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Jacksonville, Fla.-Based Physician Sales & Services Loss Sends Stock Down.(Originated from The Florida Times-Union, Jacksonville)
May 6-Physician Sales & Service Inc. said yesterday that it expects to report a loss of 5 to 7 cents per share for the fourth quarter ended March 28, due to one-time acquisition costs.
Although the costs are not expected to recur, the loss was a surprise to analysts who expected PSS to report a net profit of about 15 cents a share. As a result, the company's stock plunged yesterday.
PSS, which closed Friday at 14, opened yesterday at 8 1/4, its lowest level in more than two years. It recovered some of its losses and closed at 12 1/16, down 1 15/16 on the day.
PSS Chairman and CEO Patrick Kelly said the acquisition costs will not be a ...
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