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 January 7, 2011.
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Date: January 7, 2011
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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 January 7, 2011.
|
Three Months Ended
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||||||||
November 30,
|
||||||||
2010
|
2009
|
|||||||
Revenues:
|
||||||||
Net warehouse club sales
|
$
|
377,331
|
$
|
308,653
|
||||
Export sales
|
1,409
|
587
|
||||||
Membership income
|
5,425
|
4,649
|
||||||
Other income
|
1,907
|
1,530
|
||||||
Total revenues
|
386,072
|
315,419
|
||||||
Operating expenses:
|
||||||||
Cost of goods sold:
|
||||||||
Net warehouse club
|
317,813
|
261,717
|
||||||
Export
|
1,344
|
554
|
||||||
Selling, general and administrative:
|
||||||||
Warehouse club operations
|
35,133
|
29,234
|
||||||
General and administrative
|
8,810
|
7,568
|
||||||
Pre-opening expenses
|
403
|
111
|
||||||
Total operating expenses
|
363,503
|
299,184
|
||||||
Operating income
|
22,569
|
16,235
|
||||||
Other income (expense):
|
||||||||
Interest income
|
129
|
215
|
||||||
Interest expense
|
(956
|
)
|
(630
|
)
|
||||
Other income (expense), net
|
(46
|
)
|
4
|
|||||
Total other expense
|
(873
|
)
|
(411
|
)
|
||||
Income from continuing operations before provision for income taxes and loss of unconsolidated affiliates
|
21,696
|
15,824
|
||||||
Provision for income taxes
|
(6,845
|
)
|
(5,401
|
)
|
||||
Loss of unconsolidated affiliates
|
(5
|
)
|
(2
|
)
|
||||
Income from continuing operations
|
14,846
|
10,421
|
||||||
Income from discontinued operations, net of tax
|
7
|
9
|
||||||
Net income
|
14,853
|
10,430
|
||||||
Net income attributable to noncontrolling interest
|
—
|
(53
|
)
|
|||||
Net income attributable to PriceSmart
|
$
|
14,853
|
$
|
10,377
|
||||
Net income attributable to PriceSmart:
|
||||||||
Income from continuing operations
|
14,846
|
10,368
|
||||||
Income (loss) from discontinued operations, net of tax
|
7
|
9
|
||||||
$
|
14,853
|
$
|
10,377
|
|||||
Net income per share attributable to PriceSmart and available for distribution:
|
||||||||
Basic net income per share from continuing operations
|
$
|
0.50
|
$
|
0.35
|
||||
Basic net income (loss) per share from discontinued operations, net of tax
|
$
|
0.00
|
$
|
0.00
|
||||
Basic net income per share
|
$
|
0.50
|
$
|
0.35
|
||||
Diluted net income per share from continuing operations
|
$
|
0.50
|
$
|
0.35
|
||||
Diluted net income (loss) per share from discontinued operations, net of tax
|
$
|
0.00
|
$
|
0.00
|
||||
Diluted net income per share
|
$
|
0.50
|
$
|
0.35
|
||||
Shares used in per share computations:
|
||||||||
Basic
|
29,356
|
29,105
|
||||||
Diluted
|
29,362
|
29,163
|
||||||
Dividends per share
|
$
|
0.00
|
$
|
0.00
|
November 30,
|
|||||||
2010
|
August 31,
|
||||||
(Unaudited)
|
2010
|
||||||
ASSETS
|
|||||||
Current Assets:
|
|||||||
Cash and cash equivalents
|
$
|
48,454
|
$
|
73,346
|
|||
Short-term restricted cash
|
1,240
|
1,240
|
|||||
Receivables, net of allowance for doubtful accounts of $17 and $15 as of November 30 and August 31, 2010, respectively.
|
3,669
|
2,855
|
|||||
Merchandise inventories
|
169,355
|
131,190
|
|||||
Deferred tax assets – current
|
4,494
|
3,639
|
|||||
Prepaid expenses and other current assets
|
25,400
|
21,879
|
|||||
Assets of discontinued operations
|
924
|
692
|
|||||
Total current assets
|
253,536
|
234,841
|
|||||
Long-term restricted cash
|
13,631
|
5,640
|
|||||
Property and equipment, net
|
277,467
|
265,544
|
|||||
Goodwill
|
37,445
|
37,471
|
|||||
Deferred tax assets – long term
|
15,361
|
16,637
|
|||||
Other assets
|
4,369
|
4,341
|
|||||
Investment in unconsolidated affiliates
|
8,092
|
8,091
|
|||||
Total Assets
|
$
|
609,901
|
$
|
572,565
|
|||
LIABILITIES AND EQUITY
|
|||||||
Current Liabilities:
|
|||||||
Short-term borrowings
|
$
|
3,972
|
$
|
3,551
|
|||
Accounts payable
|
143,813
|
124,401
|
|||||
Accrued salaries and benefits
|
10,798
|
10,911
|
|||||
Deferred membership income
|
9,999
|
9,729
|
|||||
Income taxes payable
|
4,054
|
6,615
|
|||||
Other accrued expenses
|
12,805
|
12,095
|
|||||
Long-term debt, current portion
|
7,734
|
7,715
|
|||||
Deferred tax liability – current
|
409
|
357
|
|||||
Liabilities of discontinued operations
|
115
|
109
|
|||||
Total current liabilities
|
193,699
|
175,483
|
|||||
Deferred tax liability – long-term
|
1,554
|
1,198
|
|||||
Long-term portion of deferred rent
|
3,525
|
3,272
|
|||||
Long-term income taxes payable, net of current portion
|
3,654
|
3,564
|
|||||
Long-term debt, net of current portion
|
55,783
|
53,005
|
|||||
Total liabilities
|
258,215
|
236,522
|
|||||
Equity:
|
|||||||
Common stock, $0.0001 par value, 45,000,000 shares authorized; 30,625,666 and 30,624,666 shares issued and 29,898,909 and 29,897,909 shares outstanding (net of treasury shares) as of November 30 and August 31, 2010, respectively.
|
3
|
3
|
|||||
Additional paid-in capital
|
380,307
|
379,368
|
|||||
Tax benefit from stock-based compensation
|
4,489
|
4,490
|
|||||
Accumulated other comprehensive loss
|
(16,820
|
)
|
(16,672
|
)
|
|||
Accumulated deficit
|
(725
|
)
|
(15,578
|
)
|
|||
Less: treasury stock at cost; 726,757 and 726,757 shares as of November 30 and August 31, 2010, respectively.
|
(15,568
|
)
|
(15,568
|
)
|
|||
Total PriceSmart stockholders’ equity and total equity
|
351,686
|
336,043
|
|||||
Total Liabilities and Equity
|
$
|
609,901
|
$
|
572,565
|