form8k.htm

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FXe20JtyP/+tzs3/o8KH8SXMVO6FCAil5QJOsjsYwEQEvTDEQ6MwF4PMcifDUbam 6D3fs9BC4FMgqkUDLSWgKA== 0000920527-10-000104.txt : 20101028 0000920527-10-000104.hdr.sgml : 20101028 20101028075246 ACCESSION NUMBER: 0000920527-10-000104 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20101028 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20101028 DATE AS OF CHANGE: 20101028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PSS WORLD MEDICAL INC CENTRAL INDEX KEY: 0000920527 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MEDICAL, DENTAL & HOSPITAL EQUIPMENT & SUPPLIES [5047] IRS NUMBER: 592280364 STATE OF INCORPORATION: FL FISCAL YEAR END: 0327 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23832 FILM NUMBER: 101146334 BUSINESS ADDRESS: STREET 1: 4345 SOUTHPOINT BLVD STREET 2: STE 250 CITY: JACKSONVILLE STATE: FL ZIP: 32216 BUSINESS PHONE: 9043323000 MAIL ADDRESS: STREET 1: 4345 SOUTHPOINT BLVD STREET 2: STE 250 CITY: JACKSONVILLE STATE: FL ZIP: 32216 FORMER COMPANY: FORMER CONFORMED NAME: PHYSICIAN SALES & SERVICE INC /FL/ DATE OF NAME CHANGE: 19940318 8-K 1 form8k.htm 8-K SHELL form8k.htm

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): October 28, 2010

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):

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

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

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

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

Item 2.02 Disclosure of Results of Operations and Financial Condition.

On October 28, 2010, PSS World Medical, Inc. (the “Company”) issued a press release in which the Company announced its financial results for the three and six months ended October 1, 2010. This press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference. In connection with the press release, the Company has also made available certain supplemental financial information (the “Financial Supplement”) for the three and six months ended October 1, 2010, which may be found on the Company’s website at www.pssd.com. This Financial Supplement is attached as Exhibit 99.2 to this report and is incorporated herein by reference.

The Financial Supplement contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company has provided reconciliations within the Financial Supplement of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

The Company provides non-GAAP financial measures to supplement its consolidated financial statements presented in accordance with GAAP. These non-GAAP financial measures are intended to supplement the user's overall understanding of the Company's current financial performance and its prospects for the future. Specifically, the Company believes the non-GAAP results provide useful information to both management and investors by identifying certain expenses, gains and losses that, when excluded from the GAAP results, may provide additional understanding of the Company's core operating results or business performance. However, these non-GAAP financial measures are not intended to supersede or replace the Company's GAAP res ults.

Item 9.01 Financial Statements and Exhibits.

Exhibit

Number

Description

99.1	Press Release dated October 28, 2010 with respect to the Registrant’s financial results for the three and six months ended October 1, 2010.
99.2	Financial Supplement for the three and six months ended October 1, 2010.

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.

	PSS World Medical, Inc.

Date: October 28, 2010	By:	/s/ David M. Bronson
		Name:	David M. Bronson
		Title:	Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

99.1	Press Release dated October 28, 2010 with respect to the Registrant’s financial results for the three and six months ended October 1, 2010.
99.2	Financial Supplement for the three and six months ended October 1, 2010.

EX-99.1 2 earningsrelease.htm PRESS RELEASE 10/28/2010 earningsrelease.htm

N E W S R E L E A S E

Contacts:
For investors:	Robert C. Weiner	For media:	Brian C. Kosoy
	Vice President, Investor Relations		Senior Associate, Public Relations
	904-332-3287		904-332-4175

PSS WORLD MEDICAL REPORTS RESULTS FOR

FISCAL YEAR 2011 SECOND QUARTER

Company Reports Consolidated Earnings Per Diluted Share of $0.35

Second Quarter Highlights:

·	The Company had five fewer sales days in the second quarter of fiscal year 2011 (63 sales days) compared with the second quarter of fiscal year 2010 (68 sales days)

·	Consolidated net sales decline of 11.7%, with same day sales decline of 4.7%

o	Physician Business net sales decline of 13.8%, with same-day sales decline of 1.2% excluding prior-year H1N1-related product sales

o	Elder Care Business net sales decline of 6.6%, with same-day sales growth of 0.8%

·	Sequential per-day revenue growth of 5.3% over fiscal 2011 first quarter

o	Physician Business sequential per-day revenue growth of 6.6%

o	Elder Care Business sequential per-day revenue growth of 2.2%

·	Consolidated operating margin growth of 27 basis points to 7.1%

o	Physician Business operating margin of 10.8%

o	Elder Care Business operating margin of 5.8%

·	Consolidated cash flow from operations of $11.6 million

Jacksonville, Florida (October 28, 2010) – PSS World Medical, Inc. (NasdaqGS: PSSI) announced today its results for the fiscal 2011 second quarter ended October 1, 2010.

Gary A. Corless, President and Chief Executive Officer, commented “Our second quarter performance reflects the team’s focused execution of our business strategies in a period of economic challenge. Throughout the last two years of slower economic activity, we have continued to invest in solutions-based programs focused on improving the clinical and financial success of caregivers, while adding new customers to counter lower overall healthcare utilization. We remain committed to achieving our goal of $1.27- $1.31 earnings per diluted share for fiscal year 2011.”

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PSSI Reports Results For Fiscal 2011 Second Quarter

Page 2

October 28, 2010

David M. Bronson, Executive Vice President and Chief Financial Officer, commented “Despite the triple headwinds of lower physician office utilization, five less selling days, and the comparative effect of last year’s H1N1-related revenue, the Company is continuing to expand its profit margins and generate cash without reducing headcount or services. In fact, we have continued to invest in technology and infrastructure projects that will drive future profitability gains. Our strong cash position allowed for the repurchase of two million shares this past quarter, as well as funding some modest acquisitions.”

