SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
( x ) ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT
OF 1934 [NO FEE REQUIRED] FOR THE FISCAL YEAR ENDED MARCH 31, 2000
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED] FOR THE TRANSITION PERIOD FROM _________________
TO _____________________
COMMISSION FILE NO. 0-23832
A. Full title and address of the plan, if different from that of the
issuer named below:
PSS WORLD MEDICAL, INC.
EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
PSS WORLD MEDICAL, INC.
4345 SOUTHPOINT BOULEVARD
JACKSONVILLE, FLORIDA 32216
(904) 332-3000
<PAGE>
REQUIRED INFORMATION
The following financial statements and schedules have been prepared in
accordance with the financial reporting requirements of the Employee Retirement
Income Security Act of 1974, as amended:
1. Statements of Net Assets Available for Benefits--March 31, 2000 and
1999.
2. Statement of Changes in Net Assets Available for Benefits for the
Year Ended March 31, 2000.
<PAGE>
PSS WORLD MEDICAL, INC.
EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
FINANCIAL STATEMENTS AND SCHEDULE
MARCH 31, 2000 and 1999
TABLE OF CONTENTS
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits--March 31, 2000 and 1999
Statement of Changes in Net Assets Available for Benefits for the Year
Ended March 31, 2000
NOTES TO FINANCIAL STATEMENTS AND SCHEDULE
SCHEDULE SUPPORTING FINANCIAL STATEMENTS
Schedule I: Schedule H, Line 4i--Schedule of Assets Held for Investment
Purposes--March 31, 2000
<PAGE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Plan Administrator of the
PSS World Medical, Inc. Employee Stock
Ownership and Savings Plan:
We have audited the accompanying statements of net assets available for benefits
of the PSS WORLD MEDICAL, INC. EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN as of
March 31, 2000 and 1999 and the related statement of changes in net assets
available for benefits for the year ended March 31, 2000. These financial
statements and the schedule referred to below are the responsibility of the plan
administrator. Our responsibility is to express an opinion on these financial
statements and the schedule based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the PSS World
Medical, Inc. Employee Stock Ownership and Savings Plan as of March 31, 2000 and
1999 and the changes in its net assets available for benefits for the year ended
March 31, 2000 in conformity with accounting principles generally accepted in
the United States.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets held
for investment purposes as of March 31, 2000 is presented for purposes of
additional analysis and is not a required part of the basic financial statements
but is supplementary information required by the Department of Labor Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedule has been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
<PAGE>
As explained in the notes thereto, information provided by the Trustees and
presented in the schedule of assets held for investment purposes does not
disclose the historical cost of certain investments. Disclosure of this
information is required by the Department of Labor Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974.
Jacksonville, Florida
January 15, 2001
<PAGE>
PSS WORLD MEDICAL, INC.
EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
MARCH 31, 2000 and 1999
<TABLE>
<CAPTION>
2000 1999
------------------------------------------------- --------------
Allocated Unallocated Total Total
--------------- ------------- ------------- --------------
ASSETS:
<S> <C> <C> <C> <C>
Cash $ 88,743 $ 13,922 $ 102,665 0
--------------- ------------- ------------- --------------
Investments, at fair value:
Investments 50,216,748 753,509 50,970,257 38,048,882
Money market fund 733,573 0 733,573 904,789
Participant loans 48,972 0 48,972 0
--------------- ------------- ------------- --------------
Total investments 50,999,293 753,509 51,752,802 38,953,671
--------------- ------------- ------------- --------------
Receivables:
Participant contributions 99,250 45,700 144,950 372,186
Employer contributions 257,872 823,550 1,081,422 284,404
Escrow shares (Note 4) 37,466 206,751 244,217 0
Interest receivable 0 15,319 15,319 529,245
--------------- ------------- ------------- --------------
Total receivables 394,588 1,091,320 1,485,908 1,185,835
--------------- ------------- ------------- --------------
Total assets 51,482,624 1,858,751 53,341,375 40,139,506
--------------- ------------- ------------- --------------
LIABILITIES:
Loan payable (Note 3) 0 2,173,599 2,173,599 0
Other 55,237 0 55,237 0
Interest payable 0 12,005 12,005 0
Excess contributions payable to
participants 0 0 0 11,519
--------------- ------------- ------------- --------------
Total liabilities 55,237 2,185,604 2,240,841 11,519
--------------- ------------- ------------- --------------
NET ASSETS AVAILABLE FOR BENEFITS $51,427,387 $ (326,853) $51,100,534 $40,127,987
=============== ============= ============= ==============
</TABLE>
The accompanying notes are an integral part of these statements.
