Financial Supplement
For the Fourth Quarter of Fiscal Year 2011 ending April 1, 2011
PSS World Medical, Inc.
As of April 1, 2011
Current Fiscal Year
(in thousands, except per share data)
| Fiscal Year 2011 | ||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||
| Net sales | $ | 478,856 | $ | 496,188 | $ | 510,087 | $ | 549,658 | $ | 2,034,789 | ||||||||||
| Cost of goods sold | 331,010 | 339,063 | 352,192 | 376,753 | 1,399,018 | |||||||||||||||
| Gross profit | 147,846 | 157,125 | 157,895 | 172,905 | 635,771 | |||||||||||||||
| General & administrative expenses | 89,986 | 87,399 | 88,860 | 98,505 | 364,749 | |||||||||||||||
| Selling expenses | 32,610 | 34,298 | 34,330 | 36,229 | 137,466 | |||||||||||||||
| Income from operations | 25,250 | 35,429 | 34,706 | 38,171 | 133,556 | |||||||||||||||
| Interest expense | (4,137 | ) | (4,226 | ) | (4,243 | ) | (4,515 | ) | (17,121 | ) | ||||||||||
| Interest & investment income | 66 | 46 | 33 | 139 | 284 | |||||||||||||||
| Other income | 544 | 412 | 852 | 698 | 2,506 | |||||||||||||||
| Income from operations before income taxes | 21,723 | 31,661 | 31,348 | 34,493 | 119,225 | |||||||||||||||
| Provision for income taxes | 7,892 | 12,016 | 11,757 | 12,895 | 44,560 | |||||||||||||||
| Net income | 13,831 | 19,644 | 19,592 | 21,598 | 74,664 | |||||||||||||||
| Net income attributable to noncontrolling interest | 78 | 87 | 42 | (28 | ) | 179 | ||||||||||||||
| Net income attributable to PSS World Medical, Inc. | $ | 13,753 | $ | 19,557 | $ | 19,549 | $ | 21,626 | $ | 74,485 | ||||||||||
| Earnings per share - Basic: | ||||||||||||||||||||
| Net income attributable to PSS World Medical, Inc. | $ | 0.25 | $ | 0.36 | $ | 0.36 | $ | 0.40 | $ | 1.36 | ||||||||||
| Earnings per share - Diluted: | ||||||||||||||||||||
| Net income attributable to PSS World Medical, Inc. | $ | 0.24 | $ | 0.35 | $ | 0.35 | $ | 0.38 | $ | 1.32 | ||||||||||
| WASO - Basic | 56,093 | 54,985 | 54,357 | 54,548 | 54,996 | |||||||||||||||
| WASO - Diluted | 57,924 | 55,887 | 55,567 | 56,789 | 56,546 | |||||||||||||||
| Net sales by segment: | ||||||||||||||||||||
| Physician Business | $ | 327,403 | $ | 343,403 | $ | 357,298 | $ | 396,908 | $ | 1,425,012 | ||||||||||
| Elder Care Business | 151,202 | 152,173 | 152,263 | 152,111 | 607,750 | |||||||||||||||
| Corporate Shared Services | 251 | 612 | 526 | 639 | 2,028 | |||||||||||||||
| $ | 478,856 | $ | 496,188 | $ | 510,087 | $ | 549,658 | $ | 2,034,789 | |||||||||||
| Billing days: | 64 | 63 | 61 | 65 | 253 | |||||||||||||||
| Net sales per billing day: | ||||||||||||||||||||
| Physician Business | $ | 5,116 | $ | 5,451 | $ | 5,857 | $ | 6,106 | $ | 5,632 | ||||||||||
| Elder Care Business | 2,363 | 2,415 | 2,496 | 2,340 | 2,402 | |||||||||||||||
| Corporate Shared Services | 4 | 10 | 9 | 10 | 8 | |||||||||||||||
| $ | 7,482 | $ | 7,876 | $ | 8,362 | $ | 8,456 | $ | 8,043 | |||||||||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
As of April 1, 2011
(in thousands, except per share data)
| Fiscal Year 2008 | Fiscal Year 2009 | Fiscal Year 2010 | |||||||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||||||||||||||||||||
| Net sales | $ | 438,910 | $ | 457,930 | $ | 465,208 | $ | 493,744 | $ | 1,855,791 | $ | 472,215 | $ | 491,603 | $ | 519,145 | $ | 469,728 | $ | 1,952,691 | $ | 493,554 | $ | 561,976 | $ | 502,764 | $ | 496,877 | $ | 2,055,171 | |||||||||||||||
| Cost of goods sold | 311,227 | 325,390 | 330,215 | 347,289 | 1,314,120 | 333,283 | 344,347 | 364,282 | 328,868 | 1,370,781 | 347,581 | 389,404 | 348,064 | 342,427 | 1,427,476 | ||||||||||||||||||||||||||||||
| Gross profit | 127,683 | 132,540 | 134,993 | 146,455 | 541,672 | 138,931 | 147,255 | 154,863 | 140,860 | 581,910 | 145,974 | 172,571 | 154,700 | 154,449 | 627,695 | ||||||||||||||||||||||||||||||
| General and administrative expenses | 83,638 | 77,353 | 79,408 | 83,725 | 324,124 | 89,634 | 90,689 | 89,426 | 82,728 | 352,478 | 91,638 | 97,208 | 89,439 | 92,586 | 370,871 | ||||||||||||||||||||||||||||||
| Selling expenses | 29,551 | 30,763 | 31,509 | 33,473 | 125,295 | 31,266 | 32,161 | 33,721 | 31,356 | 128,505 | 32,687 | 36,728 | 33,249 | 33,178 | 135,842 | ||||||||||||||||||||||||||||||
| Income from operations | 14,494 | 24,425 | 24,077 | 29,257 | 92,253 | 18,031 | 24,405 | 31,715 | 26,776 | 100,927 | 21,649 | 38,635 | 32,012 | 28,685 | 120,981 | ||||||||||||||||||||||||||||||
| Interest expense | (2,764 | ) | (2,956 | ) | (3,247 | ) | (3,529 | ) | (12,495 | ) | (3,203 | ) | (5,300 | ) | (7,409 | ) | (6,247 | ) | (22,159 | ) | (4,261 | ) | (4,532 | ) | (4,214 | ) | (4,288 | ) | (17,295 | ) | |||||||||||||||
| Interest and investment income | 528 | 114 | 26 | 23 | 691 | 122 | 842 | 1,034 | 305 | 2,304 | 134 | 95 | 117 | 30 | 376 | ||||||||||||||||||||||||||||||
| Other income | 544 | 546 | 833 | 5,361 | 7,284 | 608 | 520 | 877 | 638 | 2,643 | 3,995 | 452 | 741 | 879 | 6,068 | ||||||||||||||||||||||||||||||
