UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 15, 2011
PSS WORLD MEDICAL, INC.
(Exact name of Registrant as specified in its charter)
Florida | 0-23832 | 59-2280364 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
4345 Southpoint Blvd., Jacksonville, Florida 32216
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code (904) 332-3000
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. |
On December 15, 2011, the Board of Directors of PSS World Medical, Inc. (the Company) adopted a resolution that increased the size of its Board of Directors to nine and elected A. Hugh Greene as a new member of its Board of Directors effective March 1, 2012. Mr. Greene joins the Board of Directors as a Class I member, with a term expiring at the Companys 2012 Annual Meeting of Shareholders, and will serve on the Strategic Planning Committee. As a Director, Mr. Greene will receive compensation payable to non-employee Directors serving on the Board of Directors, as described under the heading Compensation of Non-Employee Directors in the Companys definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on July 15, 2011. A copy of the press release announcing the election of Mr. Greene to the Companys Board of Directors is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Mr. Greene is an executive officer of Baptist Health, which is a customer of the Company that has acquired products from the Company in the ordinary course of business. The total amount of sales for all products purchased by Baptist Health from the Company during fiscal year 2011 was approximately $977,849.82 and the total amount of sales for all products purchased by Baptist Health from the Company during fiscal year 2012 to date is approximately $653,849.02. Mr. Greenes indirect interest in the purchase of products by Baptist Health from the Company is limited to his interest in such transactions as an executive officer of Baptist Health.
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits |
Exhibit Number |
Description | |
99.1 | Press release dated December 15, 2011. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PSS World Medical, Inc. (Registrant) | ||||||||
December 20, 2011 |
/s/ David M. Bronson | |||||||
By: | David M. Bronson | |||||||
Its: | Executive Vice President and Chief Financial Officer |
EXHIBIT INDEX
Exhibit Number |
Description | |
99.1 | Press release dated December 15, 2011. |
PSS World Medical Appoints A. Hugh Greene as New Director
Greene is President and Chief Executive Officer of Baptist Health
JACKSONVILLE, Fla., Dec. 15, 2011 (GLOBE NEWSWIRE) PSS World Medical, Inc. (Nasdaq:PSSI) today announced that its Board of Directors has expanded to nine directors by appointing A. Hugh Greene, age 58, as a new director, effective March 1, 2012. Mr. Greene will serve on the Strategic Planning Committee.
Mr. Greene currently serves as the President and Chief Executive Officer of Baptist Health, a comprehensive community-based health system comprised of five hospitals. He was named one of the areas 12 Ultimate CEOs by the Jacksonville Business Journal in 2007, and he was also inducted into the First Coast Business Hall of Fame. Mr. Greene is a graduate of Wake Forest University and holds a masters degree in Health Administration from the Medical College of Virginia as well as a masters degree in Divinity from the Southern Baptist Theological Seminary.
Delores M. Kesler, Chairman of PSS World Medical, Inc., commented, Hugh Greenes many accomplishments and experience in the healthcare industry will provide a unique perspective that will be of great value to PSS. We are indeed fortunate to have Mr. Greene join the PSS World Medical Board.
Mr. Greene currently serves as Chair of the Florida Hospital Association Board and serves on its Executive Committee and the Legislative Advocacy Committee. He is also the 2011 Chair of the Jacksonville Chamber of Commerce and serves on both the Board of Trustees for the University of North Florida and the Executive Committee of the Jacksonville Civic Council.
PSS World Medical, Inc. is a specialty marketer and distributor of medical products to physicians, elder care providers and other alternate-site healthcare providers through its two business units. Since its inception in 1983, PSS has become a leader in the 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.
The PSS World Medical, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8680
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; national and global economic and political conditions; 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 recently enacted healthcare laws; consolidation of healthcare providers; proper functioning of our data processing and information technology systems; our ability to successfully execute 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, particularly in states with significant budget deficits; our ability to successfully execute our mergers and acquisitions strategy; 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 and other commodity prices; risks involved in maintaining a large amount of inventory; 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 and our customers businesses are subject to numerous federal, state and foreign laws and regulations that could impact our and their financial condition and results of operations; general business, competitive and economic factors and conditions; and other factors described from time to time in the Companys reports filed with the Securities and Exchange Commission. PSS World Medical, Inc. 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.
CONTACT: | PSS World Medical Investor Relations 904-332-3287 |
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