SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------
FORM 11-K
--------------------------------
(Mark One)
(X ) Annual report pursuant to Section 15(d) of the Securities Exchange Act
of 1934 for the fiscal year ended March 31, 2001.
or
( ) Transition report pursuant to Section 15(d) of the Securities exchange Act
of 1934 for the transition period ______________________.
Commission File No. 0-23832
A. Full title and address of the plan, if different from that of the issuer
named below:
PSS WORLD MEDICAL, INC.
EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
PSS WORLD MEDICAL, INC.
4345 Southpoint Boulevard
Jacksonville, Florida 32216
REQUIRED INFORMATION
The following financial statements and schedule have been prepared in
accordance with the financial reporting requirements of the Employee Retirement
Income Security Act of 1974, as amended:
1. Statements of Net Assets Available for Benefits - March 31, 2001.
2. Statement of Changes in Net Assets Available for Benefits for the Year Ended
March 31, 2001.
3. Schedule of Assets (Held at End of Year) - March 31, 2001.
EXHIBITS
Exhibit No. 23
Consent of Independent Certified Public Accountants
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, PSS World
Medical, Inc. (the Plan administrator for the PSS World Medical, Inc. Employee
Stock Ownership and Savings Plan) has duly caused this Annual Report to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Jacksonville, State of Florida, on September 26, 2001.
PSS WORLD MEDICAL, INC.
EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
By: PSS WORLD MEDICAL, INC., AS
PLAN ADMINISTRATOR
By: /s/ David A. Smith
-------------------------------------
Name: David A. Smith
-------------------------------------
Title: President and Chief Financial Officer
-------------------------------------
PSS World Medical, Inc.
Employee Stock Ownership and Savings Plan
Financial Statements and Schedule
as of March 31, 2001 and 2000
Together With Auditors' Report
PSS WORLD MEDICAL, INC.
EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
FINANCIAL STATEMENTS AND SCHEDULE
MARCH 31, 2001 AND 2000
TABLE OF CONTENTS
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits--March 31, 2001 and 2000
Statement of Changes in Net Assets Available for Benefits for the Year
Ended March 31, 2001
NOTES TO FINANCIAL STATEMENTS AND SCHEDULE
SCHEDULE SUPPORTING FINANCIAL STATEMENTS
Schedule I: Schedule H, Line 4i--Assets (Held at End of Year)--
March 31, 2001
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Plan Administrator of the
PSS World Medical, Inc. Employee Stock
Ownership and Savings Plan:
We have audited the accompanying statements of net assets available for benefits
of the PSS WORLD MEDICAL, INC. EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN as of
March 31, 2001 and 2000 and the related statement of changes in net assets
available for benefits for the year ended March 31, 2001. These financial
statements and the schedule referred to below are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements and the schedule based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the PSS World
Medical, Inc. Employee Stock Ownership and Savings Plan as of March 31, 2001 and
2000 and the changes in its net assets available for benefits for the year ended
March 31, 2001 in conformity with accounting principles generally accepted in
the United States.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The schedule of assets (held at end of
year) as of March 31, 2001 is presented for purposes of additional analysis and
is not a required part of the basic financial statements but is supplementary
information required by the Department of Labor Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The schedule has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly stated
in all material respects in relation to the basic financial statements taken as
a whole.
As explained in the notes thereto, information provided by the Trustee and
presented in the schedule of assets (held at end of year) does not disclose the
historical cost of certain investments. Disclosure of this information is
required by the Department of Labor Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974.
Jacksonville, Florida
August 16, 2001
PSS WORLD MEDICAL, INC.
EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
MARCH 31, 2001 AND 2000
2000
2001 ------------------------------------------------
Total Allocated Unallocated Total
------------ ------------ ------------- -------------
ASSETS:
Cash $ 5,772 $ 88,743 $ 13,922 $ 102,665
------------ ------------ ------------- -------------
Investments, at fair value 43,283,446 50,216,748 753,509 50,970,257
Investments, at cost:
Money market fund 953,093 733,573 0 733,573
Participant loans 22,238 48,972 0 48,972
------------ ------------ ------------- -------------
Total investments 44,258,777 50,999,293 753,509 51,752,802
------------ ------------ ------------- -------------
Receivables:
Participant contributions 407,105 99,250 45,700 144,950
Employer contributions 24,114 257,872 823,550 1,081,422
Escrow shares 0 37,466 206,751 244,217
Interest receivable 0 0 15,319 15,319
------------ ------------ ------------- -------------
Total receivables 431,219 394,588 1,091,320 1,485,908
------------ ------------ ------------- -------------
Total assets 44,695,768 51,482,624 1,858,751 53,341,375
------------ ------------ ------------- -------------
LIABILITIES:
Loan payable 0 0 2,173,599 2,173,599
Other 130,540 55,237 0 55,237
Interest payable 0 0 12,005 12,005
------------ ------------ ------------- -------------
Total liabilities 130,540 55,237 2,185,604 2,240,841
------------ ------------ ------------- -------------
NET ASSETS AVAILABLE FOR BENEFITS $44,565,228 $51,427,387 $ (326,853) $51,100,534
============ ============ ============= =============
The accompanying notes are an integral part of these statements.
PSS WORLD MEDICAL, INC.
EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED MARCH 31, 2001
Allocated Unallocated Total
------------ -------------- -------------
ADDITIONS TO NET ASSETS AVAILABLE FOR BENEFITS:
Dividends and interest income $ 3,203,137 $ 114 $ 3,203,251
------------ -------------- -------------
Contributions:
Participant 6,101,666 228,501 6,330,167
Employer 173,979 1,096,158 1,270,137
Rollovers from qualified plans 917,428 0 917,428
------------ -------------- -------------
Total contributions 7,193,073 1,324,659 8,517,732
------------ -------------- -------------
Other:
Transfers among funds 14,050 (14,050) 0
Merger of PSS/Taylor Medical Profit Sharing
Plan 3,763,227 0 3,763,227
Allocation of shares 598,615 (598,615) 0
------------ -------------- -------------
Total other 4,375,892 (612,665) 3,763,227
------------ -------------- -------------
Total additions 14,772,102 712,108 15,484,210
------------ -------------- -------------
DEDUCTIONS FROM NET ASSETS AVAILABLE FOR BENEFITS:
Net depreciation in fair value of investments (18,858,721) (331,251) (19,189,972)
Benefits paid to participants (2,709,308) 0 (2,709,308)
Interest expense 0 (54,004) (54,004)
Administrative expenses (66,232) 0 (66,232)
------------ -------------- -------------
Total deductions (21,634,261) (385,255) (22,019,516)
------------ -------------- -------------
NET (DECREASE) INCREASE (6,862,159) 326,853 (6,535,306)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 51,427,387 (326,853) 51,100,534
------------ -------------- -------------
End of year $44,565,228 $ 0 $44,565,228
============ ============== =============
The accompanying notes are an integral part of this statement.
PSS WORLD MEDICAL, INC.
EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS AND SCHEDULE
MARCH 31, 2001 AND 2000
1. DESCRIPTION OF PLAN
The following description of the PSS World Medical, Inc. Employee Stock
Ownership and Savings Plan (the "Plan") provides only general information.
Participants should refer to the summary plan document for a more complete
description of the Plan's provisions.
General
The Plan is a defined contribution plan covering substantially all employees of
PSS World Medical, Inc. and its subsidiaries (the "Company"). The Plan was
created under the provisions of Section 401(a) of the Internal Revenue Code (the
"IRC") and includes a qualified deferred arrangement, as described in Section
401(k) of the IRC, for the benefit of eligible employees of the Company. The
Plan also has the features of an employee stock ownership plan ("ESOP"), whereby
employee and employer contributions are invested in PSS World Medical, Inc.
common stock (the "Company's stock"). The Plan is subject to the provisions of
the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended.
On October 23, 1998, the Company acquired TriStar Imaging Systems, Inc.
("TriStar"). TriStar sponsored the TriStar Imaging Systems, Inc. Employee Stock
Ownership and Savings Plan ("TriStar ESOP"). On March 31, 1999, the TriStar ESOP
was renamed the PSS World Medical, Inc. Employee Stock Ownership Plan and was
amended to allow all PSS World Medical, Inc. employees to participate in the
Plan. Effective August 1, 1999 or as soon as practicable thereafter, the Plan
was amended to provide for the merger of the TriStar ESOP into the Plan.
