Contact: John L. Morgan
763/520-8500
FOR IMMEDIATE RELEASE
WINMARK CORPORATION ANNOUNCES
THIRD QUARTER RESULTS
Minneapolis, MN (October 16, 2008) - Winmark Corporation (Nasdaq; WINA) announced today net income for the quarter ended September 27, 2008 of $1,350,800, or $.24 per share diluted, compared to net income of $1,131,500, or $.20 per share diluted, in 2007. For the nine months ended September 27, 2008, net income was $3,218,600, or $.58 per share diluted, compared to net income of $2,191,800, or $.39 per share diluted, for the same period last year.
John L. Morgan, Chairman and Chief Executive Officer, stated, “Our results were favorable due to the strength of our retail brands and the skill and hard work of our franchisees. Our leasing business did not grow in this quarter and we do not expect fast growth in this tough economic environment.”
Winmark Corporation creates, supports and finances business. At September 27, 2008, there were 866 franchises in operation under the brands Play It Again Sports®, Once Upon A Child®, Plato's Closet® and Music Go Round® and there were 58 territories in operation under the Wirth Business Credit® brand. An additional 40 retail franchises and 2 Wirth Business Credit® territories have been awarded but are not open. In addition, at September 27, 2008, the Company had loans and leases equal to $47.8 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.
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