SAN
DIEGO, Feb. 2, 2024 /PRNewswire/ -- PriceSmart,
Inc. (NASDAQ: PSMT), operator of 53 warehouse clubs in 12 countries
and one U.S. territory, today announced a 26% increase to its
annual dividend and the results of the Company's 2024 annual
meeting of stockholders that was held on February 1, 2024.
Declaration of Cash Dividend
On February 1, 2024, the Company's Board of Directors
declared its annual cash dividend in the total amount of $1.16
per share, with $0.58 per share payable on February
29, 2024 to stockholders of record as of February 15,
2024 and $0.58 per share payable on August 30,
2024 to stockholders of record as of August 15, 2024.
This represents a 26% increase over last year's $0.92 per share dividend, payable in two
$0.46 per share installments. The
decision to increase the annual dividend by 26 percent by the Board
of Directors reflects the Board's confidence in PriceSmart and the
strength of its cash generating activities.
PriceSmart anticipates the ongoing payment of annual dividends
in subsequent periods, although the actual declaration of future
dividends, if any, the amount of such dividends, and the
establishment of record and payment dates is subject to final
determination by the Board of Directors at its discretion after its
review of the Company's financial performance and anticipated
capital requirements, taking into account the uncertain
macroeconomic conditions on our results of operations and cash
flows.
Annual Meeting Results
At the annual meeting of stockholders, eleven nominees were
elected to the PriceSmart, Inc. Board of Directors. Each
director elected will continue to hold office until the next annual
meeting of stockholders of PriceSmart, or until the director
resigns or a successor is elected or appointed. The following
directors were elected: Sherry S. Bahrambeygui, Jeffrey
R. Fisher, Gordon H. Hanson, Beatriz V.
Infante, Leon C. Janks, Patricia Márquez, David N.
Price, Robert E. Price, David R. Snyder, John D.
Thelan and Edgar Zurcher.
Stockholders also approved, on an advisory basis, the
compensation of the Company's executive officers for fiscal year
2023, approved a frequency of every year for the advisory vote
regarding the compensation of our executive officers, approved an
amendment to our Amended and Restated Certificate of Incorporation
to provide for limitation of liability of officers and ratified the
selection of Ernst & Young, LLP as the Company's independent
registered public accounting firm for the fiscal year
ending August 31, 2024. A final report on voting results
will be filed with U.S. Securities and Exchange Commission within
four business days following the date of the annual meeting of
stockholders.
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 and services at low prices to PriceSmart
Members. PriceSmart operates 53 warehouse clubs in 12 countries and
one U.S. territory (ten in Colombia; eight in Costa Rica; seven in Panama; six in Guatemala; five in the Dominican Republic; four in Trinidad; three in Honduras and El
Salvador, two in Nicaragua
and Jamaica; and one each in
Aruba, Barbados and the United States Virgin Islands). In addition,
the Company plans to open a warehouse club in Santa Ana, El
Salvador in February 2024.
Once this new club is open, the Company will operate 54 warehouse
clubs.
This press release may contain forward-looking statements
concerning PriceSmart, Inc.'s ("PriceSmart", the "Company" or "we")
anticipated future revenues and earnings, adequacy of future cash
flows, future dividends, omni-channel initiatives, proposed
warehouse club openings, the Company's performance relative to
competitors 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," "intend," and like
expressions, and the negative thereof. These statements are subject
to risks and uncertainties that could cause actual results to
differ materially including, but not limited to: various political,
economic and compliance risks associated with our international
operations, adverse changes in economic conditions in our markets,
natural disasters, volatility in currency exchange rates and
illiquidity of certain local currencies in our markets,
competition, consumer and small business spending patterns,
political instability, increased costs associated with the
integration of online commerce with our traditional business,
whether the Company can successfully execute strategic initiatives,
our reliance on third party service providers, including those who
support transaction and payment processing, data security and other
technology services, cybersecurity breaches that could cause
disruptions in our systems or jeopardize the security of Member,
employee or business information, cost increases from product and
service providers, interruption of supply chains, novel coronavirus
(COVID-19) related factors and challenges, exposure to product
liability claims and product recalls, recoverability of moneys owed
to PriceSmart from governments, and other important factors
discussed in the Risk Factors section of the Company's most recent
Annual Report on Form 10-K, and other factors discussed from time
to time in other filings with the SEC, which are accessible on the
SEC's website at www.sec.gov, including Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. Forward-looking statements
speak only as of the date that they are made, and the Company does
not undertake to update them, except as required by law.
For further information, please contact Michael L. McCleary, EVP, Chief Financial
Officer and Principal Accounting Officer (858) 404-8826 or send an
email to ir@pricesmart.com
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SOURCE PriceSmart, Inc.