PRICESMART, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED—AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)


	Three Months Ended May 31,						Nine Months Ended May 31,
	2009			2008			2009			2008
Revenues:
Net warehouse club sales	$	299,571		$	277,979		$	926,329		$	811,382
Export		1,038			385			2,779			1,092
Membership income		4,518			4,094			13,268			11,811
Other income		1,417			1,207			4,169			3,628
Total revenues		306,544			283,665			946,545			827,913
Operating expenses:
Cost of goods sold:
Net warehouse club		255,854			236,074			790,273			689,918
Export		968			364			2,629			1,034
Selling, general and administrative:
Warehouse club operations		28,197			26,495			84,025			75,749
General and administrative		7,989			7,455			23,341			22,625
Preopening expenses		344			9			443			996
Asset impairment and closure costs (income)		(48	)		670			216			703
Provision for settlement of litigation, including changes in fair market value of put agreement		—			(2,042	)		—			1,344
Total operating expenses		293,304			269,025			900,927			792,369
Operating income		13,240			14,640			45,618			35,544
Other income (expense):
Interest income		76			254			317			1,013
Interest expense		(685	)		(437	)		(1,875	)		(950	)
Other income (expense), net		26			(131	)		(36	)		(209	)
Total other income (expense)		(583	)		(314	)		(1,594	)		(146	)
Income from continuing operations before provision for income taxes, loss of unconsolidated affiliates and minority interest		12,657			14,326			44,024			35,398
Provision for income taxes		(3,960	)		(3,675	)		(11,697	)		(8,286	)
Loss of unconsolidated affiliates		(8	)		—			(20	)		—
Minority interest		(61	)		(76	)		(211	)		(368	)
Income from continuing operations		8,628			10,575			32,096			26,744
Income (loss) from discontinued operations, net of tax		55			26			(27	)		71
Net income	$	8,683		$	10,601		$	32,069		$	26,815
Basic income per share:
Continuing operations	$	0.30		$	0.37		$	1.11		$	0.93
Discontinued operations, net of tax	$	—		$	—		$	—		$	—
Net income	$	0.30		$	0.37		$	1.11		$	0.93
Diluted income per share:
Continuing operations	$	0.30		$	0.36		$	1.10		$	0.91
Discontinued operations, net of tax	$	—		$	—		$	—		$	—
Net income	$	0.30		$	0.36		$	1.10		$	0.91
Shares used in per share computations:
Basic		29,010			28,914			28,929			28,848
Diluted		29,202			29,224			29,164			29,316
Dividends per share	$	—		$	—		$	0.50		$	0.32

PRICESMART, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED—AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)

	May 31, 2009			August 31, 2008
ASSETS
Current Assets:
Cash and cash equivalents	$	39,035		$	48,121
Short-term restricted cash		10			536
Receivables, net of allowance for doubtful accounts of $13 and $11 in May 2009 and August 2008, respectively		4,292			2,455
Merchandise inventories		112,990			113,894
Deferred tax asset – current		2,534			2,179
Prepaid expenses and other current assets		18,572			16,669
Notes receivable – short-term		—			2,104
Assets of discontinued operations		1,157			1,247
Total current assets		178,590			187,205
Long-term restricted cash		590			673
Property and equipment, net		225,423			199,576
Goodwill		37,741			39,248
Deferred tax assets – long-term		20,102			21,198
Other assets		3,796			3,512
Investment in unconsolidated affiliates		7,607			—
Total Assets	$	473,849		$	451,412
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term borrowings		5,795			3,473
Accounts payable		92,010			96,120
Accrued salaries and benefits		8,444			8,271
Deferred membership income		8,484			7,764
Income taxes payable		6,225			3,695
Common stock subject to put agreement		—			161
Other accrued expenses		11,409			11,877
Dividend payable		7,411			4,744
Long-term debt, current portion		3,608			2,737
Deferred tax liability – current		198			486
Liabilities of discontinued operations		291			277
Total current liabilities		143,875			139,605
Deferred tax liability – long-term		1,360			2,339
Long-term portion of deferred rent		2,832			2,412
Accrued closure costs		3,558			3,489
Long-term income taxes payable, net of current portion		3,403			5,553
Long-term debt, net of current portion		28,919			23,028
Total liabilities		183,947			176,426
Minority interest		700			480
Stockholders’ Equity:
Common stock, $0.0001 par value, 45,000,000 shares authorized; 30,314,588 and 30,195,788 shares issued, respectively, and 29,659,517 and 29,615,226 shares outstanding (net of treasury shares), respectively		3			3
Additional paid-in capital		376,043			373,192
Tax benefit from stock-based compensation		4,388			4,563
Accumulated other comprehensive loss		(16,870	)		(12,897	)
Accumulated deficit		(60,244	)		(77,510	)
Less: treasury stock at cost; 655,071 shares as of May 31, 2009 and 580,562 shares as of August 31, 2008		(14,118	)		(12,845	)
Total stockholders’ equity		289,202			274,506
Total Liabilities and Stockholders’ Equity	$	473,849		$	451,412