Delaware
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000-22793
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33-0628530
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(State or Other Jurisdiction of
Incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2)(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(d)
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The following exhibit is furnished herewith:
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Exhibit
No.
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|
Description
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99.1
|
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Press Release of PriceSmart, Inc. dated November 9, 2010.
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Date: November 9, 2010
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/S/ JOHN M. HEFFNER
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|
John M. Heffner
|
||
Executive Vice President and Chief Financial Officer
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||
(Principal Financial Officer and
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||
Principal Accounting Officer)
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Exhibit
Number
|
|
Description
|
99.1
|
|
Press Release of PriceSmart, Inc. dated November 9, 2010.
|
(1)
|
Effective September 1, 2009, the Company adopted FASB guidance which addresses whether instruments granted in share-based payment transactions are participating securities and, therefore, have a potential dilutive effect on earnings per share (“EPS”). This guidance was applied retrospectively to all periods presented.
|
Three Months Ended
August 31,
|
Twelve Months Ended
August 31,
|
||||||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||||
Revenues:
|
|||||||||||||||
Net warehouse club sales
|
$
|
357,040
|
$
|
298,002
|
$
|
1,365,801
|
$
|
1,224,331
|
|||||||
Export sales
|
1,678
|
900
|
4,139
|
3,679
|
|||||||||||
Membership income
|
5,210
|
4,635
|
19,742
|
17,903
|
|||||||||||
Other income
|
1,806
|
1,546
|
6,209
|
5,715
|
|||||||||||
Total revenues
|
365,734
|
305,083
|
1,395,891
|
1,251,628
|
|||||||||||
Operating expenses:
|
|||||||||||||||
Cost of goods sold:
|
|||||||||||||||
Net warehouse club
|
301,501
|
254,282
|
1,156,374
|
1,044,555
|
|||||||||||
Export
|
1,576
|
855
|
3,890
|
3,484
|
|||||||||||
Selling, general and administrative:
|
|||||||||||||||
Warehouse club operations
|
34,165
|
30,936
|
126,274
|
114,957
|
|||||||||||
General and administrative
|
8,332
|
7,537
|
33,319
|
30,882
|
|||||||||||
Pre-opening expenses
|
(3
|
)
|
72
|
1,123
|
515
|
||||||||||
Asset impairment and closure costs (income)
|
18
|
(465
|
)
|
18
|
(249
|
)
|
|||||||||
Total operating expenses
|
345,589
|
293,217
|
1,320,998
|
1,194,144
|
|||||||||||
Operating income
|
20,145
|
11,866
|
74,893
|
57,484
|
|||||||||||
Other income (expense):
|
|||||||||||||||
Interest income
|
94
|
140
|
553
|
457
|
|||||||||||
Interest expense
|
(864
|
)
|
175
|
(2,723
|
)
|
(1,700
|
)
|
||||||||
Other expense, net
|
(237
|
)
|
(503
|
)
|
(483
|
)
|
(539
|
)
|
|||||||
Total other expense
|
(1,007
|
)
|
(188
|
)
|
(2,653
|
)
|
(1,782
|
)
|
|||||||
Income from continuing operations before provision for income taxes and loss of unconsolidated affiliates
|
19,138
|
11,678
|
72,240
|
55,702
|
|||||||||||
Provision for income taxes
|
(5,887
|
)
|
(1,372
|
)
|
(22,787
|
)
|
(13,069
|
)
|
|||||||
Loss of unconsolidated affiliates
|
(11
|
)
|
(1
|
)
|
(22
|
)
|
(21
|
)
|
|||||||
Income from continuing operations
|
13,240
|
10,305
|
49,431
|
42,612
|
|||||||||||
Income (loss) from discontinued operations, net of tax
|
(24
|
)
|
(1
|
)
|
16
|
(28
|
)
|
||||||||
Net income
|
$
|
13,216
|
$
|
10,304
|
$
|
49,447
|
$
|
42,584
|
|||||||
Net income attributable to noncontrolling interests
|
—
|
(53
|
)
|
(132
|
)
|
(265
|
)
|
||||||||
Net income attributable to PriceSmart
|
$
|
13,216
|
$
|
10,251
|
$
|
49,315
|
$
|
42,319
|
