|
Delaware
|
000-22793
|
33-0628530
|
|
(State
or Other Jurisdiction of
Incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer
Identification
No.)
|
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2)(b))
|
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
|
(d)
|
The
following exhibit is furnished
herewith:
|
|
Exhibit
No.
|
|
Description
|
||||
|
99.1
|
|
Press
Release of PriceSmart, Inc. dated November 6, 2009.
|
||||
|
Date:
November 6, 2009
|
/S/ JOHN
M. HEFFNER
|
|
|
John
M. Heffner
|
||
|
Executive
Vice President and Chief Financial Officer
|
||
|
(Principal
Financial Officer and
|
||
|
Chief
Accounting Officer)
|
|
Exhibit
Number
|
|
Description
|
|
99.1
|
|
Press
Release of PriceSmart, Inc. dated November 6,
2009.
|
|
Three
Months Ended
|
Twelve
Months Ended
|
|||||||||||||||
|
August
31,
|
August
31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
Net
warehouse club sales
|
$ | 298,002 | $ | 286,126 | $ | 1,224,331 | $ | 1,097,510 | ||||||||
|
Export
sales
|
900 | 406 | 3,679 | 1,498 | ||||||||||||
|
Membership
income
|
4,635 | 4,231 | 17,903 | 16,042 | ||||||||||||
|
Other
income
|
1,546 | 1,193 | 5,715 | 4,826 | ||||||||||||
|
Total
revenues
|
305,083 | 291,956 | 1,251,628 | 1,119,876 | ||||||||||||
|
Operating
expenses:
|
||||||||||||||||
|
Cost
of goods sold:
|
||||||||||||||||
|
Net
warehouse club
|
254,282 | 242,376 | 1,044,555 | 932,294 | ||||||||||||
|
Export
|
855 | 387 | 3,484 | 1,420 | ||||||||||||
|
Selling,
general and administrative:
|
||||||||||||||||
|
Warehouse
club operations
|
30,936 | 28,141 | 114,957 | 103,887 | ||||||||||||
|
General
and administrative
|
7,537 | 7,686 | 30,882 | 30,327 | ||||||||||||
|
Pre-opening
expenses
|
72 | 14 | 515 | 1,010 | ||||||||||||
|
Asset
impairment and closure costs
|
(465 | ) | 439 | (249 | ) | 1,142 | ||||||||||
|
Provision
for settlement of litigation, including changes in fair value and put
agreement
|
— | 26 | — | 1,370 | ||||||||||||
|
Total
operating expenses
|
293,217 | 279,069 | 1,194,144 | 1,071,450 | ||||||||||||
|
Operating
income
|
11,866 | 12,887 | 57,484 | 48,426 | ||||||||||||
|
Other
income (expense):
|
||||||||||||||||
|
Interest
income
|
140 | 165 | 457 | 1,193 | ||||||||||||
|
Interest
expense
|
175 | (479 | ) | (1,700 | ) | (1,445 | ) | |||||||||
|
Other
expense, net
|
(503 | ) | (131 | ) | (539 | ) | (346 | ) | ||||||||
|
Total
other expense
|
(188 | ) | (445 | ) | (1,782 | ) | (598 | ) | ||||||||
|
Income
from continuing operations before provision for income taxes, loss of
unconsolidated affiliates and minority interest
|
11,678 | 12,442 | 55,702 | 47,828 | ||||||||||||
|
Provision
for income taxes
|
(1,372 | ) | (844 | ) | (13,069 | ) | (9,124 | ) | ||||||||
|
Loss
of unconsolidated affiliates
|
(1 | ) | — | (21 | ) | — | ||||||||||
|
Minority
interest
|
(53 | ) | (128 | ) | (265 | ) | (494 | ) | ||||||||
|
Income
from continuing operations
|
10,252 | 11,470 | 42,347 | 38,210 | ||||||||||||
|
Loss
from discontinued operations, net of tax
|
(1 | ) | (175 | ) | (28 | ) | (104 | ) | ||||||||
|
Net
income
|
$ | 10,251 | $ | 11,295 | $ | 42,319 | $ | 38,106 | ||||||||
|
Basic
net income per share from continuing operations
|
$ | 0.35 | $ | 0.39 | $ | 1.46 | $ | 1.32 | ||||||||
|
Basic
net loss per share from discontinued operations, net of
tax
|
$ | — | $ | — | $ | — | $ | — | ||||||||
|
Basic
net income per share
|
$ | 0.35 | $ | 0.39 | $ | 1.46 | $ | 1.32 | ||||||||
|
Diluted
