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Thursday, Feb 9, 2023
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Proxy , PriceSmart, Inc.



Nasdaq , PSMT

PriceSmart, Inc. is engaged in the business of international membership shopping warehouse clubs similar to, but smaller in size than, warehouse clubs in the United States. PriceSmart owns and operates U.S.-style membership shopping warehouse clubs through majority or wholly owned ventures operating in Central America and the Caribbean using the trade name PriceSmart. As of Aug. 31, the number of consolidated warehouse clubs in operation was 22, operating in 11 countries and one U.S. territory. On Aug. 12, PriceSmart disposed of its interest in Philippines, Inc., formerly the company’s Philippine subsidiary. During the fiscal year ended Aug. 31, PriceSmart acquired the minority interest in its PriceSmart Guatemala subsidiary. On Feb. 28, PriceSmart and Grupo Gigante S.A. de C.V. closed the warehouse club operations of Mexico, S.A. de C.V.


Value

Total number of shares outstanding as of Jan. 13 25,800,000

Price of each share of common stock on Jan. 13 $8.39

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Aggregate market value as of Jan. 13 $216,462,000


Performance Record

For year ended Aug. 31, in thousands, except per-share data.

2005 2004 2003

Total revenues $618,825 $544,191 $545,995

Net income (loss) $42,337 $29,982 $30,226

Net income (loss) per share $1.13 $2.85 $3.09

Total assets $319,854 $376,008 $391,958


Directors

Robert Price, 63, chairman since 1994.

Murray Galinson, 68, director since 2000.

Katherine Hensley, 68, director since 1997.

Leon Janks, 56, director since 1997.

Lawrence Krause, 75, director since 1997.

Jack McGrory, 56, director since 2000.

Edgar Zurcher, 54, director since 2000.


Executive Compensation

Officer 2005 Cash Compensation

Jose Luis Laparte, president $323,000

Robert Gans, executive vice president, general counsel and secretary $236,667

William Naylon, executive vice president and chief operating officer. $229,667

John Heffner, executive vice president and chief financial officer $220,000


Significant Stock Ownership

Number of shares Percent

Oct. 31

Robert Price 11,898,530 45.4

Murray Galinson 8,846,770 33.8

Jack McGrory 8,799,232 33.6

Grupo Gigante 4,168,332 14.5

Edgar Zurcher 2,041,052 7.5

PSC 2,017,852 7.4

Price Group 13,999,664 53.4

Directors and officers as a group (16 people) 16,008,058 58


Other Information

Headquarters: 9740 Scranton Road, San Diego, CA 92121; (858) 404-8800.

Web site: www.pricesmart.com.

Auditors: Ernst & Young LLP.

Employees: 2,961.

Industry: Drugstore.

Information was compiled from the company’s annual and proxy reports.

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