Xencor Inc
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Health Care : Biotechnology | Small Cap Blend
Company profile

Xencor, Inc. is a clinical-stage biopharmaceutical company that is focused on discovering and developing engineered monoclonal antibodies and cytokine therapeutics to treat patients with cancer and autoimmune diseases. The Company is advancing a portfolio of clinical-stage XmAb drug candidates from its protein engineering technology platforms. The Company uses its engineering capabilities to enable its understanding of protein structure and interactions to design technologies and XmAb development candidates with properties. It is focused on the Fc domain, which is the part of an antibody that interacts with various segments of the immune system and controls antibody structure. The Fc domain is constant and interchangeable among antibodies, and its engineered Fc domains are the XmAb technology, which can be readily substituted for natural Fc domains. Its drug candidates include Plamotamab, XmAb717, Tidutamab, XmAb841, XmAb306, AMG 509, XmAb819, XmAb104, XmAb564 and Novartis XmAb.

Price
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Today's volume of 30,024 shares is on pace to be much lighter than XNCR's 10-day average volume of 505,883 shares.

30,024

PRICESMART ANNOUNCES FISCAL 2023 FIRST QUARTER OPERATING RESULTS

4:01 pm ET January 9, 2023 (PR Newswire) Print

NET MERCHANDISE SALES GREW 8.6% COMPARABLE NET MERCHANDISE SALES INCREASED 5.0% MEMBERSHIP RENEWAL RATE OF 87.9% EPS GREW 7.1% TO RECORD $1.05

PriceSmart, Inc. (NASDAQ: PSMT), operator of 50 warehouse clubs in 12 countries and one U.S. territory, today announced results for the first quarter of fiscal year 2023, which ended on November 30, 2022.

https://mma.prnewswire.com/media/1740875/PriceSmart_Inc_Logo.jpg

Comments from Robert E. Price, Chairman of the Board:

"We had another solid first quarter with total revenues and net merchandise sales exceeding $1.0 billion. Net merchandise sales increased by 8.6% after a negative 2.3% currency impact and comparable net merchandise sales increased by 5.0% after taking into account a negative 2.1% currency impact.

"Membership accounts grew 3.9% versus the prior year and ended the quarter at 1.76 million. We continued with strong 12-month renewal rates of 87.9% and our membership income was a record $15.9 million, an increase of 7.5% over the same period last year. We believe that these renewal rates demonstrate that our Members remain pleased with the value they are receiving and appreciate the PriceSmart shopping experience.

"The team did a great job of being proactive about selling through overstocked categories and getting back to our core business that has a more standard inventory balance and customary margin structures."

First Quarter Financial Results

Total revenues for the first quarter of fiscal year 2023 increased 8.1% to $1.05 billion compared to $975.4 million in the comparable period of the prior year. For the first quarter of fiscal year 2023, net merchandise sales increased 8.6% to $1.03 billion from $944.0 million in the first quarter of fiscal year 2022. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $21.2 million, or 2.3%, versus the same period in the prior year.

The Company had 50 warehouse clubs in operation as of November 30, 2022, compared to 49 warehouse clubs in operation as of November 30, 2021.

Comparable net merchandise sales (that is, sales in the 47 warehouse clubs that have been open for greater than 13 ½ calendar months) for the 13 weeks ended December 4, 2022 increased 5.0% compared to the prior year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $19.5 million, or 2.1%, versus the same period in the prior year.

The Company recorded operating income during the fiscal first quarter of $55.5 million compared to operating income of $46.0 million in the prior year period. Net income attributable to PriceSmart grew 7.9% to $32.9 million, or $1.05 per diluted share, in the first quarter of fiscal year 2023 as compared to $30.5 million, or $0.98 per diluted share, in the first quarter of fiscal year 2022.

Conference Call Information

PriceSmart management will host a conference call at 12:00 p.m. Eastern time (9:00 a.m. Pacific time) on Tuesday, January 10, 2023, to discuss the financial results. Individuals interested in participating in the conference call may do so by dialing toll free (855) 209-8211 or (412) 317-5214 for international callers and asking to join the PriceSmart earnings call. A digital replay will be available through January 17, 2023, shortly following the conclusion of the call by dialing (877) 344-7529 for domestic callers, or (412) 317-0088 for international callers, and entering replay passcode 6032359.

AboutPriceSmart

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 50 warehouse clubs in 12 countries and one U.S. territory (nine in Colombia; eight in Costa Rica; seven in Panama; five in the Dominican Republic and Guatemala, four in Trinidad; three in Honduras; two each in El Salvador, 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 San Miguel, El Salvador in the spring of 2023 and a warehouse club in Medellín, Colombia in the summer of 2023. Once these two new clubs are open, the Company will operate 52 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, 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 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, risks associated with our leadership transition, 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.