Subsequent to the merger of the assets of the TriStar ESOP, the Plan became a
leveraged ESOP.
Effective December 31, 1999 or as soon as practicable thereafter, the Plan was
amended to provide for the merger of the PSS/Taylor Medical Profit Sharing Plan
(approximately $3.8 million of net assets available for benefits). The assets
were transferred into the Plan in May 2000.
Plan Administration
Effective August 1, 1999, the Plan was amended to establish two separate trusts
(a "Primary Trust" and a "Company Stock Fund Trust") for the purpose of
maintaining, managing, investing, and reinvesting the Plan's assets. The Chase
Manhattan Bank was appointed as the Plan's trustee for the Primary Trust, and
Northwestern Trust and Investors Advisory Company ("NWT") was appointed as the
Plan's trustee for the Company Stock Fund Trust. Effective August 1, 1999, the
Plan appointed Metropolitan Life Insurance Company as the record keeper. NWT
also administered payment of interest and principal on the leveraged ESOP loan,
which was paid in full during September 2000. Effective March 9, 2001, the
Company amended and restated the Primary Trust and the Company Stock Fund Trust
to establish one trust and to appoint The Chase Manhattan Bank (the "Trustee")
as trustee for all of the Plan's assets.
-2-
Eligibility
Any employee of the Company is eligible to participate in the Plan upon
completion of a consecutive 12-month period of service. Effective April 1, 2001,
the Plan was amended to reduce the eligibility requirement to six months. Plan
entry dates are the first day of each calendar month within the plan year.
Contributions
The Plan is funded through voluntary employee salary deferrals and employer
contributions. Participants can elect to defer up to 15% but not less than 1% of
compensation, as defined by the Plan and as limited by requirements of the IRC.
Participant elective contributions are invested by the Trustee in the investment
options (mainly mutual funds and employer securities) as directed by the
participant.
The Company may make the following types of contributions: (i) supplemental ESOP
matching contributions, (ii) ESOP matching contributions, (iii) non-ESOP
matching contributions, (iv) ESOP employer contributions, and (v) qualified
nonelective contributions.
Supplemental ESOP Matching Contributions
When participants directed investment of their elective contributions
to the Unencumbered Company Stock Fund (participant-directed), the Plan
used the elective contributions to make payments on the ESOP loan (Note
3). When loan repayments were made, shares of the Company's stock were
released from the Encumbered Company Stock Fund
(nonparticipant-directed) to the Unencumbered Company Stock Fund. The
number of shares released was determined under federal laws governing
the administration of ESOPs. The number of shares released was not
directly related to the current fair market value of the Company's
stock. For that reason, the Company purchased additional shares of the
Company's stock that were at least equal to the number of shares that
could have been purchased with the participant's elective contributions
if the shares were acquired at fair market value on the open market
("Supplemental ESOP Matching Contribution"). Any additional shares
purchased as a result of the Supplemental ESOP Matching Contribution
were allocated only to those participants who have directed their
investment of their elective contributions to the Unencumbered Company
Stock Fund. The Company ceased making Supplemental ESOP Matching
Contributions when the loan was repaid in full.
ESOP Matching Contributions and Non-ESOP Matching Contributions
The Company's board of directors may elect annually to make a
discretionary contribution in the form of an ESOP matching contribution
(contributions to remain invested in the Company's stock) or in the
form of a non-ESOP matching contribution (contributions to be invested
at the direction of the participant). Such contributions are allocated
to participants based on the formula established by the board of
directors. The board of directors also determines the percentage of
each participant's elective contributions to be matched as well as the
maximum amount to be contributed. A participant must have provided
1,000 hours of service and be employed on the last day of the plan year
to be eligible for such contributions. In the event that the elective
contributions and ESOP employer contributions used to repay any
outstanding ESOP loan are less than that required to meet the minimum
loan payment, the Company shall make an ESOP matching contribution
sufficient to meet the loan repayment requirement. The ESOP matching
contribution formula that was used to allocate the contributions to
participant accounts for the year ended March 31, 2001 was a 66.5%
match of the participant's annual deferrals. However, the maximum
matching contribution that could be allocated to a participant was
limited to $1,000. For the plan year ended March 31, 2001, no non-ESOP
matching contributions were made by the Company.