| Income from ops before income taxes | 12,802 | 22,129 | 21,690 | 31,112 | 87,732 | 15,559 | 20,467 | 26,218 | 21,472 | 83,716 | 21,517 | 34,650 | 28,657 | 25,306 | 110,130 | ||||||||||||||||||||||||||||||
| Provision for income taxes | 5,010 | 8,551 | 8,441 | 12,597 | 34,599 | 6,187 | 8,104 | 10,230 | 7,709 | 32,229 | 8,213 | 12,964 | 10,736 | 8,854 | 40,768 | ||||||||||||||||||||||||||||||
| Net income | 7,792 | 13,578 | 13,249 | 18,515 | 53,133 | 9,372 | 12,363 | 15,989 | 13,763 | 51,486 | 13,304 | 21,686 | 17,921 | 16,452 | 69,363 | ||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interest | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Net income attributable PSS World Medical, Inc. | $ | 7,792 | $ | 13,578 | $ | 13,249 | $ | 18,515 | $ | 53,133 | $ | 9,372 | $ | 12,363 | $ | 15,989 | $ | 13,763 | $ | 51,486 | $ | 13,304 | $ | 21,686 | $ | 17,921 | $ | 16,452 | $ | 69,363 | |||||||||||||||
| Earnings per share - Basic: | |||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable PSS World Medical, Inc. | $ | 0.12 | $ | 0.21 | $ | 0.21 | $ | 0.30 | $ | 0.82 | $ | 0.15 | $ | 0.21 | $ | 0.27 | $ | 0.23 | $ | 0.86 | $ | 0.23 | $ | 0.37 | $ | 0.31 | $ | 0.29 | $ | 1.20 | |||||||||||||||
| Earnings per share - Diluted: | |||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable PSS World Medical, Inc. | $ | 0.11 | $ | 0.20 | $ | 0.20 | $ | 0.29 | $ | 0.80 | $ | 0.15 | $ | 0.20 | $ | 0.27 | $ | 0.23 | $ | 0.85 | $ | 0.23 | $ | 0.37 | $ | 0.30 | $ | 0.28 | $ | 1.18 | |||||||||||||||
| WASO - Basic | 66,793 | 65,806 | 63,999 | 62,213 | 64,703 | 61,003 | 59,941 | 59,481 | 59,307 | 59,937 | 58,380 | 58,566 | 58,522 | 56,627 | 58,029 | ||||||||||||||||||||||||||||||
| WASO - Diluted | 68,765 | 67,067 | 65,756 | 63,152 | 66,184 | 61,723 | 60,921 | 60,322 | 59,801 | 60,696 | 58,859 | 59,390 | 59,390 | 58,115 | 58,943 | ||||||||||||||||||||||||||||||
| Net Sales by Segment: | |||||||||||||||||||||||||||||||||||||||||||||
| Physician Business | $ | 306,245 | $ | 320,171 | $ | 326,520 | $ | 355,749 | $ | 1,308,685 | $ | 331,386 | $ | 341,761 | $ | 357,269 | $ | 326,966 | $ | 1,357,382 | $ | 342,292 | $ | 398,531 | $ | 352,961 | $ | 344,039 | $ | 1,437,823 | |||||||||||||||
| Elder Care Business | 132,664 | 137,759 | 138,688 | 137,995 | 547,106 | 140,406 | 149,485 | 161,874 | 142,743 | 594,509 | 150,381 | 162,970 | 149,400 | 152,187 | 614,937 | ||||||||||||||||||||||||||||||
| Corporate Shared Services | - | - | - | - | - | 423 | 356 | 2 | 19 | 800 | 882 | 475 | 403 | 651 | 2,411 | ||||||||||||||||||||||||||||||
| $ | 438,910 | $ | 457,930 | $ | 465,208 | $ | 493,744 | $ | 1,855,791 | $ | 472,215 | $ | 491,603 | $ | 519,145 | $ | 469,728 | $ | 1,952,691 | $ | 493,554 | $ | 561,976 | $ | 502,764 | $ | 496,877 | $ | 2,055,171 | ||||||||||||||||
| Billing Days: | 64 | 63 | 62 | 64 | 253 | 64 | 63 | 66 | 60 | 253 | 64 | 68 | 61 | 65 | 258 | ||||||||||||||||||||||||||||||
| Net Sales Per Billing Day: | |||||||||||||||||||||||||||||||||||||||||||||
| Physician Business | $ | 4,785 | $ | 5,082 | $ | 5,266 | $ | 5,559 | $ | 5,173 | $ | 5,178 | $ | 5,425 | $ | 5,413 | $ | 5,449 | $ | 5,365 | $ | 5,348 | $ | 5,861 | $ | 5,786 | $ | 5,293 | $ | 5,573 | |||||||||||||||
| Elder Care Business | 2,073 | 2,187 | 2,237 | 2,156 | 2,162 | 2,194 | 2,373 | 2,453 | 2,379 | 2,350 | 2,350 | 2,397 | 2,449 | 2,341 | 2,383 | ||||||||||||||||||||||||||||||
| Corporate Shared Services | - | - | - | - | - | 7 | 6 | - | - | 3 | 14 | 7 | 7 | 10 | 9 | ||||||||||||||||||||||||||||||
| $ | 6,858 | $ | 7,269 | $ | 7,503 | $ | 7,715 | $ | 7,335 | $ | 7,378 | $ | 7,803 | $ | 7,866 | $ | 7,829 | $ | 7,718 | $ | 7,712 | $ | 8,264 | $ | 8,242 | $ | 7,644 | $ | 7,966 | ||||||||||||||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
As of April 1, 2011
SelectTM Net Sales
(in thousands)
| Fiscal Year 2011 | Fiscal Year 2010 | ||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||
| Consolidated Select Sales | $ 80,555 | $ 82,152 | $ 84,551 | $ 86,978 | $ 334,237 | $ 77,842 | $ 86,368 | $ 78,449 | $ 80,943 | $ 323,602 | |||||||||
| Fiscal Year 2006 | Fiscal Year 2007 | Fiscal Year 2008 | Fiscal Year 2009 | Fiscal Year 2010 | |||||||||||||||
| Consolidated Select Sales | $157,296 | $185,844 | $234,810 | $281,536 | $323,602 | ||||||||||||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
Segment Information
As of April 1, 2011
(in thousands)
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| April 1, 2011 | April 2, 2010 | April 1, 2011 | April 2, 2010 | |||||||||||||
| NET SALES: | ||||||||||||||||
| Physician Business | $ | 396,908 | $ | 344,039 | $ | 1,425,012 | $ | 1,437,823 | ||||||||
| Elder Care Business | 152,111 | 152,187 | 607,750 | 614,937 | ||||||||||||
| Corporate Shared Services | 639 | 651 | 2,028 | 2,411 | ||||||||||||
| Total net sales | $ | 549,658 | $ | 496,877 | $ | 2,034,789 | $ | 2,055,171 | ||||||||
| BILLING DAYS: | 65 | 65 | 253 | 258 | ||||||||||||
| NET SALES PER BILLING DAY: | ||||||||||||||||
| Physician Business | $ | 6,106 | $ | 5,293 | $ | 5,632 | $ | 5,573 | ||||||||
| Elder Care Business | 2,340 | 2,341 | 2,402 | 2,383 | ||||||||||||
