Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - PSS WORLD MEDICAL INC | form8k.htm |
| EX-99.1 - PRESS RELEASE 10/27/2011 - PSS WORLD MEDICAL INC | earningsrelease.htm |
Financial Supplement
For the Second Quarter of Fiscal Year 2012 ending September 30, 2011
PSS World Medical, Inc.
As of September 30, 2011
Current Fiscal Year Consolidated Income Statement
(in thousands, except per share data)
|
|
2012
|
|||||||||||
|
|
Q1 | Q2 |
YTD
|
|||||||||
|
|
|
|||||||||||
|
Net sales
|
$ | 513,682 | $ | 521,756 | $ | 1,035,438 | ||||||
|
Cost of goods sold
|
352,925 | 354,653 | 707,578 | |||||||||
|
Gross profit
|
160,757 | 167,103 | 327,860 | |||||||||
|
General & administrative expenses
|
98,998 | 94,511 | 193,510 | |||||||||
|
Selling expenses
|
35,247 | 36,325 | 71,573 | |||||||||
|
Income from operations
|
26,512 | 36,266 | 62,778 | |||||||||
|
Interest expense
|
(4,538 | ) | (4,668 | ) | (9,207 | ) | ||||||
|
Interest income
|
74 | 53 | 127 | |||||||||
|
Other income
|
532 | 437 | 968 | |||||||||
|
Income from operations before income taxes
|
22,579 | 32,088 | 54,666 | |||||||||
|
Provision for income taxes
|
8,434 | 11,962 | 20,396 | |||||||||
|
Net income
|
14,145 | 20,125 | 34,270 | |||||||||
|
Net income attributable to noncontrolling interest
|
(44 | ) | 94 | 50 | ||||||||
|
Net income attributable to PSS World Medical, Inc.
|
$ | 14,189 | $ | 20,031 | $ | 34,221 | ||||||
|
|
||||||||||||
|
Earnings per common share attributable to
PSS World Medical, Inc.:
|
||||||||||||
|
Basic
|
$ | 0.26 | $ | 0.38 | $ | 0.64 | ||||||
|
Diluted
|
$ | 0.25 | $ | 0.37 | $ | 0.61 | ||||||
|
|
||||||||||||
|
Weighted average common shares outstanding:
|
||||||||||||
|
WASO - Basic
|
54,166 | 52,309 | 53,237 | |||||||||
|
WASO - Diluted
|
57,388 | 53,956 | 55,672 | |||||||||
|
|
||||||||||||
|
Net sales by segment:
|
||||||||||||
|
Physician Business
|
$ | 366,308 | $ | 376,870 | $ | 743,179 | ||||||
|
Elder Care Business
|
146,926 | 144,237 | 291,163 | |||||||||
|
Corporate Shared Services
|
448 | 648 | 1,096 | |||||||||
|
|
$ | 513,682 | $ | 521,756 | $ | 1,035,438 | ||||||
|
|
||||||||||||
|
Selling days:
|
64 | 63 | 127 | |||||||||
|
|
||||||||||||
|
Net sales per selling day:
|
||||||||||||
|
Physician Business
|
$ | 5,724 | $ | 5,982 | $ | 5,852 | ||||||
|
Elder Care Business
|
2,296 | 2,289 | 2,293 | |||||||||
|
Corporate Shared Services
|
7 | 10 | 9 | |||||||||
|
|
$ | 8,026 | $ | 8,282 | $ | 8,153 | ||||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
As of September 30, 2011
Consolidated Income Statement Trend
(in thousands, except per share data)
|
|
Fiscal Year 2009
|
Fiscal Year 2010
|
Fiscal Year 2011
|
||||||||||||||||||||||||||||||||||||||||||
|
|
Q1 | Q2 | Q3 | Q4 |
Total
|
Q1 | Q2 | Q3 | Q4 |
Total
|
Q1 | Q2 | Q3 | Q4 |
Total
|
||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Net sales
|
$ | 472,215 | $ | 491,603 | $ | 519,145 | $ | 469,728 | $ | 1,952,691 | $ | 493,554 | $ | 561,976 | $ | 502,764 | $ | 496,877 | $ | 2,055,171 | $ | 478,856 | $ | 496,188 | $ | 510,087 | $ | 549,658 | $ | 2,034,789 | |||||||||||||||
|
Cost of goods sold
|
333,283 | 344,347 | 364,282 | 328,868 | 1,370,781 | 347,581 | 389,404 | 348,064 | 342,427 | 1,427,476 | 331,010 | 339,063 | 352,192 | 376,753 | 1,399,018 | ||||||||||||||||||||||||||||||
|
Gross profit
|
138,931 | 147,255 | 154,863 | 140,860 | 581,910 | 145,974 | 172,571 | 154,700 | 154,449 | 627,695 | 147,846 | 157,125 | 157,895 | 172,905 | 635,771 | ||||||||||||||||||||||||||||||
|
General and administrative expenses
|
89,634 | 90,689 | 89,426 | 82,728 | 352,478 | 91,638 | 97,208 | 89,439 | 92,586 | 370,871 | 89,986 | 87,399 | 88,860 | 98,505 | 364,749 | ||||||||||||||||||||||||||||||
|
Selling expenses
|
31,266 | 32,161 | 33,721 | 31,356 | 128,505 | 32,687 | 36,728 | 33,249 | 33,178 | 135,842 | 32,610 | 34,298 | 34,330 | 36,229 | 137,466 | ||||||||||||||||||||||||||||||
|
Income from operations
|
18,031 | 24,405 | 31,715 | 26,776 | 100,927 | 21,649 | 38,635 | 32,012 | 28,685 | 120,981 | 25,250 | 35,429 | 34,706 | 38,171 | 133,556 | ||||||||||||||||||||||||||||||
|
Interest expense
|
(3,203 | ) | (5,300 | ) | (7,409 | ) | (6,247 | ) | (22,159 | ) | (4,261 | ) | (4,532 | ) | (4,214 | ) | (4,288 | ) | (17,295 | ) | (4,137 | ) | (4,226 | ) | (4,243 | ) | (4,515 | ) | (17,121 | ) | |||||||||||||||
|
Interest income
|
122 | 842 | 1,034 | 305 | 2,304 | 134 | 95 | 117 | 30 | 376 | 66 | 46 | 33 | 139 | 284 | ||||||||||||||||||||||||||||||
|
Other income
|
608 | 520 | 877 | 638 | 2,643 | 3,995 | 452 | 741 | 879 | 6,068 | 544 | 412 | 852 | 698 | 2,506 | ||||||||||||||||||||||||||||||
|
Income from ops before income taxes
|
15,559 | 20,467 | 26,218 | 21,472 | 83,716 | 21,517 | 34,650 | 28,657 | 25,306 | 110,130 | 21,723 | 31,661 | 31,348 | 34,493 | 119,225 | ||||||||||||||||||||||||||||||
|
Provision for income taxes
|
6,187 | 8,104 | 10,230 | 7,709 | 32,229 | 8,213 | 12,964 | 10,736 | 8,854 | 40,768 | 7,892 | 12,016 | 11,757 | 12,895 | 44,560 | ||||||||||||||||||||||||||||||
|
Net income
|
9,372 | 12,363 | 15,989 | 13,763 | 51,486 | 13,304 | 21,686 | 17,921 | 16,452 | 69,363 | 13,831 | 19,644 | 19,592 | 21,598 | 74,664 | ||||||||||||||||||||||||||||||
|
Net income attributable to noncontrolling interest
|
- | - | - | - | - | - | - | - | - | - | 78 | 87 | 42 | (28 | ) | 179 | |||||||||||||||||||||||||||||
|
Net income attributable PSS World Medical, Inc.
