 |
| Financial Data Workbook |
| For the Fourth Quarter of Fiscal Year 2007 ending March 30, 2007 |
PSS World Medical, Inc.
As of March 30, 2007
Current Fiscal Year
(in thousands, except per share data)
| Fiscal 2007 | ||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||
Net Sales (1) | $ | 413,135 | $ | 427,059 | $ | 458,421 | $ | 443,024 | $ | 1,741,639 | ||||||||||
Cost of Goods Sold | 293,233 | 303,203 | 335,186 | 310,007 | 1,241,629 | |||||||||||||||
Gross Profit | 119,902 | 123,856 | 123,235 | 133,017 | 500,010 | |||||||||||||||
General & Administrative Expenses | 73,664 | 73,391 | 75,222 | 78,423 | 300,700 | |||||||||||||||
Selling Expenses | 27,498 | 28,878 | 30,140 | 30,307 | 116,823 | |||||||||||||||
Income from operations | 18,740 | 21,587 | 17,873 | 24,287 | 82,487 | |||||||||||||||
Interest Expense | (1,406 | ) | (1,336 | ) | (1,320 | ) | (1,284 | ) | (5,346 | ) | ||||||||||
Interest & Investment Income | 101 | 282 | 426 | 385 | 1,194 | |||||||||||||||
Other Income | 469 | 429 | 517 | 591 | 2,006 | |||||||||||||||
Income from Operations before Income Taxes | 17,904 | 20,962 | 17,496 | 23,979 | 80,341 | |||||||||||||||
Provision for Income Taxes | 6,949 | 8,187 | 6,376 | 8,348 | 29,860 | |||||||||||||||
Net Income | $ | 10,955 | $ | 12,775 | $ | 11,120 | $ | 15,631 | $ | 50,481 | ||||||||||
Earnings per share - Basic: | ||||||||||||||||||||
Net Income | $ | 0.16 | $ | 0.19 | $ | 0.17 | $ | 0.23 | $ | 0.75 | ||||||||||
Earnings per share - Diluted: | ||||||||||||||||||||
Net Income | $ | 0.16 | $ | 0.18 | $ | 0.16 | $ | 0.23 | $ | 0.73 | ||||||||||
WASO - Basic | 67,310 | 67,453 | 67,054 | 67,059 | 67,219 | |||||||||||||||
WASO - Diluted | 68,947 | 69,478 | 69,458 | 69,419 | 69,325 | |||||||||||||||
Net Sales by Segment: | ||||||||||||||||||||
Physician Business | $ | 284,438 | $ | 300,813 | $ | 329,160 | $ | 313,109 | $ | 1,227,520 | ||||||||||
Elder Care Business | 128,697 | 126,246 | 129,261 | 129,915 | 514,119 | |||||||||||||||
| $ | 413,135 | $ | 427,059 | $ | 458,421 | $ | 443,024 | $ | 1,741,639 | |||||||||||
Billing Days: | 64 | 63 | 62 | 64 | 253 | |||||||||||||||
Net Sales Per Billing Day: | ||||||||||||||||||||
Physician Business | $ | 4,444 | $ | 4,775 | $ | 5,309 | $ | 4,892 | $ | 4,852 | ||||||||||
Elder Care Business | 2,011 | 2,004 | 2,085 | 2,030 | 2,032 | |||||||||||||||
| $ | 6,455 | $ | 6,779 | $ | 7,394 | $ | 6,922 | $ | 6,884 | |||||||||||
| (1) | Quarterly net sales have been adjusted from previously reported amounts. During the fourth quarter of fiscal year 2007, the Company properly reclassified certain transactions from cost of sales to net sales. Such adjustments were deemed immaterial on quarterly net sales, but have been retroactively restated in this schedule to improve comparability. |
The sum of the components may not equal the total due to rounding.
PSS World Medical, Inc.
Income from Operations Adjusted for Flu Write-Down
As of March 30, 2007
Current Fiscal Year
(in thousands)
| Fiscal 2007 | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||
| Consolidated | ||||||||||||||||
Net Sales (1) | $ | 413,135 | $ | 427,059 | $ | 458,421 | $ | 443,024 | $ | 1,741,639 | ||||||
Income from operations | 18,740 | 21,587 | 17,873 | 24,287 | 82,487 | |||||||||||
Operating Margin | 4.5% | 5.1% | 3.9% | 5.5% | 4.7% | |||||||||||
Addback of Flu Write-Down | — | — | 7,058 | (31 | ) | 7,027 | ||||||||||
Income from Operations Adjusted for Flu Write-Down | 18,740 | 21,587 | 24,931 | 24,256 | 89,514 | |||||||||||
Operating Margin adjusted for Flu Write-Down | 4.5% | 5.1% | 5.4% | 5.5% | 5.1% | |||||||||||
| Physician Business | ||||||||||||||||
Net Sales (1) | $ | 284,438 | $ | 300,813 | $ | 329,160 | $ | 313,109 | $ | 1,227,520 | ||||||
Income from operations | 18,608 | 21,140 | 18,318 | 26,046 | 84,112 | |||||||||||
Operating Margin | 6.5% | 7.0% | 5.6% | 8.3% | 6.9% | |||||||||||
Addback of Flu Write-Down | — | — | 7,058 | (31 | ) | 7,027 | ||||||||||
Income from Operations Adjusted for Flu Write-Down | 18,608 | 21,140 | 25,376 | 26,015 | 91,139 | |||||||||||
Operating Margin adjusted for Flu Write-Down | 6.5% | 7.0% | 7.7% | 8.3% | 7.4% | |||||||||||
| (1) | Quarterly net sales have been adjusted from previously reported amounts. During the fourth quarter of fiscal year 2007, the Company properly reclassified certain transactions from cost of sales to net sales. Such adjustments were deemed immaterial on quarterly net sales, but have been retroactively restated in this schedule to improve comparability. |
The sum of the components may not equal the total due to rounding.
