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QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended
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Aug. 31, 2018
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | NOTE 18 – QUARTERLY FINANCIAL INFORMATION (UNAUDITED) ﻿ Summarized quarterly financial information for fiscal years 2018, 2017 and 2016 is as follows (in thousands, except per share data): ﻿ ﻿
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﻿ |  | Three Months Ended, |  | Year Ended,
﻿Fiscal Year 2018 |  | Nov 30, 2017 |  | Feb 28, 2018 |  |  | May 31, 2018 |  | Aug 31, 2018 |  | Aug 31, 2018
﻿Total revenues |  | $ | 767,072 |  | $ | 839,563 |  |  | $ | 782,201 |  | $ | 777,866 |  | $ | 3,166,702
﻿Total cost of goods sold |  | $ | 644,985 |  | $ | 708,040 |  |  | $ | 652,694 |  | $ | 650,801 |  | $ | 2,656,520
﻿Net income attributable to PriceSmart, Inc. |  | $ | 22,490 |  | $ | 14,148 | (1) |  | $ | 18,694 |  | $ | 18,996 |  | $ | 74,328
﻿Basic net income per share |  | $ | 0.74 |  | $ | 0.47 |  |  | $ | 0.61 |  | $ | 0.62 |  | $ | 2.44
﻿Diluted net income per share |  | $ | 0.74 |  | $ | 0.47 |  |  | $ | 0.61 |  | $ | 0.62 |  | $ | 2.44
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﻿ |  | Three Months Ended, |  | Year Ended,
﻿Fiscal Year 2017 |  | Nov 30, 2016 |  | Feb 28, 2017 |  |  | May 31, 2017 |  | Aug 31, 2017 |  | Aug 31, 2017
﻿Total revenues |  | $ | 739,572 |  | $ | 793,296 |  |  | $ | 730,258 |  | $ | 733,502 |  | $ | 2,996,628
﻿Total cost of goods sold |  | $ | 618,671 |  | $ | 667,563 |  |  | $ | 617,598 |  | $ | 615,920 |  | $ | 2,519,752
﻿Net income attributable to PriceSmart, Inc. |  | $ | 24,869 |  | $ | 27,219 |  |  | $ | 18,838 |  | $ | 19,798 |  | $ | 90,724
﻿Basic net income per share |  | $ | 0.82 |  | $ | 0.90 |  |  | $ | 0.62 |  | $ | 0.64 |  | $ | 2.98
﻿Diluted net income per share |  | $ | 0.82 |  | $ | 0.90 |  |  | $ | 0.62 |  | $ | 0.64 |  | $ | 2.98
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﻿ |  | Three Months Ended, |  | Year Ended,
﻿Fiscal Year 2016 |  | Nov 30, 2015 |  | Feb 29, 2016 |  |  | May 31, 2016 |  | Aug 31, 2016 |  | Aug 31, 2016
﻿Total revenues |  | $ | 711,931 |  | $ | 777,931 |  |  | $ | 704,262 |  | $ | 711,052 |  | $ | 2,905,176
﻿Total cost of goods sold |  | $ | 598,015 |  | $ | 657,725 |  |  | $ | 597,242 |  | $ | 596,644 |  | $ | 2,449,626
﻿Net income attributable to PriceSmart, Inc. |  | $ | 23,672 |  | $ | 25,942 |  |  | $ | 16,837 |  | $ | 22,272 |  | $ | 88,723
﻿Basic net income per share |  | $ | 0.78 |  | $ | 0.85 |  |  | $ | 0.55 |  | $ | 0.74 |  | $ | 2.92
﻿Diluted net income per share |  | $ | 0.78 |  | $ | 0.85 |  |  | $ | 0.55 |  | $ | 0.74 |  | $ | 2.92
| (1) |  | In the second quarter of fiscal year 2018, the Company recorded its provisional tax estimate of $13.4 million as a result of the U.S. Tax Reform Transition Tax. The Company finalized its calculation of this Transition Tax in the fourth quarter of fiscal year 2018, reducing it to approximately $12.5 million.
