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Pricesmart Inc (PSMT) SEC Filing 10-K Annual report for the fiscal year ending Friday, August 31, 2018

Pricesmart Inc

CIK: 1041803 Ticker: PSMT

 

PriceSmart Announces Third Quarter Results of Operations 





San Diego, CA (July 5, 2018) - PriceSmart, Inc. (NASDAQ: PSMT) today announced its results of operations for the third quarter of fiscal year 2018 which ended on May 31, 2018.



For the third quarter of fiscal year 2018, net warehouse club sales increased 5.6% to $750.5 million from $710.7 million in the third quarter of fiscal year 2017. Total revenues for the third quarter of fiscal year 2018 increased 7.1% to $782.2 million from  $730.3 million in the comparable period of the prior year. The Company had 41 warehouse clubs in operation as of May 2018 and 39 clubs in operation as of May 2017.



Total selling, general and administrative expenses in the quarter were $101.1 million or 12.9% of total revenues compared to 11.6% a year ago. SG&A this year includes the cost of two additional warehouse clubs. Santa Ana, Costa Rica that opened in October 2017, and Santo Domingo, Dominican Republic that opened in May 2018.  In addition, the Company had an increase in SG&A costs of approximately $8.0 million, related to Aeropost operations.



The Company recorded operating income during the quarter of $28.4 million, as compared to $27.6 million in the prior year. Net income was $18.7 million, or $0.61 per diluted share, in the third quarter of fiscal year 2018 as compared to $18.8 million, or $0.62 per diluted share, in the third quarter of fiscal year 2017. 



For the first nine months of fiscal year 2018, net warehouse club sales increased 5.2% to $2,312.4 million from $2,199.1 million in the first nine months of fiscal year 2017. Total revenues for the first nine months of the fiscal year 2018 increased 5.6% to $2,388.8 million from $2,263.1 million in the same period of the prior year.



Selling, general and administrative expenses increased $30.4 million to 11.9% of total revenues for the nine-month period ended May 31, 2018 compared to 11.2% for the same period during fiscal year 2017.  The $8.0 million of increases to warehouse club and other operations and general and administrative costs associated with the Aeropost acquisitions discussed above

for the third quarter results apply to the nine-month period as well.  Additionally, the Company recorded a $2.6 million charge taken during the second quarter ($1.9 million of which is recorded as asset impairment and the remainder as an expense in general and administrative expenses) for the write-off of costs for an e-commerce platform that was under development and $669,000 in Aeropost deal related costs, including legal, accounting and technical consulting related to the acquisition of Aeropost. 



For the first nine months of fiscal year 2018, the Company recorded operating income of $98.9 million and net income of $55.3 million, or $1.82 per diluted share. During the nine month period in fiscal year 2017, the Company recorded operating income of $105.4 million and net income of $70.9 million, or $2.34 per diluted share.



PriceSmart management will host a conference call at 12:00 p.m. Eastern time (9:00a.m. Pacific time) on Friday, July 6, 2018, to discuss the financial results. Individuals interested in participating in the conference call may do so by dialing (855)  209-8211 toll free, or (412) 317-5214 for international callers and asking to join the PriceSmart, Inc. call. A digital replay will be available through July 13, 2018, following the conclusion of the call by dialing (877) 344-7529 for domestic callers, or (412) 317-0088 for international callers, and entering replay access code 10120109.  





 