| Corporate Shared Services | 10 | 10 | 8 | 9 | ||||||||||||
| Total net sales per billing day | $ | 8,456 | $ | 7,644 | $ | 8,043 | $ | 7,966 | ||||||||
| INCOME FROM OPERATIONS: | ||||||||||||||||
| Physician Business | $ | 38,334 | $ | 30,497 | $ | 137,995 | $ | 137,261 | ||||||||
| Elder Care Business | 10,783 | 9,422 | 37,782 | 38,017 | ||||||||||||
| Corporate Shared Services | (10,945 | ) | (11,234 | ) | (42,221 | ) | (54,297 | ) | ||||||||
| Total income from operations | $ | 38,171 | $ | 28,685 | $ | 133,556 | $ | 120,981 | ||||||||
| DEPRECIATION: | ||||||||||||||||
| Physician Business | $ | 2,695 | $ | 2,067 | $ | 9,515 | $ | 7,983 | ||||||||
| Elder Care Business | 1,300 | 1,226 | 5,024 | 4,984 | ||||||||||||
| Corporate Shared Services | 2,768 | 2,588 | 10,525 | 8,973 | ||||||||||||
| Total depreciation | $ | 6,763 | $ | 5,881 | $ | 25,065 | $ | 21,940 | ||||||||
| AMORTIZATION OF INTANGIBLE | ||||||||||||||||
| AND OTHER ASSETS: | ||||||||||||||||
| Physician Business | $ | 1,080 | $ | 581 | $ | 2,956 | $ | 2,343 | ||||||||
| Elder Care Business | 596 | 743 | 2,757 | 2,432 | ||||||||||||
| Corporate Shared Services | 174 | 120 | 665 | 346 | ||||||||||||
| Total amortization of intangible and other assets | $ | 1,850 | $ | 1,444 | $ | 6,378 | $ | 5,121 | ||||||||
| PROVISION FOR DOUBTFUL ACCOUNTS: | ||||||||||||||||
| Physician Business | $ | 138 | $ | (11 | ) | $ | 1,792 | $ | 1,944 | |||||||
| Elder Care Business | (145 | ) | 414 | (51 | ) | 1,851 | ||||||||||
| Total provision for doubtful accounts | $ | (7 | ) | $ | 402 | $ | 1,741 | $ | 3,795 | |||||||
| INTEREST EXPENSE: | ||||||||||||||||
| Total interest expense | $ | 4,515 | $ | 4,288 | $ | 17,121 | $ | 17,295 | ||||||||
| INTEREST AND INVESTMENT INCOME: | ||||||||||||||||
| Elder Care Business | $ | 115 | $ | 3 | $ | 178 | $ | 70 | ||||||||
| Corporate Shared Services | 24 | 28 | 106 | 306 | ||||||||||||
| Total interest and investment income | $ | 139 | $ | 30 | $ | 284 | $ | 376 | ||||||||
| PROVISION (BENEFIT) FOR INCOME TAXES: | ||||||||||||||||
| Physician Business | $ | 13,608 | $ | 11,089 | $ | 49,951 | $ | 49,982 | ||||||||
| Elder Care Business | 3,312 | 2,698 | 11,212 | 11,103 | ||||||||||||
| Corporate Shared Services | (4,024 | ) | (4,933 | ) | (16,603 | ) | (20,317 | ) | ||||||||
| Total provision for income taxes | $ | 12,895 | $ | 8,854 | $ | 44,560 | $ | 40,768 | ||||||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
Current Fiscal Year Balance Sheet
(in thousands)
Consolidated
| As of | ||||||||||||||||
| ASSETS | July 2, 2010 | October 1, 2010 | December 31, 2010 | April 1, 2011 | ||||||||||||
| Cash | $ | 59,081 | $ | 22,949 | $ | 36,912 | $ | 29,348 | ||||||||
| Accounts receivable, net | 222,544 | 232,014 | 239,082 | 247,229 | ||||||||||||
| Inventory, net | 217,500 | 220,846 | 240,211 | 213,211 | ||||||||||||
| Prepaid expenses | 6,258 | 7,283 | 5,508 | 5,555 | ||||||||||||
| Other current assets | 36,596 | 53,209 | 44,974 | 49,262 | ||||||||||||
| Total current assets | 541,979 | 536,301 | 566,687 | 544,606 | ||||||||||||
| Property and equipment, net | 103,737 | 101,269 | 101,958 | 102,401 | ||||||||||||
| Goodwill | 124,281 | 128,745 | 131,364 | 167,094 | ||||||||||||
| Intangibles, net | 25,242 | 26,440 | 30,657 | 41,879 | ||||||||||||
| Other long-term assets | 77,488 | 84,933 | 91,881 | 95,693 | ||||||||||||
| Total assets | $ | 872,727 | $ | 877,688 | $ | 922,547 | $ | 951,672 | ||||||||
| LIABILITIES & EQUITY | ||||||||||||||||
| Accounts payable | $ | 125,155 | $ | 137,431 | $ | 149,698 | $ | 128,057 | ||||||||
| Accrued expenses | 37,830 | 33,804 | 40,075 | 37,175 | ||||||||||||
| Current portion of long term debt | 796 | 791 | 821 | 761 | ||||||||||||
| Revolving line of credit | 394 | 506 | 312 | - | ||||||||||||
| Other | 25,576 | 26,574 | 24,346 | 33,211 | ||||||||||||
| Total current liabilities | 189,751 | 199,107 | 215,252 | 199,204 | ||||||||||||
| Long-term debt | 189,746 | 191,667 | 193,645 | 195,662 | ||||||||||||
| Other non-current liabilities | 77,748 | 86,420 | 92,940 | 110,281 | ||||||||||||
| Total liabilities | 457,245 | 477,193 | 501,837 | 505,146 | ||||||||||||
| Total PSS World Medical, Inc. shareholders' equity | 412,344 | 397,270 | 417,082 | 442,926 | ||||||||||||
| Noncontrolling interest | 3,138 | 3,225 | 3,628 | 3,600 | ||||||||||||
| Total equity | 415,482 | 400,495 | 420,710 | 446,526 | ||||||||||||
| Total liabilities and equity | $ | 872,727 | $ | 877,688 | $ | 922,547 | $ | 951,672 | ||||||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
Balance Sheet Trend
(in thousands)
Consolidated
| Fiscal Year 2008 | Fiscal Year 2009 | Fiscal Year 2010 | ||||||||||||||||||||||||||||||||||
| ASSETS | Jun-07 | Sep-07 | Dec-07 | Mar-08 | Jun-08 | Sep-08 | Dec-08 | Mar-09 | Jun-09 | Sep-09 | Dec-09 | Mar-10 | ||||||||||||||||||||||||
| Cash | $ | 23,954 | $ | 17,041 | $ | 15,031 | $ | 21,122 | $ | 29,840 | $ | 226,055 | $ | 214,709 | $ | 82,031 | $ | 129,631 | $ | 130,089 | $ | 114,056 | $ | 52,751 | ||||||||||||
