PSS World Medical Inc. (PSSI, Financial) filed Quarterly Report for the period ended 2010-10-01.
Pss World Medical Inc. has a market cap of $1.32 billion; its shares were traded at around $23.4 with a P/E ratio of 20 and P/S ratio of 0.6. Pss World Medical Inc. had an annual average earning growth of 16.3% over the past 5 years.PSSI is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Larry Robbins of Glenview Capital, Steven Cohen of SAC Capital Advisors, Kenneth Fisher of Fisher Asset Management, LLC, Jim Simons of Renaissance Technologies LLC, Mario Gabelli of GAMCO Investors.
Income from operations decreased 8.3% or $3.2 million to $35.4 million during the three months ended October 1, 2010 and increased 0.7% or $0.4 million to $60.7 million during the six months ended October 1, 2010 when compared to the same period in the prior year. The decrease in the second quarter was due to the decline in net sales as discussed above, offset by managements continued focus on its margin improvement initiatives and a reduction in general and administrative expenses as discussed above.
Cash flow from operating activities during the three and six months ended October 1, 2010 was approximately $11.6 million and $38.5 million, respectively. The Company repurchased common shares, in open market transactions, of 2.0 million and 2.6 million during the three and six months ended October 1, 2010.
Net sales growth in the other sales segment for the three and six months ended October 1, 2010 reflects net sales attributed to the Companys noncontrolling interest in Pathway of $2.7 million and $3.0 million, respectively. Pathway is a consulting service provider within the Elder Care market, which was consolidated by the Company during the current fiscal year. See Footnote 3, Variable Interest Entity, for additional information.
In the Physician Business, gross profit dollars decreased $11.9 million and $11.6 million during the three and six months ended October 1, 2010, when compared to the same period in the prior year, resulting from a decrease in sales volume. Gross profit as a percentage of net sales (gross margin) increased 156 basis points and 150 basis points during the three and six months ended October 1, 2010, when compared to the same period in the prior year, resulting from gross margin enhancement initiatives including a shift from branded to Select product sales, which have higher gross margins.
In the Elder Care Business, gross profit dollars decreased $3.5 million during the three months ended October 1, 2010 and gross margin decreased 17 basis points, from the same quarter in the prior year. The decrease in gross profit and gross margin resulted from decreased sales, increased product costs, and increased customer incentive program costs. Gross profit dollars decreased $1.8 million during the six months ended October 1, 2010, while gross margin increased 35 basis points when compared to the same quarter in the prior year. The decrease in gross profit resulted from decreased sales, while the increase in gross margin resulted from gross margin enhancement initiatives, favorable freight charges, and sales related to the Companys consulting services, which have higher gross margins.
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Pss World Medical Inc. has a market cap of $1.32 billion; its shares were traded at around $23.4 with a P/E ratio of 20 and P/S ratio of 0.6. Pss World Medical Inc. had an annual average earning growth of 16.3% over the past 5 years.PSSI is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Larry Robbins of Glenview Capital, Steven Cohen of SAC Capital Advisors, Kenneth Fisher of Fisher Asset Management, LLC, Jim Simons of Renaissance Technologies LLC, Mario Gabelli of GAMCO Investors.
Highlight of Business Operations:
General and administrative expenses decreased $9.8 million and $11.4 million during the three and six months ended October 1, 2010, respectively, when compared to the same period in the prior year. The decrease in general and administrative expenses was mainly attributable to reductions in incentive compensation costs and other cost containment measures.Income from operations decreased 8.3% or $3.2 million to $35.4 million during the three months ended October 1, 2010 and increased 0.7% or $0.4 million to $60.7 million during the six months ended October 1, 2010 when compared to the same period in the prior year. The decrease in the second quarter was due to the decline in net sales as discussed above, offset by managements continued focus on its margin improvement initiatives and a reduction in general and administrative expenses as discussed above.
Cash flow from operating activities during the three and six months ended October 1, 2010 was approximately $11.6 million and $38.5 million, respectively. The Company repurchased common shares, in open market transactions, of 2.0 million and 2.6 million during the three and six months ended October 1, 2010.
Net sales growth in the other sales segment for the three and six months ended October 1, 2010 reflects net sales attributed to the Companys noncontrolling interest in Pathway of $2.7 million and $3.0 million, respectively. Pathway is a consulting service provider within the Elder Care market, which was consolidated by the Company during the current fiscal year. See Footnote 3, Variable Interest Entity, for additional information.
In the Physician Business, gross profit dollars decreased $11.9 million and $11.6 million during the three and six months ended October 1, 2010, when compared to the same period in the prior year, resulting from a decrease in sales volume. Gross profit as a percentage of net sales (gross margin) increased 156 basis points and 150 basis points during the three and six months ended October 1, 2010, when compared to the same period in the prior year, resulting from gross margin enhancement initiatives including a shift from branded to Select product sales, which have higher gross margins.
In the Elder Care Business, gross profit dollars decreased $3.5 million during the three months ended October 1, 2010 and gross margin decreased 17 basis points, from the same quarter in the prior year. The decrease in gross profit and gross margin resulted from decreased sales, increased product costs, and increased customer incentive program costs. Gross profit dollars decreased $1.8 million during the six months ended October 1, 2010, while gross margin increased 35 basis points when compared to the same quarter in the prior year. The decrease in gross profit resulted from decreased sales, while the increase in gross margin resulted from gross margin enhancement initiatives, favorable freight charges, and sales related to the Companys consulting services, which have higher gross margins.
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