8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December19, 2006

PSS WORLD MEDICAL, INC.

(Exact name of Registrant as specified in its charter)

Commission File Number: 0-23832

Florida	59-2280364
(State or other jurisdiction	(IRS Employer
of incorporation or organization)	Identification Number)
4345 Southpoint Blvd.
Jacksonville, Florida	32216
(Address of principal executive offices)	(Zip code)
Registrant’s telephone number, including area code	(904) 332-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item8.01 Other Events

Share Repurchase Authorization

On December 19, 2006, PSS World Medical Inc. (“the Company”) issued a press release in which the Company announced that the Board of Directors authorized the purchase of up to 5% of its total outstanding common shares. Depending on current market conditions and other factors, the Company is authorized to repurchase up to a maximum of 5% of its total common stock, or approximately 3.4 million common shares, in the open market, privately negotiated transactions, and other transactions that will be disclosed publicly through filings with the Securities and Exchange Commission (SEC).

A copy of this press release is filed with this Current Report as Exhibit 99.1 and is incorporated herein by reference.

Revised Earnings Guidance for Fiscal Year 2007

On December 19, 2006, PSS World Medical Inc. (“the Company”) issued a press release in which the Company lowered its fiscal year 2007 financial guidance, citing lower-than-expected sales of influenza vaccine due to a significant oversupply of vaccine in the market and a mild influenza season. The Company now expects to earn $0.69 to $0.71 per diluted share in fiscal 2007. The Company will conduct an investor conference call to discuss the information in this press release on Wednesday, December 20, 2006, at 8:30 a.m. Eastern Standard Time. A webcast of this call will be available on the Company’s website for 30 days.

A copy of this press release is filed with this Current Report as Exhibit 99.2 and is incorporated herein by reference.

Item9.01 Financial Statements and Exhibits.

Exhibit

Number Description

99.1 Press Release dated December 19, 2006 with respect to the Registrant’s share repurchase authorization.

99.2 Press release dated December 19, 2006 with respect to the Registrant’s revised financial guidance for fiscal year 2007.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: December 20, 2006

PSS WORLD MEDICAL, INC.

By: /s/ David M. Bronson_______________

Name:  David M. Bronson

Title: Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

99.1 Press Release dated December 19, 2006 with respect to the Registrant’s share repurchase authorization.

99.2 Press release dated December 19, 2006 with respect to the Registrant’s revised financial guidance for fiscal year 2007.

EX-99

N    E    W     S          R     E      L      E     A      S     E

Contact: Robert C. Weiner

Vice President, Investor Relations

904-332-3287

PSS WORLD MEDICAL PROVIDES UPDATED FISCAL

YEAR 2007 FINANCIAL GUIDANCE

Jacksonville, Florida (December 19, 2006) – PSS World Medical, Inc. (NASDAQ GS:PSSI) today announced that it has revised its fiscal year 2007 financial guidance due to lower sales of influenza vaccine compared with previous expectations.

PSS now expects to distribute approximately 4.25 million doses of influenza vaccine during fiscal year 2007, compared with its previous estimate and purchases of approximately 5.0 million doses, leaving approximately 78,000 vials of flu vaccine unsold and on-hand as of today. The Company attributed this to a significant oversupply of vaccine in the market and, to date, a mild influenza season.

The Company revised its fiscal year 2007 earnings per share goal to $0.69 to $0.71 per diluted share. The Company reiterated its goal of achieving $58 to 60 million of cash flow from operations for fiscal year 2007.

David A. Smith, President and Chief Executive Officer, commented, “We are very disappointed by this development. We buy and sell flu vaccine for the convenience of our customers rather than as a strategic growth initiative. Based on the oversupply of flu vaccine and little evidence of a flu season, we have been impacted by a number of our customers taking the unusual action of reducing their vaccine orders prior to shipment. This reduction in orders is likely to leave us with inventory of vaccine that will expire at the end of this year’s flu season.”

“We currently anticipate a potential industry oversupply next year, and therefore we will not include flu sales in our metrics or goals for fiscal year 2008. We had previously expected to generate a similar amount of flu vaccine sales and profit in fiscal year 2008,” said Smith.

The Company will conduct an investor conference call to discuss the information in this press release on Wednesday, December 20, 2006, at 8:30 a.m. EST. The number for this teleconference is 212-346-6586.

PSS World Medical, Inc. is a specialty marketer and distributor of medical products to physicians and elder care providers through its two business units. Since its inception in 1983, PSS has become a leader in the two market segments that it serves with a focused market approach to customer services, a consultative sales force, strategic acquisitions, strong arrangements with product manufacturers and a unique culture of performance.