<PAGE>
PSS WORLD MEDICAL, INC.
EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
Allocated Unallocated Total
------------ ------------- -------------
ADDITIONS TO NET ASSETS AVAILABLE FOR PLAN BENEFITS:
<S> <C> <C> <C>
Investment income (loss):
Net appreciation (depreciation) in fair value
of investments $ 2,387,818 $(1,619,574) $ 768,244
Dividends and interest 630,582 2,689 633,271
------------ ------------- -------------
Total investment income (loss) 3,018,400 (1,616,885) 1,401,515
------------ ------------- -------------
Contributions:
Participant 5,479,503 365,600 5,845,103
Employer 464,081 1,383,253 1,847,334
Rollovers from qualified plans 2,458,139 0 2,458,139
------------ ------------- -------------
Total contributions 8,401,723 1,748,853 10,150,576
------------ ------------- -------------
Other:
Merger of PSS World Medical, Inc. Employee
Stock Ownership Plan (Note 1) 1,871,587 (141,781) 1,729,806
Settlement of escrow shares (Note 4) 37,466 206,751 244,217
Allocation of shares 268,717 0 268,717
------------ ------------- -------------
Total other 2,177,770 64,970 2,242,740
------------ ------------- -------------
Total additions 13,597,893 196,938 13,794,831
------------ ------------- -------------
DEDUCTIONS FROM NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Benefits paid to participants 2,298,493 0 2,298,493
Interest expense 0 255,074 255,074
Allocation of shares 0 268,717 268,717
------------ ------------- -------------
Total deductions 2,298,493 523,791 2,822,284
------------ ------------- -------------
NET INCREASE (DECREASE) 11,299,400 (326,853) 10,972,547
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 40,127,987 0 40,127,987
------------ ------------- -------------
End of year $51,427,387 $ (326,853) $51,100,534
============ ============= =============
</TABLE>
The accompanying notes are an integral part of this statement.
<PAGE>
PSS WORLD MEDICAL, INC.
EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS AND SCHEDULE
MARCH 31, 2000 AND 1999
1. DESCRIPTION OF PLAN
The following description of the PSS World Medical, Inc. Employee Stock
Ownership and Savings Plan (the "Plan") provides only general information.
Participants should refer to the summary plan document for a more complete
description of the Plan's provisions.
General
The Plan is a defined contribution plan covering substantially all employees of
PSS World Medical, Inc. and its subsidiaries (the "Company"). The Plan was
created under the provisions of Section 401(a) of the Internal Revenue Code (the
"IRC") and includes a qualified deferred arrangement, as described in Section
401(k) of the IRC, for the benefit of eligible employees of the Company. The
Plan also has the features of an employee stock ownership plan ("ESOP"), whereby
employee and employer contributions are invested in PSS World Medical, Inc.
common stock (the "Company's stock"). The Plan is subject to the provisions of
the Employee Retirement Income Security Act of 1974 ("ERISA").
On October 23, 1998, the Company acquired TriStar Imaging Systems, Inc.
("TriStar"). TriStar sponsored the TriStar Imaging Systems, Inc. Employee Stock
Ownership and Savings Plan ("TriStar ESOP"). On March 31, 1999, the TriStar ESOP
was renamed the PSS World Medical, Inc. Employee Stock Ownership Plan and was
amended to allow all PSS World Medical, Inc. employees to participate in the
Plan. Effective August 1, 1999 or as soon as practicable thereafter, the Plan
was amended to provide for the merger of the TriStar ESOP into the Plan.
Subsequent to the merger of the assets of the TriStar ESOP, the Plan became a
leveraged ESOP.