|
$ | 9,372 | $ | 12,363 | $ | 15,989 | $ | 13,763 | $ | 51,486 | $ | 13,304 | $ | 21,686 | $ | 17,921 | $ | 16,452 | $ | 69,363 | $ | 13,753 | $ | 19,557 | $ | 19,549 | $ | 21,626 | $ | 74,485 | |||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Earnings per common share attributable to PSS World Medical, Inc.:
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Basic
|
$ | 0.15 | $ | 0.21 | $ | 0.27 | $ | 0.23 | $ | 0.86 | $ | 0.23 | $ | 0.37 | $ | 0.31 | $ | 0.29 | $ | 1.20 | $ | 0.25 | $ | 0.36 | $ | 0.36 | $ | 0.40 | $ | 1.36 | |||||||||||||||
|
Diluted
|
$ | 0.15 | $ | 0.20 | $ | 0.27 | $ | 0.23 | $ | 0.85 | $ | 0.23 | $ | 0.37 | $ | 0.30 | $ | 0.28 | $ | 1.18 | $ | 0.24 | $ | 0.35 | $ | 0.35 | $ | 0.38 | $ | 1.32 | |||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Weighted average common shares outstanding:
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Basic
|
61,003 | 59,941 | 59,481 | 59,307 | 59,937 | 58,380 | 58,566 | 58,522 | 56,627 | 58,029 | 56,093 | 54,985 | 54,357 | 54,548 | 54,996 | ||||||||||||||||||||||||||||||
|
Diluted
|
61,723 | 60,921 | 60,322 | 59,801 | 60,696 | 58,859 | 59,390 | 59,390 | 58,115 | 58,943 | 57,924 | 55,887 | 55,567 | 56,789 | 56,546 | ||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Net Sales by Segment:
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Physician Business
|
$ | 331,386 | $ | 341,761 | $ | 357,269 | $ | 326,966 | $ | 1,357,382 | $ | 342,292 | $ | 398,531 | $ | 352,961 | $ | 344,039 | $ | 1,437,823 | $ | 327,403 | $ | 343,403 | $ | 357,298 | $ | 396,908 | $ | 1,425,012 | |||||||||||||||
|
Elder Care Business
|
140,406 | 149,485 | 161,874 | 142,743 | 594,509 | 150,381 | 162,970 | 149,400 | 152,187 | 614,937 | 151,202 | 152,173 | 152,263 | 152,111 | 607,750 | ||||||||||||||||||||||||||||||
|
Corporate Shared Services
|
423 | 356 | 2 | 19 | 800 | 882 | 475 | 403 | 651 | 2,411 | 251 | 612 | 526 | 639 | 2,028 | ||||||||||||||||||||||||||||||
|
|
$ | 472,215 | $ | 491,603 | $ | 519,145 | $ | 469,728 | $ | 1,952,691 | $ | 493,554 | $ | 561,976 | $ | 502,764 | $ | 496,877 | $ | 2,055,171 | $ | 478,856 | $ | 496,188 | $ | 510,087 | $ | 549,658 | $ | 2,034,789 | |||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Billing Days:
|
64 | 63 | 66 | 60 | 253 | 64 | 68 | 61 | 65 | 258 | 64 | 63 | 61 | 65 | 253 | ||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Net Sales Per Billing Day:
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Physician Business
|
$ | 5,178 | $ | 5,425 | $ | 5,413 | $ | 5,449 | $ | 5,365 | $ | 5,348 | $ | 5,861 | $ | 5,786 | $ | 5,293 | $ | 5,573 | $ | 5,116 | $ | 5,451 | $ | 5,857 | $ | 6,106 | $ | 5,632 | |||||||||||||||
|
Elder Care Business
|
2,194 | 2,373 | 2,453 | 2,379 | 2,350 | 2,350 | 2,397 | 2,449 | 2,341 | 2,383 | 2,363 | 2,415 | 2,496 | 2,340 | 2,402 | ||||||||||||||||||||||||||||||
|
Corporate Shared Services
|
7 | 6 | - | - | 3 | 14 | 7 | 7 | 10 | 9 | 4 | 10 | 9 | 10 | 8 | ||||||||||||||||||||||||||||||
|
|
$ | 7,378 | $ | 7,803 | $ | 7,866 | $ | 7,829 | $ | 7,718 | $ | 7,712 | $ | 8,264 | $ | 8,242 | $ | 7,644 | $ | 7,966 | $ | 7,482 | $ | 7,876 | $ | 8,362 | $ | 8,456 | $ | 8,043 | |||||||||||||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
As of September 30, 2011
Our Brands - Net Sales
(in thousands)
|
|
Fiscal Year
|
|||||||||||||||||||||||||||||||
|
|
2012
|
2011
|
||||||||||||||||||||||||||||||
|
|
Q1 | Q2 |
YTD
|
Q1 | Q2 | Q3 | Q4 |
YTD
|
||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||||||
|
Consolidated Our Brand Sales
|
$ | 87,734 | $ | 90,703 | $ | 178,437 | $ | 80,555 | $ | 82,152 | $ | 84,551 | $ | 86,978 | $ | 334,237 | ||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
|
Fiscal Year
|
|||||||||||||||||||||||||||||||
|
|
2007 | 2008 | 2009 | 2010 | 2011 | |||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
Consolidated Our Brand Sales
|
$ | 185,844 | $ | 234,810 | $ | 281,536 | $ | 323,602 | $ | 334,237 | ||||||||||||||||||||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
