Hughes Supply Racks Up $58M in 2002

ORLANDO-Hughes Supply Inc., a locally based, family-founded and operated national construction materials distributor for 75 years, ended fiscal 2002 with net income of $58.1 million or $2.45 per share compared with 2001 net of $44.1 million or $1.88 per share. Sales totaled $3.07 billion, up from $3.04 million.

The strong performance comes as David H. Hughes plans to give up his CEO post at the New York Stock Exchange-traded company in May to president Tom Morgan. Hughes will remain as chairman of the company founded in 1928 by his grandfather, Russell Hughes.

David Hughes is credited with growing the company from a local distributor of building supplies with annual sales of $30 million to a 450-branch national organization in 34 states with average annual sales of $3 billion. David Hughes joined the company full time in 1967 after graduating from law school at the University of Florida, and has been CEO since 1974.