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Pss World Medical Inc. has a market cap of $1.36 billion; its shares were traded at around $24.47 with a P/E ratio of 20.2 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.Hedge Fund Gurus that owns PSSI: George Soros of Soros Fund Management LLC, Kenneth Fisher of Fisher Asset Management, LLC, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns PSSI: Columbia Wanger of Columbia Wanger Asset Management, Mario Gabelli of GAMCO Investors.
Highlight of Business Operations: General and administrative expenses decreased $0.5 million and $12.1 million during the three and nine months ended December 31, 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 increased 8.4% or $2.7 million to $34.7 million during the three months ended December 31, 2010 and increased 3.3% or $3.1 million to $95.4 million during the nine months ended December 31, 2010 when compared to the same period in the prior year. The increase in the third quarter was due to the increase in net sales as discussed above, success in improving gross margins, and reductions in general and administrative expenses as discussed above.
Cash flow from operating activities during the three and nine months ended December 31, 2010 was approximately $35.9 million and $74.4 million, respectively. The Company repurchased common shares, in open market transactions, of 0.1 million and 2.7 million during the three and nine months ended December 31, 2010.
Net sales growth in the other sales segment for the three and nine months ended December 31, 2010 reflects net sales attributed to the Company’s noncontrolling interest in Pathway of $2.6 million and $5.6 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 4, Variable Interest Entity, for additional information.
In the Physician Business, gross profit dollars increased $1.1 million during the three months ended December 31, 2010, when compared to the same period in the prior year, resulting from an increase in sales volume. Gross profit as a percentage of net sales (“gross margin”) remained relatively consistent when compared to the same period in the prior year. Gross profit dollars decreased $10.5 million during the nine months ended December 31, 2010, when compared to the same period in the prior year, resulting from a decrease in sales volume. Gross margin increased 97 basis points 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 increased $2.1 million and $0.3 million during the three and nine months ended December 31, 2010, when compared to the same period in the prior year, resulting from increased sales and gross margin during the current three month ended period and increased gross margin in the current nine month ended period. Gross margin increased 83 basis points and 52 basis points, during the three and nine month period, respectively, resulting from gross margin enhancement activities, favorable freight charges, and sales related to the Company’s consulting services, which have higher gross margins.
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