Exhibit 99.2
PSS WORLD MEDICAL, INC.
Unaudited EBITDA Calculation
(Dollars in millions)
Year Ended April 1, 2005 | ||||
Income from continuing operations | 39.4 | |||
Plus: Interest expense | 6.8 | |||
Less: Interest and investment income | (0.2 | ) | ||
Plus: Provision for income taxes | 16.8 | |||
Plus: Depreciation | 14.2 | |||
Plus: Amortization of intangible assets | 4.5 | |||
EBITDA | 81.5 | |||
Reconciliation of EBITDA to Cash (Used in) Provided by Operating Activities: | ||||
EBITDA | $ | 81.5 | ||
Operating Asset & Liability Changes: | ||||
Accounts receivable, net | (26.3 | ) | ||
Inventories | (30.9 | ) | ||
Prepaid expenses and other current | (6.2 | ) | ||
Other assets | (4.9 | ) | ||
Accounts payable | 13.0 | |||
Accrued expenses and other liabilities | 7.1 | |||
Noncash Expenses included in EBITDA: | ||||
Amortization of debt issuance costs | 1.9 | |||
Provision for doubtful accounts | 5.1 | |||
Provision for deferred income taxes | 17.4 | |||
Provision for notes receivable | 0.2 | |||
Provision for deferred compensation | 0.8 | |||
Noncash compensation expense | 0.7 | |||
Loss on sale of property and equipment | 0.2 | |||
Cash Expenses Excluded from EBITDA: | ||||
Interest expense | (6.8 | ) | ||
Interest and investment income | 0.2 | |||
Provision for income taxes | (16.8 | ) | ||
Net Cash Provided by Operating Activities | $ | 36.2 | ||