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
|
|
Press Release of PriceSmart, Inc. dated November 9, 2011.
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Date: November 9, 2011
|
/S/ JOHN M. HEFFNER
|
|
John M. Heffner
|
||
Executive Vice President and Chief Financial Officer
|
||
(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, 2011.
|
Three Months Ended
August 31,
|
Twelve Months Ended
August 31,
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||
Revenues:
|
||||||||||||||
Net warehouse club sales
|
$
|
436,016
|
$
|
357,040
|
$
|
1,675,247
|
$
|
1,365,801
|
||||||
Export sales
|
3,660
|
1,678
|
8,831
|
4,139
|
||||||||||
Membership income
|
5,992
|
5,210
|
22,817
|
19,742
|
||||||||||
Other income
|
1,742
|
1,806
|
7,352
|
6,209
|
||||||||||
Total revenues
|
447,410
|
365,734
|
1,714,247
|
1,395,891
|
||||||||||
Operating expenses:
|
||||||||||||||
Cost of goods sold:
|
||||||||||||||
Net warehouse club
|
371,411
|
301,501
|
1,422,332
|
1,156,374
|
||||||||||
Export
|
3,466
|
1,576
|
8,372
|
3,890
|
||||||||||
Selling, general and administrative:
|
||||||||||||||
Warehouse club operations
|
43,628
|
34,165
|
154,819
|
126,274
|
||||||||||
General and administrative
|
9,459
|
8,332
|
36,436
|
33,319
|
||||||||||
Pre-opening expenses
|
736
|
(3
|
)
|
1,408
|
1,123
|
|||||||||
Asset impairment and closure costs (income)
|
—
|
18
|
—
|
18
|
||||||||||
Total operating expenses
|
428,700
|
345,589
|
1,623,367
|
1,320,998
|
||||||||||
Operating income
|
18,710
|
20,145
|
90,880
|
74,893
|
||||||||||
Other income (expense):
|
||||||||||||||
Interest income
|
184
|
94
|
852
|
553
|
||||||||||
Interest expense
|
(905
|
)
|
(864
|
)
|
(3,916
|
)
|
(2,723
|
)
|
||||||
Other income (expense), net
|
8
|
(237
|
)
|
1,540
|
(483
|
)
|
||||||||
Total other income (expense)
|
(713
|
)
|
(1,007
|
)
|
(1,524
|
)
|
(2,653
|
)
|
||||||
Income from continuing operations before provision for income taxes and loss of unconsolidated affiliates
|
17,997
|
19,138
|
89,356
|
72,240
|
||||||||||
Provision for income taxes
|
(5,375
|
)
|
(5,887
|
)
|
(27,468
|
)
|
(22,787
|
)
|
||||||
Income (loss) of unconsolidated affiliates
|
(7
|
)
|
(11
|
)
|
(52
|
)
|
(22
|
)
|
||||||
Income from continuing operations
|
12,615
|
13,240
|
61,836
|
49,431
|
||||||||||
Income (loss) from discontinued operations, net of tax
|
75
|
(24
|
)
|
(86)
|
16
|
|||||||||
Net income including noncontrolling interests
|
$
|
12,690
|
$
|
13,216
|
$
|
61,750
|
$
|
49,447
|
||||||
Net income attributable to noncontrolling interests
|
—
|
—
|
—
|
(132
|
)
|
|||||||||
Net income attributable to PriceSmart
|
$
|
12,690
|
$
|
13,216
|
$
|
61,750
|
$
|
49,315
|
||||||
Net income attributable to PriceSmart:
|
||||||||||||||
Income from continuing operations
|
$
|
12,615
|
$
|
13,240
|
$
|
61,836
|
$
|
49,299
|
||||||
Income (loss) from discontinued operations, net of tax
|
75
|
(24
|
)
|
(86
|
)
|
16
|
||||||||
$
|
12,690
|
$
|
13,216
|
$
|
61,750
|
$
|
49,315
|
|||||||
Net income per share attributable to PriceSmart and available for distribution:
|
||||||||||||||
Basic net income per share from continuing operations
|
$
|
0.42
|
$
|
0.44
|
$
|
2.07
|
$
|
1.66
|
||||||
Basic net income per share from discontinued operations, net of tax
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||
Basic net income per share
|
$
|
0.42
|
$
|
0.44
|
$
|
2.07
|
$
|
1.66
|
