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Condensed Consolidating Financial Information
 12 Months Ended
Mar. 30, 2012
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
CONDENSED CONSOLIDATING FINANCIAL INFORMATION

The 2012 Notes of the Company (the “Parent”) are fully and unconditionally guaranteed on a joint and several senior unsecured basis by certain of its domestic subsidiaries (the “Guarantor Subsidiaries”). The guarantees made by the Guarantor Subsidiaries will rank senior in right of payment to all of their existing and future obligations expressly subordinated or junior in right of payment to the notes, equal with all of their existing and future unsecured unsubordinated obligations, and will be effectively subordinated to any of their existing and future secured obligations to the extent of the value of the assets securing such obligations.

The following tables present the condensed consolidating financial information of the Parent, the Guarantor Subsidiaries, and the subsidiaries that are not guarantors (the “Non-Guarantor Subsidiaries”) as of March 30, 2012 and April 1, 2011 and for the years ended March 30, 2012, April 1, 2011, and April 2, 2010.

 

CONDENSED CONSOLIDATING BALANCE SHEET
MARCH 30, 2012
(Dollars in Thousands)

   Parent Guarantor Subsidiaries (a) Non-Guarantor Subsidiaries Eliminations Consolidated
ASSETS              
Current Assets:              
 Cash and cash equivalents$ 117,448 $ 13,530 $ 32,174 $ - $ 163,152
 Accounts receivable, net   139,502   116,574   1,624   -   257,700
 Inventories  117,684   95,611   291   -   213,586
 Deferred tax assets, net   12,552   4,410   -   -   16,962
 Intercompany receivable  257,349   -   -   (257,349)   -
 Prepaid expenses and other current assets  22,879   11,295   118   -   34,292
  Total current assets   667,414   241,420   34,207   (257,349)   685,692
Property and equipment, net   40,074   60,676   286   -   101,036
Other Assets:              
 Goodwill   43,270   158,482   -   -   201,752
 Intangibles, net  18,518   36,082   -   -   54,600
 Investment in subsidiaries  390,811   24,084   -   (414,895)   -
 Other assets  95,950   18,867   717   (2,644)   112,890
  Total assets$ 1,256,037 $ 539,611 $ 35,210 $ (674,888) $ 1,155,970
                 
LIABILITIES AND EQUITY              
Current Liabilities:              
 Accounts payable $ 125,363 $ 20,462 $ 708 $ - $ 146,533
 Accrued expenses   20,833   20,449   471   -   41,753
 Intercompany payable  -   269,121   7,163   (276,284)   -
 Other current liabilities  (62,131)   74,200   (28)   -   12,041
  Total current liabilities   84,065   384,232   8,314   (276,284)   200,327
                 
Revolving line of credit and long-term debt, excluding current portion   454,916   -   2,579   (2,579)   454,916
Other noncurrent liabilities   85,401   24,515   -   -   109,916
  Total liabilities  624,382   408,747   10,893   (278,863)   765,159
  Total PSS World Medical, Inc. shareholders' equity  631,655   130,270   24,317   (399,114)   387,128
 Noncontrolling interest  -   594   -   3,089   3,683
  Total equity  631,655   130,864   24,317   (396,025)   390,811
  Total liabilities and equity $ 1,256,037 $ 539,611 $ 35,210 $ (674,888) $ 1,155,970

  • Subsequent to March 30, 2012, the Company acquired companies that it intends to include as Guarantor Subsidiaries in future reporting periods.