Net sales for the three months ended October 1, 2010, were $496.2 million, a decrease of 11.7% (4.7% same day sales decline), compared with net sales of $562.0 million for the three months ended October 2, 2009. Net sales for the three months ended October 1, 2010, for the Physician Business decreased by 13.8%, with same day sales decline of 7.0% (1.2% same day sales decline excluding H1N1-related product sales in last year’s second quarter) while net sales for the Elder Care Business decreased by 6.6%, with same day sales growth of 0.8%. Income from operations for the three months ended October 1, 2010, was $35.4 million compared with income from operations for the three months ended October 2, 2009, of $38.6 million. N et income for the three months ended October 1, 2010, was $19.6 million, or $0.35 per diluted share, compared with net income for the three months ended October 2, 2009, of $21.7 million, or $0.37 per diluted share. The Company noted that it had five fewer sales days (63 sales days) in the second quarter of fiscal year 2011, ended October 1, 2010, compared with the number of sales days (68 sales days) in the second quarter of fiscal year 2010, ended October 2, 2009. The Company will have a total of five fewer sales days (253 sales days) in fiscal year 2011, ended April 1, 2011, compared with the number of sales days (258 sales days) in the fiscal year 2010, ended April, 2, 2010.

Net sales for the six months ended October 1, 2010, were $975.0 million, a decrease of 7.6% (4.0% same day sales decline), compared with net sales of $1,055.5 million for the six months ended October 2, 2009. Net sales for the six months ended October 1, 2010, for the Physician Business decreased by 9.5%, with same day sales decline of 5.9%, while net sales for the Elder Care Business decreased by 3.2%, with same day sales growth of 0.6%. Income from operations for the six months ended October 1, 2010, was $60.7 million compared with income from operations for the six months ended October 2, 2009, of $60.3 million. Net income for the six months ended October 1, 2010 decreased by 4.8% to $33.3 million, or $0.59 earnings per diluted share, compared with net income for the six months ended October 2, 2009 , of $35.0 million, or $0.59 earnings per diluted share.

A listen-only simulcast as well as a 90-day online replay of PSS World Medical’s fiscal year 2011 second quarter conference call can be found in the Investor Relations/Financial Information sections of the Company’s websites, www.pssworldmedical.com or www.pssd.com, respectively, under the heading “Events and Presentations,” on October 28, 2010, beginning at 8:30 a.m. Eastern time.

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PSSI Reports Results For Fiscal 2011 Second Quarter

Page 3

October 28, 2010

The Company has today filed with the SEC a Form 8-K that includes a copy of this press release and its related Fiscal Year 2011 Second Quarter Financial Workbook, which contains GAAP and non-GAAP financial measures, and is available on the Company’s website, www.pssworldmedical.com. Additional financial information pertaining to PSS World Medical financial results may be found by visiting the Investor Relations/Financial Information sections of the Company’s websites, www.pssworldmedical.com or www.pssd.com, respectively, under the heading “Events and Presentations.” If you should need assistance accessing th e information, please call Investor Relations at 904-332-3000.

PSS World Medical, Inc. is a national 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.

Certain statements in this release are "forward-looking statements" made pursuant to the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as "expect," "may," "will," "should," "believe," "plan," "anticipate," and "estimate" among others. These statements involve a number of risks and uncertainties, many of which are outside the control of the Company. Actual results may differ materially from those identified in the forward-looking statements. Among the factors that could cause results to differ materially are the following: fluctuating demand for our products and services; national and glo bal economic conditions, including our and our customers' ability to obtain financing; the introduction of new products and services offered by us and our competitors; uncertainty of the impact of recently enacted healthcare laws; consolidation of healthcare providers; proper functioning of our data processing and information technology systems; our ability to successfully execute our global sourcing strategy; pricing pressures on large national and regional accounts and GPOs; customer credit quality and our ability to collect our accounts receivable, particularly in states with significant budget deficits; our ability to successfully execute our mergers and acquisitions strategy; our ability to compete with other medical supply companies and direct manufacturers; multi-tiered cost structures where certain institutions can obtain more favorable prices for medical products than us; our ability to maintain relationships with our suppliers and customers; our ability to retain sales reps and key management; our ability to execute our growth strategy; increased operating costs, including fuel prices; risks involved in maintaining a large amount of inventory; our indebtedness may limit our ability to obtain additional financing or react to market conditions; we face litigation and product liability exposure; weather-related events such as hurricanes may disrupt our and our customers' business; we may be deemed to infringe other persons intellectual property; our business is subject to numerous federal, state and foreign laws and regulations, including state pedigree laws and regulations; 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. PSS assumes no obligation to update the information in this release except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

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PSSI Reports Results For Fiscal 2011 Second Quarter

Page 4

October 28, 2010

PSS WORLD MEDICAL, INC.

Unaudited Condensed Consolidated Statement of Operations

(in millions, except per share and share data)


	For the Three Months Ended						For the Six Months Ended
	October, 1			October, 2			October, 1			October, 2
	2010			2009			2010			2009
Net sales	$	496.2		$	562.0		$	975.0		$	1,055.5
Cost of goods sold		339.1			389.4			670.0			737.0
Gross profit		157.1			172.6			305.0			318.5
General and administrative expenses		87.4			97.2			177.4			188.8
Selling expenses		34.3			36.8			66.9			69.4
Income from operations		35.4			38.6			60.7			60.3

Other (expense) income:
Interest expense		(4.2	)		(4.5	)		(8.4	)		(8.8	)
Interest income		-			0.1			0.1			0.2
Other income		0.5			0.5			1.0			4.5
Other expense		(3.7	)		(3.9	)		(7.3	)		(4.1	)

Income before provision for income taxes		31.7			34.7			53.4			56.2
Provision for income taxes		12.0			13.0			19.9			21.2
Net income		19.7			21.7			33.5			35.0
Net income attributable to noncontrolling interest		0.1			-			0.2			-
Net income attributable to PSS World Medical, Inc.	$	19.6		$	21.7		$	33.3		$	35.0

Earnings per common share attributable to PSS World Medical, Inc.:
Basic	$	0.36		$	0.37		$	0.60		$	0.60
Diluted	$	0.35		$	0.37		$	0.59		$	0.59

Weighted average shares (in thousands):
Basic		54,985			58,566			55,539			58,477
Diluted		55,887			59,390			56,905			59,172

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PSSI Reports Results For Fiscal 2011 Second Quarter

Page 5

October 28, 2010

PSS World Medical, Inc.