-3-
ESOP Employer Contributions
The Company's board of directors may also elect annually to make a
discretionary ESOP employer contribution, which may be used to make
payments on the ESOP loan (Note 3). Such contributions are allocated
based on the ratio of each eligible participant's considered
compensation to the total considered compensation of all eligible
participants during the plan year and will be allocated to participants
who have provided 1,000 hours of service and are employed on the last
day of the plan year. There were no ESOP employer contributions for the
plan year ended March 31, 2001.
Qualified Nonelective Contributions
The Company's board of directors may also elect annually to make
qualified nonelective contributions. Such contributions may be
allocated to a limited number of nonhighly compensated employees and
are only made to eliminate potential discrimination with respect to
participant elective contributions or employer matching contributions
that would otherwise favor highly compensated employees. The qualified
nonelective contributions for the plan year ended March 31, 2001 were
$19,547.
Vesting
Participants are immediately vested in their elective contributions, all
post-August 1, 1999 employer contributions except ESOP employer contributions,
and the earnings thereon. Participants are vested in the Company's discretionary
ESOP employer contributions, pre-August 1, 1999 ESOP employer contributions, and
earnings thereon based on years of continuous service, as defined in the Plan,
according to the following schedule:
Less than three years of service 0%
Three years but less than four years 20
Four years but less than five years 40
Five years but less than six years 60
Six years but less than seven years 80
Seven years or more 100
In the event of total and permanent disability or death, a participant shall
become 100% vested in his/her account balance. Nonvested portions of the
Company's discretionary contributions are forfeited as of an employee's
termination date and are used to reduce future company matching contributions.
At March 31, 2001 and 2000, forfeited nonvested accounts totaled $0.
Benefits Paid to Participants
Upon retirement, death, disability, or other severance of employment, a
participant or his/her beneficiary may elect to receive an amount equal to the
value of the participant's vested interest in his/her account. Balances in
participant accounts are paid in a single lump sum or in equal monthly,
quarterly, semiannually, or annual installments, at the election of the
participant, over a period not extending past the participant's life expectancy
or the joint life expectancy of the participant and his/her designated
beneficiary. Effective August 1, 2001, benefits payable will be paid in a single
lump-sum payment.
Balances in a participants' accounts are distributed in shares of the Company's
stock (with fractional shares paid in cash) or cash as elected by the
participant with payment to the participant by direct transfer to the
participant's individual retirement account or to the plan of the participant's
new employer.
-4-
Participant Loans
The participant loans outstanding as of March 31, 2001 and 2000 are loans that
were transferred into the Plan when the TriStar ESOP merged with the Plan. No
new participant loans will be permitted by the Plan.
Participant Accounts
Each participant's account is credited with his/her contributions, his/her share
of the Company's discretionary and/or required contribution, and an allocation
of plan earnings. Allocations of earnings are based on the proportion that each
participant's account balance bears to the total of all participant account
balances as well as the participant's investment elections. The benefit to which
a participant is entitled is the vested portion of the benefit that can be
provided from the participant's account.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accompanying financial statements have been prepared using the accrual basis
of accounting.
Use of Estimates
The preparation of the financial statements in conformity with accounting
principles generally accepted in the United States requires the Plan's
management to use estimates and assumptions that affect the accompanying
financial statements and disclosures. Actual results could differ from these
estimates.
Income Recognition
Interest income is recorded as earned on the accrual basis of accounting.
Dividend income is recorded on the ex-dividend date. Purchases and sales of the
Company's stock are recorded on a trade date basis. Investment earnings on the
Company's stock are allocated on a daily basis to participant accounts.
Investment Valuation
Investments in mutual funds are stated at fair value, which is based on
published market quotations on national exchanges. Purchases and sales of
investments are recorded on the trade date. Money market funds and loans are
valued at cost, which approximates fair value. The Company's common stock as of
March 31, 2001 and 2000 is valued at its quoted market price as listed on the
NASDAQ national market under the ticker symbol "PSSI."