﻿ Restatement ﻿ The Company is restating its previously issued Consolidated balance sheets and Consolidated statements of cash flows as of and for the three, six, and nine month interim periods of fiscal year 2018 ended November 30, 2017, February 28, 2018 and May 31, 2018, respectively, to reflect a revision in presentation of short-term investments within current assets. In the aforementioned financial statements, the Company presented certain Certificates of Deposit and similar time-based deposits with financial institutions (collectively referred to herein as “CDs”) with maturities greater than three months and up to one year as Cash and cash equivalents, when they should have been presented as Short-term investments. This misclassification did not impact Revenue, Operating income, Net income, Cash flows from operations, Total assets or Total current assets. ﻿ In the past, the Company has disclosed in Management’s Discussion & Analysis in previously filed 1934 Act filings a lack of availability of U.S. dollars in certain markets (U.S. dollar illiquidity), which impedes our ability to convert local currencies obtained through merchandise sales into U.S. dollars to settle the U.S. dollar liabilities associated with our imported products. Also, as the Company has previously disclosed in Management’s Discussion & Analysis in previously filed 1934 Act filings, during fiscal year 2017 and fiscal year 2018, the Company experienced this situation in Trinidad. Until the central bank in Trinidad makes more U.S. dollars available, this condition is likely to continue. In reaction to the situation in Trinidad, the Company began investing the excess Trinidad and Tobago (TT) dollars into Certificates of Deposit or similar time-based deposits with financial institutions (referred to collectively herein as “CDs”) with terms of three months or less, which the Company correctly presented as Cash and cash equivalents on the consolidated balance sheet. As the Company’s balance of TT dollars increased, the Company began investing in CDs with terms of four months and up to twelve months. During the first three quarters of fiscal year 2018, the Company presented these four to twelve month CDs as Cash and cash equivalents in its consolidated balance sheet. However, in accordance with generally accepted accounting principles, these four to twelve month CDs should have been presented as Short-term investments. The correction of the misclassification of these investments within the Total current assets section of the consolidated balance sheets also requires the Company to disclose in the Cash provided by (used in) investing activities section of the consolidated statements of cash flows the cash used in Investments in and Settlements of short-term investments. ﻿ The following tables summarize the impacts of these misclassifications on the consolidated balance sheets and statements of cash flows for the interim periods of fiscal year 2018 (amounts in thousands): ﻿ ﻿
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﻿ |  | November 30, 2017
﻿Financial Statement Captions |  | As Previously Reported |  | Adjustment |  | As Restated
﻿Cash and cash equivalents |  | $ | 129,183 |  | $ | (39,339) |  | $ | 89,844
﻿Short-term and long-term restricted cash |  | $ | 3,359 |  | $ | — |  | $ | 3,359
﻿Total cash and cash equivalents, and restricted cash as shown in the statement of cash flows |  | $ | 132,542 |  | $ | (39,339) |  | $ | 93,203
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﻿Short-term investments |  | $ | — |  | $ | 39,339 |  | $ | 39,339
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﻿ |  | For the Three Months Ended November 30, 2017
﻿Statement of Cash Flows Captions |  | As Previously Reported |  | Adjustment |  | As Restated
﻿Net cash provided by (used in) operating activities |  | $ | (10,163) |  | $ | — |  | $ | (10,163)
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﻿Investing Activities |  |  |  |  |  |  |  |  |
﻿Additions to property and equipment |  | $ | (19,752) |  | $ | — |  | $ | (19,752)
﻿Short-term investments |  |  | — |  |  | (39,339) |  |  | (39,339)
﻿Proceeds from settlements of short-term investments |  |  | — |  |  | — |  |  | —
﻿Proceeds from disposal of property and equipment |  |  | 20 |  |  | — |  |  | 20
﻿Net cash provided by (used in) investing activities |  | $ | (19,732) |  | $ | (39,339) |  | $ | (59,071)
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﻿Net cash provided by (used in) financing activities |  | $ | (5,296) |  | $ | — |  | $ | (5,296)
﻿Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  | $ | 2,021 |  | $ | — |  | $ | 2,021