PSS World Medical, Inc.
As of March 30, 2007
(in thousands, except per share data)
| Fiscal 2004 | Fiscal 2005 | Fiscal 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 308,780 | $ | 346,059 | $ | 343,662 | $ | 351,416 | $ | 1,349,917 | $ | 330,361 | $ | 364,267 | $ | 377,842 | $ | 401,299 | $ | 1,473,769 | $ | 387,129 | $ | 385,819 | $ | 423,781 | $ | 422,688 | $ | 1,619,417 | ||||||||||||||||||||||||||||||
Cost of Goods Sold | 220,896 | 247,986 | 246,669 | 249,009 | 964,560 | 234,585 | 258,945 | 268,675 | 288,209 | 1,050,414 | 276,654 | 273,512 | 303,707 | 298,219 | 1,152,092 | |||||||||||||||||||||||||||||||||||||||||||||
Gross Profit | 87,884 | 98,073 | 96,993 | 102,407 | 385,357 | 95,776 | 105,322 | 109,167 | 113,090 | 423,355 | 110,475 | 112,307 | 120,074 | 124,469 | 467,325 | |||||||||||||||||||||||||||||||||||||||||||||
General & Administrative Expenses | 59,432 | 60,284 | 58,977 | 64,702 | 243,395 | 60,948 | 64,300 | 68,827 | 68,130 | 262,205 | 70,337 | 69,279 | 72,053 | 75,639 | 287,308 | |||||||||||||||||||||||||||||||||||||||||||||
Selling Expenses | 21,690 | 24,054 | 23,954 | 24,443 | 94,141 | 23,453 | 24,625 | 25,082 | 26,431 | 99,591 | 25,774 | 26,217 | 27,469 | 28,148 | 107,608 | |||||||||||||||||||||||||||||||||||||||||||||
Income from operations | 6,762 | 13,735 | 14,062 | 13,262 | 47,821 | 11,375 | 16,397 | 15,258 | 18,529 | 61,559 | 14,364 | 16,811 | 20,552 | 20,682 | 72,409 | |||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | (1,114 | ) | (1,346 | ) | (1,436 | ) | (1,664 | ) | (5,560 | ) | (1,942 | ) | (1,817 | ) | (1,737 | ) | (1,360 | ) | (6,856 | ) | (1,509 | ) | (1,358 | ) | (1,561 | ) | (1,456 | ) | (5,884 | ) | ||||||||||||||||||||||||||||||
Interest & Investment Income | 3 | 152 | — | 21 | 176 | 111 | 89 | 12 | 5 | 217 | 99 | 111 | 75 | 138 | 423 | |||||||||||||||||||||||||||||||||||||||||||||
Other Income | 2,100 | 1,143 | 420 | 200 | 3,863 | 343 | 252 | 378 | 261 | 1,234 | 457 | 1,750 | 435 | 504 | 3,146 | |||||||||||||||||||||||||||||||||||||||||||||
Income from Continuing Operations before Income Taxes | 7,751 | 13,684 | 13,046 | 11,819 | 46,300 | 9,887 | 14,921 | 13,911 | 17,435 | 56,154 | 13,411 | 17,314 | 19,501 | 19,868 | 70,094 | |||||||||||||||||||||||||||||||||||||||||||||
Provision for Income Taxes | 3,094 | 5,395 | 4,719 | 4,389 | 17,597 | 3,962 | 6,149 | (525 | ) | 7,184 | 16,770 | 5,271 | 6,529 | 7,080 | 6,957 | 25,837 | ||||||||||||||||||||||||||||||||||||||||||||
Income from Continuing Operations | 4,657 | 8,289 | 8,327 | 7,430 | 28,703 | 5,925 | 8,772 | 14,436 | 10,251 | 39,384 | 8,140 | 10,785 | 12,421 | 12,911 | 44,257 | |||||||||||||||||||||||||||||||||||||||||||||
Total loss from discontinued operations | — | (324 | ) | — | (840 | ) | (1,164 | ) | (1,708 | ) | — | 1,295 | — | (412 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Net (Loss) Income | $ | 4,657 | $ | 7,965 | $ | 8,327 | $ | 6,590 | $ | 27,539 | $ | 4,217 | $ | 8,772 | $ | 15,731 | $ | 10,251 | $ | 38,972 | $ | 8,140 | $ | 10,785 | $ | 12,421 | $ | 12,911 | $ | 44,257 | ||||||||||||||||||||||||||||||
Earnings (loss) per share - Basic: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from Continuing Operations | $ | 0.07 | $ | 0.12 | $ | 0.12 | $ | 0.11 | $ | 0.43 | $ | 0.09 | $ | 0.14 | $ | 0.22 | $ | 0.16 | $ | 0.61 | $ | 0.13 | $ | 0.16 | $ | 0.19 | $ | 0.19 | $ | 0.67 | ||||||||||||||||||||||||||||||