Investment securities, in general, are exposed to various risks, such as
interest rate, credit, and overall market volatility risks. Due to the level of
risk associated with certain investment securities, it is reasonably possible
that changes in the values of investment securities will occur in the near term
and that such changes could materially affect the amounts reported in the
statements of net assets available for benefits.
Net Depreciation in Fair Value of Investments
Net realized gains (losses) from the sales of investments and the changes in the
unrealized appreciation (depreciation) on investments held are recorded in the
accompanying statement of changes in net assets available for benefits as net
depreciation in fair value of investments.
-5-
Administrative Expenses
Administrative expenses of the Plan for the year ended March 31, 2001 were paid
by both the Plan and the Company.
3. LOAN PAYABLE
On August 1, 1999, the Company and the Plan became responsible for the ESOP loan
that existed between TriStar and the TriStar ESOP. The Company made two
discretionary ESOP employer contributions and as a result, the outstanding loan
principal balance was paid in full and all shares were released for allocation
to participants during September 2000.
Principal and interest payments of $45,700 on this note were due in monthly
installments. Interest on the note was fixed at 6.54% per annum. The number of
shares released from the Encumbered Company Stock Fund was determined by
multiplying the total number of unallocated shares by the principal plus
interest paid by the Trustee for the plan year divided by the total principal
plus interest currently due. The unallocated shares were held as collateral for
the outstanding loan. During the plan year ended March 31, 2001, 112,031 shares
of common stock were released from the Encumbered Company Stock Fund. The fair
value of these released shares was approximately $649,000.
4. ESCROW SHARES
When the Company purchased TriStar, approximately 29,600 shares of the Company's
stock were held by the TriStar ESOP and were restricted pursuant to a security
agreement established in connection with the ESOP loan. During March 2000,
17,300 shares were released pursuant to the terms of the security agreement. It
has not yet been determined when the remaining 12,300 shares will be released.
The 17,300 shares that were released were deposited into the trust during the
year ended March 31, 2001.
5. INVESTMENTS
The following presents investments that represent 5% or more of the Plan's net
assets as of March 31, 2001 and 2000:
2001 2000
----------- -----------
Janus Balanced Fund $13,315,890 $13,825,220
PSS World Medical, Inc. common stock:
Participant-directed, allocated 9,892,568 9,062,981
Nonparticipant-directed, allocated 3,612,091 8,395,247
Nonparticipant-directed, unallocated 0 753,509
Managers Special Equity Fund 5,680,363 7,125,626
Janus Fund 4,243,877 4,420,587
American Century Ultra Fund 3,575,903 5,270,719
-6-
During the year ended March 31, 2001, the Plan's investments (including gains
and losses on investments bought and sold as well as held during the year)
depreciated in value as follows:
Allocated Unallocated Total
------------- ------------ -------------
Mutual funds $(11,558,179) $ 0 $(11,558,179)
PSS World Medical, Inc. common stock, participant-directed (4,094,780) 0 (4,094,780)
PSS World Medical, Inc. common stock, nonparticipant-directed (3,205,762) (331,251) (3,537,013)
------------- ------------ -------------
$(18,858,721) $(331,251) $(19,189,972)
============= ============ =============
6. NONPARTICIPANT-DIRECTED INVESTMENTS
Information pertaining to the nonparticipant-directed investments included in
the unallocated portion of the Plan is presented in the accompanying statement
of changes in net assets available for benefits. Information about the
significant components of the change in net assets relating to the
nonparticipant-directed investments included in the allocated portion of the
Plan's financial statements is as follows as of March 31, 2001:
PSS World
Medical, Inc. Noninterest-
Common Bearing
Stock Cash
------------ ------------
Net depreciation in fair value of investments $(3,205,762) $ 0
Administrative expenses 0 (66,232)
Interfund transfers (1,577,394) (16,739)
------------ ------------
Decrease in net assets available for benefits $(4,783,156) $(82,971)
============ ============
7. TAX STATUS
On April 12, 2001, the Plan, as amended, received a favorable determination
letter from the Internal Revenue Service. Although the Plan has been amended and
restated since receiving this letter, the plan administrator believes that the
Plan, as amended and restated, is designed and being operated in compliance with
the applicable requirements of the IRC. Therefore, the plan administrator
believes that the Plan is qualified and the related trust continues to be
tax-exempt for the years ended March 31, 2001 and 2000.
8. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of plan termination,
participants will become fully vested in their account balances.
9. INFORMATION PROVIDED BY THE TRUSTEE
Disclosure of historical cost information with regard to certain plan
investments is required to be presented in the schedule of assets (held at end
of year) (Schedule I) in accordance with the Department of Labor Rules and
Regulations for Reporting and Disclosure under ERISA. Due to the record-keeping
systems maintained by the Trustee, certain of this information cannot be
provided.
-7-
10. RELATED PARTIES
The Plan owns 3,021,988 shares of the Company's stock at March 31, 2001, which
represents 4.25% of the outstanding common stock of the Company at that date.
Other liabilities consists of $20,281, which is payable to another defined
contribution plan sponsored by the Company. Contributions totaling $20,281 were
erroneously deposited into this Plan. The remaining $110,259 represents a
payable due to the Trustee for a pending trade at year-end.
11. RECONCILIATION TO FORM 5500
As of March 31, 2001 and 2000, the Plan had $15,014 and $0, respectively, of
pending distributions to participants who elected distributions from the Plan.
These amounts are recorded as a liability in the Plan's Form 5500; however,
these amounts are not recorded as a liability in the accompanying statements of
net assets available for benefits in accordance with accounting principles
generally accepted in the United States.
The following table reconciles net assets available for benefits per the
financial statements to the Form 5500 as filed by the Company for the year ended
March 31, 2001:
Benefit Net Assets
Payable to Benefits Available
Participant Paid for Benefits
----------- ---------- --------------
Per financial statements $ 0 $2,709,308 $44,565,228
2001 amounts pending distribution to participants 15,014 15,014 (15,014)
----------- ---------- --------------
Per Form 5500 $15,014 $2,724,322 $44,550,214
=========== ========== ==============
12. SUBSEQUENT EVENTS
Effective August 1, 2001, or as soon as practicable thereafter, the Plan was
amended to provide for the merger of the National Med Supply Company 401(k)
Savings Plan (approximately $73,000 of net assets available for benefits).
Effective April 1, 2001, the Company began making a mandatory quarterly non-ESOP
matching contribution. The employer match equals 25% of the employee's deferral
up to 4% of salary.
SCHEDULE I
PSS WORLD MEDICAL, INC.
EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
SCHEDULE H, LINE 4i--ASSETS (HELD AT END OF YEAR)
MARCH 31, 2001
Current
Identity of Party Involved Description of Investment Cost Value
------------------------------------------ ------------------------------------------------------ -------- ------------
* PSS WORLD MEDICAL, INC. PSS World Medical, Inc. common stock, 3,021,988 shares (a) $13,504,659
JANUS CAPITAL CORPORATION Janus Balanced Fund, 669,813 units (b) 13,315,890
Janus Fund, 155,510 units (b) 4,243,877
Janus Worldwide Fund, 25,128 units (b) 1,183,545
THE MANAGERS FUNDS Managers Special Equity Fund, 85,509 units (b) 5,680,363
AMERICAN CENTURY INVESTMENT MANAGEMENT American Century Ultra Fund, 133,878 units (b) 3,575,903
REICH & TANG GROUP Reich & Tang Fund, 953,093 units (b) 953,093
PACIFIC INVESTMENT MANAGEMENT COMPANY PIMCO Total Return Fund, 86,494 units (b) 909,917
HARRIS ASSOCIATES Oakmark Fund, 19,241 units (b) 619,582
* METROPOLITAN LIFE INSURANCE COMPANY Metlife Stock Market Index Guaranteed Fund, 596 units (b) 249,710
* PARTICIPANT LOANS Loans to participants with interest rates ranging
from 7.6% to 8.5% (b) 22,238
-----------
$44,258,777
===========
*Represents a party-in-interest transaction.
(a) Historical cost
information has been requested
from the Trustee; however, due
to their record-keeping
systems, cost information
cannot be made available.
(b) Historical cost information is not required.
The accompanying notes are an integral part of this schedule.