Unaudited Condensed Consolidated Balance Sheets

(in millions except share data)

	October 1,			April 2,
	2010			2010

ASSETS
Current Assets:
Cash and cash equivalents		$	22.9		$	52.8
Accounts receivable, net			232.0			227.9
Inventories			220.8			218.9
Prepaid expenses			7.3			5.3
Other			53.3			36.8
Total current assets			536.3			541.7

Property and equipment, net			101.3			105.2

Other Assets:
Goodwill			128.7			121.8
Intangibles, net			26.4			24.5
Other			85.0			78.9
Total assets		$	877.7		$	872.1

LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable		$	137.4		$	124.0
Accrued expenses			33.8			50.3
Revolving line of credit and current portion of long-term debt			1.3			0.9
Other			26.6			10.9
Total current liabilities			199.1			186.1
Long-term debt, excluding current portion			191.7			187.9
Other noncurrent liabilities			86.4			90.1
Total liabilities			477.2			464.1

Equity:
PSS World Medical, Inc. shareholders' equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized,
no shares issued and outstanding			-			-
Common stock, $0.01 par value; 150,000,000 shares authorized,
54,930,039 and 57,168,296 shares issued and outstanding
at October 1, 2010 and April 2, 2010, respectively			0.5			0.6
Additional paid-in capital			118.4			162.5
Retained earnings			278.4			244.9
Total PSS World Medical, Inc. shareholders' equity			397.3			408.0
Noncontrolling interest			3.2			-
Total equity			400.5			408.0
Total liabilities and equity		$	877.7		$	872.1

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PSSI Reports Results For Fiscal 2011 Second Quarter

Page 6

October 28, 2010

PSS WORLD MEDICAL, INC.

Unaudited Condensed Consolidated Statements of Cash Flows

(in millions)

	Three Months Ended						Six Months Ended
	October 1,			October 2,			October 1,			October 2,
	2010			2009			2010			2009
Cash Flows From Operating Activities:
Net income	$	19.6		$	21.7		$	33.5		$	35.0
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation		6.1			5.3			12.0			10.5
(Benefit) provision for deferred income taxes		(2.4	)		1.2			(2.8	)		1.3
Noncash compensation expense		2.6			4.3			5.3			10.4
Amortization of intangible assets		1.5			1.2			2.9			2.4
Provision for doubtful accounts		0.6			1.3			0.8			2.5
Provision for deferred compensation		0.4			0.4			0.8			0.8
Amortization of debt discount and issuance costs		2.3			2.4			4.6			4.6
Loss on sales of property and equipment		-			-			-			0.1
Gain on sale of available for sale securities		-			-			-			(3.6	)
Changes in operating assets and liabilities, net of effects
from business combinations:
Accounts receivable, net		(10.1	)		(28.7	)		(3.8	)		(29.8	)
Inventories		(3.2	)		(16.1	)		(1.7	)		(4.2	)
Prepaid expenses and other current assets		(12.7	)		(5.0	)		(13.8	)		(10.1	)
Other assets		(2.2	)		(2.8	)		(4.1	)		(3.2	)
Accounts payable		11.6			22.5			12.5			28.8
Accrued expenses and other liabilities		(2.5	)		1.0			(7.7	)		8.1
Net cash provided by operating activities		11.6			8.7			38.5			53.6

Cash Flows From Investing Activities:
Capital expenditures		(3.6	)		(7.2	)		(8.0	)		(14.9	)
Payments for business acquisitions, net of cash acquired		(6.4	)		(1.8	)		(6.5	)		(3.9	)
Payment for investment in variable interest entity, net of cash		-			-			(3.3	)		-
Proceeds from sale of available for sale securities		-			-			-			10.7
Other		(0.3	)		0.1			(0.5	)		-
Net cash used in investing activities		(10.3	)		(8.9	)		(18.3	)		(8.1	)

Cash Flows From Financing Activities:
Purchase and retirement of common stock		(38.7	)		(0.4	)		(51.7	)		(0.4	)
Proceeds from the revolving line of credit		17.2			-			17.2			-
Repayments on the revolving line of credit		(17.2	)		-			(17.2	)		-
Proceeds from exercise of stock options		0.6			0.7			0.9			2.4
Excess tax benefits from share-based compensation arrangements		0.6			0.6			1.1			1.1
Payments under capital lease obligations		(0.2	)		(0.2	)		(0.5	)		(0.5	)
Other		0.2			-			0.1			-
Net cash (used in) provided by financing activities		(37.5	)		0.7			(50.1	)		2.6

Net (decrease) increase in cash and cash equivalents		(36.2	)		0.5			(29.9	)		48.1
Cash and cash equivalents, beginning of period		59.1			129.6			52.8			82.0
Cash and cash equivalents, end of period	$	22.9		$	130.1		$	22.9		$	130.1

-END-

EX-99.2 3 financialsupplement.htm FINANCIAL SUPPLEMENT financialsupplement.htm

Financial Supplement

For the Second Quarter of Fiscal Year 2011 ending October 1, 2010

PSS World Medical, Inc.