| Investment in available for sale securities | - | - | - | - | - | - | - | 10,592 | - | - | - | - | ||||||||||||||||||||||||
| Accounts receivable, net | 222,699 | 232,282 | 224,282 | 237,248 | 227,661 | 240,806 | 232,894 | 230,361 | 230,391 | 257,968 | 233,602 | 227,888 | ||||||||||||||||||||||||
| Inventory, net | 187,499 | 188,087 | 214,256 | 190,846 | 192,707 | 199,337 | 239,940 | 207,593 | 196,160 | 212,813 | 230,725 | 218,911 | ||||||||||||||||||||||||
| Deferred tax assets | 8,987 | 9,319 | 9,175 | 8,183 | 6,805 | - | - | 8,059 | 8,250 | 5,602 | 11,986 | 15,629 | ||||||||||||||||||||||||
| Other current assets | 34,347 | 27,895 | 31,658 | 48,744 | 26,157 | 22,163 | 23,229 | 23,819 | 24,385 | 30,854 | 33,980 | 26,485 | ||||||||||||||||||||||||
| Total current assets | 477,486 | 474,624 | 494,403 | 506,142 | 483,170 | 688,361 | 710,772 | 562,456 | 588,817 | 637,326 | 624,349 | 541,664 | ||||||||||||||||||||||||
| Property and equipment, net | 90,213 | 90,208 | 90,781 | 91,584 | 92,803 | 96,849 | 97,113 | 101,205 | 103,552 | 105,499 | 106,956 | 105,220 | ||||||||||||||||||||||||
| Goodwill | 110,993 | 110,727 | 110,868 | 110,679 | 112,320 | 112,392 | 112,717 | 112,768 | 114,255 | 115,280 | 120,828 | 121,772 | ||||||||||||||||||||||||
| Intangibles, net | 30,280 | 28,991 | 27,669 | 26,305 | 25,738 | 24,345 | 23,102 | 22,958 | 22,442 | 21,604 | 25,289 | 24,548 | ||||||||||||||||||||||||
| Investment in available for sale securities | 24,232 | 46,147 | 50,206 | 11,318 | 14,231 | 16,725 | 15,333 | - | - | - | - | - | ||||||||||||||||||||||||
| Other long-term assets | 69,481 | 67,195 | 67,921 | 67,209 | 67,598 | 83,055 | 70,549 | 59,238 | 65,065 | 73,819 | 77,748 | 78,862 | ||||||||||||||||||||||||
| Total assets | $ | 802,685 | $ | 817,891 | $ | 841,849 | $ | 813,236 | $ | 795,860 | $ | 1,021,726 | $ | 1,029,587 | $ | 858,624 | $ | 894,131 | $ | 953,528 | $ | 955,170 | $ | 872,066 | ||||||||||||
| Fiscal Year 2008 | Fiscal Year 2009 | Fiscal Year 2010 | ||||||||||||||||||||||||||||||||||
| LIABILITIES & EQUITY | Jun-07 | Sep-07 | Dec-07 | Mar-08 | Jun-08 | Sep-08 | Dec-08 | Mar-09 | Jun-09 | Sep-09 | Dec-09 | Mar-10 | ||||||||||||||||||||||||
| Accounts payable | $ | 144,572 | $ | 149,827 | $ | 161,728 | $ | 135,930 | $ | 128,656 | $ | 149,674 | $ | 155,133 | $ | 127,300 | $ | 133,781 | $ | 156,966 | $ | 137,676 | $ | 123,970 | ||||||||||||
| Accrued expenses | 33,190 | 33,275 | 34,350 | 46,056 | 38,055 | 50,816 | 43,170 | 52,718 | 46,196 | 43,248 | 48,051 | 50,253 | ||||||||||||||||||||||||
| Current portion of long-term debt | 2,132 | 32,129 | 33,660 | 214,732 | 196,116 | 198,022 | 199,606 | 50,937 | 50,953 | 50,970 | 56,321 | 881 | ||||||||||||||||||||||||
| Deferred tax liabilities, current | - | - | - | - | - | 6,619 | 4,492 | - | - | - | - | - | ||||||||||||||||||||||||
| Other current liabilities | 15,267 | 15,000 | 15,846 | 11,969 | 8,102 | 8,723 | 9,160 | 7,956 | 12,882 | 13,653 | 13,122 | 10,954 | ||||||||||||||||||||||||
| Total current liabilities | 195,161 | 230,230 | 245,584 | 408,687 | 370,928 | 413,855 | 411,560 | 238,910 | 243,812 | 264,837 | 255,169 | 186,058 | ||||||||||||||||||||||||
| Long-term debt | 139,657 | 141,091 | 143,020 | 725 | 706 | 177,650 | 179,395 | 180,965 | 182,654 | 184,530 | 186,153 | 187,941 | ||||||||||||||||||||||||
| Other long-term liabilities | 70,413 | 68,190 | 69,976 | 64,473 | 68,975 | 64,763 | 56,503 | 60,719 | 70,323 | 79,896 | 86,674 | 90,053 | ||||||||||||||||||||||||
| Total liabilities | 405,231 | 439,512 | 458,580 | 473,885 | 440,610 | 656,268 | 647,459 | 480,594 | 496,789 | 529,263 | 527,996 | 464,052 | ||||||||||||||||||||||||
| Total PSS World Med. shareholders' equity | 397,454 | 378,379 | 383,269 | 339,351 | 355,250 | 365,458 | 382,127 | 378,030 | 397,342 | 424,265 | 427,174 | 408,014 | ||||||||||||||||||||||||
| Noncontrolling interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
| Total equity | 397,454 | 378,379 | 383,269 | 339,351 | 355,250 | 365,458 | 382,127 | 378,030 | 397,342 | 424,265 | 427,174 | 408,014 | ||||||||||||||||||||||||
| Total liabilities & equity | $ | 802,685 | $ | 817,891 | $ | 841,849 | $ | 813,236 | $ | 795,860 | $ | 1,021,726 | $ | 1,029,587 | $ | 858,624 | $ | 894,131 | $ | 953,528 | $ | 955,170 | $ | 872,066 | ||||||||||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
Unaudited Operating Highlights
Current Fiscal Year
(in millions)
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| April 1, 2011 | April 2, 2010 | April 1, 2011 | April 2, 2010 | |||||||||||||
| Net sales: | ||||||||||||||||
| Physician Business | $ | 396.9 | $ | 344.0 | $ | 1,425.0 | $ | 1,437.8 | ||||||||
| Elder Care Business | 152.1 | 152.2 | 607.8 | 614.9 | ||||||||||||
| Corporate Shared Services | 0.6 | 0.7 | 2.0 | 2.4 | ||||||||||||
| Total net sales | $ | 549.7 | $ | 496.9 | $ | 2,034.8 | $ | 2,055.2 | ||||||||
| Income from operations: | ||||||||||||||||
| Physician Business | $ | 38.3 | $ | 30.5 | $ | 138.0 | $ | 137.3 | ||||||||
