JACKSONVILLE, Fla., May 19, 2009 (GLOBE NEWSWIRE) -- In conjunction with today's 2009 Investor Day, PSS World Medical, Inc. (Nasdaq:PSSI) announced its financial goals for fiscal year 2010.
Fiscal Year
2010 Goals
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Revenue Growth (1) 4.5% - 5.5%
Consolidate Earnings Per Diluted Share (2) $1.13 - $1.17
Operating Cash Flow (in millions) $92 - $98
(1) Fiscal year 2010 has 258 sales days.
(2) Excludes non-cash pre-tax interest expense of approximately $10.9
million and $7.7 million in FY2009 and FY2010, respectively,
which is associated with FASB APB 14-1, Accounting for
Convertible Debt Instruments That May be Settled in Cash upon
Conversion.
PSS World Medical will provide an online Web simulcast of the Company's Investor Day meeting scheduled for today from 9:00 a.m. to 11:00 a.m. Eastern Time. The Company expects to discuss its financial outlook for fiscal year 2010, which began March 28, 2009. In addition to the live broadcast, an online replay will be available approximately an hour following the conclusion of the live broadcast. The Company may reference certain non-GAAP financial measures in an effort to provide additional information to investors. All non-GAAP measures have been reconciled to the related GAAP measures in accordance with SEC rules. Reconciliation charts can be found in the 2009 Investor Day Financial Supplement on the Company's website. A link to these events and information can be found on the Company's website at www.pssworldmedical.com or www.opencompany.info.
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; the weakening of national and global 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 the new presidential administration's health care policies; proper functioning of our data processing systems; our ability to carry out 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; 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; we may not successfully execute our acquisition strategy; 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.