As of October 1, 2010

Current Fiscal Year

(in thousands, except per share data)

	Fiscal 2011
	Q1			Q2			YTD

Net sales	$	478,856		$	496,188		$	975,045
Cost of goods sold		331,010			339,063			670,073
Gross profit		147,846			157,125			304,971
General & administrative expenses		89,986			87,399			177,384
Selling expenses		32,610			34,298			66,908
Income from operations		25,250			35,429			60,679
Interest expense		(4,137	)		(4,226	)		(8,363	)
Interest & investment income		66			46			112
Other income		544			412			956
Income from operations before income taxes		21,723			31,661			53,383
Provision for income taxes		7,892			12,016			19,908
Net income		13,831			19,644			33,475
Net income attributable to noncontrolling interest		78			87			165
Net income attributable to PSS World Medical, Inc.	$	13,753		$	19,557		$	33,310

Earnings per share - Basic:
Net income attributable to PSS World Medical, Inc.	$	0.25		$	0.36		$	0.60

Earnings per share - Diluted:
Net income attributable to PSS World Medical, Inc.	$	0.24		$	0.35		$	0.59

WASO - Basic		56,093			54,985			55,539
WASO - Diluted		57,924			55,887			56,905

Net sales by segment:
Physician Business	$	327,403		$	343,403		$	670,806
Elder Care Business		151,202			152,173			303,376
Corporate Shared Services		251			612			863
	$	478,856		$	496,188		$	975,045

Billing days:		64			63			127

Net sales per billing day:
Physician Business	$	5,116		$	5,451		$	5,282
Elder Care Business		2,363			2,415			2,389
Corporate Shared Services		4			10			7
	$	7,482		$	7,876		$	7,678

Numbers may not foot due to rounding differences

PSS World Medical, Inc.

As of October 1, 2010

(in thousands, except per share data)

	Fiscal 2008															Fiscal 2009															Fiscal 2010
	Q1			Q2			Q3			Q4			Total			Q1			Q2			Q3			Q4			Total			Q1			Q2			Q3			Q4			Total

Net sales	$	438,910		$	457,930		$	465,208		$	493,744		$	1,855,791		$	472,215		$	491,603		$	519,145		$	469,728		$	1,952,691		$	493,554		$	561,976		$	502,764		$	496,877		$	2,055,171
Cost of goods sold		311,227			325,390			330,215			347,289			1,314,120			333,283			344,347			364,282			328,868			1,370,781			347,581			389,404			348,064			342,427			1,427,476
Gross profit		127,683			132,540			134,993			146,455			541,672			138,931			147,255			154,863			140,860			581,910			145,974			172,571			154,700			154,449			627,695
General and administrative expenses		83,638			77,353			79,408			83,725			324,124			89,634			90,689			89,426			82,728			352,478			91,638			97,208			89,439			92,586			370,871
Selling expenses		29,551			30,763			31,509			33,473			125,295			31,266			32,161			33,721			31,356			128,505			32,687			36,728			33,249			33,178			135,842
Income from operations		14,494			24,425			24,077			29,257			92,253			18,031			24,405			31,715			26,776			100,927			21,649			38,635			32,012			28,685			120,981
Interest expense		(2,764	)		(2,956	)		(3,247	)		(3,529	)		(12,495	)		(3,203	)		(5,300	)		(7,409	)		(6,247	)		(22,159	)		(4,261	)		(4,532	)		(4,214	)		(4,288	)		(17,295	)
Interest and investment income		528			114			26			23			691			122			842			1,034			305			2,304			134			95			117			30			376
Other income		544			546			833			5,361			7,284			608			520			877			638			2,643			3,995			452			741			879			6,068
Income from ops before income taxes		12,802			22,129			21,690			31,112			87,732			15,559			20,467			26,218			21,472			83,716			21,517			34,650			28,657			25,306			110,130
Provision for income taxes		5,010			8,551			8,441			12,597			34,599			6,187			8,104			10,230			7,709			32,229			8,213			12,964			10,736			8,854			40,768
Net income		7,792			13,578			13,249			18,515			53,133			9,372			12,363			15,989			13,763			51,486			13,304			21,686			17,921			16,452			69,363
Net income attributable to noncontrolling interest		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Net income attributable PSS World Medical, Inc.	$	7,792		$	13,578		$	13,249		$	18,515		$	53,133		$	9,372		$	12,363		$	15,989		$	13,763		$	51,486		$	13,304		$	21,686		$	17,921		$	16,452		$	69,363


Earnings per share - Basic:
Net income attributable PSS World Medical, Inc.	$	0.12		$	0.21		$	0.21		$	0.30		$	0.82		$	0.15		$	0.21		$	0.27		$	0.23		$	0.86		$	0.23		$	0.37		$	0.31		$	0.29		$	1.20

Earnings per share - Diluted:
Net income attributable PSS World Medical, Inc.	$	0.11		$	0.20		$	0.20		$	0.29		$	0.80		$	0.15		$	0.20		$	0.27		$	0.23		$	0.85		$	0.23		$	0.37		$	0.30		$	0.28		$	1.18

WASO - Basic		66,793			65,806			63,999			62,213			64,703			61,003			59,941			59,481			59,307			59,937			58,380			58,566			58,522			56,627			58,029
WASO - Diluted		68,765			67,067			65,756			63,152			66,184			61,723			60,921			60,322			59,801			60,696			58,859			59,390			59,390			58,115			58,943

Net Sales by Segment:
Physician Business	$	306,245		$	320,171		$	326,520		$	355,749		$	1,308,685		$	331,386		$	341,761		$	357,269		$	326,966		$	1,357,382		$	342,292		$	398,531		$	352,961		$	344,039		$	1,437,823
Elder Care Business		132,664			137,759			138,688			137,995			547,106			140,406			149,485			161,874			142,743			594,509			150,381			162,970			149,400			152,187			614,937
Corporate Shared Services		-			-			-			-			-			423			356			2			19			800			882			475			403			651			2,411
	$	438,910		$	457,930		$	465,208		$	493,744		$	1,855,791		$	472,215		$	491,603		$	519,145		$	469,728		$	1,952,691		$	493,554		$	561,976		$	502,764		$	496,877		$	2,055,171