Total loss from discontinued operations | — | — | — | (0.01 | ) | (0.02 | ) | (0.03 | ) | — | 0.02 | — | (0.01 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net (Loss) Income | $ | 0.07 | $ | 0.12 | $ | 0.12 | $ | 0.10 | $ | 0.41 | $ | 0.06 | $ | 0.14 | $ | 0.24 | $ | 0.16 | $ | 0.60 | $ | 0.13 | $ | 0.16 | $ | 0.19 | $ | 0.19 | $ | 0.67 | ||||||||||||||||||||||||||||||
Earnings (loss) per share - Diluted: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from Continuing Operations | $ | 0.07 | $ | 0.12 | $ | 0.12 | $ | 0.11 | $ | 0.42 | $ | 0.09 | $ | 0.13 | $ | 0.22 | $ | 0.16 | $ | 0.60 | $ | 0.12 | $ | 0.16 | $ | 0.19 | $ | 0.19 | $ | 0.66 | ||||||||||||||||||||||||||||||
Total loss from discontinued operations | — | — | — | (0.01 | ) | (0.02 | ) | (0.03 | ) | — | 0.02 | — | (0.01 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net (Loss) Income | $ | 0.07 | $ | 0.12 | $ | 0.12 | $ | 0.10 | $ | 0.40 | $ | 0.06 | $ | 0.13 | $ | 0.24 | $ | 0.16 | $ | 0.59 | $ | 0.12 | $ | 0.16 | $ | 0.19 | $ | 0.19 | $ | 0.66 | ||||||||||||||||||||||||||||||
WASO - Basic | 67,674 | 66,984 | 67,123 | 66,514 | 67,074 | 64,890 | 64,358 | 64,305 | 64,656 | 64,547 | 64,877 | 65,392 | 65,779 | 66,546 | 65,643 | |||||||||||||||||||||||||||||||||||||||||||||
WASO - Diluted | 68,011 | 67,722 | 68,263 | 67,911 | 67,990 | 66,056 | 65,267 | 65,366 | 65,786 | 65,607 | 65,860 | 66,487 | 66,931 | 68,062 | 66,887 | |||||||||||||||||||||||||||||||||||||||||||||
Net Sales by Segment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Physician Business | $ | 196,451 | $ | 225,349 | $ | 231,343 | $ | 227,455 | $ | 880,598 | $ | 216,705 | $ | 237,370 | $ | 243,439 | $ | 261,503 | $ | 959,017 | $ | 250,544 | $ | 255,422 | $ | 290,010 | $ | 290,844 | $ | 1,086,820 | ||||||||||||||||||||||||||||||
Elder Care Business | 112,329 | 120,710 | 112,318 | 123,962 | 469,319 | 113,656 | 126,897 | 134,403 | 139,796 | 514,752 | 136,585 | 130,397 | 133,771 | 131,844 | 532,597 | |||||||||||||||||||||||||||||||||||||||||||||
| $ | 308,780 | $ | 346,059 | $ | 343,661 | $ | 351,417 | $ | 1,349,917 | $ | 330,361 | $ | 364,267 | $ | 377,842 | $ | 401,299 | $ | 1,473,769 | $ | 387,129 | $ | 385,819 | $ | 423,781 | $ | 422,688 | $ | 1,619,417 | |||||||||||||||||||||||||||||||
Billing Days: | 65 | 67 | 60 | 66 | 258 | 62 | 65 | 61 | 65 | 253 | 64 | 63 | 62 | 64 | 253 | |||||||||||||||||||||||||||||||||||||||||||||
Net Sales Per Billing Day: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Physician Business | $ | 3,022 | $ | 3,363 | $ | 3,856 | $ | 3,446 | $ | 3,413 | $ | 3,495 | $ | 3,652 | $ | 3,991 | $ | 4,023 | $ | 3,791 | $ | 3,915 | $ | 4,054 | $ | 4,678 | $ | 4,544 | $ | 4,296 | ||||||||||||||||||||||||||||||
Elder Care Business | 1,728 | 1,802 | 1,872 | 1,878 | 1,819 | 1,833 | 1,952 | 2,203 | 2,151 | 2,035 | 2,134 | 2,070 | 2,158 | 2,060 | 2,105 | |||||||||||||||||||||||||||||||||||||||||||||
| $ | 4,750 | $ | 5,165 | $ | 5,728 | $ | 5,324 | $ | 5,232 | $ | 5,328 | $ | 5,604 | $ | 6,194 | $ | 6,174 | $ | 5,826 | $ | 6,049 | $ | 6,124 | $ | 6,836 | $ | 6,604 | $ | 6,401 | |||||||||||||||||||||||||||||||
The sum of the components may not equal the total due to rounding.
PSS WORLD MEDICAL, INC.