As of September 30, 2011
Segment Information
(in thousands)
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
|
September 30,
|
October 1,
|
September 30,
|
October 1,
|
||||||||||||
|
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
|
|
|
|
|
|
||||||||||||
|
NET SALES:
|
|
|
|
|
||||||||||||
|
Physician Business
|
$ | 376,870 | $ | 343,403 | $ | 743,179 | $ | 670,806 | ||||||||
|
Elder Care Business
|
144,237 | 152,173 | 291,163 | 303,376 | ||||||||||||
|
Corporate Shared Services
|
648 | 612 | 1,096 | 863 | ||||||||||||
|
Total net sales
|
$ | 521,756 | $ | 496,188 | $ | 1,035,438 | $ | 975,045 | ||||||||
|
|
||||||||||||||||
|
SELLING DAYS:
|
63 | 63 | 127 | 127 | ||||||||||||
|
|
||||||||||||||||
|
NET SALES PER SELLING DAY:
|
||||||||||||||||
|
Physician Business
|
$ | 5,982 | $ | 5,451 | $ | 5,852 | $ | 5,282 | ||||||||
|
Elder Care Business
|
2,289 | 2,415 | 2,293 | 2,389 | ||||||||||||
|
Corporate Shared Services
|
10 | 10 | 9 | 7 | ||||||||||||
|
Total net sales per selling day
|
$ | 8,282 | $ | 7,876 | $ | 8,153 | $ | 7,678 | ||||||||
|
|
||||||||||||||||
|
INCOME FROM OPERATIONS:
|
||||||||||||||||
|
Physician Business
|
$ | 38,933 | $ | 37,130 | $ | 69,180 | $ | 64,753 | ||||||||
|
Elder Care Business
|
7,331 | 8,759 | 14,618 | 16,688 | ||||||||||||
|
Corporate Shared Services
|
(9,998 | ) | (10,461 | ) | (21,020 | ) | (20,762 | ) | ||||||||
|
Total income from operations
|
$ | 36,266 | $ | 35,429 | $ | 62,778 | $ | 60,679 | ||||||||
|
|
||||||||||||||||
|
DEPRECIATION:
|
||||||||||||||||
|
Physician Business
|
$ | 2,750 | $ | 2,283 | $ | 5,406 | $ | 4,461 | ||||||||
|
Elder Care Business
|
1,294 | 1,251 | 2,592 | 2,468 | ||||||||||||
|
Corporate Shared Services
|
2,597 | 2,566 | 5,086 | 5,113 | ||||||||||||
|
Total depreciation
|
$ | 6,641 | $ | 6,100 | $ | 13,084 | $ | 12,041 | ||||||||
|
|
||||||||||||||||
|
AMORTIZATION OF INTANGIBLE
|
||||||||||||||||
|
AND OTHER ASSETS:
|
||||||||||||||||
|
Physician Business
|
$ | 1,339 | $ | 559 | $ | 2,677 | $ | 1,111 | ||||||||
|
Elder Care Business
|
595 | 775 | 1,192 | 1,517 | ||||||||||||
|
Corporate Shared Services
|
175 | 167 | 349 | 316 | ||||||||||||
|
Total amortization of intangible and other assets
|
$ | 2,108 | $ | 1,501 | $ | 4,217 | $ | 2,944 | ||||||||
|
|
||||||||||||||||
|
PROVISION FOR DOUBTFUL ACCOUNTS:
|
||||||||||||||||
|
Physician Business
|
$ | 492 | $ | 646 | $ | 725 | $ | 878 | ||||||||
|
Elder Care Business
|
(269 | ) | (26 | ) | (71 | ) | (64 | ) | ||||||||
|
Total provision for doubtful accounts
|
$ | 223 | $ | 620 | $ | 654 | $ | 814 | ||||||||
|
|
||||||||||||||||
|
INTEREST EXPENSE:
|
||||||||||||||||
|
Total interest expense
|
$ | 4,668 | $ | 4,226 | $ | 9,207 | $ | 8,363 | ||||||||
|
|
||||||||||||||||
|
INTEREST INCOME:
|
||||||||||||||||
|
Physician Business
|
$ | 4 | $ | - | $ | 10 | $ | - | ||||||||
|
Elder Care Business
|
38 | 25 | 89 | 51 | ||||||||||||
|
Corporate Shared Services
|
11 | 21 | 28 | 61 | ||||||||||||
|
Total interest and investment income
|
$ | 53 | $ | 46 | $ | 127 | $ | 112 | ||||||||
|
|
||||||||||||||||
|
PROVISION (BENEFIT) FOR INCOME TAXES:
|
||||||||||||||||
|
Physician Business
|
$ | 14,275 | $ | 13,632 | $ | 25,069 | $ | 23,676 | ||||||||
|
Elder Care Business
|
2,021 | 2,567 | 4,004 | 4,780 | ||||||||||||
|
Corporate Shared Services
|
(4,334 | ) | (4,182 | ) | (8,677 | ) | (8,548 | ) | ||||||||
|
Total provision for income taxes
|
$ | 11,962 | $ | 12,016 | $ | 20,396 | $ | 19,908 | ||||||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
As of September 30, 2011
Current Fiscal Year Consolidated Balance Sheet
(in thousands)
|
|
As of
|
|||||||
|
|
July 1,
|
September 30,
|
||||||
|
ASSETS
|
2011
|
2011
|
||||||
|
|
|
|
||||||
|
Cash
|
$ | 22,291 | $ | 34,848 | ||||
|
Accounts receivable, net
|
236,967 | 244,615 | ||||||
|
Inventory, net
|
222,660 | 229,400 | ||||||
|
Prepaid expenses
|
8,355 | 7,170 | ||||||
|
Other current assets
|
51,582 | 43,432 | ||||||
|
Total current assets
|
