Contact: John L. Morgan
763/520-8500
FOR IMMEDIATE RELEASE
WINMARK CORPORATION ANNOUNCES
THIRD QUARTER RESULTS
Minneapolis, MN (October 18, 2007) - Winmark Corporation (Nasdaq; WINA) announced today net income for the quarter ended September 29, 2007 of $1,186,200, or $.21 per share diluted, compared to net income of $838,200, or $.14 per share diluted, in 2006. For the nine months ended September 29, 2007, net income was $2,395,600, or $.43 per share diluted, compared to net income of $2,601,900, or $.43 per share diluted, for the same period last year.
John L. Morgan, Chairman and Chief Executive Officer, stated, “Net income for the third quarter increased over last year and the second quarter of this year due to the growth in our leased assets in both Wirth Business Credit and Winmark Capital. Our franchise brands continue to grow both in number of stores and royalties.”
Winmark Corporation creates, supports and finances business. At September 29, 2007, there were 855 franchises in operation under the brands Play It Again Sports®, Once Upon A Child®, Plato's Closet® and Music Go Round® and there were 35 territories in operation under the Wirth Business Credit™ brand. An additional 46 retail franchises and 2 Wirth territories have been awarded but are not open. In addition, at September 29, 2007, the Company had loans and leases equal to $35.2 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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