Effective December 31, 1999 or as soon as practicable thereafter, the Plan was
amended to provide for the merger of the PSS/Taylor Medical Profit Sharing Plan
(approximately $3.8 million of net assets available for benefits). The assets
were transferred into the Plan in May 2000.
Plan Administration
Effective August 1, 1999, the Plan was amended to establish two separate trusts
(a "Primary Trust" and a "Company Stock Fund Trust") for the purpose of
maintaining, managing, investing, and reinvesting the Plan's assets. The Chase
Manhattan Bank was appointed as the Plan's trustee for the Primary Trust, and
Northwestern Trust and Investors Advisory Company ("NWT") was appointed as the
Plan's trustee for the Company Stock Fund Trust (collectively, the "Trustees").
Effective August 1, 1999, the Plan appointed Metropolitan Life Insurance Company
as the record keeper. NWT also administers payment of interest and principal on
the leveraged ESOP loan.
Eligibility
Any employee of the Company is eligible to participate in the Plan upon
completion of a consecutive 12-month period of service. Plan entry dates are the
first day of each calendar month within the plan year.
<PAGE>
Contributions
The Plan is funded through voluntary employee salary deferrals and employer
contributions. Participants can elect to defer up to 15% but not less than 1% of
compensation, as defined by the Plan and as limited by requirements of the IRC.
Participant elective contributions are invested by the Trustees in the
investment options (mainly mutual funds and employer securities) as directed by
the participant.
The Company may make the following types of contributions: (i) supplemental ESOP
matching contributions, (ii) ESOP matching contributions, (iii) non-ESOP
matching contributions, (iv) ESOP employer contributions, and (v) qualified
nonelective contributions.
Supplemental ESOP Matching Contributions
When participants direct investment of their elective contributions to
the Unencumbered Company Stock Fund (participant-directed), the Plan
may use the elective contributions to make payments on the ESOP loan
(Note 3). When loan repayments are made, shares of the Company's stock
are released from the Encumbered Company Stock Fund
(nonparticipant-directed) to the Unencumbered Company Stock Fund. The
number of shares released is determined under federal laws governing
the administration of ESOPs. The number of shares released is not
directly related to the current fair market value of the Company's
stock. For that reason, the Company will purchase additional shares of
Company's stock that are at least equal to the number of shares that
could be purchased with the participant's elective contributions if the
shares were acquired at fair market value on the open market
("Supplemental ESOP Matching Contribution"). Any additional shares
purchased as a result of the Supplemental ESOP Matching Contribution
are allocated only to those participants who have directed their
investment of their elective contributions to the Company stock fund.
ESOP Matching Contributions and Non-ESOP Matching Contributions
The Company's board of directors may elect annually to make a
discretionary contribution in the form of an ESOP matching contribution
(contributions to remain invested in the Company's stock) or in the
form of a Non-ESOP matching contribution (contributions to be invested
at the direction of the participant). Such contributions are allocated
to participants based on the formula established by the board of
directors. The board of directors also determines the percentage of
each participant's elective contributions to be matched as well as the
maximum amount to be contributed. A participant must have provided
1,000 hours of service and be employed on the last day of the plan year
to be eligible for such contributions. In the event that the elective
contributions and ESOP employer contributions used to repay any
outstanding ESOP loan are less than that required to meet the minimum
loan payment, the Company shall make an ESOP matching contribution
sufficient to meet the loan repayment requirement. The ESOP matching
contribution formula that was used to allocate the contributions to
participant accounts for the year ended March 31, 2000 was 25% of the
participant's annual deferrals. However, the maximum amount of this
contribution that could be allocated to a participant was limited to
$1,268.27. For the plan year ended March 31, 2000, no non-ESOP matching
contributions were made by the Company.
ESOP Employer Contributions
The Company's board of directors may also elect annually to make a
discretionary ESOP employer contribution, which may be used to make
payments on the ESOP loan (Note 3). Such contributions are allocated
based on the ratio of each eligible participant's considered
compensation to the total considered compensation of all eligible
participants during the plan year and will be allocated to participants
who have provided 1,000 hours of service and are employed on the last
day of the plan year. There were no ESOP employer contributions for the
plan year ended March 31, 2000.