﻿Net increase (decrease) in cash, cash equivalents, and restricted cash |  | $ | (33,170) |  | $ | (39,339) |  | $ | (72,509)
﻿Cash, cash equivalents, and restricted cash at beginning of period |  | $ | 165,712 |  | $ | — |  | $ | 165,712
﻿Cash, cash equivalents, and restricted cash at end of period |  | $ | 132,542 |  | $ | (39,339) |  | $ | 93,203
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﻿ |  | February 28, 2018
﻿Financial Statement Captions |  | As Previously Reported |  | Adjustment |  | As Restated
﻿Cash and cash equivalents |  | $ | 152,132 |  | $ | (58,745) |  | $ | 93,387
﻿Short-term and long-term restricted cash |  | $ | 3,479 |  | $ | — |  | $ | 3,479
﻿Total cash and cash equivalents, and restricted cash as shown in the statement of cash flows |  | $ | 155,611 |  | $ | (58,745) |  | $ | 96,866
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﻿Short-term investments |  | $ | — |  | $ | 58,745 |  | $ | 58,745
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﻿ |  | For the Six Months Ended February 28, 2018
﻿Statement of Cash Flows Captions |  | As Previously Reported |  | Adjustment |  | As Restated
﻿Net cash provided by (used in) operating activities |  | $ | 59,079 |  | $ | — |  | $ | 59,079
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﻿Investing Activities |  |  |  |  |  |  |  |  |
﻿Additions to property and equipment |  | $ | (46,233) |  | $ | — |  | $ | (46,233)
﻿Short-term investments |  |  | — |  |  | (66,388) |  |  | (66,388)
﻿Proceeds from settlements of short-term investments |  |  | — |  |  | 7,643 |  |  | 7,643
﻿Proceeds from disposal of property and equipment |  |  | 54 |  |  | — |  |  | 54
﻿Net cash provided by (used in) investing activities |  | $ | (46,179) |  | $ | (58,745) |  | $ | (104,924)
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﻿Net cash provided by (used in) financing activities |  | $ | (21,859) |  | $ | — |  | $ | (21,859)
﻿Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  | $ | (1,142) |  | $ | — |  | $ | (1,142)
﻿Net increase (decrease) in cash, cash equivalents, and restricted cash |  | $ | (10,101) |  | $ | (58,745) |  | $ | (68,846)
﻿Cash, cash equivalents, and restricted cash at beginning of period |  | $ | 165,712 |  | $ | — |  | $ | 165,712
﻿Cash, cash equivalents, and restricted cash at end of period |  | $ | 155,611 |  | $ | (58,745) |  | $ | 96,866
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﻿ |  | May 31, 2018
﻿Financial Statement Captions |  | As Previously Reported |  | Adjustment |  | As Restated
﻿Cash and cash equivalents |  | $ | 141,164 |  | $ | (53,890) |  | $ | 87,274
﻿Short-term and long-term restricted cash |  | $ | 3,649 |  | $ | — |  | $ | 3,649
﻿Total cash and cash equivalents, and restricted cash as shown in the statement of cash flows |  | $ | 144,813 |  | $ | (53,890) |  | $ | 90,923
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﻿Short-term investments |  | $ | — |  | $ | 53,890 |  | $ | 53,890
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﻿ |  | For the Nine Months Ended May 31, 2018
﻿Statement of Cash Flows Captions |  | As Previously Reported |  | Adjustment |  | As Restated
﻿Net cash provided by (used in) operating activities |  | $ | 90,765 |  | $ | — |  | $ | 90,765
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﻿Investing Activities |  |  |  |  |  |  |  |  |
﻿Business acquisition, net of cash acquired |  | $ | (23,895) |  | $ | — |  | $ | (23,895)
﻿Additions to property and equipment |  |  | (74,788) |  |  | — |  |  | (74,788)
﻿Short-term investments |  |  | — |  |  | (72,953) |  |  | (72,953)
﻿Proceeds from settlements of short-term investments |  |  | — |  |  | 19,063 |  |  | 19,063
﻿Deposits for land purchase option agreements |  |  | 300 |  |  | — |  |  | 300
﻿Proceeds from disposal of property and equipment |  |  | 93 |  |  | — |  |  | 93
﻿Net cash provided by (used in) investing activities |  | $ | (98,290) |  | $ | (53,890) |  | $ | (152,180)
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﻿Net cash provided by (used in) financing activities |  | $ | (12,389) |  | $ | — |  | $ | (12,389)
﻿Effect of exchange rate changes on cash and cash equivalents and restricted cash |  | $ | (985) |  | $ | — |  | $ | (985)
﻿Net increase (decrease) in cash, cash equivalents, and restricted cash |  | $ | (20,899) |  | $ | (53,890) |  | $ | (74,789)
﻿Cash, cash equivalents, and restricted cash at beginning of period |  | $ | 165,712 |  | $ | — |  | $ | 165,712
﻿Cash, cash equivalents, and restricted cash at end of period |  | $ | 144,813 |  | $ | (53,890) |  | $ | 90,923

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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