PSS Medical Expects Higher Earnings per Share in 2011; Company's CEO Says Performance Is Based on Years of Strategy

By Basch, Mark | The Florida Times Union, August 25, 2010 | Go to article overview

PSS Medical Expects Higher Earnings per Share in 2011; Company's CEO Says Performance Is Based on Years of Strategy


Basch, Mark, The Florida Times Union


Byline: MARK BASCH

Given the state of the economy, PSS World Medical Inc. is expecting sales to be basically flat this year. But the Jacksonville-based company, which distributes medical supplies to physicians and elder-care facilities, still expects to increase earnings per share from $1.18 last year to $1.27 to $1.31 in fiscal 2011, which ends in March.

At the company's annual meeting Tuesday, president and CEO Gary Corless told shareholders that the company's financial performance through the recession shows that PSS has the right strategies in place.

After the meeting, Corless said these strategies were not made in response to the economy but have been in place for several years.

"An environmental shift the size of this one can make good companies look really bad," he said. "We're fortunate that the strategies that we had are even more appropriate now given the environment we're in."

The strategies include programs that introduced 150 new PSS-branded products in fiscal 2010 and added about 10,000 new customers in that fiscal year. …

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