| Elder Care Business | 10.8 | 9.4 | 37.8 | 38.0 | ||||||||||||
| Corporate Shared Services | (10.9 | ) | (11.2 | ) | (42.2 | ) | (54.3 | ) | ||||||||
| Total income from operations | $ | 38.2 | $ | 28.7 | $ | 133.6 | $ | 121.0 | ||||||||
| EBITDA (a) | $ | 47.5 | $ | 36.9 | $ | 167.5 | $ | 154.1 | ||||||||
| Income from operations, as a percentage of net sales | 6.9 | % | 5.8 | % | 6.6 | % | 5.9 | % | ||||||||
| Consolidated Return on Committed Capital ("ROCC") (b) | 39.7 | % | 30.7 | % | 35.5 | % | 33.5 | % | ||||||||
| Billing Days | 65 | 65 | 253 | 258 | ||||||||||||
| Net Sales Per Billing Day (in thousands): | ||||||||||||||||
| Physician Business | $ | 6,106 | $ | 5,293 | $ | 5,632 | $ | 5,573 | ||||||||
| Elder Care Business | 2,340 | 2,341 | 2,402 | 2,383 | ||||||||||||
| Corporate Shared Services | 10 | 10 | 8 | 9 | ||||||||||||
| Total Net Sales Per Billing Day | $ | 8,456 | $ | 7,644 | $ | 8,043 | $ | 7,966 | ||||||||
| Net Sales Per Billing Day Growth Rate: | ||||||||||||||||
| Physician Business | 15.4 | % | 1.1 | % | ||||||||||||
| Elder Care Business | (0.0 | %) | 0.8 | % | ||||||||||||
| Total Net Sales Per Billing Day Growth Rate | 10.6 | % | 1.0 | % | ||||||||||||
| Annualized | ||||||||||||||||
| April 1, 2011 | April 2, 2010 | |||||||||||||||
| DSO (c) | ||||||||||||||||
| Physician Business | 38.7 | 38.3 | ||||||||||||||
| Elder Care Business | 47.3 | 48.4 | ||||||||||||||
| DOH (d) | ||||||||||||||||
| Physician Business | 54.8 | 53.6 | ||||||||||||||
| Elder Care Business | 62.7 | 54.4 | ||||||||||||||
| DIP (e) | ||||||||||||||||
| Physician Business | 37.5 | 37.3 | ||||||||||||||
| Elder Care Business | 21.3 | 22.6 | ||||||||||||||
| Cash Conversion Days (f) | ||||||||||||||||
| Physician Business | 56.0 | 54.6 | ||||||||||||||
| Elder Care Business | 88.7 | 80.2 | ||||||||||||||
| As of | ||||||||||||||||
| April 1, 2011 | April 2, 2010 | |||||||||||||||
| Operational working capital (g) | $ | 332.4 | $ | 322.8 | ||||||||||||
| Net debt: | ||||||||||||||||
| Convertible senior notes | $ | 195.6 | $ | 187.1 | ||||||||||||
| Other debt | 0.8 | 1.7 | ||||||||||||||
| Less: Cash and cash equivalents | (29.3 | ) | (52.8 | ) | ||||||||||||
| Net debt | $ | 167.1 | $ | 136.1 | ||||||||||||
Numbers may not foot due to rounding differences
| PSS WORLD MEDICAL, INC. | |||||||||||||||||
| Non-GAAP Reconciliations | |||||||||||||||||
| Physician Business net sales impact from H1N1-related product sales | |||||||||||||||||
| (in millions) | |||||||||||||||||
| For the Three Months Ended | Percent Change | For the Twelve Months Ended | Percent Change | ||||||||||||||
| April 1, 2011 | April 2, 2010 | April 1, 2011 | April 2, 2010 | ||||||||||||||
| Physician Business: | |||||||||||||||||
| Net Sales | $ | 396.9 | $ | 344.0 | 15.4% | $ | 1,425.0 | $ | 1,437.8 | (0.9)% | |||||||
Less: Impact of H1N1-related product sales(h) | - | - | - | (52.5) | |||||||||||||
| Net Sales adjusted for H1N1-related product sales | $ | 396.9 | $ | 344.0 | 15.4% | $ | 1,425.0 | $ | 1,385.3 | 2.9% | |||||||
| Physician Business daily net sales impact from H1N1-related product sales | |||||||||||||||||
| (in millions) | |||||||||||||||||
| For the Three Months Ended | Percent Change | For the Twelve Months Ended | Percent Change | ||||||||||||||
| April 1, 2011 | April 2, 2010 | April 1, 2011 | April 2, 2010 | ||||||||||||||
| Physician Business: | |||||||||||||||||
| Daily Net Sales | $ | 6.1 | $ | 5.3 | 15.4% | $ | 5.6 | $ | 5.6 | 1.1% | |||||||
Less: Impact of H1N1-related product sales(h) | - | - | - | (0.2) | |||||||||||||
| Daily Net Sales adjusted for H1N1-related product sales | $ | 6.1 | $ | 5.3 | 15.4% | $ | 5.6 | $ | 5.4 | 4.9% | |||||||
| Consolidated net sales impact from H1N1-related product sales | |||||||||||||||||
| (in millions) | |||||||||||||||||
| For the Three Months Ended | Percent Change | For the Twelve Months Ended | Percent Change | ||||||||||||||
| April 1, 2011 | April 2, 2010 | April 1, 2011 | April 2, 2010 | ||||||||||||||
| Consolidated: | |||||||||||||||||
| Net Sales | $ | 549.7 | $ | 496.9 | 10.6% | $ | 2,034.8 | $ | 2,055.2 | (1.0)% | |||||||
Less: Impact of H1N1-related product sales(h) | - | - | - | (52.5) | |||||||||||||
| Net Sales adjusted for H1N1-related product sales | $ | 549.7 | $ | 496.9 | 10.6% | $ | 2,034.8 | $ | 2,002.7 | 1.6% | |||||||
| Consolidated daily net sales impact from H1N1-related product sales | |||||||||||||||||
| (in millions) | |||||||||||||||||
| For the Three Months Ended | Percent Change | For the Twelve Months Ended | Percent Change | ||||||||||||||
| April 1, 2011 | April 2, 2010 | April 1, 2011 | April 2, 2010 | ||||||||||||||
| Consolidated: | |||||||||||||||||
| Net Sales | $ | 8.5 | $ | 7.6 | 10.6% | $ | 8.0 | $ | 8.0 | 1.0% | |||||||
Less: Impact of H1N1-related product sales(h) | - | - | - | (0.2) | |||||||||||||
| Daily Net Sales adjusted for H1N1-related product sales | $ | 8.5 | $ | 7.6 | 10.6% | $ | 8.0 | $ | 7.8 | 3.6% | |||||||
