PriceSmart
Announces Increase in Semi-Annual Dividend
Record
Dates and Payment Dates Also Changed
San Diego, California (January 29, 2009) –
PriceSmart, Inc. (NASDAQ: PSMT) today announced that its Board of Directors has
declared cash dividends, in the total amount of $0.50 per share, $0.25 per
share payable on February 27, 2009 to stockholders of record as of the close of
business on February 13, 2009 and $0.25 per share payable on August 31, 2009 to
stockholders of record as of the close of business on August 14, 2009.
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.
PriceSmart,
headquartered in
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,"
"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: any decline in the
Company’s financial performance could require it to reduce or eliminate
dividends; 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 the
Company’s business; the Company faces significant competition; the Company
faces difficulties in the shipment of and inherent risks in the importation of
merchandise to its warehouse clubs; the Company is exposed to weather and other
risks associated with international operations; declines in the economies of
the countries in which the Company operates its warehouse clubs would harm its
business; a few of the Company's stockholders own nearly one-half 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; the Company faces the risk of exposure
to product liability claims, a product recall and adverse publicity; a
determination that the Company's long-lived or intangible assets have been
impaired could adversely affect the Company's future results of operations and
financial position; and the Company faces increased compliance risks associated
with compliance with Section 404 of the Sarbanes-Oxley Act of 2002; as well as
the other risks detailed in the Company's SEC reports, including the Company's
Annual Report on Form 10-K filed pursuant to the Securities Exchange Act of
1934 on November 12, 2008. 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 Robert E. Price, Chief Executive Officer (858)
551-2336; or John M. Heffner, Executive Vice President and Chief Financial
Officer (858) 404-8826.