Pricesmart Inc 8-K, filed Jul 8, 2021

Pricesmart Inc (PSMT)

8-K 2021-07-08 For: 2021-05-31

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Added on April 09, 2026

About this 8-K

Pricesmart Inc filed this 8-K on July 8, 2021, reporting on events of May 31, 2021.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2)(b))
	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.0001 par value	PSMT	NASDAQ Global Select Market

(d)	The following exhibit is furnished herewith:

Exhibit ‎No.		Description
99.1		Press Release of PriceSmart, Inc. dated July 8, 2021.
104		The cover page from this Current report on Form 8-K, formatted in Inline XBRL.

Date: July 8, 2021		/S/ MICHAEL L. MCCLEARY
		Michael L. McCleary
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer and
		Principal Accounting Officer)


Exhibit ‎Number		Description
99.1		Press Release of PriceSmart, Inc. dated July 8, 2021.
104		The cover page from this Current report on Form 8-K, formatted in Inline XBRL.

	9740 Scranton Road
	San Diego, CA 92121
	(Address of principal executive offices and zip code)



	Three Months Ended				Nine Months Ended
	May 31,		May 31,		May 31,		May 31,
	2021		2020		2021		2020
Revenues:
Net merchandise sales	$	857,478	$	768,368	$	2,594,251	$	2,418,822
Export sales		10,213		8,321		30,800		25,029
Membership income		14,329		13,525		41,427		41,364
Other revenue and income		13,244		9,717		43,787		33,392
Total revenues		895,264		799,931		2,710,265		2,518,607
Operating expenses:
Cost of goods sold:
Net merchandise sales		720,726		661,258		2,179,453		2,067,416
Export sales		9,820		7,995		29,568		24,044
Non-merchandise		5,755		3,503		17,847		12,416
Selling, general and administrative:
Warehouse club and other operations		89,322		78,431		264,603		241,826
General and administrative		33,225		24,408		92,016		77,910
Pre-opening expenses		1		257		651		1,254
Loss on disposal of assets		366		112		568		251
Total operating expenses		859,215		775,964		2,584,706		2,425,117
Operating income		36,049		23,967		125,559		93,490
Other income (expense):
Interest income		518		554		1,454		1,433
Interest expense		(1,596)		(2,564)		(5,857)		(5,116)
Other expense, net		(2,295)		(1,564)		(4,132)		(1,826)
Total other expense		(3,373)		(3,574)		(8,535)		(5,509)
Income before provision for income taxes and loss of unconsolidated affiliates		32,676		20,393		117,024		87,981
Provision for income taxes		(10,082)		(7,744)		(38,265)		(29,849)
Loss of unconsolidated affiliates		(13)		(16)		(34)		(79)
Net income		22,581		12,633		78,725		58,053
Less: net (income) loss attributable to noncontrolling interest		(52)		72		(223)		(20)
Net income attributable to PriceSmart, Inc.	$	22,529	$	12,705	$	78,502	$	58,033
Net income attributable to PriceSmart, Inc. per share available for distribution:
Basic	$	0.73	$	0.41	$	2.55	$	1.90
Diluted	$	0.73	$	0.41	$	2.55	$	1.90
Shares used in per share computations:
Basic		30,414		30,271		30,396		30,268
Diluted		30,446		30,275		30,423		30,273



	May 31,
	2021		August 31,
	(Unaudited)		2020
ASSETS
Current Assets:
Cash and cash equivalents	$	190,687	$	299,481
Short-term restricted cash		781		185
Short-term investments		67,068		46,509
Receivables, net of allowance for doubtful accounts of $166 as of May 31, 2021 and $147 as of August 31, 2020, respectively		12,221		13,153
Merchandise inventories		336,645		309,509
Prepaid expenses and other current assets		31,812		30,165
Total current assets		639,214		699,002
Long-term restricted cash		6,972		4,105
Property and equipment, net		716,337		692,279
Operating lease right-of-use assets, net		125,998		119,533
Goodwill		45,142		45,206
Other intangibles, net		8,368		10,166
Deferred tax assets		22,872		21,672
Other non-current assets (includes $1,160 and $872 as of May 31, 2021 and August 31, 2020, respectively, for the fair value of derivative instruments)		56,483		54,260
Investment in unconsolidated affiliates		10,569		10,602
Total Assets	$	1,631,955	$	1,656,825
LIABILITIES AND EQUITY
Current Liabilities:
Short-term borrowings	$	—	$	65,143
Accounts payable		341,007		373,172
Accrued salaries and benefits		37,240		32,946
Deferred income		27,255		23,525
Income taxes payable		9,740		7,727
Other accrued expenses and other current liabilities		27,959		37,731
Operating lease liabilities, current portion		8,486		8,594
Dividends payable		10,755		—
Long-term debt, current portion		20,554		19,437
Total current liabilities		482,996		568,275
Deferred tax liability		1,759		1,713
Long-term income taxes payable, net of current portion		3,947		5,132
Long-term operating lease liabilities		131,510		124,181
Long-term debt, net of current portion		101,294		112,610
Other long-term liabilities (includes $3,154 and $4,685 for the fair value of derivative instruments and $6,665 and $6,155 for post-employment plans as of May 31, 2021 and August 31, 2020, respectively)		10,665		12,182
Total Liabilities		732,171		824,093



Stockholders' Equity:
Common stock $0.0001 par value, 45,000,000 shares authorized; 31,456,121 and 31,417,576 shares issued and 30,777,829 and 30,670,712 shares outstanding (net of treasury shares) as of May 31, 2021 and August 31, 2020, respectively		3		3
Additional paid-in capital		459,812		454,455
Accumulated other comprehensive loss		(177,368)		(176,820)
Retained earnings		639,472		582,487
Less: treasury stock at cost, 678,292 shares as of May 31, 2021 and 746,864 shares as of August 31, 2020		(23,116)		(28,406)
Total stockholders' equity attributable to PriceSmart, Inc. stockholders		898,803		831,719
Noncontrolling interest in consolidated subsidiaries		981		1,013
Total Stockholders' Equity		899,784		832,732
Total Liabilities and Equity	$	1,631,955	$	1,656,825