<PAGE>
Qualified Nonelective Contributions
The Company's board of directors may also elect annually to make
qualified nonelective contributions. Such contributions may be
allocated to a limited number of nonhighly compensated employees and
are only made to eliminate potential discrimination with respect to
participant elective contributions or employer matching contributions
that would otherwise favor highly compensated employees. There were no
qualified nonelective contributions for the plan year ended March 31,
2000.
Vesting
Participants are immediately vested in their elective contributions, all post
August 1, 1999 employer contributions except ESOP employer contributions, and
the earnings thereon. Participants are vested in the Company's discretionary
ESOP employer contributions, pre-August 1, 1999 ESOP matching contributions, and
earnings thereon based on years of continuous service, as defined in the Plan,
according to the following schedule:
Less than three years of service 0%
Three years but less than four years 20
Four years but less than five years 40
Five years but less than six years 60
Six years but less than seven years 80
Seven years or more 100
In the event of total and permanent disability or death, a participant shall
become 100% vested in his/her account balance. Nonvested portions of the
Company's discretionary contributions are forfeited as of an employee's
termination date and are used to reduce future company matching contributions.
At March 31, 2000 and 1999, forfeited nonvested accounts totaled approximately
$0 and $25,977, respectively.
Benefits Paid to Participants
Upon retirement, death, disability, or other severance of employment, a
participant or his/her beneficiary may elect to receive an amount equal to the
value of the participant's vested interest in his/her account. Balances in
participant accounts are paid in a single lump sum or in equal monthly,
quarterly, semiannually, or annual installments, at the election of the
participant, over a period not extending past the participant's life expectancy
or the joint life expectancy of the participant and his/her designated
beneficiary.
Balances in a participants' accounts are distributed in shares of the Company's
stock (with fractional shares paid in cash) or cash as elected by the
participant with payment to the participant by direct transfer to the
participant's individual retirement account, or to the plan of the participant's
new employer.
Loans
The participant loans outstanding as of March 31, 2000 are loans that were
transferred into the Plan when the TriStar ESOP merged with the Plan. No new
participant loans will be permitted by the Plan.
Participant Accounts
Each participant's account is credited with his/her contributions, his/her share
of the Company's discretionary and/or required contribution, and an allocation
of plan earnings. Allocations of earnings are based on the proportion that each
participant's account balance bears to the total of all participant account
balances as well as the participant's investment election. The benefit to which
a participant is entitled is the vested portion of the benefit that can be
provided from the participant's account.
<PAGE>
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accompanying financial statements have been prepared using the accrual basis
of accounting.
Use of Estimates
The preparation of the financial statements in conformity with accounting
principles generally accepted in the United States requires the Plan's
management to use estimates and assumptions that affect the accompanying
financial statements and disclosures. Actual results could differ from these
estimates.
Income Recognition
Interest income is recorded as earned on the accrual basis of accounting.
Dividend income is recorded on the ex-dividend date. Purchases and sales of the
Company's stock are recorded on a trade date basis. Investment earnings on the
Company's stock are allocated on a daily basis to participant accounts.
Investment Valuation
Investments of the Plan are stated at fair value. Securities traded on a
national securities exchange are valued at the last reported sales price on the
last business day of the plan year. The Company's common stock as of March 31,
2000 and 1999 is valued at its quoted market price as listed on the NASDAQ
national market under the ticker symbol "PSSI."
Net Appreciation (Depreciation) in Fair Value of Investments
Net realized gains (losses) from the sales of investments and the changes in the
unrealized appreciation (depreciation) on investments held are recorded in the
accompanying statement of changes in net assets available for benefits as net
appreciation (depreciation) in fair value of investments.
Administrative Expenses
Administrative expenses of the Plan for the year ended March 31, 2000 were
paid both by the Plan and by the Company.
Voting
The voting rights with respect to shares held in the Encumbered Company Stock
Fund shall be exercised by the Trustee as directed by the plan administrator.
