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Contact: John L. Morgan
FOR IMMEDIATE RELEASE
WINMARK CORPORATION ANNOUNCES YEAR END RESULTS
Minneapolis, MN (February 24, 2010) Winmark Corporation (Nasdaq: WINA) announced today net income for the year ended December 26, 2009 of $5,849,000 or $1.10 per share diluted, compared to net income of $1,139,400 or $.21 per share diluted, in 2008. The fourth quarter 2009 net income was $1,460,500, or $.28 per share diluted, compared to a net loss of ($2,079,200), or ($.38) per share diluted, for the same period last year. 2008 results were impacted by a $2.8 million after-tax earnings charge, or $.52 per share for the fourth quarter, related to the impairment in Winmarks investment in Tomsten, Inc. (d/b/a Archivers). Revenues for the year ended December 26, 2009 were $37,296,000, up from $35,423,600 in 2008.
John Morgan, Chairman and Chief Executive Officer, stated We finished 2009 with strong performance from our franchising business and improved profitability from our leasing activities. We are satisfied with our results in 2009 and feel we are well positioned for 2010.
Winmark Corporation creates, supports and finances business. At December 26, 2009, there were 877 franchises in operation under the brands Play It Again Sports®, Once Upon A Child®, Platos Closet®, Music Go Round® and there were 37 territories in operation under the Wirth Business Credit® brand. An additional 46 retail franchises have been awarded but are not open. In addition, at December 26, 2009, the Company had loans and leases equal to $39.0 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 Wednesday, February 24, 2010 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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