The following information was filed by Pricesmart Inc (PSMT) on Thursday, July 5, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Equity
Consolidated Statements Of Income
Acquisition
Acquisition (Components Of The Preliminary Purchase Price Allocation) (Details)
Acquisition (Narrative) (Details)
Acquisition (Pro Forma Financial Information) (Details)
Acquisition (Results Of Operations) (Details)
Acquisition (Schedule Of Intangible Assets Acquired) (Details)
Acquisition (Summary Of The Total Purchase Consideration) (Details)
Acquisition (Tables)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Company Overview And Basis Of Presentation
Company Overview And Basis Of Presentation (Narrative) (Details)
Company Overview And Basis Of Presentation (Schedule Of Error Corrections And Prior Period Adjustment) (Details)
Company Overview And Basis Of Presentation (Tables)
Debt
Debt (Narrative) (Details)
Debt (Schedule Of Annual Maturities Of Long-Term Debt) (Details)
Debt (Schedule Of Long-Term Debt) (Details)
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Debt (Summary Of Changes In Long-Term Debt) (Details)
Debt (Tables)
Derivative Instruments And Hedging Activities
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Derivative Instruments And Hedging Activities (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details)
Derivative Instruments And Hedging Activities (Schedule Of Interest Rate Derivatives) (Details)
Derivative Instruments And Hedging Activities (Schedule Of Notional Amounts Of Outstanding Derivative Positions) (Details)
Derivative Instruments And Hedging Activities (Tables)
Earnings Per Share
Earnings Per Share (Schedule Of The Computation Of Net Income Per Share) (Details)
Earnings Per Share (Tables)
Income Taxes
Income Taxes (Income From Continuing Operations Before Provision For Income Taxes And Loss Of Unconsolidated Affiliates) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details)
Income Taxes (Schedule Of Reconciliation Of Effective Tax Rate) (Details)
Income Taxes (Significant Components Of Deferred Tax Assets) (Details)
Income Taxes (Significant Components Of Income Tax Provision) (Details)
Income Taxes (Summary Of Income Tax Examinations) (Details)
Income Taxes (Tables)
Leases
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Leases (Schedule Of Future Minimum Rental Income) (Details)
Leases (Summary Of Rental Expense) (Details)
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Post Employment Plans
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Post Employment Plans (Schedule Of Assumptions Used) (Details)
Post Employment Plans (Schedule Of Defined Benefit Plans) (Details)
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Property And Equipment
Property And Equipment (Narrative) (Details)
Property And Equipment (Summary Of Assets Disposed) (Details)
Property And Equipment (Summary Of Property And Equipment) (Details)
Property And Equipment (Summary Of Total Interest Capitalized) (Details)
Property And Equipment (Tables)
Quarterly Financial Information (Schedule Of Quarterly Financial Data) (Details)
Quarterly Financial Information (Summary Of Reclassifications On Cash Flow Statement) (Details)
Quarterly Financial Information (Summary Of Reclassifications On Financial Statement) (Details)
Quarterly Financial Information (Tables)
Quarterly Financial Information (Unaudited)
Related-Party Transactions
Related-Party Transactions (Narrative) (Details)
Segments
Segments (Summary Of Segment Revenues, Operating Costs And Balance Sheet Items) (Details)
Segments (Tables)
Stock Based Compensation
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Stockholders' Equity
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Subsequent Events
Subsequent Events (Narrative) (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Asset Impairment Costs) (Narrative) (Details)
Summary Of Significant Accounting Policies (Exit Or Disposal Cost Obligations) (Narrative) (Details)
Summary Of Significant Accounting Policies (Fair Value Measurements) (Narrative) (Details)
Summary Of Significant Accounting Policies (Goodwill And Other Intangibles) (Narrative) (Details)
Summary Of Significant Accounting Policies (Income Taxes) (Narrative) (Details)
Summary Of Significant Accounting Policies (Net Effect Of Foreign Currency Translation) (Details)
Summary Of Significant Accounting Policies (Policy)
Summary Of Significant Accounting Policies (Revenue Recognition) (Narrative) (Details)
Summary Of Significant Accounting Policies (Schedule Of Amortization Of Intangible Assets) (Details)
Summary Of Significant Accounting Policies (Schedule Of Goodwill And Intangibles) (Details)
Summary Of Significant Accounting Policies (Schedule Of Goodwill) (Details)
Summary Of Significant Accounting Policies (Schedule Of Joint Ventures) (Details)
Summary Of Significant Accounting Policies (Self-Insurance) (Narrative) (Details)
Summary Of Significant Accounting Policies (Stock Based Compensation) (Narrative) (Details)
Summary Of Significant Accounting Policies (Summary Of Carrying Value And Fair Value Of Debt) (Details)
Summary Of Significant Accounting Policies (Summary Of Foreign Currency Gains And Losses) (Details)
Summary Of Significant Accounting Policies (Summary Of Income Tax Receivables) (Details)
Summary Of Significant Accounting Policies (Summary Of Value Added Tax Receivables) (Details)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies (Tax Receivables) (Narrative) (Details)
Unconsolidated Affiliates
Unconsolidated Affiliates (Narrative) (Details)
Unconsolidated Affiliates (Schedule Of Variable Interest Entities Maximum Loss Exposure) (Details)
Unconsolidated Affiliates (Summary Of Financial Information Of Unconsolidated Affiliates) (Details)
Unconsolidated Affiliates (Tables)
Ticker: PSMT
CIK: 1041803
Form Type: 10-K Annual Report
Accession Number: 0001041803-18-000043
Submitted to the SEC: Thu Oct 25 2018 5:22:38 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Friday, August 31, 2018
Industry: Retail Variety Stores

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