541,854 | 559,465 | ||||||
|
|
||||||||
|
Property and equipment, net
|
100,620 | 100,225 | ||||||
|
Goodwill
|
167,386 | 173,958 | ||||||
|
Intangibles, net
|
40,012 | 40,330 | ||||||
|
Other long-term assets
|
96,829 | 90,803 | ||||||
|
|
||||||||
|
Total assets
|
$ | 946,700 | $ | 964,780 | ||||
|
|
||||||||
|
LIABILITIES & EQUITY
|
||||||||
|
|
||||||||
|
Accounts payable
|
$ | 145,495 | $ | 151,478 | ||||
|
Accrued expenses
|
41,556 | 41,787 | ||||||
|
Current portion of long term debt
|
574 | 380 | ||||||
|
Revolving line of credit
|
20,500 | 50,000 | ||||||
|
Other current liabilities
|
20,761 | 22,418 | ||||||
|
Total current liabilities
|
228,886 | 266,063 | ||||||
|
|
||||||||
|
Long-term debt
|
197,904 | 200,185 | ||||||
|
Other non-current liabilities
|
113,407 | 93,478 | ||||||
|
|
||||||||
|
Total liabilities
|
540,196 | 559,727 | ||||||
|
|
||||||||
|
Total PSS World Medical, Inc. shareholders' equity
|
402,948 | 401,403 | ||||||
|
Noncontrolling interest
|
3,556 | 3,650 | ||||||
|
Total equity
|
406,504 | 405,053 | ||||||
|
|
||||||||
|
Total liabilities and equity
|
$ | 946,700 | $ | 964,780 | ||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
As of September 30, 2011
Consolidated Balance Sheet Trend
(in thousands)
|
|
Fiscal Year 2009
|
Fiscal Year 2010
|
Fiscal Year 2011
|
|||||||||||||||||||||||||||||||||
|
ASSETS
|
Jun-08
|
Sep-08
|
Dec-08
|
Mar-09
|
Jun-09
|
Sep-09
|
Dec-09
|
Mar-10
|
Jun-10
|
Sep-10
|
Dec-10
|
Mar-11
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Cash
|
$ | 29,840 | $ | 226,055 | $ | 214,709 | $ | 82,031 | $ | 129,631 | $ | 130,089 | $ | 114,056 | $ | 52,751 | $ | 59,081 | $ | 22,949 | $ | 36,912 | $ | 29,348 | ||||||||||||
|
Investment in available for sale securities
|
- | - | - | 10,592 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
|
Accounts receivable, net
|
227,661 | 240,806 | 232,894 | 230,361 | 230,391 | 257,968 | 233,602 | 227,888 | 222,544 | 232,014 | 239,082 | 247,229 | ||||||||||||||||||||||||
|
Inventory, net
|
192,707 | 199,337 | 239,940 | 207,593 | 196,160 | 212,813 | 230,725 | 218,911 | 217,500 | 220,846 | 240,211 | 213,211 | ||||||||||||||||||||||||
|
Deferred tax assets
|
6,805 | - | - | 8,059 | 8,250 | 5,602 | 11,986 | 15,629 | 15,101 | 19,514 | 17,789 | 20,533 | ||||||||||||||||||||||||
|
Other current assets
|
26,157 | 22,163 | 23,229 | 23,819 | 24,385 | 30,854 | 33,980 | 26,485 | 27,753 | 40,979 | 32,693 | 34,285 | ||||||||||||||||||||||||
|
Total current assets
|
483,170 | 688,361 | 710,772 | 562,456 | 588,817 | 637,326 | 624,349 | 541,664 | 541,979 | 536,301 | 566,687 | 544,606 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
Property and equipment, net
|
92,803 | 96,849 | 97,113 | 101,205 | 103,552 | 105,499 | 106,956 | 105,220 | 103,737 | 101,269 | 101,958 | 102,401 | ||||||||||||||||||||||||
|
Goodwill
|
112,320 | 112,392 | 112,717 | 112,768 | 114,255 | 115,280 | 120,828 | 121,772 | 124,281 | 128,745 | 131,364 | 167,094 | ||||||||||||||||||||||||
|
Intangibles, net
|
25,738 | 24,345 | 23,102 | 22,958 | 22,442 | 21,604 | 25,289 | 24,548 | 25,242 | 26,440 | 30,657 | 41,879 | ||||||||||||||||||||||||
|
Investment in available for sale securities
|
14,231 | 16,725 | 15,333 | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
|
Other long-term assets
|
67,598 | 83,055 | 70,549 | 59,238 | 65,065 | 73,819 | 77,748 | 78,862 | 77,488 | 84,933 | 91,881 | 95,693 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
Total assets
|
$ | 795,860 | $ | 1,021,726 | $ | 1,029,587 | $ | 858,624 | $ | 894,131 | $ | 953,528 | $ | 955,170 | $ | 872,066 | $ | 872,727 | $ | 877,688 | $ | 922,547 | $ | 951,672 | ||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
|
Fiscal Year 2009
|
Fiscal Year 2010
|
Fiscal Year 2011
|
|||||||||||||||||||||||||||||||||
|
LIABILITIES & EQUITY
|
Jun-08
|
Sep-08
|
Dec-08
|
Mar-09
|
Jun-09
|
Sep-09
|
Dec-09
|
Mar-10
|
Jun-10
|
Sep-10
|
Dec-10
|
Mar-11
|
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
Accounts payable
|