Billing Days:		64			63			62			64			253			64			63			66			60			253			64			68			61			65			258

Net Sales Per Billing Day:
Physician Business	$	4,785		$	5,082		$	5,266		$	5,559		$	5,173		$	5,178		$	5,425		$	5,413		$	5,449		$	5,365		$	5,348		$	5,861		$	5,786		$	5,293		$	5,573
Elder Care Business		2,073			2,187			2,237			2,156			2,162			2,194			2,373			2,453			2,379			2,350			2,350			2,397			2,449			2,341			2,383
Corporate Shared Services		-			-			-			-			-			7			6			-			-			3			14			7			7			10			9
	$	6,858		$	7,269		$	7,503		$	7,715		$	7,335		$	7,378		$	7,803		$	7,866		$	7,829		$	7,718		$	7,712		$	8,264		$	8,242		$	7,644		$	7,966

Numbers may not foot due to rounding differences

PSS World Medical, Inc.

As of October 1, 2010

SelectTM Net Sales

(in thousands)

	Fiscal 2006		Fiscal 2007		Fiscal 2008		Fiscal 2009		Fiscal 2010


Consolidated Select Sales	$	157,296	$	185,844	$	234,810	$	281,536	$	323,602

Numbers may not foot due to rounding differences

PSS World Medical, Inc.

Segment Information

As of October 1, 2010

(in thousands)

	Three Months Ended						Six Months Ended
	October 1, 2010			October 2, 2009			October 1, 2010			October 2, 2009

NET SALES:
Physician Business	$	343,403		$	398,531		$	670,806		$	740,823
Elder Care Business		152,173			162,970			303,376			313,351
Corporate Shared Services		612			475			863			1,357
Total net sales	$	496,188		$	561,976		$	975,045		$	1,055,530

BILLING DAYS:		63			68			127			132

NET SALES PER BILLING DAY:
Physician Business	$	5,451		$	5,861		$	5,282		$	5,612
Elder Care Business		2,415			2,397			2,389			2,374
Corporate Shared Services		10			7			7			10
Total net sales per billing day	$	7,876		$	8,264		$	7,678		$	7,996

INCOME FROM OPERATIONS:
Physician Business	$	37,130		$	42,546		$	64,753		$	71,264
Elder Care Business		8,759			11,631			16,688			18,755
Corporate Shared Services		(10,461	)		(15,543	)		(20,762	)		(29,736	)
Total income from operations	$	35,429		$	38,635		$	60,679		$	60,284

DEPRECIATION:
Physician Business	$	2,283		$	1,960		$	4,461		$	3,910
Elder Care Business		1,251			1,267			2,468			2,529
Corporate Shared Services		2,566			2,028			5,113			4,062
Total depreciation	$	6,100		$	5,256		$	12,041		$	10,501

AMORTIZATION OF INTANGIBLE
AND OTHER ASSETS:
Physician Business	$	559		$	574		$	1,111		$	1,192
Elder Care Business		775			553			1,517			1,086
Corporate Shared Services		167			62			316			164
Total amortization of intangible and other assets	$	1,501		$	1,190		$	2,944		$	2,442

PROVISION FOR DOUBTFUL ACCOUNTS:
Physician Business	$	646		$	829		$	878		$	1,268
Elder Care Business		(26	)		422			(64	)		1,193
Total provision for doubtful accounts	$	620		$	1,250		$	814		$	2,461

INTEREST EXPENSE:
Total interest expense	$	4,226		$	4,532		$	8,363		$	8,793

INTEREST AND INVESTMENT INCOME:
Elder Care Business	$	25		$	(0	)	$	51		$	13
Corporate Shared Services		21			95			61			216
Total interest and investment income	$	46		$	95		$	112		$	229

PROVISION (BENEFIT) FOR INCOME TAXES:
Physician Business	$	13,632		$	15,459		$	23,676		$	26,085
Elder Care Business		2,567			3,564			4,780			5,529
Corporate Shared Services		(4,182	)		(6,058	)		(8,548	)		(10,437	)
Total provision for income taxes	$	12,016		$	12,964		$	19,908		$	21,177

Numbers may not foot due to rounding differences

PSS World Medical, Inc.

Current Fiscal Year Balance Sheet

(in thousands)

Consolidated

	As of
ASSETS	July 2, 2010		October 1, 2010

Cash	$	59,081	$	22,949
Accounts receivable, net		222,544		232,014
Inventory, net		217,500		220,846
Prepaid expenses		6,258		7,283
Other current assets		36,596		53,209
Total current assets		541,979		536,301

Property and equipment, net		103,737		101,269
Goodwill		124,281		128,745
Intangibles, net		25,242		26,440
Other long-term assets		77,488		84,933

Total assets	$	872,727	$	877,688

LIABILITIES & EQUITY

Accounts payable	$	125,155	$	137,431
Accrued expenses		37,830		33,804
Current portion of long term debt		796		791
Revolving line of credit		394		506
Other		25,576		26,574
Total current liabilities		189,751		199,107

Long-term debt		189,746		191,667
Other non-current liabilities		77,748		86,420

Total liabilities		457,245		477,193

Total PSS World Medical, Inc. shareholders' equity		412,344		397,270
Noncontrolling interest		3,138		3,225
Total equity		415,482		400,495

Total liabilities and equity	$	872,727	$	877,688

Numbers may not foot due to rounding differences

PSS World Medical, Inc.