 

CONDENSED CONSOLIDATING BALANCE SHEET
APRIL 1, 2011
(Dollars in Thousands)

   Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
ASSETS              
Current Assets:              
 Cash and cash equivalents$ 13,901 $ 3,568 $ 11,879 $ - $ 29,348
 Accounts receivable, net   132,425   113,347   1,457   -   247,229
 Inventories  121,350   91,501   360   -   213,211
 Deferred tax assets, net   15,772   4,761   -   -   20,533
 Intercompany receivable  156,051   -   403   (156,454)   -
 Prepaid expenses and other current assets  20,515   13,633   137   -   34,285
  Total current assets   460,014   226,810   14,236   (156,454)   544,606
Property and equipment, net   44,456   57,588   357   -   102,401
Other Assets:              
 Goodwill   37,518   129,576   -   -   167,094
 Intangibles, net  18,390   23,489   -   -   41,879
 Investment in subsidiaries  446,526   10,913   -   (457,439)   -
 Other assets  80,396   16,975   741   (2,420)   95,692
  Total assets$ 1,087,300 $ 465,351 $ 15,334 $ (616,313) $ 951,672
                 
LIABILITIES AND EQUITY              
Current Liabilities:              
 Accounts payable $ 91,936 $ 34,729 $ 1,392 $ - $ 128,057
 Accrued expenses   22,241   14,411   523   -   37,175
 Current portion of long-term debt   39   722   -   -   761
 Intercompany payable  -   166,317   -   (166,317)   -
 Other current liabilities  (39,191)   72,402   -   -   33,211
  Total current liabilities   75,025   288,581   1,915   (166,317)   199,204
                 
Revolving line of credit and long-term debt, excluding current portion   195,656   6   2,435   (2,435)   195,662
Other noncurrent liabilities   84,136   26,144   -   -   110,280
  Total liabilities  354,817   314,731   4,350   (168,752)   505,146
Equity:              
 PSS World Medical Inc. shareholders' equity:              
  Total PSS World Medical, Inc. shareholders' equity  732,483   150,189   10,984   (450,730)   442,926
 Noncontrolling interest  -   431   -   3,169   3,600
  Total equity  732,483   150,620   10,984   (447,561)   446,526
  Total liabilities and equity $ 1,087,300 $ 465,351 $ 15,334 $ (616,313) $ 951,672

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 30, 2012
(Dollars in Thousands)

   Parent Guarantor Subsidiaries (a) Non-Guarantor Subsidiaries Eliminations Consolidated
Net sales $ 1,219,631 $ 861,179 $ 73,278 $ (52,086) $ 2,102,002
Cost of goods sold   864,473   548,221   51,993   (36,888)   1,427,799
  Gross profit  355,158   312,958   21,285   (15,198)   674,203
General and administrative expenses  203,371   182,345   7,536   (262)   392,990
Selling expenses   100,732   47,125   -   -   147,857
Equity earnings of subsidiaries  (55,715)   13,171   -   42,544   -
  (Loss) income from operations   (4,660)   96,659   13,749   27,608   133,356
Other (expense) income:              
 Interest expense   (19,605)   (344)   (275)   76   (20,148)
 Interest income  9,553   (9,304)   -   (76)   173
 Other income, net   1,334   759   (9)   -   2,084
  Other expense, net  (8,718)   (8,889)   (284)   -   (17,891)
(Loss) income before provision for income taxes   (13,378)   87,770   13,465   27,608   115,465
(Benefit) provision for income taxes   (18,226)   59,159   130   -   41,063
Net income   4,848   28,611   13,335   27,608   74,402
Net income attributable to noncontrolling interest  -   162   -   (79)   83
Net income attributable to PSS World Medical, Inc.$ 4,848 $ 28,449 $ 13,335 $ 27,687 $ 74,319

  • Subsequent to March 30, 2012, the Company acquired companies that it intends to include as Guarantor Subsidiaries in future reporting periods.