||||||
Diluted net income per share from continuing operations
|
$
|
0.42
|
$
|
0.44
|
$
|
2.07
|
$
|
1.65
|
||||||
Diluted net income per share from discontinued operations, net of tax
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||
Diluted net income per share
|
$
|
0.42
|
$
|
0.44
|
$
|
2.07
|
$
|
1.65
|
||||||
Shares used in per share computations:
|
||||||||||||||
Basic
|
29,498
|
29,351
|
29,441
|
29,254
|
||||||||||
Diluted
|
29,509
|
29,356
|
29,450
|
29,279
|
||||||||||
Dividends per share
|
$
|
0.30
|
$
|
0.25
|
$
|
0.60
|
$
|
0.50
|
August 31,
|
||||||||
2011
|
2010
|
|||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
76,817
|
$
|
73,346
|
||||
Short-term restricted cash
|
1,240
|
1,240
|
||||||
Receivables, net of allowance for doubtful accounts of $5 and $15 as of August 31, 2011 and August 31, 2010, respectively
|
3,655
|
2,855
|
||||||
Merchandise inventories
|
177,232
|
131,190
|
||||||
Deferred tax assets – current
|
4,252
|
3,639
|
||||||
Prepaid expenses and other current assets
|
29,117
|
21,879
|
||||||
Assets of discontinued operations
|
464
|
692
|
||||||
Total current assets
|
292,777
|
234,841
|
||||||
Long-term restricted cash
|
22,626
|
5,640
|
||||||
Property and equipment, net
|
281,111
|
265,544
|
||||||
Goodwill
|
37,361
|
37,471
|
||||||
Deferred tax assets – long term
|
17,000
|
16,637
|
||||||
Other assets
|
5,390
|
4,341
|
||||||
Investment in unconsolidated affiliates
|
8,063
|
8,091
|
||||||
Total Assets
|
$
|
664,328
|
$
|
572,565
|
||||
LIABILITIES AND EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Short-term borrowings
|
$
|
2,259
|
$
|
3,551
|
||||
Accounts payable
|
163,432
|
124,401
|
||||||
Accrued salaries and benefits
|
11,681
|
10,911
|
||||||
Deferred membership income
|
11,416
|
9,729
|
||||||
Income taxes payable
|
7,655
|
6,615
|
||||||
Other accrued expenses (includes $884,000 and $767,000 as of August 31, 2011 and August 31, 2010, respectively, for the fair value of derivative instruments)
|
13,440
|
12,095
|
||||||
Long-term debt, current portion
|
7,771
|
7,715
|
||||||
Deferred tax liability – current
|
533
|
357
|
||||||
Liabilities of discontinued operations
|
40
|
109
|
||||||
Total current liabilities
|
218,227
|
175,483
|
||||||
Deferred tax liability – long-term
|
1,888
|
1,198
|
||||||
Long-term portion of deferred rent
|
4,143
|
3,272
|
||||||
Long-term income taxes payable, net of current portion
|
3,310
|
3,564
|
||||||
Long-term debt, net of current portion
|
60,451
|
53,005
|
||||||
Other long-term liabilities
|
471
|
—
|
||||||
Total liabilities
|
288,490
|
236,522
|
||||||
Equity:
|
||||||||
Common stock, $0.0001 par value, 45,000,000 shares authorized; 30,695,933 and 30,624,666 shares issued and 29,900,030 and 29,897,909 shares outstanding (net of treasury shares) as of August 31, 2011 and August 31, 2010, respectively.
|
3
|
3
|
||||||
Additional paid-in capital
|
383,549
|
379,368
|
||||||
Tax benefit from stock-based compensation
|
5,242
|
4,490
|
||||||
Accumulated other comprehensive loss
|
(22,915
|
)
|
(16,672
|
)
|
||||
Retained earnings (accumulated deficit)
|
28,238
|
(15,578
|
)
|
|||||
Less: treasury stock at cost; 795,903 and 726,757 shares as of August 31, 2011 and August 31, 2010, respectively.
|
(18,279
|
)
|
(15,568
|
)
|
||||
Total equity
|
375,838
|
336,043
|
||||||
Total Liabilities and Equity
|
$
|
664,328
|
$
|
572,565
|