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PSS World Medical Inc. (PSSI)

F4Q09 (Qtr End 3/27/09) Earnings

May 07, 2009 08:30 AM ET

Executives

Robert C. Weiner - Vice President, Investor Relations

David A. Smith - Chairman and Chief Executive Officer

David M. Bronson - Executive Vice President and Chief Financial Officer

Gary A. Corless - Executive Vice President, Chief Operating Officer

John Kreger - William Blair & Company

Kevin P. English - Senior Vice President, Supplier Operations

Analysts

Alex Beckler - Goldman Sachs

Richard Close - Jefferies & Co.

Robert M. Willoughby - Banc of America Securities LLC

John Ransom - Raymond James & Associates, Inc.

Presentation

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the PSS World Medical Year-End 2009 Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards we will conduct a question-and-answer question. (Operator Instructions). As a reminder, this conference is being recorded Thursday, May 7, 2009.

I would now like to turn the conference over to Mr. Rob Weiner, Vice President, Investor Relations. Please go ahead sir.

Robert C. Weiner

Thank you operator. Good morning everyone. Thank you for joining our fiscal year 2009 fourth quarter and year end conference call.

Today on the call, our speakers as usual from last quarter are David Smith, Chairman and CEO; Gary A. Corless, Chief Operating Officer and David Bronson, Executive Vice President and CFO.

We issued our fiscal year 2009 press release last evening. If you need a copy please contact us. The release and our Financial Workbook for the fiscal year 2009 are available on our website on also at www.pssworldmedical.com. The Financial Workbook contains GAAP and non-GAAP financial measures that provide much greater detail into our businesses.

Now, I'll read the forward-looking statement. During this call we may make a number of forward-looking statements regarding revenue, gross margin, operating expenses, operating margins, earnings per share and other matters that are not historical facts.

These statements involve a number of risks and uncertainties that could cause actual results to differ materially from what is expressed or forecasted today. For a list and description of certain of these risks and uncertainties, we refer you to the forward-looking statement disclosures in today's press release and to the other information provided in our most recent Form 10-K and other SEC filings, copies of which are available from the SEC, from the Investor Relations section of our website or from us in Investor Relations.

The company wishes to caution listeners of this call and its replay not to place undue reliance on any such forward-looking statements, which statements are made pursuant to their Private Securities Litigation Reform Act of 1995, and as such speak only as of the date made. The company also wishes to caution listeners that it undertakes no duty or is under no obligation to update or revise any forward-looking statements.

We 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. You will find reconciliation charts at the end of our Financial Workbook and in our Form 8-K submitted to the SEC. Thank you.

Let me take a moment now to alert our listeners to upcoming investor events where our management team will be meeting with investors and making formal presentations. On Tuesday May 19, we'll be hosting our Annual Investor Day at NASDAQ's MarketSite facility located in Times Square in New York. Please contact us here if you are interesting in attending this event.

Additionally we plan on attending the Goldman Sachs 30th Annual Global Healthcare Conference in New York and the William Blair 29th Annual Growth Stock Conference in Chicago on June 9th and June 10th respectively.

We also plan presenting at the Jefferies Conference the Annual Healthcare Conference in New York on June 17th.

For our call today, we will follow our formal remarks by Q&A session, as prompted by the operator.

I'm now pleased to turn the call over to David Smith, PSS World Medical's Chairman of the Board and CEO.

David A. Smith

Good morning. Thank you for joining our year-end call. And we look forward to seeing you again on May 19th in New York for Investor Day.

I am compelled to start this call with a thank you and congratulations to our officer, leadership teams, field leadership teams, sales, operations and shared service teams. You performed masterfully, serving our customers, each other and shareholders. Thank you.

We're proud to have accomplished our fiscal year 2009 goals, when so many others have not, but more importantly to have done so, investing in the future, improving customer satisfaction, creating exciting new programs, improving the trust and culture of the company while not sacrificing any of our principles and commitments.

John F Kennedy once told his cabinet, the Chinese worker crisis has two characters. The first represents danger, and the second opportunity. This crisis was economic. However the danger was more than any of us needed to see or experience in a lifetime.

But for the company, if the crisis had to happened, it occurred at a very good time. We already believe the economy was in trouble and customers would be under intense pressure. Our original strategic plan contemplated economic hardships and was built on strategies to improve our customer's health, create innovative solutions and drive efficiencies and increased productivity.

The strongest headwinds were evident in times accidentally, but perfectly with our strategic planning process. We had the time to recalibrate for the economy, identify and invest in new solutions, plus engineer new and improved efficiencies and cost savings. All this while our competitors have fired thousands of employees, lost focus and deteriorated the morale, trust and confidence of their people or reduced and offerings for their customers. We have been moving forward.

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