Balance Sheet Trend

(in thousands)

Consolidated

	Fiscal 2008								Fiscal 2009								Fiscal 2010
ASSETS	Jun-07		Sep-07		Dec-07		Mar-08		Jun-08		Sep-08		Dec-08		Mar-09		Jun-09		Sep-09		Dec-09		Mar-10

Cash	$	23,954	$	17,041	$	15,031	$	21,122	$	29,840	$	226,055	$	214,709	$	82,031	$	129,631	$	130,089	$	114,056	$	52,751
Investment in available for sale securities		-		-		-		-		-		-		-		10,592		-		-		-		-
Accounts receivable, net		222,699		232,282		224,282		237,248		227,661		240,806		232,894		230,361		230,391		257,968		233,602		227,888
Inventory, net		187,499		188,087		214,256		190,846		192,707		199,337		239,940		207,593		196,160		212,813		230,725		218,911
Deferred tax assets		8,987		9,319		9,175		8,183		6,805		-		-		8,059		8,250		5,602		11,986		15,629
Other current assets		34,347		27,895		31,658		48,744		26,157		22,163		23,229		23,819		24,385		30,854		33,980		26,485
Total current assets		477,486		474,624		494,403		506,142		483,170		688,361		710,772		562,456		588,817		637,326		624,349		541,664

Property and equipment, net		90,213		90,208		90,781		91,584		92,803		96,849		97,113		101,205		103,552		105,499		106,956		105,220
Goodwill		110,993		110,727		110,868		110,679		112,320		112,392		112,717		112,768		114,255		115,280		120,828		121,772
Intangibles, net		30,280		28,991		27,669		26,305		25,738		24,345		23,102		22,958		22,442		21,604		25,289		24,548
Investment in available for sale securities		24,232		46,147		50,206		11,318		14,231		16,725		15,333		-		-		-		-		-
Other long-term assets		69,481		67,195		67,921		67,209		67,598		83,055		70,549		59,238		65,065		73,819		77,748		78,862

Total assets	$	802,685	$	817,891	$	841,849	$	813,236	$	795,860	$	1,021,726	$	1,029,587	$	858,624	$	894,131	$	953,528	$	955,170	$	872,066

	Fiscal 2008								Fiscal 2009								Fiscal 2010
LIABILITIES & EQUITY	Jun-07		Sep-07		Dec-07		Mar-08		Jun-08		Sep-08		Dec-08		Mar-09		Jun-09		Sep-09		Dec-09		Mar-10

Accounts payable	$	144,572	$	149,827	$	161,728	$	135,930	$	128,656	$	149,674	$	155,133	$	127,300	$	133,781	$	156,966	$	137,676	$	123,970
Accrued expenses		33,190		33,275		34,350		46,056		38,055		50,816		43,170		52,718		46,196		43,248		48,051		50,253
Current portion of long-term debt		2,132		32,129		33,660		214,732		196,116		198,022		199,606		50,937		50,953		50,970		56,321		881
Deferred tax liabilities, current		-		-		-		-		-		6,619		4,492		-		-		-		-		-
Other current liabilities		15,267		15,000		15,846		11,969		8,102		8,723		9,160		7,956		12,882		13,653		13,122		10,954
Total current liabilities		195,161		230,230		245,584		408,687		370,928		413,855		411,560		238,910		243,812		264,837		255,169		186,058

Long-term debt		139,657		141,091		143,020		725		706		177,650		179,395		180,965		182,654		184,530		186,153		187,941
Other long-term liabilities		70,413		68,190		69,976		64,473		68,975		64,763		56,503		60,719		70,323		79,896		86,674		90,053

Total liabilities		405,231		439,512		458,580		473,885		440,610		656,268		647,459		480,594		496,789		529,263		527,996		464,052

Total PSS World Med. shareholders' equity		397,454		378,379		383,269		339,351		355,250		365,458		382,127		378,030		397,339		424,265		427,174		408,014
Noncontrolling interest		-		-		-		-		-		-		-		-		-		-		-		-
Total equity		397,454		378,379		383,269		339,351		355,250		365,458		382,127		378,030		397,342		424,265		427,174		408,014

Total liabilities & equity	$	802,685	$	817,891	$	841,849	$	813,236	$	795,860	$	1,021,726	$	1,029,587	$	858,624	$	894,131	$	953,528	$	955,170	$	872,066

Numbers may not foot due to rounding differences

PSS World Medical, Inc.

Unaudited Operating Highlights

Current Fiscal Year

(in millions)

	Three Months Ended						Six Months Ended
	October 1, 2010			October 2, 2009			October 1, 2010			October 2, 2009

Net sales:
Physician Business	$	343.4		$	398.5		$	670.8		$	740.8
Elder Care Business		152.2			163.0			303.4			313.4
Corporate Shared Services		0.6			0.5			0.9			1.4
Total net sales	$	496.2		$	562.0		$	975.0		$	1,055.5

Income from operations:
Physician Business	$	37.1		$	42.5		$	64.8		$	71.3
Elder Care Business		8.8			11.6			16.7			18.8
Corporate Shared Services		(10.5	)		(15.5	)		(20.8	)		(29.7	)
Total income from operations	$	35.4		$	38.6		$	60.7		$	60.3

EBITDA (a)	$	43.4		$	45.5		$	76.6		$	77.7

Income from operations, as a percentage of net sales		7.1	%		6.9	%		6.2	%		5.7	%

Consolidated Return on Committed Capital ("ROCC") (b)		36.7	%		42.5	%		31.8	%		34.2	%

Billing Days		63			68			127			132

Net Sales Per Billing Day (in thousands):
Physician Business	$	5,451		$	5,861		$	5,282		$	5,612
Elder Care Business		2,415			2,397			2,389			2,374
Corporate Shared Services		10			7			7			10
Total Net Sales Per Billing Day	$	7,876		$	8,264		$	7,678		$	7,996

Net Sales Per Billing Day Growth Rate:
Physician Business		(7.0	)%					(5.9	)%
Elder Care Business		0.8	%					0.6	%
Total Net Sales Per Billing Day Growth Rate		(4.7	)%					(4.0	)%