$ | 128,656 | $ | 149,674 | $ | 155,133 | $ | 127,300 | $ | 133,781 | $ | 156,966 | $ | 137,676 | $ | 123,970 | $ | 125,155 | $ | 137,431 | $ | 149,698 | $ | 128,057 | ||||||||||||
|
Accrued expenses
|
38,055 | 50,816 | 43,170 | 52,718 | 46,196 | 43,248 | 48,051 | 50,253 | 37,830 | 33,804 | 40,075 | 37,175 | ||||||||||||||||||||||||
|
Current portion of long-term debt
|
196,116 | 198,022 | 199,606 | 50,937 | 50,953 | 50,970 | 56,321 | 881 | 1,190 | 1,297 | 1,133 | 761 | ||||||||||||||||||||||||
|
Deferred tax liabilities, current
|
- | 6,619 | 4,492 | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
|
Other current liabilities
|
8,102 | 8,723 | 9,160 | 7,956 | 12,882 | 13,653 | 13,122 | 10,954 | 25,576 | 26,574 | 24,346 | 33,211 | ||||||||||||||||||||||||
|
Total current liabilities
|
370,928 | 413,855 | 411,560 | 238,910 | 243,812 | 264,837 | 255,169 | 186,058 | 189,751 | 199,107 | 215,252 | 199,204 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
Long-term debt
|
706 | 177,650 | 179,395 | 180,965 | 182,654 | 184,530 | 186,153 | 187,941 | 189,746 | 191,667 | 193,645 | 195,662 | ||||||||||||||||||||||||
|
Other long-term liabilities
|
68,975 | 64,763 | 56,503 | 60,719 | 70,323 | 79,896 | 86,674 | 90,053 | 77,748 | 86,420 | 92,940 | 110,281 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
Total liabilities
|
440,610 | 656,268 | 647,459 | 480,594 | 496,789 | 529,263 | 527,996 | 464,052 | 457,245 | 477,193 | 501,837 | 505,146 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
Total PSS World Medical, Inc. shareholders' equity
|
355,250 | 365,458 | 382,127 | 378,030 | 397,342 | 424,265 | 427,174 | 408,014 | 412,344 | 397,270 | 417,082 | 442,926 | ||||||||||||||||||||||||
|
Noncontrolling interest
|
- | - | - | - | - | - | - | - | 3,138 | 3,225 | 3,628 | 3,600 | ||||||||||||||||||||||||
|
Total equity
|
355,250 | 365,458 | 382,127 | 378,030 | 397,342 | 424,265 | 427,174 | 408,014 | 415,482 | 400,495 | 420,710 | 446,526 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
Total liabilities & equity
|
$ | 795,860 | $ | 1,021,726 | $ | 1,029,587 | $ | 858,624 | $ | 894,131 | $ | 953,528 | $ | 955,170 | $ | 872,066 | $ | 872,727 | $ | 877,688 | $ | 922,547 | $ | 951,672 | ||||||||||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
As of September 30, 2011
Current Fiscal Year Unaudited Operating Highlights
(in millions)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
September 30,
|
October 1,
|
September 30,
|
October 1,
|
|||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
|
|
|
|
|||||||||||||
|
Net sales:
|
|
|
|
|
||||||||||||
|
Physician Business
|
$ | 376.9 | $ | 343.4 | $ | 743.2 | $ | 670.8 | ||||||||
|
Elder Care Business
|
144.2 | 152.2 | 291.2 | 303.4 | ||||||||||||
|
Corporate Shared Services
|
0.6 | 0.6 | 1.1 | 0.9 | ||||||||||||
|
Total net sales
|
$ | 521.8 | $ | 496.2 | $ | 1,035.4 | $ | 975.0 | ||||||||
|
Income from operations:
|
||||||||||||||||
|
Physician Business
|
$ | 38.9 | $ | 37.1 | $ | 69.2 | $ | 64.8 | ||||||||
|
Elder Care Business
|
7.3 | 8.8 | 14.6 | 16.7 | ||||||||||||
|
Corporate Shared Services
|
(10.0 | ) | (10.5 | ) | (21.0 | ) | (20.8 | ) | ||||||||
|
Total income from operations
|
$ | 36.3 | $ | 35.4 | $ | 62.8 | $ | 60.7 | ||||||||
|
EBITDA(a)
|
$ | 45.5 | $ | 43.4 | $ | 81.0 | $ | 76.6 | ||||||||
|
Income from operations, as a percentage of net sales
|
7.0 | % | 7.1 | % | 6.1 | % | 6.2 | % | ||||||||
|
Consolidated Return on Committed Capital ("ROCC")(b)
|
38.7 | % | 36.7 | % | 33.5 | % | 31.8 | % | ||||||||
|
Selling Days
|
63 | 63 | 127 | 127 | ||||||||||||
|
Net Sales Per Selling Day (in thousands):
|
||||||||||||||||
|
Physician Business
|
$ | 5,982 | $ | 5,451 | $ | 5,852 | $ | 5,282 | ||||||||
|
Elder Care Business
|
2,289 | 2,415 | 2,293 | 2,389 | ||||||||||||
|
Corporate Shared Services
|
10 | 10 | 9 | 7 | ||||||||||||
|
Total Net Sales Per Selling Day
|
$ | 8,282 | $ | 7,876 | $ | 8,153 | $ | 7,678 | ||||||||
|
Net Sales Per Selling Day Growth Rate:
|
||||||||||||||||