SEGMENT INFORMATION
March 30, 2007
(in thousands)
| Three Months Ended | Twelve Months Ended | |||||||||||
| 3/30/2007 | 3/31/2006 | 3/30/2007 | 3/31/2006 | |||||||||
| NET SALES: | ||||||||||||
Physician Business | 313,109 | 290,844 | 1,227,520 | 1,086,820 | ||||||||
Elder Care Business | 129,915 | 131,844 | 514,119 | 532,597 | ||||||||
Total Net Sales | 443,024 | 422,688 | 1,741,639 | 1,619,417 | ||||||||
| BILLING DAYS: | 64 | 64 | 253 | 253 | ||||||||
| NET SALES PER BILLING DAY: | ||||||||||||
Physician Business | 4,892 | 4,544 | 4,852 | 4,296 | ||||||||
Elder Care Business | 2,030 | 2,060 | 2,032 | 2,105 | ||||||||
Total Net Sales Per Billing Day | 6,922 | 6,604 | 6,884 | 6,401 | ||||||||
| INCOME FROM OPERATIONS: | ||||||||||||
Physician Business | 26,046 | 23,512 | 84,112 | 75,394 | ||||||||
Elder Care Business | 6,781 | 3,423 | 21,640 | 15,891 | ||||||||
Corporate Shared Services | (8,540 | ) | (6,253 | ) | (23,265 | ) | (18,876 | ) | ||||
Total Income from operations | 24,287 | 20,682 | 82,487 | 72,409 | ||||||||
| DEPRECIATION: | ||||||||||||
Physician Business | 2,004 | 1,650 | 7,847 | 7,458 | ||||||||
Elder Care Business | 995 | 782 | 4,036 | 2,446 | ||||||||
Corporate Shared Services | 1,298 | 1,043 | 4,867 | 4,028 | ||||||||
Total Depreciation | 4,297 | 3,475 | 16,750 | 13,932 | ||||||||
| AMORTIZATION OF INTANGIBLE AND OTHER ASSETS: | ||||||||||||
Physician Business | 787 | 1,105 | 3,079 | 2,838 | ||||||||
Elder Care Business | 647 | 737 | 2,712 | 3,238 | ||||||||
Corporate Shared Services | 29 | 29 | 117 | 222 | ||||||||
Total amortization of intangible and other assets | 1,463 | 1,871 | 5,908 | 6,298 | ||||||||
| PROVISION FOR DOUBTFUL ACCOUNTS: | ||||||||||||
Physician Business | 521 | 450 | 1,382 | 1,535 | ||||||||
Elder Care Business | 615 | 133 | 3,151 | 4,107 | ||||||||
Corporate Shared Services | — | — | — | (3,233 | ) | |||||||
Total provision for doubtful accounts | 1,136 | 583 | 4,533 | 2,409 | ||||||||
INTEREST EXPENSE: | ||||||||||||
Physician Business | 980 | 1,210 | 4,101 | 4,130 | ||||||||
Elder Care Business | 1,962 | 2,021 | 7,840 | 7,445 | ||||||||
Corporate Shared Services | (1,659 | ) | (1,775 | ) | (6,595 | ) | (5,691 | ) | ||||
Total interest expense | 1,283 | 1,456 | 5,346 | 5,884 | ||||||||
| PROVISION (BENEFIT) FOR INCOME TAXES: | ||||||||||||
Physician Business | 9,676 | 8,020 | 30,885 | 27,076 | ||||||||
Elder Care Business | 1,839 | 510 | 5,274 | 3,161 | ||||||||
Corporate Shared Services | (3,167 | ) | (1,573 | ) | (6,299 | ) | (4,400 | ) | ||||
Total provision for income taxes | 8,348 | 6,957 | 29,860 | 25,837 | ||||||||
The sum of the components may not equal the total due to rounding.
PSS World Medical, Inc.
Current Fiscal Year Balance Sheet
(in thousands)
Consolidated
| As of | ||||||||
| 6/30/06 | 9/29/06 | 12/29/06 | 3/30/07 | |||||
ASSETS | ||||||||
| Cash | 27,784 | 45,678 | 54,904 | 46,658 | ||||
| Accounts Receivable, net | 206,405 | 225,536 | 219,822 | 222,776 | ||||
| Inventory, net | 170,612 | 172,127 | 186,193 | 174,130 | ||||
| Deferred Tax Assets | 11,181 | 9,042 | 7,379 | 8,776 | ||||
| Other Current Assets | 32,876 | 39,288 | 37,329 | 34,434 | ||||
Total Current Assets | 448,858 | 491,671 | 505,627 | 486,774 | ||||
| Property and Equipment, net | 88,214 | 87,291 | 85,885 | 88,627 | ||||
| Intangibles, net | 33,350 | 32,343 | 31,186 | 29,758 | ||||
| Goodwill | 106,519 | 106,819 | 106,971 | 107,366 | ||||
| Other Long-Term Assets | 54,983 | 54,935 | 58,063 | 62,450 | ||||
Total Long-Term Assets | 283,066 | 281,388 | 282,105 | 288,201 | ||||
Total Assets | 731,924 | 773,059 | 787,732 | 774,975 | ||||
| LIABILITIES & EQUITY | ||||||||
| Accounts Payable | 122,449 | 145,767 | 162,338 | 131,330 | ||||
| Accrued Expenses | 27,748 | 34,827 | 31,670 | 37,224 | ||||
| Current Maturities of Long-Term Debt | 517 | 1,655 | 152,154 | 2,238 | ||||
| Other Current Liabilities | 12,490 | 13,917 | 10,730 | 11,440 | ||||
Total Current Liabilities | 163,204 | 196,166 | 356,892 | 182,232 | ||||
| Long-Term Debt | 150,725 | 150,616 | 460 | 150,675 | ||||
| Other Long-Term Liabilities | 54,274 | 57,781 | 62,302 | 61,207 | ||||
Total Long-Term Liabilities | 204,999 | 208,397 | 62,762 | 211,882 | ||||
Total Liabilities | 368,203 | 404,563 | 419,654 | 394,114 | ||||
Total Equity | 363,721 | 368,496 | 368,078 | 380,861 | ||||
Total Liabilities & Equity | 731,924 | 773,059 | 787,732 | 774,975 | ||||
The sum of the components may not equal the total due to rounding.
PSS World Medical, Inc.
