1996 incorporated by
reference to the description of the bonus plan set forth
under the caption "Approval of the Stock Award Provisions
of the Senior Executives' Long-Term Incentive Bonus Plan
for Fiscal Year 1996" on pages 26 and 27 of the
Registrant's Proxy Statement Annual Meeting of
Shareholders To Be Held May 24, 1994 (Commission File No.
001-08772).
10.9 Hughes Supply, Inc. Amended Senior Executives' Long-Term
Incentive Bonus Plan, adopted January 25, 1996, filed as
Exhibit 10.9 to Form 10-K for the fiscal year ended
January 26, 1996 (Commission File No. 001-08772).
10.10 Lease Agreement dated June 24, 1996 between Donald C.
Martin and Hughes Supply, Inc., filed as Exhibit 10.10 to
Form 10-Q for the quarter ended October 31, 1996
(Commission File No. 001-08772).
10.11 Lease Agreements between Union Warehouse & Trucking
Company (d/b/a Union Warehouse & Realty Company) or
Monoco Realty and USCO Incorporated.
(a) Leases dated March 1, 1985 and amended December 23,
1986, filed as Exhibit 10.11(a) to Form 10-K for
the fiscal year ended January 26, 1996 (Commission
File No. 001-08772).
Page 15
Sub-Item Property
(1) 610 East Windsor St., Monroe, NC
(2) 113-115 Henderson St., Monroe, NC
(3) Statesville, NC
(4) Charlotte, NC
(5) Durham, NC
(6) Pinehurst, NC
(7) West Columbia, SC
(b) Lease dated July 1, 1986 and amended December 23,
1986 for Aiken, South Carolina property, filed as
Exhibit 10.11(b) to Form 10-K for the fiscal year
ended January 26, 1996 (Commission File No. 001-
08772).
(c) Lease dated March 1, 1990 for Greenville, South
Carolina property, filed as Exhibit 10.11(c) to
Form 10-K for the fiscal year ended January 26,
1996 (Commission File No. 001-08772).
(d) Lease dated November 1, 1993 for Cheraw, South
Carolina property, filed as Exhibit 10.11(d) to
Form 10-K for the fiscal year ended January 26,
1996 (Commission File No. 001-08772).
(e) Lease dated March 1, 1985 and amended October 1,
1992 for 1515 Morgan Mill Road, Monroe, North
Carolina property, filed as Exhibit 10.11(e) to
Form 10-K for the fiscal year ended January 26,
1996 (Commission File No. 001-08772).
(f) Lease amendment letter between Union Warehouse &
Realty Company, Monoco Realty Company and Hughes
Supply, Inc., dated October 18, 1994, amending the
leases for the eleven properties listed in Exhibit
10.11(a) through (e), filed as Exhibit 10.11(f) to
Form 10-K for the fiscal year ended January 26,
1996 (Commission File No. 001-08772).
(g) Lease effective February 1, 1996 for Pineville,
North Carolina property, filed as Exhibit 10.11(g)
to Form 10-K for the fiscal year ended January 26,
1996 (Commission File No. 001-08772).
10.12 Lease Agreement effective February 1, 1993 between Union
Warehouse & Realty Company and Moore Electric Supply,
Inc., filed as Exhibit 10.12 to Form 10-K for the fiscal
year ended January 26, 1996 (Commission File No. 001-
08772).
Page 16
10.13 Lease Agreement dated April 14, 1997 between Union
Warehouse & Realty Co. and Hughes Supply, Inc.
(11) Statement re computation of per share earnings.
11.1 Summary schedule of earnings per share calculations.
(15) Letter re unaudited interim financial information. Not
applicable.
(18) Letter re change in accounting principles. Not applicable.
(19) Report furnished to security holders. Not applicable.
(22) Published report regarding matters submitted to vote of
security holders. Not applicable.
(23) Consents of experts and counsel. Not applicable.
(24) Power of attorney. Not applicable.
(27) Financial data schedule.
27.1 Financial Data Schedule (filed electronically only).
(99) Additional exhibits. Not applicable.
(b) Reports on Form 8-K
During the quarter ended April 30, 1997, the Registrant filed
a Current Report on Form 8-K dated February 18, 1997, which
reported under Item 5 (Other Events) that the Registrant has
restated its financial statements for the years ended January
26, 1996, January 27, 1995 and January 28, 1994 and for the
nine months ended October 31, 1996 and October 31, 1995 to
give effect to certain business combinations accounted for as
poolings of interests.
Page 17
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
HUGHES SUPPLY, INC.
Date: June 11, 1997 By: /s/ David H. Hughes
David H. Hughes, Chairman of
the Board and Chief Executive
Officer
Date: June 11, 1997 By: /s/ J. Stephen Zepf
J. Stephen Zepf, Treasurer,
Chief Financial Officer and
Chief Accounting Officer
Page 18
INDEX OF EXHIBITS FILED WITH THIS REPORT
3.1 Restated Articles of Incorporation, as amended.
10.13 Lease Agreement dated April 14, 1997 between Union Warehouse
& Realty Co. and Hughes Supply, Inc.
11.1 Summary schedule of earnings per share calculations.
27.1 Financial data schedule (filed electronically only).
Page 19