WINMARK CORPORATION ANNOUNCES YEAR END RESULTS
Minneapolis, MN (February 11, 2004) -- Winmark Corporation (Nasdaq: WINA) announced today net income for the year ended December 27, 2003 of $4,013,100 or $.63 per share diluted, compared to net income of $3,828,900 or $.63 per share, in 2002. The fourth quarter 2003 net income was $1,030,400, or $.16 per share diluted, compared to net income of $970,300, or $.16 per share diluted, for the same period last year. Revenues for the year were $31,243,400, down from $33,425,100 in 2002.
John L. Morgan, Chairman and Chief Executive Officer, stated, “In 2003, we made significant changes to position Winmark for future growth. Our franchise business, Winmark Business Solutions, and our strategic investments provide a platform for that growth.”
Winmark Corporation develops franchises, provides business services and operates value-oriented retail concepts for stores that buy, sell, trade and consign used and new merchandise. At December 27, 2003, there were 812 franchise and retail stores in operation under the Company’s brands and an additional 25 franchises awarded but not open. Of the stores in operation, there were 449 Play It Again Sports®, 212 Once Upon A Child®, 107 Plato’s Closet® and 44 Music Go Round® 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 how changes we made in 2003 will affect future performance, Company growth, the strength of the Company’s operating position in the future 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 results may differ, shareholders and prospective investors are cautioned not to place undue reliance on such forward-looking statements.