Press Release

PRICESMART, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)

		Three Months Ended
		November 30,
		2006		2005
Revenues:
Sales:
Net warehouse club	$	198,100	$		166,513
Export		95			—
Membership income		3,241			2,645
Other income		1,061			816
Total revenues		202,497			169,974
Operating expenses:
Cost of goods sold:
Net warehouse club		168,498			142,520
Export		92			—
Selling, general and administrative:
Warehouse club operations		20,293			18,254
General and administrative		5,968			5,726
Preopening expenses		232			335
Asset impairment and closure costs		191			53
Total operating expenses		195,274			166,888
Operating income		7,223			3,086
Other income (expense):
Interest income		364			312
Interest expense		(355)			(721)
Other income (expense)		14			24
Total other income (expense)		23			(385)
Income from continuing operations before provision for income taxes, loss of unconsolidated affiliate and minority interest		7,246			2,701
Provision for income taxes		(2,973)			(1,342)
Income (loss) of unconsolidated affiliate		(85)			36
Minority interest		(134)			(44)
Income from continuing operations		4,054			1,351
Discontinued operations, net of tax		18			654
Net income	$	4,072	$		2,005
Basic income per share – common stockholders:
Continuing operations	$	0.14	$		0.05
Discontinued operations, net of tax	$	—	$		0.03
Preferred and deemed dividends	$	—	$		—
Attributable to common stockholders	$	0.14	$		0.08
Diluted income per share – common stockholders:
Continuing operations	$	0.14	$		0.05
Discontinued operations, net of tax	$	—	$		0.03
Preferred and deemed dividends	$	—	$		—
Attributable to common stockholders	$	0.14	$		0.08
Shares used in per share computations:
Basic		28,429			25,698
Diluted		29,105			26,005

PRICESMART, INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share data)

	November 30,
	2006		2005
ASSETS
Current Assets:
Cash and cash equivalents	$	15,261	$	24,344
Short-term restricted cash		7,748		7,399
Receivables, net of allowance for doubtful accounts of $195 and $ 2,252 in 2007 and 2006, respectively		4,888		2,464
Receivables from unconsolidated affiliate		—		106
Merchandise inventories		93,730		81,157
Prepaid expenses and other current assets		9,741		8,627
Assets of discontinued operations		1,513		1,770
Total current assets		132,881		125,867

Long-term restricted cash		585		792
Property and equipment, net		165,489		155,624
Goodwill		31,801		31,279
Deferred tax asset		20,073		21,166
Other assets		1,512		4,458
Investment in unconsolidated affiliate		3,133		6,456
Total Assets	$	355,474	$	345,642
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term borrowings	$	677	$	1,380
Accounts payable		75,861		69,825
Accrued salaries and benefits		5,658		4,714
Deferred membership income		6,249		5,215
Income taxes payable		3,600		2,445
Other accrued expenses		13,816		11,399
Long-term debt, current portion		1,000		5,417
Liabilities of discontinued operations		143		634
Total current liabilities		107,004		101,029
Deferred tax liability		961		903
Deferred rent		1,571		1,317
Accrued closure costs		3,189		3,403
Long-term debt, related party		—		12,500
Long-term debt, net of current portion		555		20,359
Total liabilities		113,280		139,511

Minority interest		2,808		2,633
Commitments and contingencies		—		—

Stockholders’ Equity:
Common stock, $.0001 par value, 45,000,000 shares authorized; 29,421,560 and 26,403,421 shares issued and 28,983,397 and 25,968,996 shares outstanding (net of treasury shares), respectively		3		3
Additional paid-in capital		364,774		343,018
Tax benefit from exercise of stock options		3,593		3,379
Notes receivable from stockholders		—		(29)
Accumulated other comprehensive loss		(13,914)		(13,911)
Accumulated deficit		(105,604)		(119,529)
Less: treasury stock at cost; 438,163 and 434,425 shares, respectively		(9,466)		(9,433)
Total stockholders’ equity		239,389		203,498
Total Liabilities and Stockholders’ Equity	$	355,474	$	345,642