|
Physician Business
|
9.7 | % | 10.8 | % | ||||||||||||
|
Elder Care Business
|
(5.2 | %) | (4.0 | %) | ||||||||||||
|
Total Net Sales Per Selling Day Growth Rate
|
5.2 | % | 6.2 | % | ||||||||||||
|
Annualized
|
||||||||||||||||
|
September 30,
|
October 1,
|
|||||||||||||||
| 2011 | 2010 | |||||||||||||||
|
DSO(c)
|
||||||||||||||||
|
Physician Business
|
39.1 | 40.1 | ||||||||||||||
|
Elder Care Business
|
46.4 | 48.7 | ||||||||||||||
|
DOH(d)
|
||||||||||||||||
|
Physician Business
|
53.2 | 57.6 | ||||||||||||||
|
Elder Care Business
|
64.7 | 59.9 | ||||||||||||||
|
DIP(e)
|
||||||||||||||||
|
Physician Business
|
37.6 | 39.9 | ||||||||||||||
|
Elder Care Business
|
23.5 | 23.2 | ||||||||||||||
|
Cash Conversion Days(f)
|
||||||||||||||||
|
Physician Business
|
54.7 | 57.8 | ||||||||||||||
|
Elder Care Business
|
87.6 | 85.4 | ||||||||||||||
|
As of
|
||||||||||||||||
|
September 30,
|
October 1,
|
|||||||||||||||
| 2011 | 2010 | |||||||||||||||
|
Operational working capital(g)
|
$ | 322.5 | $ | 315.4 | ||||||||||||
|
Net debt:
|
||||||||||||||||
|
Convertible senior notes
|
$ | 200.2 | $ | 191.3 | ||||||||||||
|
Bank debt
|
50.0 | 0.5 | ||||||||||||||
|
Other debt
|
0.3 | 1.2 | ||||||||||||||
|
Less: Cash and cash equivalents
|
(34.8 | ) | (22.9 | ) | ||||||||||||
|
Net debt
|
$ | 215.7 | $ | 170.1 | ||||||||||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
September 30, 2011
Non-GAAP Reconciliations
(in millions)
|
Consolidated net sales impact from Physician Dispensing Acquisitions
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Six Months Ended
|
|
|
|||||||||
|
|
September 30,
|
|
October 1,
|
|
Percent
|
|
September 30,
|
|
October 1,
|
|
Percent
|
|||||
|
|
2011
|
|
2010
|
|
Change
|
|
2011
|
|
2010
|
|
Change
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Net Sales
|
$
|
521.8
|
|
$
|
496.2
|
|
5.2%
|
|
$
|
1,035.4
|
|
$
|
975.0
|
|
6.2%
|
|
|
Less: Net Sales from Physician Dispensing
|
|
19.4
|
|
|
-
|
|
|
|
|
39.0
|
|
|
-
|
|
|
|
|
Net Sales less the impact of Physician Dispensing
|
$
|
502.3
|
|
$
|
496.2
|
|
1.2%
|
|
$
|
996.4
|
|
$
|
975.0
|
|
2.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Physician Business net sales impact from Physician Dispensing Acquisitions
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Six Months Ended
|
|
|
|||||||||
|
|
September 30,
|
|
October 01,
|
|
Percent
|
|
September 30,
|
|
October 01,
|
|
Percent
|
|||||
|
|
2011
|
|
2010
|
|
Change
|
|
2011
|
|
2010
|
|
Change
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Physician Business Net Sales
|
$
|
376.9
|
|
$
|
343.4
|
|
9.7%
|
|
$
|
743.2
|
|
$
|
670.8
|
|
10.8%
|
|
|
Less: Net Sales from Physician Dispensing
|
|
19.4
|
|
|
-
|
|
|
|
|
39.0
|
|
|
-
|
|
|
|
|
Net Sales less the impact of Physician Dispensing
|
$
|
357.4
|
|
$
|
343.4
|
|
4.1%
|
|
$
|
704.1
|
|
$
|
670.8
|
|
5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
As of September 30, 2011
Selling Days Calendar FY11-FY13
|
FY2011
|
|
FY2012
|
|
FY2013
|
|
|
|||
|
Closing
|
Selling
|
|
Closing
|
Selling
|
|
Closing
|
Selling
|
|
|
|
Date
|
Days
|
|
Date
|
Days
|
|
Date
|
Days
|
|
Notes
|
|
30-Apr
|
20
|
|
29-Apr
|
20
|
|
27-Apr
|
20
|
|
A
|
|
28-May
|
20
|
|
27-May
|
20
|
|
25-May
|
20
|
|
A
|
|
2-Jul
|
24
|
|
1-Jul
|
24
|
|
29-Jun
|
24
|
|
B
|
|
Q1
|
64
|
|
|
64
|
|
|
64
|
|
|
|
30-Jul
|
19
|
|
29-Jul
|
19
|
|
27-Jul
|
19
|
|
A
|
|
27-Aug
|
20
|
|
26-Aug
|
20
|
|
31-Aug
|
25
|
|
A
|
|
1-Oct
|
24
|
|
30-Sep
|
24
|
|
28-Sep
|
19
|
|
B
|
|
Q2
|
63
|
|
|
63
|
|
|
63
|
|
|
|
29-Oct
|
20
|
|
28-Oct
|
20
|
|
26-Oct
|
20
|
|
A
|
|
26-Nov
|
18
|
|
25-Nov
|
18
|
|
30-Nov
|
23
|
|
A
|
|
31-Dec
|
23
|
|
30-Dec
|
24
|
|
28-Dec
|
19
|
|
B
|
|
Q3
|
61
|
|
|
62
|
|
|
62
|
|
|
|
28-Jan
|
20
|
|
27-Jan
|
19
|
|
25-Jan
|
19
|
|
A
|
|
25-Feb
|
20
|
|
24-Feb
|
20
|
|
22-Feb
|
20
|
|
A
|
|
1-Apr
|
25
|
|
30-Mar
|
25
|
|
29-Mar
|
25
|
|
B
|
|
Q4
|
65
|
|
|
64
|
|
|
64
|
|
|
|
Total
|
253
|
|
|
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.
