Exhibit 99.1

 

 

Contact:

John L. Morgan

 

763/520-8500

 

FOR IMMEDIATE RELEASE

 

WINMARK CORPORATION ANNOUNCES YEAR END RESULTS

 

Minneapolis, MN (February 24, 2009)  -  Winmark Corporation (Nasdaq: WINA) announced today net income for the year ended December 27, 2008 of $1,139,400 or $.21 per share diluted, compared to net income of $3,044,800 or $.54 per share diluted, in 2007.  The fourth quarter 2008 net loss was ($2,079,200), or ($.38) per share diluted, compared to net income of $853,000, or $.15 per share diluted, for the same period last year.  Revenues for the year were $35,423,600, up from $31,165,200 in 2007.

 

John Morgan, Chairman and Chief Executive Officer, stated “We had mixed results in 2008.  Our franchising business performed well as our customers continued to frequent our value-oriented concepts.  We were disappointed with the performance of our Wirth Business Credit portfolio, but were pleased with the progress made by Winmark Capital.  In addition, as previously disclosed, our results were negatively impacted by a $2.8 million after-tax earnings charge, or $.52 per share, in the fourth quarter related to the impairment in our investment in Tomsten, Inc. (d/b/a Archiver’s)”.

 

Winmark Corporation creates, supports and finances business.  At December 27, 2008, there were 870 franchises in operation under the brands Play It Again Sports®, Once Upon A Child®, Plato’s Closet®, Music Go Round® and there were 54 territories in operation under the Wirth Business Credit® brand.  An additional 45 retail franchises have been awarded but are not open.  In addition, at December 27, 2008, the Company had loans and leases equal to $47.4 million.

 

This press release contains forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), relating to future events or the future financial performance of the Company including statements with respect to our ability to finance the growth of our leasing and franchising businesses for the foreseeable future.  Such forward-looking statements are only predictions or statements of intention subject to risks and uncertainties and actual events or results could differ materially from those anticipated.  Because actual result may differ, shareholders and prospective investors are cautioned not to place undue reliance on such forward-looking statements.

 


The following information was filed by Winmark Corp (WINA) on Tuesday, February 24, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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