Balance Sheet Trend
(in thousands)
Consolidated
| Fiscal 2004 | Fiscal 2005 | Fiscal 2006 | ||||||||||||||||||||||
| Jun-03 | Sep-03 | Dec-03 | Mar-04 | Jun-04 | Sep-04 | Dec-04 | Mar-05 | Jun-05 | Sep-05 | Dec-05 | Mar-06 | |||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash | 16,133 | 9,612 | 15,904 | 58,928 | 63,112 | 45,591 | 13,657 | 17,888 | 23,836 | 17,466 | 26,651 | 23,867 | ||||||||||||
Accounts Receivable, net | 155,969 | 185,486 | 188,371 | 188,421 | 182,639 | 197,423 | 209,342 | 217,350 | 208,642 | 213,585 | 207,659 | 208,964 | ||||||||||||
Inventory, net | 90,705 | 96,633 | 113,306 | 99,864 | 112,653 | 113,384 | 147,470 | 134,110 | 132,684 | 136,450 | 167,407 | 173,458 | ||||||||||||
Deferred Tax Assets | 27,459 | 28,539 | 32,095 | 40,796 | 38,594 | 33,301 | 32,206 | 29,014 | 29,113 | 20,183 | 14,298 | �� | 12,959 | |||||||||||
Other Current Assets | 16,488 | 12,902 | 10,642 | 8,706 | 13,596 | 10,016 | 18,567 | 19,451 | 22,182 | 25,822 | 27,937 | 33,827 | ||||||||||||
Total Current Assets | 306,754 | 333,172 | 360,318 | 396,715 | 410,594 | 399,715 | 421,242 | 417,813 | 416,457 | 413,506 | 443,952 | 453,075 | ||||||||||||
Property and Equipment, net | 60,807 | 61,270 | 62,229 | 69,591 | 70,792 | 73,362 | 76,453 | 81,105 | 84,173 | 86,840 | 86,475 | 87,663 | ||||||||||||
Intangibles, net | 5,332 | 9,911 | 11,861 | 11,292 | 10,737 | 12,824 | 22,419 | 21,858 | 21,217 | 34,427 | 35,395 | 34,345 | ||||||||||||
Goodwill | 61,128 | 67,614 | 70,784 | 69,909 | 71,631 | 71,646 | 79,542 | 85,617 | 86,273 | 103,420 | 105,452 | 105,521 | ||||||||||||
Other Long-Term Assets | 45,762 | 41,729 | 43,004 | 39,339 | 39,555 | 40,794 | 41,691 | 39,965 | 47,315 | 50,862 | 53,665 | 56,371 | ||||||||||||
Total Long-Term Assets | 173,029 | 180,524 | 187,878 | 190,131 | 192,715 | 198,626 | 220,105 | 228,545 | 238,978 | 275,549 | 280,987 | 283,900 | ||||||||||||
Total Assets | 479,783 | 513,696 | 548,196 | 586,846 | 603,309 | 598,341 | 641,347 | 646,358 | 655,435 | 689,055 | 724,939 | 736,975 | ||||||||||||
| Fiscal 2004 | Fiscal 2005 | Fiscal 2006 | ||||||||||||||||||||||
| Jun-03 | Sep-03 | Dec-03 | Mar-04 | Jun-04 | Sep-04 | Dec-04 | Mar-05 | Jun-05 | Sep-05 | Dec-05 | Mar-06 | |||||||||||||
LIABILITIES & EQUITY | ||||||||||||||||||||||||
Accounts Payable | 103,448 | 90,470 | 105,035 | 91,160 | 105,057 | 105,608 | 127,465 | 109,649 | 115,455 | 118,953 | 141,622 | 139,227 | ||||||||||||
Accrued Expenses | 21,982 | 27,211 | 29,571 | 33,253 | 29,667 | 33,610 | 36,085 | 44,880 | 26,660 | 33,196 | 30,413 | 34,499 | ||||||||||||
Current Maturities of Long-Term Debt | 82,595 | 111,949 | 114,253 | 35,000 | 35,052 | 25,000 | 25,000 | 25,000 | 25,679 | 27,786 | 25,788 | 509 | ||||||||||||
Liabilities of Discontinued Operations | 1,626 | 1,723 | 1,605 | 2,509 | 4,809 | 405 | — | — | — | — | — | — | ||||||||||||
Other Current Liabilities | 4,829 | 7,088 | 6,206 | 14,446 | 12,982 | 13,360 | 9,296 | 9,701 | 12,661 | 11,883 | 11,837 | 13,639 | ||||||||||||
Total Current Liabilities | 214,480 | 238,441 | 256,670 | 176,368 | 187,567 | 177,983 | 197,846 | 189,230 | 180,455 | 191,818 | 209,660 | 187,874 | ||||||||||||
Long-Term Debt | — | — | — | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | 151,192 | 151,113 | 150,981 | 150,855 | ||||||||||||
Other Long-Term Liabilities | 21,293 | 22,637 | 28,655 | 21,290 | 23,629 | 25,225 | 29,359 | 30,310 | 35,870 | 41,179 | 43,509 | 49,433 | ||||||||||||
Total Long-Term Liabilities | 21,293 | 22,637 | 28,655 | 171,290 | 173,629 | 175,225 | 179,359 | 180,310 | 187,062 | 192,292 | 194,490 | 200,288 | ||||||||||||
Total Liabilities | 235,773 | 261,078 | 285,325 | 347,658 | 361,196 | 353,208 | 377,205 | 369,540 | 367,517 | 384,110 | 404,150 | 388,162 | ||||||||||||
Total Equity | 244,010 | 252,618 | 262,871 | 239,188 | 242,113 | 245,133 | 264,142 | 276,818 | 287,918 | 304,945 | 320,789 | 348,813 | ||||||||||||
Total Liabilities & Equity | 479,783 | 513,696 | 548,196 | 586,846 | 603,309 | 598,341 | 641,347 | 646,358 | 655,435 | 689,055 | 724,939 | 736,975 | ||||||||||||
The sum of the components may not equal the total due to rounding.
PSS World Medical, Inc.