Numbers may not foot due to rounding differences
| PSS WORLD MEDICAL, INC. | |||||||||||||||
| Non-GAAP Reconciliations | |||||||||||||||
| Consolidated net sales impact from Fiscal Year 2011 Physician Dispensing Acquisitions | |||||||||||||||
| (in millions) | |||||||||||||||
| Three Months Ended | Percent | Twelve Months Ended | Percent | ||||||||||||
| April 1, 2011 | April 2, 2010 | Change | April 1, 2011 | April 2, 2010 | Change | ||||||||||
| Consolidated: | |||||||||||||||
| Net Sales | $ | 549.7 | $ | 496.9 | 10.6% | $ | 2,034.8 | $ | 2,055.2 | -1.0% | |||||
| Less: Net Sales from Physician Dispensing | 27.2 | - | 36.9 | - | |||||||||||
| Net Sales less the impact of Physician Dispensing | $ | 522.5 | $ | 496.9 | 5.2% | $ | 1,997.9 | $ | 2,055.2 | -2.8% | |||||
| Physician Business net sales impact from Fiscal Year 2011 Physician Dispensing Acquisitions | |||||||||||||||
| (in millions) | |||||||||||||||
| Three Months Ended | Percent | Twelve Months Ended | Percent | ||||||||||||
| April 1, 2011 | April 2, 2010 | Change | April 1, 2011 | April 2, 2010 | Change | ||||||||||
| Physician Business: | |||||||||||||||
| Net Sales | $ | 396.9 | $ | 344.0 | 15.4% | $ | 1,425.0 | $ | 1,437.8 | -0.9% | |||||
| Less: Net Sales from Physician Dispensing | 27.2 | - | 36.9 | - | |||||||||||
| Net Sales less the impact of Physician Dispensing | $ | 369.7 | $ | 344.0 | 7.5% | $ | 1,388.1 | $ | 1,437.8 | -3.5% | |||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
Selling Days Calendar FY10-FY12
| FY2010 | FY2011 | FY2012 | |||||||
| Closing | Selling | Closing | Selling | Closing | Selling | ||||
| Date | Days | Date | Days | Date | Days | Notes | |||
| 24-Apr | 20 | 30-Apr | 20 | 29-Apr | 20 | A | |||
| 29-May | 24 | 28-May | 20 | 27-May | 20 | A | |||
| 26-Jun | 20 | 2-Jul | 24 | 1-Jul | 24 | B | |||
| Q1 | 64 | 64 | 64 | ||||||
| 31-Jul | 24 | 30-Jul | 19 | 29-Jul | 19 | A | |||
| 28-Aug | 20 | 27-Aug | 20 | 26-Aug | 20 | A | |||
| 2-Oct | 24 | 1-Oct | 24 | 30-Sep | 24 | B | |||
| Q2 | 68 | 63 | 63 | ||||||
| 30-Oct | 20 | 29-Oct | 20 | 28-Oct | 20 | A | |||
| 27-Nov | 18 | 26-Nov | 18 | 25-Nov | 18 | A | |||
| 1-Jan | 23 | 31-Dec | 23 | 30-Dec | 24 | B | |||
| Q3 | 61 | 61 | 62 | ||||||
| 29-Jan | 20 | 28-Jan | 20 | 27-Jan | 19 | A | |||
| 26-Feb | 20 | 25-Feb | 20 | 24-Feb | 20 | A | |||
| 2-Apr | 25 | 1-Apr | 25 | 30-Mar | 25 | B | |||
| Q4 | 65 | 65 | 64 | ||||||
| Total | 258 | 253 | 253 | ||||||
| A | Closing date is the last Friday of the month (for non-quarter end months). | ||||||||
| B | "Selling Days" defines closing date as the Friday closest to month end | ||||||||
| based on business days only (for quarter end months only). | |||||||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
EBITDA Calculation
Current Fiscal Year
(in thousands)
| Fiscal Year 2011 | ||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||
| Net Income | $ | 13,831 | $ | 19,644 | $ | 19,592 | $ | 21,598 | $ | 74,664 | ||||||||||
| Plus: Interest expense | 4,137 | 4,226 | 4,243 | 4,515 | 17,121 | |||||||||||||||
| Less: Interest and investment income | (66 | ) | (46 | ) | (33 | ) | (139 | ) | (284 | ) | ||||||||||
| Plus: Provision for income taxes | 7,892 | 12,016 | 11,757 | 12,895 | 44,560 | |||||||||||||||
| Plus: Depreciation | 5,942 | 6,100 | 6,260 | 6,763 | 25,065 | |||||||||||||||
| Plus: Amortization of intangible assets | 1,444 | 1,501 | 1,584 | 1,850 | 6,378 | |||||||||||||||
| EBITDA | $ | 33,179 | $ | 43,441 | $ | 43,402 | $ | 47,483 | $ | 167,504 | ||||||||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
EBITDA Calculation
(in thousands)
| Fiscal Year 2008 | Fiscal Year 2009 | Fiscal Year 2010 | |||||||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total FY 2008 | Q1 | Q2 | Q3 | Q4 | Total FY 2009 | Q1 | Q2 | Q3 | Q4 | Total FY 2010 | |||||||||||||||||||||||||||||||
| Net income | $ | 7,792 | $ | 13,578 | $ | 13,249 | $ | 18,515 | $ | 53,133 | $ | 9,372 | $ | 12,363 | $ | 15,989 | $ | 13,763 | $ | 51,486 | $ | 13,304 | $ | 21,686 | $ | 17,921 | $ | 16,452 | $ | 69,363 | |||||||||||||||
| Plus: Interest expense | 2,764 | 2,956 | 3,247 | 3,529 | 12,495 | 3,203 | 5,300 | 7,409 | 6,247 | 22,159 | 4,261 | 4,532 | 4,214 | 4,288 | 17,295 | ||||||||||||||||||||||||||||||
| Less: Interest and investment income | (528 | ) | (114 | ) | (26 | ) | (23 | ) | (691 | ) | (122 | ) | (842 | ) | (1,034 | ) | (305 | ) | (2,304 | ) | (134 | ) | (95 | ) | (117 | ) | (30 | ) | (376 | ) | |||||||||||||||
| Plus: Provision for income taxes | 5,010 | 8,551 | 8,441 | 12,597 | 34,599 | 6,187 | 8,104 | 10,230 | 7,709 | 32,229 | 8,213 | 12,964 | 10,736 | 8,854 | 40,768 | ||||||||||||||||||||||||||||||
| Plus: Depreciation | 4,632 | 4,796 | 4,710 | 4,719 | 18,858 | 4,830 | 4,912 | 5,116 | 5,144 | 20,002 | 5,245 | 5,256 | 5,558 | 5,881 | 21,940 | ||||||||||||||||||||||||||||||
| Plus: Amortization of intanhible assets | 1,458 | 1,406 | 1,362 | 1,360 | 5,586 | 1,344 | 1,553 | 1,264 | 1,328 | 5,489 | 1,252 | 1,190 | 1,235 | 1,444 | 5,121 | ||||||||||||||||||||||||||||||