All statements in this release that are not historical facts, including, but not limited to, statements regarding anticipated growth in revenue, gross and operating margins, and earnings, statements regarding the Company’s current business strategy, the Company’s ability to complete and integrate acquired businesses and generate acceptable rates of return, the Company’s projected sources and uses of cash, and the Company’s plans for future development and operations, are based upon current expectations. Specifically, forward-looking statements in this Press Release include, without limitation, the Company’s expected results in GAAP EPS, revenue, operating incomes and operating margins for continuing operations for both the consolidated company and for each of its businesses in fiscal years 2007 - 2009; the expected operational cash flow in fiscal years 2007- 2009; the ability to sustain revenue growth and expected growth rates of the marketing programs in its Physician and Elder Care Businesses; expected flu vaccine sales during fiscal years 2007, 2008 and 2009; expected pharmaceutical product sales in Florida and all other of the 50 U.S. states in fiscal years 2007- 2009; and expected sales growth from durable medical equipment, housekeeping, revenues derived from home care,

hospice and assisted living customers, for revenue, operating income, operating margin,cash flow from operations and earnings per share for fiscal years 2007, 2008 and 2009, as well as other expectations of growth and financial and operational performance. These statements are forward looking in nature and involve a number of risks and uncertainties. Actual results may differ materially. Among the factors that could cause results to differ materially are the following: pricing and customer credit quality pressures; the loss of any of our distributorship agreements and our reliance on relationships with our suppliers and vendors; our reliance on a limited number of chain business elder care customers; the availability of sufficient capital to finance the Company’s business plans on terms satisfactory to the Company; lower revenue and earnings that may result from competition; the ability of the Company to adequately defend or reach a settlement on outstanding litigation matters and investigations involving the Company or its management; changes in labor, equipment and capital costs; changes in legislation and regulations affecting the Company’s business, such as the Medicare cliffs, changes in malpractice insurance rates and tort reform; future acquisitions or strategic partnerships; general business, competitive and economic factors and conditions; and other factors described from time to time in the Company’s reports filed with the Securities and Exchange Commission. Many of these factors are outside the control of the Company. The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company also wishes to caution readers that it undertakes no duty or is under no obligation to update or revise any forward-looking statements.

-END-

EX-99

N    E    W     S          R     E      L      E     A      S     E

Contact: Robert C. Weiner

Vice President, Investor Relations

904-332-3287

PSS WORLD MEDICAL BOARD OF DIRECTORS AUTHORIZES

PURCHASE OF 5% OF TOTAL COMMON SHARES

Jacksonville, Florida (December 19, 2006) – PSS World Medical, Inc. (NASDAQ GS:PSSI) announced today that its Board of Directors has authorized the purchase of up to 5% of its total outstanding common shares.

Depending on current market conditions and other factors, the Company is authorized to repurchase up to a maximum of 5% of its total common stock, or approximately 3.4 million common shares, in the open market, privately negotiated transactions, and other transactions that will be disclosed publicly through filings with the Securities and Exchange Commission (SEC). Such repurchases will be made in compliance with applicable rules and regulations and may be discontinued at any time. As of September 29, 2006, the Company had approximately 67.7 million total issued and outstanding common shares.

PSS World Medical, Inc. is a specialty marketer and distributor of medical products to physicians and elder care providers through its two business units. Since its inception in 1983, PSS has become a leader in the two market segments that it serves with a focused market approach to customer services, a consultative sales force, strategic acquisitions, strong arrangements with product manufacturers and a unique culture of performance.

All statements in this release that are not historical facts, including, but not limited to, statements regarding anticipated growth in revenue, gross and operating margins, and earnings, statements regarding the Company’s current business strategy, the Company’s ability to complete and integrate acquired businesses and generate acceptable rates of return, the Company’s projected sources and uses of cash, and the Company’s plans for future development and operations, are based upon current expectations. Specifically, forward-looking statements in this Press Release include, without limitation, the Company’s expected results in GAAP EPS, revenue, operating incomes and operating margins for continuing operations for both the consolidated company and for each of its businesses in fiscal years 2007 - 2009; the expected operational cash flow in fiscal years 2007- 2009; the ability to sustain revenue growth and expected growth rates of the marketing programs in its Physician and Elder Care Businesses; expected flu vaccine sales during fiscal years 2007, 2008 and 2009; expected pharmaceutical product sales in Florida and all other of the 50 U.S. states in fiscal years 2007- 2009; and expected sales growth from durable medical equipment, housekeeping, revenues derived from home care, hospice and assisted living customers, for revenue, operating income, operating margin, cash flow from operations and earnings per share for fiscal years 2007, 2008 and 2009, as well as other expectations of growth and financial and operational performance. These statements are forward looking in nature and involve a number of risks and uncertainties. Actual results may differ materially. Among the factors that could cause results to differ materially are the following: pricing and customer credit quality pressures; the loss of any of our distributorship agreements and our reliance on relationships with our suppliers and vendors; our reliance on a limited number of chain business elder care customers; the availability of sufficient capital to finance the Company’s business plans on terms satisfactory to the Company; lower revenue and earnings that may result from competition; the ability of the Company to adequately defend or reach a settlement on outstanding litigation matters and investigations involving the Company or its management; changes in labor, equipment and capital costs; changes in legislation and regulations affecting the Company’s business, such as the Medicare cliffs, changes in malpractice insurance rates and tort reform; future acquisitions or strategic partnerships; general business, competitive and economic factors and conditions; and other factors described from time to time in the Company’s reports filed with the Securities and Exchange Commission. Many of these factors are outside the control of the Company. The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company also wishes to caution readers that it undertakes no duty or is under no obligation to update or revise any forward-looking statements.