WINMARK CORPORATION ANNOUNCES FIRST QUARTER RESULTS
Minneapolis, MN (April 23, 2007) - Winmark Corporation (Nasdaq: WINA) announced today net income for the quarter ended March 31, 2007 of $662,200 (or $.12 per share diluted) compared to net income of $1,113,300 (or $.18 per share diluted) in the first quarter of 2006. John L. Morgan, Chairman and Chief Executive Officer, stated, “Our results in the first quarter continue to be impacted by the ramp up of our two leasing companies Wirth Business Credit and Winmark Capital. Our franchise business performed adequately despite getting off to a slow start. The first quarter of last year included a $360,000 non-operating gain included in interest and other income.” Winmark Corporation creates, supports and finances business. At March 31, 2007, there were 846 franchises in operation under the brands Play It Again Sports®, Once Upon A Child®, Plato's Closet®, Music Go Round® and Wirth Business Credit™. An additional 56 franchises have been awarded but are not open. In addition, at March 31, 2007, the Company had loans and leases equal to $26.8 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. |