Reclassification
The Accounting Standards Executive Committee issued Statement of Position
("SOP") 99-3, "Accounting for and Reporting of Certain Defined Contribution Plan
Investments and Other Disclosure Matters," which eliminates the requirement for
a defined contribution plan to disclose participant-directed investment
programs. SOP 99-3 was adopted for the 2000 financial statements, and as such,
the 1999 financial statements have been reclassified to eliminate the
participant-directed fund investment program disclosures.
3. LOAN PAYABLE
On August 1, 1999, the Company and the Plan became responsible for the ESOP loan
that existed between TriStar and the TriStar ESOP. Principal and interest
payments of $45,700 on this note are due in monthly installments. Interest on
<PAGE>
the note is fixed at 6.54% per annum. The number of shares to be released from
the Encumbered Company Stock Fund shall be determined by multiplying the total
number of unallocated shares by the principal plus interest paid by the Trustee
for the plan year divided by the total principal plus interest currently due.
The unallocated shares are held as collateral for the outstanding loan.
Subsequent to year-end, the Company made two discretionary ESOP employer
contributions and as a result, the outstanding loan principal balance was paid
in full and all shares were released for allocation to participants during
September 2000.
4. RECEIVABLES
When the Company purchased TriStar, approximately 29,600 shares of the Company's
stock were held by the TriStar ESOP and were restricted pursuant to a security
agreement established in connection with the ESOP loan. During March 2000,
17,300 shares were released pursuant to the terms of the security agreements,
and the remaining 12,300 shares are scheduled to be released during the plan
year ending March 31, 2001. The 17,300 shares that were released were not
deposited into the trust until subsequent to year-end. Therefore, the fair
market value of these shares of approximately $244,000 at March 31, 2000 is
classified as escrow shares receivable in the accompanying statements of net
assets available for benefits.
5. INVESTMENTS
The following presents investments that represent 5% or more of the Plan's net
assets as of March 31, 2000 and 1999:
2000 1999
----------- -----------
Janus Balanced Fund $13,825,220 $ 0
PSS World Medical, Inc. common stock:
Participant-directed, allocated 9,062,981 7,604,543
Nonparticipant-directed, allocated 8,395,247 10,989,223
Nonparticipant-directed, unallocated 753,509 0
Manager's Special Equity Fund 7,125,626 0
American Century Ultra Fund 5,270,719 0
Janus Fund 4,420,587 0
American Balanced Fund 0 10,401,604
The Kaufmann Fund 0 3,566,996
Enterprise Growth Fund 0 3,238,968
During the year ended March 31, 2000, the Plan's investments (including gains
and losses on investments bought and sold as well as held during the year)
appreciated (depreciated) in value as follows:
<TABLE>
<CAPTION>
Allocated Unallocated Total
------------ ------------- ------------
<S> <C> <C> <C>
Mutual funds $8,028,055 $ 0 $8,028,055
PSS World Medical, Inc. common stock,
participant-directed (3,103,243) 0 (3,103,243)
PSS World Medical, Inc. common stock,
nonparticipant-directed (2,536,994) (1,619,574) (4,156,568)
------------ ------------- ------------
$2,387,818 $(1,619,574) $ 768,244
============ ============= ============
</TABLE>
<PAGE>
6. NONPARTICIPANT-DIRECTED INVESTMENTS
Information pertaining to the nonparticipant-directed investments included in
the unallocated portion of the Plan is presented in the accompanying statement
of changes in net assets available for benefits. Information about the
significant components of the change in net assets relating to the
nonparticipant-directed investments included in the allocated portion of the
Plan's financial statements is as follows as of March 31, 2000.
<TABLE>
<CAPTION>
PSS World
Medical, Inc. Noninterest-
Common Bearing
Stock Cash
-------------- --------------
<S> <C> <C>
Net depreciation in fair value of investments $(2,536,994) $ 0
Employer contributions 0 301,650
Interfund transfers (56,982) (212,907)
-------------- --------------
(Decrease) increase in net assets available for benefits $(2,593,976) $ 88,743
============== ==============
</TABLE>
7. TAX STATUS
On February 7, 2000, the Plan, as amended, received a favorable determination
letter from the Internal Revenue Service. Although the Plan has been amended and
restated since receiving this letter, the plan administrator believes that the
Plan, as amended and restated, is designed and being operated in compliance with
the applicable requirements of the IRC. Therefore, the plan administrator
believes that the Plan is qualified and the related trust continues to be
tax-exempt for the years ended March 31, 2000 and 1999.
8. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of plan termination,
participants will become fully vested in their account balances.
9. INFORMATION PROVIDED BY THE TRUSTEES
Disclosure of historical cost information with regard to certain plan
investments is required to be presented in the schedule of assets held for
investment purposes (Schedule I) in accordance with the Department of Labor
Rules and Regulations for Reporting and Disclosure under ERISA. Due to the
record-keeping systems maintained by the Trustees, certain of this information
cannot be provided.
10. RELATED PARTIES
The Plan owns 2,686,097 shares of the Company's stock at March 31, 2000, which
represents approximately 4% of the outstanding common stock of the Company at
that date.
11. RECONCILIATION TO FORM 5500
As of March 31, 2000 and 1999, the Plan had $0 and $30,216, respectively, of
pending distributions to participants who elected distributions from the Plan.
These amounts are recorded as a liability in the Plan's Form 5500; however,
these amounts are not recorded as a liability in the accompanying statements of
<PAGE>
net assets available for benefits in accordance with accounting principles
generally accepted in the United States.
The following table reconciles net assets available for benefits per the
financial statements to the Form 5500 as filed by the Company for the years
ended March 31, 2000 and 1999:
<TABLE>
<CAPTION>
Net Assets
Benefits Available
Paid for Benefits
2000 1999
-------------- -------------
<S> <C> <C>
Per financial statements $2,298,493 $40,127,987
1999 amounts pending distribution to participants (30,216) (30,216)
-------------- -------------
Per Form 5500 $2,268,277 $40,097,771
============== =============
</TABLE>
<PAGE>
SCHEDULE I
PSS WORLD MEDICAL, INC.
EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
SCHEDULE H, LINE 4i--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
MARCH 31, 2000
<TABLE>
<CAPTION>
Current
Identity of Party Involved Description of Investment Cost Value
-------------------------------------- ----------------------------------------------------- ------ ------------
<S> <C> <C> <C>
JANUS CAPITAL CORPORATION Janus Balanced Fund, 570,583 units (b) $13,825,220
Metlife Stock Market Index Guaranteed Fund, 313 units (b) 167,704
* METLIFE Manager's Special Equity Fund, 68,622 units (b) 7,125,626
AMERICAN CENTURY INVESTMENT MANAGEMENT American Century Ultra Fund, 107,390 units (b) 5,270,719
Janus Fund, 90,866 units (b) 4,420,587
Janus Worldwide Fund, 10,440 units (b) 892,168
REICH & TANG GROUP Reich & Tang Fund, 733,573 units (b) 733,573
PACIFIC INVESTMENT MANAGEMENT COMPANY PIMCO Total Return Fund, 61,552 units (b) 613,060
HARRIS ASSOCIATES Oakmark Fund, 17,909 units (b) 443,436
* PSS WORLD MEDICAL, INC. PSS World Medical, Inc. common stock, 2,686,097 (a) 18,211,737
shares
* PARTICIPANT LOANS Loans to participants with interest rates ranging (b) 48,972
from 7.6% to 8.5% ------------
$51,752,802
============
*Represents a party-in-interest transaction.
(a) Historical cost information has been requested from the Trustees, however,
due to their record-keeping systems, cost information cannot be made available.
(b) Historical cost information is not required.
The accompanying notes are an integral part of this schedule.
</TABLE>
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this Annual Report to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Jacksonville, State of
Florida, on January 16, 2001.
PSS WORLD MEDICAL, INC.
EMPLOYEE STOCK OWNERSHIP AND
SAVINGS PLAN
PSS WORLD MEDICAL, INC.
By: /s/ David A. Smith
---------------------------------
David A. Smith
President and Chief Financial Officer
<PAGE>
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
As independent certified public accountants, we hereby consent to the
incorporation of our report dated January 15, 2001, included in this Form 11-K,
into the Plan's previously filed Registration Statement File No. 33-80657.
/s/ ARTHUR ANDERSEN LLP
Jacksonville, Florida
January 16, 2001
