Contact: John L. Morgan
763/520-8500
FOR IMMEDIATE RELEASE
WINMARK CORPORATION ANNOUNCES
FIRST QUARTER RESULTS
Minneapolis, MN (April 17, 2008) - Winmark Corporation (Nasdaq; WINA) announced today net income for the quarter ended March 29, 2008 of $937,300 (or $.17 per share diluted) compared to net income of $629,800 (or $.11 per share diluted) in the first quarter of 2007.
John L. Morgan, Chairman and Chief Executive Officer, stated, “The results of the first quarter were favorable due to the consistent performance of our franchise business and the continued growth our leasing portfolio. We are satisfied with the quarter, but are cautious about the remainder of the year.”
Winmark Corporation creates, supports and finances business. At March 29, 2008, there were 858 franchises in operation under the brands Play It Again Sports®, Once Upon A Child®, Plato's Closet® and Music Go Round® and there were 51 territories in operation under the Wirth Business Credit® brand. An additional 53 retail franchises have been awarded but are not open. In addition, at March 29, 2008, the Company had loans and leases equal to $47.2 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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