Hughes Supply, Inc. Announces Stock Buy-Back

Apr 10, 2001, 01:00 ET from Hughes Supply, Inc.

    ORLANDO, Fla., April 10 /PRNewswire/ --  Hughes Supply, Inc. (NYSE:   HUG)
 ("Hughes Supply") announced that it has reinstituted its share repurchase
 program.  This program, which was previously approved by its Board of
 Directors on March 15, 1999, authorized the Company to acquire up to
 approximately 10% of the outstanding shares of the Company in open market
 purchases.  This program was suspended in August 1999, after 921,100 shares
 were purchased.  There were 23,635,000 shares outstanding at the end of its
 most recent fiscal year (January 26, 2001).
     David Hughes, Chairman & CEO said, "With the stock trading at levels
 substantially below our book value and very close to our tangible book value,
 we will immediately reinstate this repurchase program. Although this will
 impact our debt leverage, this low share price and its accretive impact on
 earnings per share far outweigh any negative."
 
 

SOURCE Hughes Supply, Inc.
    ORLANDO, Fla., April 10 /PRNewswire/ --  Hughes Supply, Inc. (NYSE:   HUG)
 ("Hughes Supply") announced that it has reinstituted its share repurchase
 program.  This program, which was previously approved by its Board of
 Directors on March 15, 1999, authorized the Company to acquire up to
 approximately 10% of the outstanding shares of the Company in open market
 purchases.  This program was suspended in August 1999, after 921,100 shares
 were purchased.  There were 23,635,000 shares outstanding at the end of its
 most recent fiscal year (January 26, 2001).
     David Hughes, Chairman & CEO said, "With the stock trading at levels
 substantially below our book value and very close to our tangible book value,
 we will immediately reinstate this repurchase program. Although this will
 impact our debt leverage, this low share price and its accretive impact on
 earnings per share far outweigh any negative."
 
 SOURCE  Hughes Supply, Inc.