							Annualized
							October 1, 2010			October 2, 2009
DSO (c)
Physician Business								40.1			38.9
Elder Care Business								48.7			49.0
DOH (d)
Physician Business								57.6			54.0
Elder Care Business								59.9			51.3
DIP (e)
Physician Business								39.9			40.4
Elder Care Business								23.2			22.8
Cash Conversion Days (f)
Physician Business								57.8			52.5
Elder Care Business								85.4			77.5

							As of
							October 1, 2010			October 2, 2009
Operational working capital (g)							$	315.4		$	313.8

Net debt:
Convertible senior notes							$	191.3		$	183.2
Bank debt								0.5			50.0
Other debt								1.2			2.3
Less: Cash and cash equivalents								(22.9	)		(130.1	)
Net debt							$	170.1		$	105.4

Numbers may not foot due to rounding differences

PSS WORLD MEDICAL, INC.
Non-GAAP Reconciliations

Physician Business daily net sales impact from swine flu related product sales
(in millions)

	For the Three Months Ended
	October 1, 2010				October 2, 2009						Average Daily Net Sales Percent Change
	Net Sales		Average Daily Net Sales		Net Sales			Average Daily Net Sales
	Net Sales		Average Daily Net Sales		Net Sales			Average Daily Net Sales
Physician Business		343.4		5.5		398.5			5.9			-7.0	%
Less: Impact of swine flu related product sales		-		-		(23.2	)		(0.4	)		N/A
Physician Business adjusted for swine flu related product sales		343.4		5.5		375.3			5.5			-1.2	%


	For the Six Months Ended
	October 1, 2010				October 2, 2009						Average Daily Net Sales Percent Change
	Net Sales		Average Daily Net Sales		Net Sales			Average Daily Net Sales
	Net Sales		Average Daily Net Sales		Net Sales			Average Daily Net Sales
Physician Business		670.8		5.3		740.8			5.6			-5.9	%
Less: Impact of swine flu related product sales		-		-		(32.2	)		(0.2	)		N/A
Physician Business adjusted for swine flu related product sales		670.8		5.3		708.6			5.4			-1.6	%


Sequential same day sales growth
(in millions)

	For the Three Months Ended
	October 1, 2010				July 2, 2010						Average Daily Net Sales Percent Change
	Net Sales		Average Daily Net Sales		Net Sales			Average Daily Net Sales
	Net Sales		Average Daily Net Sales		Net Sales			Average Daily Net Sales
Physician Business		343.4		5.5		327.4			5.1			6.6	%
Elder Care Business		152.2		2.4		151.2			2.4			2.2	%
Corporate Shared Services		0.6		-		0.3			-
Consolidated		496.2		7.9		478.9			7.5			5.3	%

Numbers may not foot due to rounding differences

PSS World Medical, Inc.

Selling Days Calendar FY10-FY12



FY2010		FY2011		FY2012
Closing	Selling	Closing	Selling	Closing	Selling
Date	Days	Date	Days	Date	Days	Notes
24-Apr	20	30-Apr	20	29-Apr	20	A
29-May	24	28-May	20	27-May	20	A
26-Jun	20	2-Jul	24	1-Jul	24	B
Q1	64		64		64
31-Jul	24	30-Jul	19	29-Jul	19	A
28-Aug	20	27-Aug	20	26-Aug	20	A
2-Oct	24	1-Oct	24	30-Sep	24	B
Q2	68		63		63
30-Oct	20	29-Oct	20	28-Oct	20	A
27-Nov	18	26-Nov	18	25-Nov	18	A
1-Jan	23	31-Dec	23	30-Dec	24	B
Q3	61		61		62
29-Jan	20	28-Jan	20	27-Jan	19	A
26-Feb	20	25-Feb	20	24-Feb	20	A
2-Apr	25	1-Apr	25	30-Mar	25	B
Q4	65		65		64
Total	258		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.

EBITDA Calculation

Current Fiscal Year

(in thousands)

	Fiscal 2011
	Q1			Q2			YTD

Net Income	$	13,831		$	19,644		$	33,475

Plus: Interest expense		4,137			4,226			8,363
Less: Interest and investment income		(66	)		(46	)		(112	)
Plus: Provision for income taxes		7,892			12,016			19,908
Plus: Depreciation		5,942			6,100			12,041
Plus: Amortization of intangible assets		1,444			1,501			2,944
EBITDA	$	33,179		$	43,441		$	76,620

Numbers may not foot due to rounding differences

PSS World Medical, Inc.

EBITDA Calculation

(in thousands)

	Fiscal 2008															Fiscal 2009															Fiscal 2010
	Q1			Q2			Q3			Q4			Total FY 2008			Q1			Q2			Q3			Q4			Total FY 2009			Q1			Q2			Q3			Q4			Total FY 2010

Net income	$	7,792		$	13,578		$	13,249		$	18,515		$	53,133		$	9,372		$	12,363		$	15,989		$	13,763		$	51,486		$	13,304		$	21,686		$	17,921		$	16,452		$	69,363

Plus: Interest expense		2,764			2,956			3,247			3,529			12,495			3,203			5,300			7,409			6,247			22,159			4,261			4,532			4,214			4,288			17,295
Less: Interest and investment income		(528	)		(114	)		(26	)		(23	)		(691	)		(122	)		(842	)		(1,034	)		(305	)		(2,304	)		(134	)		(95	)		(117	)		(30	)		(376	)
Plus: Provision for income taxes		5,010			8,551			8,441			12,597			34,599			6,187			8,104			10,230			7,709			32,229			8,213			12,964			10,736			8,854			40,768
Plus: Depreciation		4,632			4,796			4,710			4,719			18,858			4,830			4,912			5,116			5,144			20,002			5,245			5,256			5,558			5,881			21,940
Plus: Amortization of intangible assets		1,458			1,406			1,362			1,360			5,586			1,344			1,553			1,264			1,328			5,489			1,252			1,190			1,235			1,444			5,121
EBITDA	$	21,128		$	31,172		$	30,983		$	40,697		$	123,980		$	24,813		$	31,390		$	38,973		$	33,886		$	129,062		$	32,140		$	45,533		$	39,547		$	36,890		$	154,110

Numbers may not foot due to rounding differences

PSS World Medical, Inc.

