Financial Results ... Hughes Supply
Hughes reported “significant progress” on the implementation of the Hughes Unified distribution system with 424 branches, more than 80% fully converted. More than 74% of total company revenue is now on the Hughes Unified platform vs. 43% at the beginning of fiscal year 2005.
The wholesaler successfully completed three accretive acquisitions during fiscal year 2005: Standard Wholesale, Todd Pipe & Supply, and Southwest Power / Western States Electric.
Other operational achievements Hughes reported include:
- Successful and on-time completion of integration activities related to the Century acquisition announced December 2004.
- Successful implementation of Phase 1 of Oracle Financial Systems.
- Successful completion of the first Teradata enterprise data warehouse application.
- “Strong financial performance, significant progress on operational initiatives, three strategic and accretive acquisitions, and a strengthened capital structure made fiscal year 2005 the best year in our company's history,” Tom Morgan, president/CEO, said in a statement.