 

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED APRIL 1, 2011
(Dollars in Thousands)

   Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
Net sales $ 1,302,655 $ 831,776 $ 15,658 $ (115,300) $ 2,034,789
Cost of goods sold   965,219   537,263   5,695   (109,159)   1,399,018
  Gross profit  337,436   294,513   9,963   (6,141)   635,771
General and administrative expenses  204,804   155,275   4,812   (142)   364,749
Selling expenses   97,371   40,095   -   -   137,466
Equity earnings of subsidiaries  38,512   3,607   -   (42,119)   -
  Income from operations   73,773   102,750   5,151   (48,118)   133,556
Other (expense) income:              
 Interest expense   (16,668)   (233)   (220)   -   (17,121)
 Interest income   9,303   (9,019)   -   -   284
 Other income, net   1,730   776   -   -   2,506
  Other expense, net  (5,635)   (8,476)   (220)   -   (14,331)
Income before provision for income taxes   68,138   94,274   4,931   (48,118)   119,225
(Benefit) provision for income taxes   (17,616)   61,991   186   -   44,561
Net income   85,754   32,283   4,745   (48,118)   74,664
Net income attributable to noncontrolling interest  -   71   -   108   179
Net income attributable to PSS World Medical, Inc.$ 85,754 $ 32,212 $ 4,745 $ (48,226) $ 74,485

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED APRIL 2, 2010
(Dollars in Thousands)

   Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
Net sales $ 1,345,645 $ 831,570 $ - $ (122,044) $ 2,055,171
Cost of goods sold   1,004,697   544,823   (6,795)   (115,249)   1,427,476
  Gross profit  340,948   286,747   6,795   (6,795)   627,695
General and administrative expenses  218,248   151,200   1,423   -   370,871
Selling expenses   97,292   38,551   -   -   135,843
Equity earnings of subsidiaries  29,984   5,372   -   (35,356)   -
  Income from operations   55,392   102,368   5,372   (42,151)   120,981
Other (expense) income:              
 Interest expense   (17,156)   (139)   -   -   (17,295)
 Interest income   9,842   (9,466)   -   -   376
 Other income, net   5,207   861   -   -   6,068
  Other expense, net  (2,107)   (8,744)   -   -   (10,851)
Income before provision for income taxes   53,285   93,624   5,372   (42,151)   110,130
(Benefit) provision for income taxes   (21,127)   61,894   -   -   40,767
Net income   74,412   31,730   5,372   (42,151)   69,363
Net income attributable to PSS World Medical, Inc.$ 74,412 $ 31,730 $ 5,372 $ (42,151) $ 69,363

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED MARCH 30, 2012
(Dollars in Thousands)

    Parent Guarantor Subsidiaries (a) Non-Guarantor Subsidiaries Eliminations Consolidated
Cash Flows From Operating Activities:              
   Net cash (used in) provided by operating activities$ (30,477) $ 138,616 $ 20,184 $ (39) $ 128,284
Cash Flows From Investing Activities:              
 Payments for business combinations, net of cash acquired  (8,599)   (56,532)   -   -   (65,131)
 Capital expenditures  (2,597)   (21,288)   (33)   -   (23,918)
 Other  (268)   (78)   -   183   (163)
   Net cash used in investing activities  (11,464)   (77,898)   (33)   183   (89,212)
Cash Flows From Financing Activities:              
 Proceeds from issuance of debt  250,000   -   -   -   250,000
 Proceeds from borrowings on the revolving line of credit  405,056   -   144   (144)   405,056
 Repayments on the revolving line of credit  (405,056)   -   -   -   (405,056)
 Purchase and retirement of common stock  (140,439)   -   -   -   (140,439)
 Payment of contingent consideration on business acquisition  -   (9,500)   -   -   (9,500)
 Payment for debt issuance costs  (6,467)   -   -   -   (6,467)
 Excess tax benefits from share-based compensation arrangements  2,057   -   -   -   2,057
 Proceeds from exercise of stock options  1,383   -   -   -   1,383
 Payments under capital lease obligations  (38)   (741)   -   -   (779)
 Intercompany dividend  40,515   (40,515)   -   -   -
 Other  (1,523)   -   -   -   (1,523)
   Net cash provided by (used in) financing activities  145,488   (50,756)   144   (144)   94,732
                  
 Net increase in cash and cash equivalents  103,547   9,962   20,295   -   133,804
 Cash and cash equivalents, beginning of period  13,901   3,568   11,879   -   29,348
 Cash and cash equivalents, end of period$ 117,448 $ 13,530 $ 32,174 $ - $ 163,152

  • Subsequent to March 30, 2012, the Company acquired companies that it intends to include as Guarantor Subsidiaries in future reporting periods.