PRICESMART, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
                                                                     Three Months Ended
                                                                     November 30,       November 30,
                                                                     2022               2021
Revenues:
Net merchandise sales                                                $       1,025,463  $       944,043
Export sales                                                                 10,458             10,534
Membership income                                                            15,895             14,791
Other revenue and income                                                     2,990              5,988
Total revenues                                                               1,054,806          975,356
Operating expenses:
Cost of goods sold:
Net merchandise sales                                                        859,068            793,193
Export sales                                                                 9,989              10,067
Non-merchandise                                                              —            1,809
Selling, general and administrative:
Warehouse club and other operations                                          96,892             91,196
General and administrative                                                   33,172             31,693
Pre-opening expenses                                                         —            970
Loss on disposal of assets                                                   158                411
Total operating expenses                                                     999,279            929,339
Operating income                                                             55,527             46,017
Other income (expense):
Interest income                                                              1,157              518
Interest expense                                                             (2,749)            (1,590)
Other income (expense), net                                                  (4,566)            1,409
Total other income (expense)                                                 (6,158)            337
Income before provision for income taxes and                                 49,369             46,354
loss of unconsolidated affiliates
Provision for income taxes                                                   (16,426)           (15,814)
Loss of unconsolidated affiliates                                            (38)               (10)
Net income                                                                   32,905             30,530
Less: net income attributable to noncontrolling interest                     —            (19)
Net income attributable to PriceSmart, Inc.                          $       32,905     $       30,511
Net income attributable to PriceSmart, Inc. per share available for
distribution              :
Basic                                                                $       1.05       $       0.98
Diluted                                                              $       1.05       $       0.98
Shares used in per share computations:
Basic                                                                        30,713             30,551
Diluted                                                                      30,719             30,603
PRICESMART, INC.
CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
                                                                                                    November 30,
                                                                                                    2022              August 31,
                                                                                                    (Unaudited)       2022
ASSETS
Current Assets:
Cash and cash equivalents                                                                           $      267,944    $     237,710
Short-term restricted cash                                                                                 2,873            3,013
Short-term investments                                                                                     8,920            11,160
Receivables, net of allowance for doubtful accounts of $119 as of November 30,                             18,757           13,391
2022 and $103 as of August 31, 2022, respectively
Merchandise inventories                                                                                    510,060          464,411
Prepaid expenses and other current assets (includes $194 and $2,761 as of                                  44,731           43,894
November 30, 2022 and August 31, 2022, respectively, for the fair value of derivative instruments)
Total current assets                                                                                       853,285          773,579
Long-term restricted cash                                                                                  10,871           10,650
Property and equipment, net                                                                                756,663          757,241
Operating lease right-of-use assets, net                                                                   108,762          111,810
Goodwill                                                                                                   43,173           43,303
Deferred tax assets                                                                                        27,427           28,355
Other non-current assets (includes $15,986 and $11,884 as of November 30, 2022                             77,242           72,928
and August 31, 2022, respectively, for the fair value of derivative instruments)
Investment in unconsolidated affiliates                                                                    10,497           10,534
Total Assets                                                                                        $      1,887,920  $     1,808,400
LIABILITIES AND EQUITY
Current Liabilities:
Short-term borrowings                                                                               $      11,050     $     10,608
Accounts payable                                                                                           446,572          408,407
Accrued salaries and benefits                                                                              33,693           44,097
Deferred income                                                                                            29,609           29,228
Income taxes payable                                                                                       9,617            7,243
Other accrued expenses and other current liabilities                                                       40,388           38,667
Operating lease liabilities, current portion                                                               7,349            7,491
Long-term debt, current portion                                                                            33,280           33,715
Total current liabilities                                                                                  611,558          579,456
Deferred tax liability                                                                                     1,877            2,165
Long-term income taxes payable, net of current portion                                                     5,036            5,215
Long-term operating lease liabilities                                                                      115,808          118,496
Long-term debt, net of current portion                                                                     118,505          103,556
Other long-term liabilities (includes$8,772 and $8,440 for post-employment plans                           8,773            8,439
as of November 30, 2022 and August 31, 2022, respectively)
Total Liabilities                                                                                          861,557          817,327
PRICESMART, INC.
CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
Stockholders' Equity:
Common stock $0.0001 par value, 45,000,000 shares authorized; 31,857,969                 3            3
and 31,697,590 shares issued and 31,050,917 and 30,904,826 shares outstanding (net of
treasury shares) as of November 30, 2022 and August 31, 2022, respectively
Additional paid-in capital                                                               485,096      481,406
Accumulated other comprehensive loss                                                     (196,137)    (195,586)
Retained earnings                                                                        769,799      736,894
Less: treasury stock at cost, 807,052 shares as of November 30, 2022 and 792,764         (32,398)     (31,644)
shares as of August 31, 2022
Total Stockholders' Equity                                                               1,026,363    991,073
Total Liabilities and Equity                                                           $ 1,887,920  $ 1,808,400

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SOURCE PriceSmart, Inc.

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