PriceSmart Announces Semi-Annual Dividend
January 23 2014 - 4:00PM
Marketwired
PriceSmart Announces Semi-Annual Dividend
SAN DIEGO, CA--(Marketwired - Jan 23, 2014) - PriceSmart,
Inc. (NASDAQ: PSMT) today announced that its Board of Directors has
declared cash dividends in the total amount of $0.70 per share,
with $0.35 per share payable on February 28, 2014 to stockholders
of record as of the close of business on February 14, 2014 and
$0.35 per share payable on August 29, 2014 to stockholders of
record as of the close of business on August 15, 2014. The
Company anticipates the ongoing payment of semi-annual dividends in
subsequent periods, although the actual declaration of future
dividends, the amount of such dividends, and the establishment of
record and payment dates is subject to final determination by the
Board of Directors in its discretion, after its review of the
Company's financial performance and anticipated capital
requirements.
About PriceSmart
PriceSmart, headquartered in San Diego, owns and operates
U.S.-style membership shopping warehouse clubs in Latin America and
the Caribbean, selling high quality merchandise at low prices to
PriceSmart members. PriceSmart now operates 32 warehouse clubs in
12 countries and one U.S. territory (six in Costa Rica; four each
in Panama and Trinidad; three each in Guatemala, the Dominican
Republic and Colombia; two each in El Salvador and Honduras; and
one each in Aruba, Barbados, Jamaica, Nicaragua and the United
States Virgin Islands).
This press release may contain forward-looking statements
concerning the Company's anticipated future revenues and earnings,
adequacy of future cash flow and related matters. These
forward-looking statements include, but are not limited to,
statements containing the words expect, believe, will, may, should,
project, estimate, anticipated, scheduled, and like expressions,
and the negative thereof. These statements are subject to risks and
uncertainties that could cause actual results to differ materially,
including the following risks: the Company's financial performance
is dependent on international operations, which exposes the Company
to various risks; any failure by the Company to manage its widely
dispersed operations could adversely affect its business; the
Company faces significant competition; future sales growth depends,
in part, on the Company's ability to successfully open new
warehouse clubs; the Company might not identify in a timely manner
or effectively respond to changes in consumer trends and changes in
consumer preferences for merchandise and shopping modalities, which
could adversely affect its relationship with members, demand for
its products and market share; the Company faces difficulties in
the shipment of, and risks inherent in the importation of,
merchandise to its warehouse clubs; the Company is exposed to
weather and other natural disaster risks; general economic
conditions could adversely impact the Company's business in various
respects; the Company is subject to changes in relationships and
agreements with third parties with which the Company does business
and/or from which the Company acquires merchandise; the Company
relies extensively on computer systems to process transactions,
summarize results and manage its business and a failure to
adequately maintain the Company's systems and disruptions in its
systems could harm its business and adversely affect its results of
operations; the Company could be subject to additional tax
liabilities; a few of the Company's stockholders own approximately
28.3% of the Company's voting stock, which may make it difficult to
complete some corporate transactions without their support and may
impede a change in control; the loss of key personnel could harm
the Company's business; the Company is subject to volatility in
foreign currency exchange rates; the Company faces the risk of
exposure to product liability claims, a product recall and adverse
publicity; potential future impairments of long lived assets could
adversely affect the Company's future results of operations and
financial position; write-offs of goodwill and other intangible
assets could adversely affect the Company's future results of
operations and financial position; the Company faces increased
public company compliance risks and compliance risks related to the
Company's international operations; the Company faces increased
compliance risks associated with compliance with Section 404 of the
Sarbanes-Oxley Act of 2002; if remediation costs or hazardous
substance contamination levels at certain properties for which the
Company maintains financial responsibility exceed management's
current expectations, the Company's financial condition and results
of operations could be adversely impacted. The risks described
above as well as the other risks detailed in the Company's U.S.
Securities and Exchange Commission (SEC) reports, including the
Company's Annual Report on Form 10-K filed for the fiscal year
ended August 31, 2013 filed on October 30, 2013 pursuant to the
Securities Exchange Act of 1934. We assume no obligation and
expressly disclaim any duty to update any forward-looking statement
to reflect events or circumstances after the date of this
presentation or to reflect the occurrence of unanticipated
events.
For further information, please contact John M. Heffner
Principal Financial Officer and Principal Accounting Officer (858)
404-8826
PriceSmart (NASDAQ:PSMT)
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