net income per share from continuing operations
|
$ | 0.35 | $ | 0.39 | $ | 1.45 | $ | 1.30 | ||||||||
|
Diluted
net loss per share from discontinued operations, net of
tax
|
$ | — | $ | — | $ | — | $ | — | ||||||||
|
Diluted
net income per share
|
$ | 0.35 | $ | 0.39 | $ | 1.45 | $ | 1.30 | ||||||||
|
Shares
used in per share computations:
|
||||||||||||||||
|
Basic
|
29,046 | 28,897 | 28,959 | 28,860 | ||||||||||||
|
Diluted
|
29,228 | 29,192 | 29,181 | 29,210 | ||||||||||||
|
Dividends
per share
|
$ | — | $ | — | $ | 0.50 | $ | 0.32 | ||||||||
|
August
31,
|
||||||||
|
2009
|
2008
|
|||||||
|
ASSETS
|
||||||||
|
Current
Assets:
|
||||||||
|
Cash
and cash equivalents
|
$
|
44,193
|
$
|
48,121
|
||||
|
Short-term
restricted cash
|
10
|
536
|
||||||
|
Receivables,
net of allowance for doubtful accounts of $10 and $11 in 2009 and 2008,
respectively
|
2,187
|
1,474
|
||||||
|
Merchandise
inventories
|
115,841
|
113,894
|
||||||
|
Deferred
tax asset – current
|
2,618
|
2,179
|
||||||
|
Prepaid
expenses and other current assets
|
19,033
|
17,650
|
||||||
|
Short-term
notes receivable
|
—
|
2,104
|
||||||
|
Assets
of discontinued operations
|
900
|
1,247
|
||||||
|
Total
current assets
|
184,782
|
187,205
|
||||||
|
Long-term
restricted cash
|
732
|
673
|
||||||
|
Property
and equipment, net
|
231,798
|
199,576
|
||||||
|
Goodwill
|
37,538
|
39,248
|
||||||
|
Deferred
tax assets – long term
|
20,938
|
21,198
|
||||||
|
Other
assets
|
3,927
|
3,512
|
||||||
|
Investment
in unconsolidated affiliates
|
7,658
|
—
|
||||||
|
Total
Assets
|
$
|
487,373
|
$
|
451,412
|
||||
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
|
Current
Liabilities:
|
||||||||
|
Short-term
borrowings
|
$
|
2,303
|
$
|
3,473
|
||||
|
Accounts
payable
|
101,412
|
96,120
|
||||||
|
Accrued
salaries and benefits
|
8,831
|
8,271
|
||||||
|
Deferred
membership income
|
8,340
|
7,764
|
||||||
|
Income
taxes payable
|
5,942
|
3,695
|
||||||
|
Common
stock subject to put agreement
|
—
|
161
|
||||||
|
Other
accrued expenses
|
10,022
|
11,877
|
||||||
|
Dividend
payable
|
—
|
4,744
|
||||||
|
Long-term
debt, current portion
|
4,590
|
2,737
|
||||||
|
Deferred
tax liability – current
|
189
|
486
|
||||||
|
Liabilities
of discontinued operations
|
299
|
277
|
||||||
|
Total
current liabilities
|
141,928
|
139,605
|
||||||
|
Deferred
tax liability – long-term
|
1,026
|
2,339
|
||||||
|
Long
term portion of deferred rent
|
2,673
|
2,412
|
||||||
|
Accrued
closure costs
|
—
|
3,489
|
||||||
|
Long-term
income taxes payable, net of current portion
|
3,458
|
5,553
|
||||||
|
Long-term
debt, net of current portion
|
37,120
|
23,028
|
||||||
|
Total
liabilities
|
186,205
|
176,426
|
||||||
|
Minority
interest
|
770
|
480
|
||||||
|
Stockholders’
Equity:
|
||||||||
|
Common
stock, $0.0001 par value, 45,000,000 shares authorized; 30,337,109 and
30,195,788 shares issued and 29,681,031 and 29,615,226 shares outstanding
(net of treasury shares), respectively
|
3
|
3
|
||||||
|
Additional
paid-in capital
|
377,210
|
373,192
|
||||||
|
Tax
benefit from stock-based compensation
|
4,547
|
4,563
|
||||||
|
Accumulated
other comprehensive loss
|
(17,230
|
)
|
(12,897
|
)
|
||||
|
Accumulated
deficit
|
(49,998
|
)
|
(77,510
|
)
|
||||
|
Less:
treasury stock at cost; 656,078 and 580,562 shares,
respectively
|
(14,134
|
)
|
(12,845
|
)
|
||||
|
Total
stockholders’ equity
|
300,398
|
274,506
|
||||||
|
Total
Liabilities and Stockholders’ Equity
|
$
|
487,373
|
$
|
451,412
|
||||