WINMARK CORPORATION ANNOUNCES FIRST QUARTER RESULTS
Minneapolis, MN (April 15, 2003) -- Winmark Corporation announced today net income for the quarter ended March 29, 2003 of $1,122,200 compared to net income of $1,075,900 for the first quarter of 2002. Diluted earnings were $.18 per share compared to $.17 per share in 2002.
John L. Morgan, Chairman and Chief Executive Officer, commented, “While the Company continues to perform to management’s expectations, we are working hard on growth opportunities with the goal of rewarding our shareholders in the future.”
Winmark Corporation develops franchises and operates value-oriented retail brands for stores that buy, sell, trade and consign used and new merchandise. At March 29, 2003, the Company had 830 franchise and retail stores in operation and an additional 25 franchises awarded but not open. Of the stores in operation, there were 473 Play It Again Sports®, 220 Once Upon A Child®, 52 Music Go Round® and 85 Plato’s Closet® stores.
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 the growth of our business and future results from operations. 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.