Contact: John L. Morgan
763/520-8500
FOR IMMEDIATE RELEASE
WINMARK CORPORATION ANNOUNCES
THIRD QUARTER RESULTS
Minneapolis, MN (October 14, 2009) - Winmark Corporation (Nasdaq; WINA) announced today net income for the quarter ended September 26, 2009 of $1,779,500, or $.33 per share diluted, compared to net income of $1,350,800, or $.24 per share diluted, in 2008. For the nine months ended September 26, 2009, net income was $4,388,500, or $.82 per share diluted, compared to net income of $3,218,600, or $.58 per share diluted, for the same period last year.
John L. Morgan, Chairman and Chief Executive Officer, stated, “Our franchising business performed well in the third quarter as consumers continued to respond to our value-oriented retail brands. Our equipment leasing business has been negatively impacted by the current economy, however, tight controls are firmly in place as we anticipate an economic turn around.”
Winmark Corporation creates, supports and finances business. At September 26, 2009, there were 874 franchises in operation under the brands Play It Again Sports®, Once Upon A Child®, Plato's Closet® and Music Go Round® and there were 37 territories in operation under the Wirth Business Credit® brand. An additional 36 retail franchises have been awarded but are not open. In addition, at September 26, 2009, the Company had loans and leases equal to $41.1 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.