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PSS World Medical, Inc. Reports First Quarter Results.

JACKSONVILLE, Fla.--(BUSINESS WIRE)--July 21, 1998--

First Quarter Highlights:

-- Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts.

The phrase pro forma
 net income per share increased 31% -- Accelerated integration of Gulf South on schedule -- Gulf South accounting periods and methods conformed to those of

PSS See EPSS.  -- New exclusive agreement for PSS

PSS World Medical, Inc. (Nasdaq/NM:PSSI PSSI Persatuan Sepak Bola Seluruh Indonesia (Football Association of Indonesia)
PSSI Performance Salary Step Increase
PSSI Peninsula Sanitary Service, Inc.
) today announced results for the first quarter ended June 30, 1998.

For the three months ended June 30, 1998, net sales Net Sales

The amount a seller receives from the buyer after costs associated with the sale are deducted.

This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight
 increased 19% to $342.5 million compared with $288.2 million for the same period last year. Pro forma net income, excluding merger and other nonrecurring costs and expenses, for the quarter increased 33% to $11.7 million, or $0.17 per diluted di·lute  
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.

2. To lessen the force, strength, purity, or brilliance of, especially by admixture.
 share, on 70.7 million weighted average shares outstanding versus $8.8 million, or $0.13 per diluted share, on 68.1 million weighted average shares outstanding for the prior year period. Net income for the three months ended June 30, 1998, was $11.3 million, or $0.16 per diluted share.

Patrick C. Kelly, chairman and chief executive officer of PSS World Medical, Inc., said, "We are pleased with our results for the first quarter of 1998, which are on target or ahead of analysts expectations. Our integration of Gulf South is moving rapidly and on schedule. We are very pleased with the progress of our management team and their actions to position Gulf South as the market leader. In addition, the accounting periods and methods of Gulf South have been conformed to those of PSS World Medical."

Mr. Kelly also stated that both the Physician and Imaging operations are performing well despite distractions from the merger with Gulf South. The Physician division just entered into another new exclusive agreement with Critikon, a Johnson & Johnson company, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area.  market leader of multiparameter heart monitors. This new exclusive is for Critikons DINAMAP(R) heart monitors and DURA-CUF(R) blood pressure cuffs. Also, Diagnostic Imaging continues to gain momentum and perform ahead of our expectations with its continued focus on unique customer services and sophisticated product sales.

During our first quarter of operations following the merger, Gulf South purchased the assets of Chattanooga, Tennessee-based National Medical, LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control
, a privately held distributor to the home health care marketplace, with annualized annualized

Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared.
 revenues of approximately $7 million.

In addition, the Company's other subsidiaries completed a number of strategic acquisitions during the first quarter. Diagnostic Imaging also expanded through the purchase of the assets of Danville, Pennsylvania-based North Central X-Ray X-ray

Electromagnetic radiation of extremely short wavelength (100 nanometres to 0.001 nanometre) produced by the deceleration of charged particles or the transitions of electrons in atoms.
, Inc., serving Central Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York , and the stock-for-stock acquisition of Little Rock, Arkansas-based Medical Imaging Services, Inc., with combined annualized revenues of approximately $30 million. Physician Sales & Service purchased the assets of three physician medical supply companies, with total combined annualized revenues of approximately $5 million.

PSS World Medical is the largest distributor of medical supplies, equipment and pharmaceuticals to office-based physicians in the United States through its Physician Sales & Service Division. Through its Gulf South Medical Supply subsidiary, the Company is a leading national distributor of medical supplies and related products to the long-term care long-term care (LTC),
n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders.
 industry. In addition, the Company is the leading distributor of medical diagnostic imaging supplies, chemicals, equipment, and service to the acute care and alternate-care markets through its subsidiary, Diagnostic Imaging, Inc.

This news release contains forward-looking statements forward-looking statement

A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections.
 and information that are subject to certain risks, trends and uncertainties detailed in the company's reports filed with the Securities and Exchange Commission, including business and economic conditions, as well as conditions affecting the health care industry, competitive forces and the ability to integrate acquired operations successfully, that could cause results to differ materially from those projected. -0-
                        PSS WORLD MEDICAL, INC
              Unaudited Consolidated Operating Highlights
        Including Pro Forma Net Income and Net Income Per Share
                 (In millions, except per share data)

                                   Three Months Ended June 30,
                               Percent of         Percent of  Percent
                         1998  Net Sales    1997  Net Sales   Change
Net sales            $  342.5    100.0%  $ 288.2    100.0%      19%
Gross profit             94.9     27.7%     76.8     26.6%      24%
Selling, general
 and administrative
 expenses                75.0     21.9%     63.0     21.9%      19%
Merger and other
 nonrecurring costs
 and expenses              .3       .1%      1.4       .5%     (79)%
Operating income         19.6      5.7%     12.4      4.3%      58%
Net income           $   11.3      3.3%  $   7.9      2.7%      43%
Basic earnings per
 share               $   0.16            $  0.12
Diluted earnings
 per share           $   0.16            $  0.12
Pro forma operating
 income              $   19.9      5.8%  $  13.8      4.8%      44%
Pro forma net income
 excluding merger
 and other
 nonrecurring costs
 and expenses        $   11.7      3.4%  $   8.8      3.1%      33%
Pro forma diluted
 earnings per share
 excluding merger
 and nonrecurring
 costs and expenses  $   0.17            $  0.13                31%

Weighted average shares:
 Basic                 69,858             67,285
 Diluted               70,727             68,059

CONTACT: PSS World Medical Inc., Jacksonville

David A. Smith David A. Smith may refer to:
  • David A. Smith (computer scientist) (b. 1957), American computer scientist and entrepreneur
  • David A. Smith (Mormon) (1879–1952), leader in The Church of Jesus Christ of Latter-day Saints
, 904/332-3000


Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM).

The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs
 A. Crowley, Jr., 973/783-1510
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Publication:Business Wire
Date:Jul 21, 1998
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