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Contact: John L. Morgan
FOR IMMEDIATE RELEASE
WINMARK CORPORATION ANNOUNCES YEAR END RESULTS
Minneapolis, MN (February 24, 2011) Winmark Corporation (Nasdaq: WINA) announced today net income for the year ended December 25, 2010 of $10,329,000 or $1.98 per share diluted, compared to net income of $5,849,000 or $1.10 per share diluted, in 2009. The fourth quarter 2010 net income was $3,119,200 or $.60 per share diluted, compared to net income of $1,460,500, or $.28 per share diluted, for the same period last year. Revenues for the year ended December 25, 2010 were $41,203,600, up from $37,296,000 in 2009.
John Morgan, Chairman and Chief Executive Officer, stated Our franchise business continued to grow from both store sales and opening additional stores. Our leasing business increased its profitability year over year and added new customers acceptable for the current economic environment. We continue to be optimistic about the future of our business model.
Winmark Corporation creates, supports and finances business. At December 25, 2010, there were 903 franchises in operation under the brands Play It Again Sports®, Platos Closet®, Once Upon A Child®, and Music Go Round® and there were 15 territories in operation under the Wirth Business Credit® brand. An additional 34 retail franchises have been awarded but are not open. In addition, at December 25, 2010, the Company had loans and leases equal to $32.7 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 Thursday, February 24, 2011 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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