Operating Highlights
Current Fiscal Year
(in thousands)
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| March 30, 2007 | March 31, 2006 | March 30, 2007 | March 31, 2006 | |||||||||||||
| Net Sales: | ||||||||||||||||
Physician Business | $ | 313,109 | $ | 290,844 | $ | 1,227,520 | $ | 1,086,820 | ||||||||
Elder Care Business | 129,915 | 131,844 | 514,119 | 532,597 | ||||||||||||
Total Net Sales | $ | 443,024 | $ | 422,688 | $ | 1,741,639 | $ | 1,619,417 | ||||||||
| Income from Operations: | ||||||||||||||||
Physician Business | $ | 26,046 | $ | 23,512 | $ | 84,112 | $ | 75,394 | ||||||||
Elder Care Business | 6,781 | 3,423 | 21,640 | 15,891 | ||||||||||||
Corporate Shared Services | (8,540 | ) | (6,253 | ) | (23,265 | ) | (18,876 | ) | ||||||||
Total income from operations | $ | 24,287 | $ | 20,682 | $ | 82,487 | $ | 72,409 | ||||||||
| EBITDA (a) | $ | 30,637 | $ | 26,532 | $ | 107,151 | $ | 95,785 | ||||||||
| Income from operations, as a percentage of net sales | 5.5 | % | 4.9 | % | 4.7 | % | 4.5 | % | ||||||||
Consolidated Return on Committed Capital ("ROCC") (b) | 31.1 | % | 27.9 | % | 26.5 | % | 25.4 | % | ||||||||
| Billing Days | 64 | 64 | 253 | 253 | ||||||||||||
| Net Sales Per Billing Day (in thousands): | ||||||||||||||||
Physician Business | $ | 4,892 | $ | 4,544 | $ | 4,852 | $ | 4,296 | ||||||||
Elder Care Business | 2,030 | 2,060 | 2,032 | 2,105 | ||||||||||||
Total Net Sales Per Billing Day | $ | 6,922 | $ | 6,604 | $ | 6,884 | $ | 6,401 | ||||||||
| Net Sales Per Billing Day Growth Rate: | ||||||||||||||||
Physician Business | 7.7 | % | 12.9 | % | ||||||||||||
Elder Care Business | -1.5 | % | -3.5 | % | ||||||||||||
Total Net Sales Per Billing Day Growth Rate | 4.8 | % | 7.5 | % | ||||||||||||
| Annualized | ||||||||||||||||
| March 30, 2007 | March 31, 2006 | |||||||||||||||
| DSO (c) | ||||||||||||||||
Physician Business | 41.8 | 41.2 | ||||||||||||||
Elder Care Business | 52.0 | 58.8 | ||||||||||||||
| DOH (d) | ||||||||||||||||
Physician Business | 48.4 | 47.3 | ||||||||||||||
Elder Care Business | 56.6 | 44.0 | ||||||||||||||
| DIP (e) | ||||||||||||||||
Physician Business | 44.0 | 43.0 | ||||||||||||||
Elder Care Business | 28.2 | 27.3 | ||||||||||||||
| Cash Conversion Days (f) | ||||||||||||||||
Physician Business | 46.2 | 45.5 | ||||||||||||||
Elder Care Business | 80.4 | 75.5 | ||||||||||||||
| As of | ||||||||||||||||
| March 30, 2007 | March 31, 2006 | |||||||||||||||
| Operational working capital (g) | $ | 265,576 | $ | 243,195 | ||||||||||||
| Net Debt: | ||||||||||||||||
Bank debt | $ | 1,500 | $ | — | ||||||||||||
Other debt | 1,413 | 1,364 | ||||||||||||||
Convertible senior notes | 150,000 | 150,000 | ||||||||||||||
Less: Cash and cash equivalents | (46,658 | ) | (23,867 | ) | ||||||||||||
Net Debt | $ | 106,255 | $ | 127,497 | ||||||||||||
The sum of the components may not equal the total due to rounding.
PSS World Medical, Inc.
EBITDA Calculation
Current Fiscal Year
(in thousands)
| Fiscal 2007 | ||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total FY 2007 | ||||||||||||||||
| Net Income | $ | 10,955 | $ | 12,775 | $ | 11,120 | $ | 15,631 | $ | 50,481 | ||||||||||
Plus: Interest expense | 1,406 | 1,336 | 1,320 | 1,284 | 5,346 | |||||||||||||||
Less: Interest and investment income | (101 | ) | (282 | ) | (426 | ) | (385 | ) | (1,194 | ) | ||||||||||
Plus: Provision for income taxes | 6,949 | 8,187 | 6,376 | 8,348 | 29,860 | |||||||||||||||
Plus: Depreciation | 4,094 | 4,145 | 4,215 | 4,296 | 16,750 | |||||||||||||||
Plus: Amortization of intangible assets | 1,505 | 1,472 | 1,468 | 1,463 | 5,908 | |||||||||||||||
EBITDA | $ | 24,808 | $ | 27,633 | $ | 24,073 | $ | 30,637 | $ | 107,151 | ||||||||||
The sum of the components may not equal the total due to rounding.
PSS World Medical, Inc.