September 30, 2011
EBITDA Calculation
Current Fiscal Year
(in thousands)
|
|
2012
|
|||||||
|
|
Q1 | Q2 | ||||||
|
|
||||||||
|
Net Income
|
$ | 14,145 | $ | 20,125 | ||||
|
Plus:
|
||||||||
|
Interest expense
|
4,538 | 4,668 | ||||||
|
Provision for income taxes
|
8,434 | 11,962 | ||||||
|
Depreciation
|
6,443 | 6,641 | ||||||
|
Amortization of intangible assets
|
2,109 | 2,108 | ||||||
|
|
||||||||
|
Less:
|
||||||||
|
Interest income
|
(74 | ) | (53 | ) | ||||
|
|
||||||||
|
EBITDA
|
$ | 35,595 | $ | 45,452 | ||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
September 30, 2011
EBITDA Calculation
(in thousands)
|
|
Fiscal Year 2009
|
Fiscal Year 2010
|
Fiscal Year 2011
|
||||||||||||||||||||||||||||||||||||||||||
|
|
Q1 | Q2 | Q3 | Q4 |
Total
|
Q1 | Q2 | Q3 | Q4 |
Total
|
Q1 | Q2 | Q3 | Q4 |
Total
|
||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Net income
|
$ | 9,372 | $ | 12,363 | $ | 15,989 | $ | 13,763 | $ | 51,486 | $ | 13,304 | $ | 21,686 | $ | 17,921 | $ | 16,452 | $ | 69,363 | $ | 13,831 | $ | 19,644 | $ | 19,592 | $ | 21,598 | $ | 74,664 | |||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Plus:
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Interest expense
|
3,203 | 5,300 | 7,409 | 6,247 | 22,159 | 4,261 | 4,532 | 4,214 | 4,288 | 17,295 | 4,137 | 4,226 | 4,243 | 4,515 | 17,121 | ||||||||||||||||||||||||||||||
|
Provision for income taxes
|
6,187 | 8,104 | 10,230 | 7,709 | 32,229 | 8,213 | 12,964 | 10,736 | 8,854 | 40,768 | 7,892 | 12,016 | 11,757 | 12,895 | 44,560 | ||||||||||||||||||||||||||||||
|
Depreciation
|
4,830 | 4,912 | 5,116 | 5,144 | 20,002 | 5,245 | 5,256 | 5,558 | 5,881 | 21,940 | 5,942 | 6,100 | 6,260 | 6,763 | 25,065 | ||||||||||||||||||||||||||||||
|
Amortization of intangible assets
|
1,344 | 1,553 | 1,264 | 1,328 | 5,489 | 1,252 | 1,190 | 1,235 | 1,444 | 5,121 | 1,444 | 1,501 | 1,584 | 1,850 | 6,378 | ||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Less:
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Interest and investment income
|
(122 | ) | (842 | ) | (1,034 | ) | (305 | ) | (2,304 | ) | (134 | ) | (95 | ) | (117 | ) | (30 | ) | (376 | ) | (66 | ) | (46 | ) | (33 | ) | (139 | ) | (284 | ) | |||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
EBITDA
|
$ | 24,813 | $ | 31,390 | $ | 38,973 | $ | 33,886 | $ | 129,062 | $ | 32,140 | $ | 45,533 | $ | 39,547 | $ | 36,890 | $ | 154,110 | $ | 33,179 | $ | 43,441 | $ | 43,402 | $ | 47,483 | $ | 167,504 | |||||||||||||||
Numbers may not foot due to rounding differences
PSS World Medical, Inc.
As of September 30, 2011
Consolidated Return on Committed Capital (ROCC)
Current Fiscal Year
(in thousands)
|
2012
|
||||||||
| Q1 | Q2 | |||||||
|
Consolidated Return on Committed Capital:
|
||||||||
|
Quarterly Average Committed Capital (1)
|
$ | 400,211 | $ | 401,138 | ||||
|
Committed Capital - Current Quarter
|
395,794 | 406,482 | ||||||
|
Committed Capital - Previous Quarter
|
404,628 | 395,794 | ||||||
|
Return on Committed Capital - Quarterly (2)
|
29.1 | % | 38.7 | % | ||||
|
Return:
|
||||||||
|
Net income
|
14,145 | 20,125 | ||||||
|
Add:
|
||||||||
|
Provision for income taxes
|
8,434 | 11,962 | ||||||
|
Interest expense
|
4,538 | 4,668 | ||||||
|
Amortization
|
2,109 | 2,108 | ||||||
|
Interest and investment income
|
(74 | ) | (53 | ) | ||||
| $ | 29,152 | $ | 38,811 | |||||
|
Committed Capital:
|
||||||||
|
Total assets
|
$ | 946,700 | $ | 964,780 | ||||
|
Less assets excluded:
|
||||||||
|
Cash
|
(22,291 | ) | (34,848 | ) | ||||
|
Goodwill and intangibles, net
|
(207,397 | ) | (214,288 | ) | ||||
|
Total liabilities
|
(540,196 | ) | (559,727 | ) | ||||
|
Plus liabilities excluded:
|
||||||||
|
Current debt
|
21,074 | 50,380 | ||||||
|
Long-term debt
|
197,904 | 200,185 | ||||||
| $ | 395,794 | $ | 406,482 | |||||
|
(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.