| EBITDA | $ | 21,128 | $ | 31,172 | $ | 30,983 | $ | 40,697 | $ | 123,980 | $ | 24,813 | $ | 31,390 | $ | 38,973 | $ | 33,886 | $ | 129,062 | $ | 32,140 | $ | 45,533 | $ | 39,547 | $ | 36,890 | $ | 154,110 | |||||||||||||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
Return on Committed Capital (ROCC)
Current Fiscal Year
(in thousands)
| Fiscal Year 2011 | ||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total FY 2011 | ||||||||||||||||
| Consolidated Return on Committed Capital: | ||||||||||||||||||||
Quarterly Average Committed Capital (1) | $ | 397,789 | $ | 406,570 | $ | 415,941 | $ | 410,592 | ||||||||||||
| Annual Average Committed Capital | $ | 401,196 | ||||||||||||||||||
| Committed Capital - Current Quarter | 397,814 | 415,325 | 416,556 | 404,628 | 404,628 | |||||||||||||||
| Committed Capital - Previous Quarter | 397,765 | 397,814 | 415,325 | 416,556 | 416,556 | |||||||||||||||
| Committed Capital - Previous Year End | 397,765 | |||||||||||||||||||
Return on Committed Capital - Quarterly (2) | 27.4 | % | 36.7 | % | 35.7 | % | 39.7 | % | ||||||||||||
| Return on Committed Capital - Annual | 35.5 | % | ||||||||||||||||||
| Return: | ||||||||||||||||||||
| Net income | 13,831 | 19,644 | 19,592 | 21,598 | 74,664 | |||||||||||||||
| Add: | ||||||||||||||||||||
| Provision for income taxes | 7,892 | 12,016 | 11,757 | 12,895 | 44,560 | |||||||||||||||
| Interest expense | 4,137 | 4,226 | 4,243 | 4,515 | 17,121 | |||||||||||||||
| Amortization | 1,444 | 1,501 | 1,584 | 1,850 | 6,378 | |||||||||||||||
| Interest and investment income | (66 | ) | (46 | ) | (33 | ) | (139 | ) | (284 | ) | ||||||||||
| $ | 27,238 | $ | 37,341 | $ | 37,141 | $ | 40,719 | $ | 142,440 | |||||||||||
| Committed Capital: | ||||||||||||||||||||
| Total assets | $ | 872,727 | $ | 877,688 | $ | 922,547 | $ | 951,672 | $ | 951,672 | ||||||||||
| Less assets excluded: | ||||||||||||||||||||
| Cash | (59,081 | ) | (22,949 | ) | (36,912 | ) | (29,348 | ) | (29,348 | ) | ||||||||||
| Goodwill and intangibles, net | (149,523 | ) | (155,185 | ) | (162,020 | ) | (208,973 | ) | (208,973 | ) | ||||||||||
| Total liabilities | (457,246 | ) | (477,193 | ) | (501,837 | ) | (505,146 | ) | (505,146 | ) | ||||||||||
| Plus liabilities excluded: | ||||||||||||||||||||
| Current debt | 1,190 | 1,297 | 1,133 | 761 | 761 | |||||||||||||||
| Long-term debt | 189,746 | 191,667 | 193,645 | 195,662 | 195,662 | |||||||||||||||
| $ | 397,814 | $ | 415,325 | $ | 416,556 | $ | 404,628 | $ | 404,628 | |||||||||||
| (1) | Quarterly Average Committed Capital equals the sum of the committed capital of the most recent two quarters, divided by two. |
| (2) | Return on Committed Capital equals Return divided by Committed Capital. Quarterly calculations are annualized. |
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
Return on Committed Capital (ROCC)
(in thousands)
| Fiscal Year 2008 | Fiscal Year 2009 | Fiscal Year 2010 | |||||||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total FY 2008 | Q1 | Q2 | Q3 | Q4 | Total FY 2009 | Q1 | Q2 | Q3 | Q4 | Total FY 2010 | |||||||||||||||||||||||||||||||
| Consolidated Return on Committed Capital: | |||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Average Committed Capital (1) | $ | 359,807 | $ | 384,428 | $ | 400,611 | $ | 401,541 | $ | 390,439 | $ | 381,257 | $ | 394,469 | $ | 401,387 | $ | 378,397 | $ | 378,706 | $ | 401,134 | $ | 403,620 | |||||||||||||||||||||
| Annual Average Committed Capital (2) | $ | 371,150 | $ | 394,438 | $ | 394,969 | |||||||||||||||||||||||||||||||||||||||
| Committed Capital - Current Quarter | 374,016 | 394,840 | 406,381 | 396,702 | 384,175 | 378,339 | 410,600 | 392,174 | 364,619 | 392,792 | 409,475 | 397,765 | |||||||||||||||||||||||||||||||||
| Committed Capital - Previous Quarter | 345,597 | 374,016 | 394,840 | 406,381 | 396,702 | 384,175 | 378,339 | 410,600 | 392,174 | 364,619 | 392,792 | 409,475 | |||||||||||||||||||||||||||||||||
| Committed Capital - Current Year End | 396,702 | 392,174 | 397,765 | ||||||||||||||||||||||||||||||||||||||||||
| Committed Capital - Previous Year End | 345,597 | 396,702 | 392,174 | ||||||||||||||||||||||||||||||||||||||||||
| Return on Committed Capital - Quarterly (3) | 18.3 | % | 27.4 | % | 26.2 | % | 35.8 | % | 20.5 | % | 27.8 | % | 34.3 | % | 28.6 | % | 28.4 | % | 42.5 | % | 33.9 | % | 30.7 | % | |||||||||||||||||||||
| Return on Committed Capital - Annual | 28.3 | % | 27.6 | % | 33.5 | % | |||||||||||||||||||||||||||||||||||||||
| Return: | |||||||||||||||||||||||||||||||||||||||||||||
| Income from continuing operations before extraordinary loss | $ | 7,792 | $ | 13,578 | $ | 13,249 | $ | 18,515 | $ | 53,133 | $ | 9,372 | $ | 12,363 | $ | 15,989 | $ | 13,763 | $ | 51,486 | $ | 13,304 | $ | 21,686 | $ | 17,921 | $ | 16,452 | $ | 69,363 | |||||||||||||||
| Add: | |||||||||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | 5,010 | 8,551 | 8,441 | 12,597 | 34,599 | 6,187 | 8,104 | 10,230 | 7,709 | 32,229 | 8,213 | 12,964 | 10,736 | 8,854 | 40,768 | ||||||||||||||||||||||||||||||