EBITDA Calculation
(in thousands)
| Fiscal 2004 | Fiscal 2005 | Fiscal 2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total FY 2004 | Q1 | Q2 | Q3 | Q4 | Total FY 2005 | Q1 | Q2 | Q3 | Q4 | Total FY 2006 | |||||||||||||||||||||||||||||||||||||||||||||
Income from Continuing Operations | $ | 4,657 | $ | 8,289 | $ | 8,327 | $ | 7,430 | $ | 28,703 | $ | 5,925 | $ | 8,772 | $ | 14,436 | $ | 10,251 | $ | 39,384 | $ | 8,140 | $ | 10,785 | $ | 12,421 | $ | 12,911 | $ | 44,257 | |||||||||||||||||||||||||||||
Plus: Interest expense | 1,114 | 1,346 | 1,436 | 1,664 | 5,560 | 1,942 | 1,817 | 1,737 | 1,360 | 6,856 | 1,509 | 1,358 | 1,561 | 1,456 | 5,884 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Interest and investment income | (3 | ) | (152 | ) | — | (21 | ) | (176 | ) | (111 | ) | (89 | ) | (12 | ) | (5 | ) | (217 | ) | (99 | ) | (111 | ) | (75 | ) | (138 | ) | (423 | ) | ||||||||||||||||||||||||||||||
Plus: Provision for income taxes | 3,094 | 5,395 | 4,719 | 4,389 | 17,597 | 3,962 | 6,149 | (525 | ) | 7,184 | 16,770 | 5,271 | 6,529 | 7,080 | 6,957 | 25,837 | |||||||||||||||||||||||||||||||||||||||||||
Plus: Depreciation | 3,153 | 3,157 | 3,201 | 3,245 | 12,756 | 3,482 | 3,427 | 3,727 | 3,605 | 14,241 | 3,316 | 3,468 | 3,673 | 3,475 | 13,932 | ||||||||||||||||||||||||||||||||||||||||||||
Plus: Amortization of intangible assets | 502 | 598 | 782 | 897 | 2,779 | 836 | 935 | 1,278 | 1,488 | 4,537 | 1,361 | 1,389 | 1,677 | 1,871 | 6,298 | ||||||||||||||||||||||||||||||||||||||||||||
EBITDA | $ | 12,517 | $ | 18,633 | $ | 18,465 | $ | 17,604 | $ | 67,219 | $ | 16,036 | $ | 21,011 | $ | 20,641 | $ | 23,883 | $ | 81,571 | $ | 19,498 | $ | 23,418 | $ | 26,337 | $ | 26,532 | $ | 95,785 | |||||||||||||||||||||||||||||
The sum of the components may not equal the total due to rounding.
PSS World Medical, Inc.
Return on Committed Capital (ROCC)
Current Fiscal Year
(in thousands)
Consolidated
| Fiscal 2007 | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total FY 2007 | |||||||||||
Quarterly Average Committed Capital (1) | 340,070 | 341,619 | 331,779 | 338,812 | |||||||||||
Annual Average Committed Capital (2) | 341,411 | ||||||||||||||
Return on Committed Capital - Quarterly (3) | 24.4 | % | 27.5 | % | 23.9 | % | 31.1 | % | |||||||
Return on Committed Capital - Annual | 26.5 | % | |||||||||||||
Return: | |||||||||||||||
Net Income | 10,955 | 12,775 | 11,120 | 15,631 | 50,481 | ||||||||||
Add: | |||||||||||||||
Provision for Income Taxes | 6,949 | 8,187 | 6,376 | 8,348 | 29,860 | ||||||||||
Interest Expense | 1,406 | 1,336 | 1,320 | 1,284 | 5,346 | ||||||||||
Amortization | 1,505 | 1,472 | 1,468 | 1,463 | 5,908 | ||||||||||
Interest and Investment Income | (101 | ) | (282 | ) | (426 | ) | (385 | ) | (1,194 | ) | |||||
| 20,714 | 23,488 | 19,858 | 26,341 | 90,401 | |||||||||||
Committed Capital: | |||||||||||||||
Total Assets | 731,924 | 773,059 | 787,732 | 774,975 | 774,975 | ||||||||||
Less assets excluded: | |||||||||||||||
Cash | (27,784 | ) | (45,678 | ) | (54,904 | ) | (46,658 | ) | (46,658 | ) | |||||
Goodwill and Intangibles, net | (139,869 | ) | (139,162 | ) | (138,157 | ) | (137,124 | ) | (137,124 | ) | |||||
Total Liabilities | (368,203 | ) | (404,563 | ) | (419,654 | ) | (394,114 | ) | (394,114 | ) | |||||
Plus liabilities excluded: | |||||||||||||||
Current debt | 517 | 1,655 | 152,154 | 2,238 | 2,238 | ||||||||||
Long-term debt | 150,725 | 150,616 | 460 | 150,675 | 150,675 | ||||||||||
| 347,310 | 335,927 | 327,631 | 349,992 | 349,992 | |||||||||||
| (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. |
The sum of the components may not equal the total due to rounding.
PSS World Medical, Inc.
