WINMARK CORPORATION ANNOUNCES SECOND QUARTER RESULTS
Minneapolis, MN (July 15, 2003) -- Winmark Corporation (Nasdaq; WINA) announced today net income for the quarter ended June 28, 2003 of $756,400, or $.12 per share diluted, compared to net income of $724,000, or $.12 per share diluted, in 2002. For the six months ended June 28, 2003, net income was $1,878,600, or $.30 per share diluted, compared to net income of $1,799,900, or $.30 per share diluted, for the same period last year.
Chairman and Chief Executive Officer John Morgan commented, "While financial results compared to last year were flat, Winmark has made significant progress. Our new business unit, Winmark Business Solutions, continues to build infrastructure that will help our Franchisees and other small business owners reduce costs and operate more efficiently. We also made two strategic investments in July that give us expanded capabilities to provide business services. An Omaha, Nebraska based company, eFrame, LLC, provides out-sourced information technology services to customers that lower their costs and increase their operating efficiencies. The other recent investment was in a Minneapolis, Minnesota based public company, Analysts International Corporation. Analysts International provides IT services to both large and small businesses nationwide. These two strategic investments create relationships that allow us to participate in delivering high value business services to a wide variety of customers throughout the country. We will continue to position Winmark as a Company that provides superior services to our Franchisees and other business customers."
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 June 28, 2003, the Company had 819 stores in operation and an additional 33 franchises awarded but not open. Of the stores in operation, there were 464 Play It Again Sports®, 216 Once Upon A Child®, 90 Plato's Closet®, and 49 Music Go Round stores®.