|||||||
Net income attributable to PriceSmart:
|
|||||||||||||||
Income from continuing operations
|
$
|
13,240
|
$
|
10,252
|
$
|
49,299
|
$
|
42,347
|
|||||||
Income (loss) from discontinued operations, net of tax
|
(24
|
)
|
(1
|
)
|
16
|
(28
|
)
|
||||||||
$
|
13,216
|
$
|
10,251
|
$
|
49,315
|
$
|
42,319
|
||||||||
Net income per share attributable to PriceSmart and available for distribution:
|
|||||||||||||||
Basic net income per share from continuing operations
|
$
|
0.44
|
$
|
0.35
|
$
|
1.66
|
$
|
1.43
|
|||||||
Basic net income per share from discontinued operations, net of tax
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||||
Basic net income per share
|
$
|
0.44
|
$
|
0.35
|
$
|
1.66
|
$
|
1.43
|
|||||||
Diluted net income per share from continuing operations
|
$
|
0.44
|
$
|
0.34
|
$
|
1.65
|
$
|
1.43
|
|||||||
Diluted net income per share from discontinued operations, net of tax
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||||
Diluted net income per share
|
$
|
0.44
|
$
|
0.34
|
$
|
1.65
|
$
|
1.43
|
|||||||
Shares used in per share computations:
|
|||||||||||||||
Basic
|
29,351
|
29,046
|
29,254
|
28,959
|
|||||||||||
Diluted
|
29,356
|
29,127
|
29,279
|
29,057
|
|||||||||||
Dividends per share
|
$
|
—
|
$
|
—
|
$
|
0.50
|
$
|
0.50
|
August 31,
|
||||||||
2010
|
2009
|
|||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
73,346
|
$
|
44,193
|
||||
Short-term restricted cash
|
1,240
|
10
|
||||||
Receivables, net of allowance for doubtful accounts of $15 and $10 as of August 31, 2010 and 2009, respectively
|
2,855
|
2,187
|
||||||
Merchandise inventories
|
131,190
|
115,841
|
||||||
Deferred tax assets – current
|
3,639
|
2,618
|
||||||
Prepaid expenses and other current assets
|
21,879
|
19,033
|
||||||
Assets of discontinued operations
|
692
|
900
|
||||||
Total current assets
|
234,841
|
184,782
|
||||||
Long-term restricted cash
|
5,640
|
732
|
||||||
Property and equipment, net
|
265,544
|
231,798
|
||||||
Goodwill
|
37,471
|
37,538
|
||||||
Deferred tax assets – long term
|
16,637
|
20,938
|
||||||
Other assets
|
4,341
|
3,927
|
||||||
Investment in unconsolidated affiliates
|
8,091
|
7,658
|
||||||
Total Assets
|
$
|
572,565
|
$
|
487,373
|
||||
LIABILITIES AND EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Short-term borrowings
|
$
|
3,551
|
$
|
2,303
|
||||
Accounts payable
|
124,401
|
101,412
|
||||||
Accrued salaries and benefits
|
10,911
|
8,831
|
||||||
Deferred membership income
|
9,729
|
8,340
|
||||||
Income taxes payable
|
6,615
|
5,942
|
||||||
Other accrued expenses
|
12,095
|
10,022
|
||||||
Long-term debt, current portion
|
7,715
|
4,590
|
||||||
Deferred tax liability – current
|
357
|
189
|
||||||
Liabilities of discontinued operations
|
109
|
299
|
||||||
Total current liabilities
|
175,483
|
141,928
|
||||||
Deferred tax liability – long-term
|
1,198
|
1,026
|
||||||
Long-term portion of deferred rent
|
3,272
|
2,673
|
||||||
Long-term income taxes payable, net of current portion
|
3,564
|
3,458
|
||||||
Long-term debt, net of current portion
|
53,005
|
37,120
|
||||||
Total liabilities
|
236,522
|
186,205
|
||||||
Equity:
|
||||||||
Common stock, $0.0001 par value, 45,000,000 shares authorized; 30,624,666 and 30,337,109 shares issued and 29,897,909 and 29,681,031 shares outstanding (net of treasury shares) as of August 31, 2010 and 2009, respectively.
|
3
|
3
|
||||||
Additional paid-in capital
|
379,368
|
377,210
|
||||||
Tax benefit from stock-based compensation
|
4,490
|
4,547
|
||||||
Accumulated other comprehensive loss
|
(16,672
|
)
|
(17,230
|
)
|
||||
Accumulated deficit
|
(15,578
|
)
|
(49,998
|
)
|
||||
Less: treasury stock at cost; 726,757 and 656,078 shares as of August 31, 2010 and 2009, respectively.
|
(15,568
|
)
|
(14,134
|
)
|
||||
Total PriceSmart stockholders’ equity
|
336,043
|
300,398
|
||||||
Noncontrolling interest
|
—
|
770
|
||||||
Total equity
|
336,043
|
301,168
|
||||||
Total Liabilities and Equity
|
$
|
572,565
|
$
|
487,373
|