Return on Committed Capital (ROCC)
(in thousands)
Consolidated | Fiscal 2004 | Fiscal 2005 | Fiscal 2006 | ||||||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total FY 2004 | Q1 | Q2 | Q3 | Q4 | Total FY 2005 | Q1 | Q2 | Q3 | Q4 | Total FY 2006 | |||||||||||||||||||||||||||||||
Quarterly Average Committed Capital (1) | 211,688 | 221,210 | 232,389 | 235,187 | 247,761 | 260,802 | 280,166 | 303,738 | 316,837 | 322,662 | 325,748 | 330,989 | |||||||||||||||||||||||||||||||||
Annual Average Committed Capital (2) | 225,153 | 274,085 | 321,764 | ||||||||||||||||||||||||||||||||||||||||||
Return on Committed Capital - Quarterly (3) | 17.7 | % | 28.0 | % | 26.3 | % | 24.4 | % | 20.3 | % | 27.0 | % | 24.1 | % | 26.7 | % | 20.4 | % | 24.7 | % | 27.8 | % | 27.9 | % | |||||||||||||||||||||
Return on Committed Capital - Annual | 24.2 | % | 24.6 | % | 25.4 | % | |||||||||||||||||||||||||||||||||||||||
| Return: | |||||||||||||||||||||||||||||||||||||||||||||
Income from Continuing Operations loss on disposal of discontinued operations | 4,657 | 8,289 | 8,327 | 7,430 | 28,703 | 5,925 | 8,772 | 14,436 | 10,251 | 39,384 | 8,140 | 10,785 | 12,421 | 12,911 | 44,257 | ||||||||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||||||||||||||||||
Provision for Income Taxes | 3,094 | 5,395 | 4,719 | 4,389 | 17,597 | 3,962 | 6,149 | (525 | ) | 7,184 | 16,770 | 5,271 | 6,529 | 7,080 | 6,957 | 25,837 | |||||||||||||||||||||||||||||
Interest Expense | 1,114 | 1,346 | 1,436 | 1,664 | 5,560 | 1,942 | 1,817 | 1,737 | 1,360 | 6,856 | 1,509 | 1,358 | 1,561 | 1,456 | 5,884 | ||||||||||||||||||||||||||||||
Amortization | 502 | 599 | 782 | 896 | 2,779 | 836 | 935 | 1,278 | 1,488 | 4,537 | 1,361 | 1,389 | 1,677 | 1,871 | 6,298 | ||||||||||||||||||||||||||||||
Interest and Investment Income | (3 | ) | (152 | ) | — | (21 | ) | (176 | ) | (111 | ) | (89 | ) | (12 | ) | (5 | ) | (217 | ) | (99 | ) | (111 | ) | (75 | ) | (138 | ) | (423 | ) | ||||||||||||||||
| 9,364 | 15,477 | 15,264 | 14,358 | 54,463 | 12,554 | 17,584 | 16,914 | 20,278 | 67,330 | 16,182 | 19,950 | 22,664 | 23,057 | 81,853 | |||||||||||||||||||||||||||||||
| Committed Capital: | |||||||||||||||||||||||||||||||||||||||||||||
Total Assets | 479,783 | 513,696 | 548,196 | 586,846 | 586,846 | 603,309 | 598,341 | 641,347 | 646,358 | 646,358 | 655,435 | 689,055 | 724,939 | 736,975 | 736,975 | ||||||||||||||||||||||||||||||
Less assets excluded: | |||||||||||||||||||||||||||||||||||||||||||||
Cash | (16,133 | ) | (9,612 | ) | (15,904 | ) | (58,928 | ) | (58,928 | ) | (63,112 | ) | (45,591 | ) | (13,657 | ) | (17,888 | ) | (17,888 | ) | (23,836 | ) | (17,466 | ) | (26,651 | ) | (23,867 | ) | (23,867 | ) | |||||||||||||||
Goodwill and intangibles, net | (66,460 | ) | (77,525 | ) | (82,645 | ) | (81,201 | ) | (81,201 | ) | (82,368 | ) | (84,470 | ) | (101,961 | ) | (107,475 | ) | (107,475 | ) | (107,490 | ) | (137,847 | ) | (140,847 | ) | (139,866 | ) | (139,866 | ) | |||||||||||||||
Assets of Discontinued Operations | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
DTA from sale of Imaging Business | (35,094 | ) | (47,278 | ) | (47,278 | ) | (49,096 | ) | (49,096 | ) | (28,444 | ) | (26,923 | ) | (26,746 | ) | (15,758 | ) | (15,758 | ) | (10,487 | ) | (6,184 | ) | (912 | ) | (3,614 | ) | (3,614 | ) | |||||||||||||||
Total Liabilities | (235,773 | ) | (261,078 | ) | (285,325 | ) | (347,658 | ) | (347,658 | ) | (361,196 | ) | (353,208 | ) | (377,205 | ) | (369,540 | ) | (369,540 | ) | (367,517 | ) | (384,110 | ) | (404,150 | ) | (388,162 | ) | (388,162 | ) | |||||||||||||||
Plus liabilities excluded: | |||||||||||||||||||||||||||||||||||||||||||||
Current debt | 82,595 | 111,949 | 114,253 | 35,000 | 35,000 | 35,052 | 25,000 | 25,000 | 25,000 | 25,000 | 25,679 | 27,786 | 25,788 | 509 | 509 | ||||||||||||||||||||||||||||||
Long-term debt | — | — | — | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | 151,192 | 151,113 | 150,981 | 150,855 | 150,855 | ||||||||||||||||||||||||||||||
Liabilities of Discontinued Operations | 1,626 | 1,723 | 1,605 | 2,509 | 2,509 | 4,809 | 405 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| 210,544 | 231,875 | 232,902 | 237,472 | 237,472 | 258,050 | 263,554 | 296,778 | 310,697 | 310,697 | 322,976 | 322,347 | 329,148 | 332,830 | 332,830 | |||||||||||||||||||||||||||||||
| (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. |
The sum of the components may not equal the total due to rounding.
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 reviews 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 calculations. Management reviews 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. Southern Anesthesia & Surgical, Inc. (“SAS”) accounts receivable balance of $1.4 million as of September 30, 2005, has been excluded from the Fiscal Year 2006 calculation.
(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. SAS inventory balance of $3.9 million as of September 30, 2005, has been excluded from the Fiscal Year 2006 calculation.
(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. SAS accounts payable balance of $3.8 million as of September 30, 2005, has been excluded from the Fiscal Year 2006 calculation.
(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.