As of September 30, 2011
Consolidated Return on Committed Capital (ROCC) Trend
(in thousands)
|
Fiscal Year 2009
|
Fiscal Year 2010
|
Fiscal Year 2011
|
|||||||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 |
Total
|
Q1 | Q2 | Q3 | Q4 |
Total
|
Q1 | Q2 | Q3 | Q4 |
Total
|
|||||||||||||||||||||||||||||||
|
Consolidated Return on Committed Capital:
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Quarterly Average Committed Capital(1)
|
$ | 390,439 | $ | 381,257 | $ | 394,469 | $ | 401,387 |
|
$ | 378,397 | $ | 378,706 | $ | 401,134 | $ | 403,620 |
|
$ | 397,789 | $ | 406,570 | $ | 415,941 | $ | 410,592 |
|
||||||||||||||||||
|
Annual Average Committed Capital(2)
|
$ | 394,438 | $ | 394,969 | $ | 401,196 | |||||||||||||||||||||||||||||||||||||||
|
Committed Capital - Current Quarter
|
384,175 | 378,339 | 410,600 | 392,174 | 364,619 | 392,792 | 409,475 | 397,765 | 397,814 | 415,325 | 416,556 | 404,628 | 404,628 | ||||||||||||||||||||||||||||||||
|
Committed Capital - Previous Quarter
|
396,702 | 384,175 | 378,339 | 410,600 | 392,174 | 364,619 | 392,792 | 409,475 | 397,765 | 397,814 | 415,325 | 416,556 | 416,556 | ||||||||||||||||||||||||||||||||
|
Committed Capital - Current Year End
|
392,174 | 397,765 | 397,765 | ||||||||||||||||||||||||||||||||||||||||||
|
Committed Capital - Previous Year End
|
396,702 | 392,174 | 397,765 | ||||||||||||||||||||||||||||||||||||||||||
|
Return on Committed Capital - Quarterly(3)
|
20.5 | % | 27.8 | % | 34.3 | % | 28.6 | % | 28.4 | % | 42.5 | % | 33.9 | % | 30.7 | % | 27.4 | % | 36.7 | % | 35.7 | % | 39.7 | % | |||||||||||||||||||||
|
Return on Committed Capital - Annual
|
27.6 | % | 33.5 | % | 35.5 | % | |||||||||||||||||||||||||||||||||||||||
|
Return:
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Net Income
|
$ | 9,372 | $ | 12,363 | $ | 15,989 | $ | 13,763 | $ | 51,486 | $ | 13,304 | $ | 21,686 | $ | 17,921 | $ | 16,452 | $ | 69,363 | $ | 13,831 | $ | 19,644 | $ | 19,592 | $ | 21,598 | $ | 74,664 | |||||||||||||||
|
Add:
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Provision for income taxes
|
6,187 | 8,104 | 10,230 | 7,709 | 32,229 | 8,213 | 12,964 | 10,736 | 8,854 | 40,768 | 7,892 | 12,016 | 11,757 | 12,895 | 44,560 | ||||||||||||||||||||||||||||||
|
Interest expense
|
3,203 | 5,300 | 7,409 | 6,247 | 22,159 | 4,261 | 4,532 | 4,214 | 4,288 | 17,295 | 4,137 | 4,226 | 4,243 | 4,515 | 17,121 | ||||||||||||||||||||||||||||||
|
Amortization
|
1,344 | 1,553 | 1,264 | 1,328 | 5,489 | 1,252 | 1,190 | 1,235 | 1,444 | 5,121 | 1,444 | 1,501 | 1,584 | 1,850 | 6,378 | ||||||||||||||||||||||||||||||
|
Interest and investment income
|
(122 | ) | (842 | ) | (1,034 | ) | (305 | ) | (2,304 | ) | (134 | ) | (95 | ) | (117 | ) | (30 | ) | (376 | ) | (66 | ) | (46 | ) | (33 | ) | (139 | ) | (284 | ) | |||||||||||||||
| $ | 19,983 | $ | 26,478 | $ | 33,856 | $ | 28,742 | $ | 109,059 | $ | 26,895 | $ | 40,277 | $ | 33,989 | $ | 31,009 | $ | 132,170 | $ | 27,238 | $ | 37,341 | $ | 37,141 | $ | 40,719 | $ | 142,440 | ||||||||||||||||
|
Committed Capital:
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Total assets
|
$ | 795,860 | $ | 1,021,726 | $ | 1,029,586 | $ | 858,624 | $ | 858,624 | $ | 894,131 | $ | 953,528 | $ | 955,170 | $ | 872,065 | $ | 872,065 | $ | 872,727 | $ | 877,688 | $ | 922,547 | $ | 951,672 | $ | 951,672 | |||||||||||||||
|
Less assets excluded:
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Cash
|
(29,840 | ) | (226,055 | ) | (214,709 | ) | (82,031 | ) | (82,031 | ) | (129,631 | ) | (130,089 | ) | (114,056 | ) | (52,751 | ) | (52,751 | ) | (59,081 | ) | (22,949 | ) | (36,912 | ) | (29,348 | ) | (29,348 | ) | |||||||||||||||
|
Goodwill and intangibles, net
|
(138,058 | ) | (136,736 | ) | (135,820 | ) | (135,726 | ) | (135,726 | ) | (136,696 | ) | (136,884 | ) | (146,117 | ) | (146,320 | ) | (146,320 | ) | (149,523 | ) | (155,185 | ) | (162,020 | ) | (208,973 | ) | (208,973 | ) | |||||||||||||||
|
Total liabilities
|
(440,610 | ) | (656,268 | ) | (647,459 | ) | (480,594 | ) | (480,594 | ) | (496,792 | ) | (529,263 | ) | (527,996 | ) | (464,052 | ) | (464,052 | ) | (457,246 | ) | (477,193 | ) | (501,837 | ) | (505,146 | ) | (505,146 | ) | |||||||||||||||
|
Plus liabilities excluded:
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Current debt
|
196,116 | 198,022 | 199,606 | 50,937 | 50,937 | 50,953 | 50,970 | 56,321 | 881 | 881 | 1,190 | 1,297 | 1,133 | 761 | 761 | ||||||||||||||||||||||||||||||
|
Long-term debt
|
706 | 177,650 | 179,395 | 180,965 | 180,965 | 182,654 | 184,530 | 186,153 | 187,941 | 187,941 | 189,746 | 191,667 | 193,645 | 195,662 | 195,662 | ||||||||||||||||||||||||||||||
| $ | 384,175 | $ | 378,339 | $ | 410,600 | $ | 392,174 | $ | 392,174 | $ | 364,619 | $ | 392,792 | $ | 409,475 | $ | 397,765 | $ | 397,765 | $ | 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)
|
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 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 and year to date 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.
|
|
(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, net, plus inventory minus accounts payable.
|