Return on Committed Capital (ROCC)

Current Fiscal Year

(in thousands)

	Fiscal 2011
	Q1			Q2
Consolidated Return on Committed Capital:
Quarterly Average Committed Capital (1)	$	397,789		$	406,570

Committed Capital - Current Quarter		397,814			415,325
Committed Capital - Previous Quarter		397,765			397,814

Return on Committed Capital - Quarterly (2)		27.4	%		36.7	%

Return:
Net income		13,831			19,644

Add:
Provision for income taxes		7,892			12,016
Interest expense		4,137			4,226
Amortization		1,444			1,501
Interest and investment income		(66	)		(46	)
	$	27,238		$	37,341

Committed Capital:
Total assets	$	872,727		$	877,688
Less assets excluded:
Cash		(59,081	)		(22,949	)
Goodwill and intangibles, net		(149,523	)		(155,185	)

Total liabilities		(457,246	)		(477,193	)
Plus liabilities excluded:
Current debt		1,190			1,297
Long-term debt		189,746			191,667
	$	397,814		$	415,325

(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.

Return on Committed Capital (ROCC)

(in thousands)

	Fiscal 2008															Fiscal 2009															Fiscal 2010
	Q1			Q2			Q3			Q4			Total FY 2008			Q1			Q2			Q3			Q4			Total FY 2009			Q1			Q2			Q3			Q4			Total FY 2010
Consolidated Return on Committed Capital:
Quarterly Average Committed Capital (1)	$	359,807		$	384,428		$	400,611		$	401,541					$	390,439		$	381,257		$	394,469		$	401,387					$	378,397		$	378,706		$	401,134		$	403,620
Annual Average Committed Capital (2)													$	371,150														$	394,438														$	394,969

Committed Capital - Current Quarter		374,016			394,840			406,381			396,702						384,175			378,339			410,600			392,174						364,619			392,792			409,475			397,765
Committed Capital - Previous Quarter		345,597			374,016			394,840			406,381						396,702			384,175			378,339			410,600						392,174			364,619			392,792			409,475
Committed Capital - Current Year End														396,702															392,174															397,765
Committed Capital - Previous Year End														345,597															396,702															392,174

Return on Committed Capital - Quarterly (3)		18.3	%		27.4	%		26.2	%		35.8	%		28.3	%		20.5	%		27.8	%		34.3	%		28.6	%		27.6	%		28.4	%		42.5	%		33.9	%		30.7	%		33.5	%
Return on Committed Capital - Annual

Return:
Income from continuing operations before extraordinary loss	$	7,792		$	13,578		$	13,249		$	18,515		$	53,133		$	9,372		$	12,363		$	15,989		$	13,763		$	51,486		$	13,304		$	21,686		$	17,921		$	16,452		$	69,363

Add:
Provision for income taxes		5,010			8,551			8,441			12,597			34,599			6,187			8,104			10,230			7,709			32,229			8,213			12,964			10,736			8,854			40,768
Interest expense		2,764			2,956			3,247			3,529			12,495			3,203			5,300			7,409			6,247			22,159			4,261			4,532			4,214			4,288			17,295
Amortization		1,458			1,406			1,362			1,360			5,586			1,344			1,553			1,264			1,328			5,489			1,252			1,190			1,235			1,444			5,121
Interest and investment income		(528	)		(114	)		(26	)		(23	)		(691	)		(122	)		(842	)		(1,034	)		(305	)		(2,304	)		(134	)		(95	)		(117	)		(30	)		(376	)
	$	16,496		$	26,377		$	26,273		$	35,978		$	105,123		$	19,983		$	26,478		$	33,856		$	28,742		$	109,059		$	26,895		$	40,277		$	33,989		$	31,009		$	132,170


Committed Capital:
Total assets	$	802,685		$	817,891		$	841,849		$	813,236		$	813,236		$	795,860		$	1,021,726		$	1,029,586		$	858,624		$	858,624		$	894,131		$	953,528		$	955,170		$	872,065		$	872,065
Less assets excluded:
Cash		(23,954	)		(17,041	)		(15,031	)		(21,122	)		(21,122	)		(29,840	)		(226,055	)		(214,709	)		(82,031	)		(82,031	)		(129,631	)		(130,089	)		(114,056	)		(52,751	)		(52,751	)
Goodwill and intangibles, net		(141,273	)		(139,718	)		(138,537	)		(136,984	)		(136,984	)		(138,058	)		(136,736	)		(135,820	)		(135,726	)		(135,726	)		(136,696	)		(136,884	)		(146,117	)		(146,320	)		(146,320	)

Plus liabilities excluded:
Current debt		2,132			32,129			33,660			214,732			214,732			196,116			198,022			199,606			50,937			50,937			50,953			50,970			56,321			881			881
Long-term debt		139,657			141,091			143,020			725			725			706			177,650			179,395			180,965			180,965			182,654			184,530			186,153			187,941			187,941
	$	374,016		$	394,840		$	406,381		$	396,702		$	396,702		$	384,175		$	378,339		$	410,600		$	392,174		$	392,174		$	364,619		$	392,792		$	409,475		$	397,765		$	397,765

(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 review 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 review 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 plus inventory minus accounts payable.

(h)	“Swine flu related product sales” represents increased sales in influenza test kits, surgical masks, medical gloves, hand sanitizers and other products related to the swine flu pandemic.

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