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): May 26, 2000
PSS WORLD MEDICAL, INC.
(Exact name of registrant as specified in its charter)
Florida 0-23832 59-2280364
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
4345 Southpoint Boulevard, Jacksonville, Florida 32216
(Address, including zip code, of principal executive offices)
(904) 332-3000
(Registrant's telephone number, including area code)
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Item 4. Changes in and Disagreements With Accountants on Accounting and
Financial Disclosure.
(1) (i) Ernst & Young LLP has previously been engaged to audit the financial
statements of Gulf South Medical Supply, Inc. ("Gulf South"), a significant
subsidiary of PSS World Medical, Inc. ("PSS"), and on whom Arthur Andersen LLP,
the principal accountants of PSS had expressed reliance on their report. On May
26, 2000, PSS dismissed Ernst & Young LLP as the accountants for Gulf South, and
from such date will instead rely on the audit opinion of Arthur Andersen LLP as
auditor of PSS, as well as the auditor of Gulf South.
(ii) The report of Ernst & Young LLP on the consolidated financial
statements for Gulf South as of and for the years ended December 31, 1997 and
1996 did not contain an adverse opinion or a disclaimer of opinion, nor was
qualified or modified as to uncertainty, audit scope, or accounting principles.
(iii) The decision to change accountants for Gulf South was approved by
the audit committee of the Board of Directors of PSS, as well as the Board of
Directors of PSS.
(iv) In connection with its audit of Gulf South for the years ended
December 31, 1997 and 1996, there were no disagreements with Ernst & Young LLP
on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which disagreements if not resolved
to the satisfaction of Ernst & Young LLP would have caused Ernst & Young LLP to
make reference thereto in their report on the financial statements for such
years. However, the previously reported financial statements of Gulf South for
the years ended December 31, 1997 and 1996 were recently restated in a filing on
Form 10-K/A for the year ended April 2, 1999 as noted in paragraph (2) below.
These restated financial statements of Gulf South were not audited by Ernst &
Young LLP and Ernst & Young LLP might not agree with such restated financial
statements if asked to concur.
(v) Ernst & Young LLP did not advise the Company of any of events
reportable under Rule 304(a)(1)(v).
(2) Arthur Andersen LLP, principal accountant of the Company's financial
statements, has independently audited the financial statements of Gulf South and
issued their opinion on the financial statements of Gulf South. During the
registrant's previous two fiscal years, the Company has consulted with Arthur
Andersen LLP regarding (i) the application of accounting principles to the
acquisition by merger of Gulf South and (ii) the restatement of previously
reported financial statements of Gulf South. In each case the views of Arthur
Andersen LLP regarding those matters are as described in the restatements of the
financial statements of the Company as reported and in footnotes 4, 18 and 22 to
the Company's most recent Form 10-K/A for the fiscal year ended April 2, 1999
filed on May 25, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
PSS WORLD MEDICAL, INC.
(Registrant)
By: /s/ David A. Smith
David A. Smith, Executive Vice President
and Chief Financial Officer
Date: May 31, 2000