 

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED APRIL 1, 2011
(Dollars in Thousands)

    Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
Cash Flows From Operating Activities:              
   Net cash (used in) provided by operating activities$ (852) $ 116,284 $ 3,424 $ (2,528) $ 116,328
Cash Flows From Investing Activities:              
 Payments for business combinations, net of cash acquired  (10,177)   (55,875)   -   118   (65,934)
 Capital expenditures  (2,169)   (15,784)   (489)   215   (18,227)
 Payment for investment in variable interest entity, net of cash  -   (7,431)   -   4,154   (3,277)
 Other  (527)   (24)   -   (117)   (668)
   Net cash used in investing activities  (12,873)   (79,114)   (489)   4,370   (88,106)
Cash Flows From Financing Activities:              
 Proceeds from borrowings on the revolving line of credit  106,400   -   1,429   (1,429)   106,400
 Repayments on the revolving line of credit  (106,400)   -   -   -   (106,400)
 Purchase and retirement of common stock  (54,761)   -   -   -   (54,761)
 Payment of contingent consideration on business acquisition  -   (862)   -   -   (862)
 Excess tax benefits from share-based compensation arrangements  3,187   -   -   -   3,187
 Proceeds from exercise of stock options  2,079   -   -   -   2,079
 Payments under capital lease obligations  (44)   (790)   -   -   (834)
 Intercompany dividend  41,811   (41,812)   -   1   -
 Other  (20)   -   -   (414)   (434)
   Net cash (used in) provided by financing activities  (7,748)   (43,464)   1,429   (1,842)   (51,625)
                  
 Net (decrease) increase in cash and cash equivalents  (21,473)   (6,294)   4,364   -   (23,403)
 Cash and cash equivalents, beginning of period  35,374   9,862   7,515   -   52,751
 Cash and cash equivalents, end of period$ 13,901 $ 3,568 $ 11,879 $ - $ 29,348

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED APRIL 2, 2010
(Dollars in Thousands)

    Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
Cash Flows From Operating Activities:              
   Net cash provided by operating activities$ 22,970 $ 75,076 $ 4,909 $ (554) $ 102,401
Cash Flows From Investing Activities:              
 Payments for business combinations, net of cash acquired  (1,647)   (13,155)   -   -   (14,802)
 Capital expenditures  (11,897)   (14,325)   (31)   330   (25,923)
 Proceeds from sale of available for sale securities  10,681   -   -   -   10,681
 Other  (735)   -   -   194   (541)
   Net cash used in investing activities  (3,598)   (27,480)   (31)   524   (30,585)
Cash Flows From Financing Activities:              
 Proceeds from borrowings on the revolving line of credit  5,350   -   -   -   5,350
 Repayments on the revolving line of credit  (55,350)   -   -   -   (55,350)
 Purchase and retirement of common stock  (57,176)   -   -   -   (57,176)
 Excess tax benefits from share-based compensation arrangements  2,516   -   -   -   2,516
 Proceeds from exercise of stock options  4,489   -   -   -   4,489
 Payments under capital lease obligations  (94)   (861)   -   30   (925)
 Intercompany dividends  41,515   (41,515)   -   -   -
   Net cash used in financing activities  (58,750)   (42,376)   -   30   (101,096)
                  
 Net (decrease) increase in cash and cash equivalents  (39,378)   5,220   4,878   -   (29,280)
 Cash and cash equivalents, beginning of period  74,752   4,642   2,637   -   82,031
 Cash and cash equivalents, end of period$ 35,374 $ 9,862 $ 7,515 $ - $ 52,751