I have an indexed field: (Model Number) which houses data such as: "Freud 99-036" or "Freud 44665" and so on.

120k records in the database.

Whenever I search for an item with a hyphen in it, it severely hangs, like for 2-3 minutes before returning the results.

Is there a solution?

Have you tried reindexing the field? It is a text field correct? It shouldnt take that long.

How exactly do you "search for an item with a hyphen in it"?

Perhaps I am using the wrong word. I have always assumed that a hyphen and a dash were the same thing. There's a lot I don't know though.

It is a text field (indexed, since it is our main field)

I go into find mode, select the model number field, and type the following text (without the double quotes): "Freud 99-036" and then click find.

I am not sure what you mean by "dash". Assuming you are using a hyphen (minus), it should work. Make sure that the field indexing is defined as "All" or "Automatically create indexes as needed". Re-indexing the field, as suggested by John, is certainly worth-while.

Another test you can perform: click in the field, select Insert > From Index… and check the 'Show individual words' option. See if 99-036 is listed as an individual word.