Contact: John L. Morgan
763/520-8500
FOR IMMEDIATE RELEASE
WINMARK CORPORATION ANNOUNCES
FIRST QUARTER RESULTS
Minneapolis, MN (April 15, 2009) - Winmark Corporation (Nasdaq: WINA) announced today net income for the quarter ended March 28, 2009 of $1,413,700 (or $.26 per share diluted) compared to net income of $937,300 (or $.17 per share diluted) in the first quarter of 2008.
John L. Morgan, Chairman and Chief Executive Officer, stated, “The growth in our first quarter profits was primarily due to the improved performance of Winmark Capital, as well as a tighter control of selling, general and administrative expenses across all of our businesses. We are pleased with our performance, but remain cautious about the current economic environment.”
Winmark Corporation creates, supports and finances business. At March 28, 2009, there were 864 franchises in operation under the brands Play It Again Sports®, Once Upon A Child®, Plato's Closet®, Music Go Round® and there were 45 territories in operation under the Wirth Business Credit® brand. An additional 50 retail franchises have been awarded but are not open. In addition, at March 28, 2009, the Company had loans and leases equal to $45.9 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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