| Interest expense | 2,764 | 2,956 | 3,247 | 3,529 | 12,495 | 3,203 | 5,300 | 7,409 | 6,247 | 22,159 | 4,261 | 4,532 | 4,214 | 4,288 | 17,295 | ||||||||||||||||||||||||||||||
| Amortization | 1,458 | 1,406 | 1,362 | 1,360 | 5,586 | 1,344 | 1,553 | 1,264 | 1,328 | 5,489 | 1,252 | 1,190 | 1,235 | 1,444 | 5,121 | ||||||||||||||||||||||||||||||
| Interest and investment income | (528 | ) | (114 | ) | (26 | ) | (23 | ) | (691 | ) | (122 | ) | (842 | ) | (1,034 | ) | (305 | ) | (2,304 | ) | (134 | ) | (95 | ) | (117 | ) | (30 | ) | (376 | ) | |||||||||||||||
| $ | 16,496 | $ | 26,377 | $ | 26,273 | $ | 35,978 | $ | 105,123 | $ | 19,983 | $ | 26,478 | $ | 33,856 | $ | 28,742 | $ | 109,059 | $ | 26,895 | $ | 40,277 | $ | 33,989 | $ | 31,009 | $ | 132,170 | ||||||||||||||||
| Committed Capital: | |||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 802,685 | $ | 817,891 | $ | 841,849 | $ | 813,236 | $ | 813,236 | $ | 795,860 | $ | 1,021,726 | $ | 1,029,586 | $ | 858,624 | $ | 858,624 | $ | 894,131 | $ | 953,528 | $ | 955,170 | $ | 872,065 | $ | 872,065 | |||||||||||||||
| Less assets excluded: | |||||||||||||||||||||||||||||||||||||||||||||
| Cash | (23,954 | ) | (17,041 | ) | (15,031 | ) | (21,122 | ) | (21,122 | ) | (29,840 | ) | (226,055 | ) | (214,709 | ) | (82,031 | ) | (82,031 | ) | (129,631 | ) | (130,089 | ) | (114,056 | ) | (52,751 | ) | (52,751 | ) | |||||||||||||||
| Goodwill and intangibles, net | (141,273 | ) | (139,718 | ) | (138,537 | ) | (136,984 | ) | (136,984 | ) | (138,058 | ) | (136,736 | ) | (135,820 | ) | (135,726 | ) | (135,726 | ) | (136,696 | ) | (136,884 | ) | (146,117 | ) | (146,320 | ) | (146,320 | ) | |||||||||||||||
| Total liabilities | (405,231 | ) | (439,512 | ) | (458,580 | ) | (473,885 | ) | (473,885 | ) | (440,610 | ) | (656,268 | ) | (647,459 | ) | (480,594 | ) | (480,594 | ) | (496,792 | ) | (529,263 | ) | (527,996 | ) | (464,052 | ) | (464,052 | ) | |||||||||||||||
| Plus liabilities excluded: | |||||||||||||||||||||||||||||||||||||||||||||
| Current debt | 2,132 | 32,129 | 33,660 | 214,732 | 214,732 | 196,116 | 198,022 | 199,606 | 50,937 | 50,937 | 50,953 | 50,970 | 56,321 | 881 | 881 | ||||||||||||||||||||||||||||||
| Long-term debt | 139,657 | 141,091 | 143,020 | 725 | 725 | 706 | 177,650 | 179,395 | 180,965 | 180,965 | 182,654 | 184,530 | 186,153 | 187,941 | 187,941 | ||||||||||||||||||||||||||||||
| $ | 374,016 | $ | 394,840 | $ | 406,381 | $ | 396,702 | $ | 396,702 | $ | 384,175 | $ | 378,339 | $ | 410,600 | $ | 392,174 | $ | 392,174 | $ | 364,619 | $ | 392,792 | $ | 409,475 | $ | 397,765 | $ | 397,765 | ||||||||||||||||
| (1) | Quarterly Average Committed Capital equals the sum of the committed capital of the most recent two quarters, divided by two. |
| (2) | Annual Average Committed Capital equals the sum of the committed capital of the most recent two year ends, divided by two. |
| (3) | Return on Committed Capital equals return divided by committed capital. Quarterly calculations are annualized. |
Numbers may not foot due to rounding differences
PSS WORLD MEDICAL, INC.
Footnotes
| (a) | EBITDA represents net income plus provision for income taxes, interest expense, depreciation, and amortization of intangible assets, less interest and investment income. Management review EBITDA when evaluating and comparing the performance of each operating segment on a quarterly basis. Management believes EBITDA is an important measure of liquidity. |
| (b) | ROCC equals return divided by average committed capital. Return is annualized for quarterly and year to date calculations. Management review ROCC when evaluating and comparing the performance of each operating segment on a quarterly basis. Management believes ROCC is an important measure of profitability and return. |
| (c) | DSO is average accounts receivable divided by average daily net sales. Average accounts receivable is the sum of accounts receivable, net of the allowance for doubtful accounts, at the beginning and end of the most recent four quarters divided by five. Average daily net sales are net sales for the most recent four quarters divided by 360. |
| (d) | DOH is average inventory divided by average daily cost of goods sold (“COGS”). Average inventory is the sum of inventory at the beginning and end of the most recent four quarters divided by five. Average daily COGS is quarterly COGS for the most recent four quarters divided by 360. |
| (e) | DIP is average accounts payable divided by average daily COGS. Average accounts payable is the sum of accounts payable at the beginning and end of the most recent four quarters divided by five. |
| (f) | Cash Conversion Days is the sum of DSO and DOH less DIP. |
| (g) | Operational working capital equals accounts receivable plus inventory minus accounts payable. |
| (h) | “H1N1-related product sales” represents increased sales in influenza test kits, surgical masks, medical gloves, hand sanitizers and other products related to the swine flu pandemic. |