Contact: John L. Morgan
763/520-8500
FOR IMMEDIATE RELEASE
WINMARK CORPORATION ANNOUNCES
SECOND QUARTER RESULTS
Minneapolis, MN (July 19, 2007) - Winmark Corporation (Nasdaq; WINA) announced today net income for the quarter ended June 30, 2007 of $547,200, or $.10 per share diluted, compared to net income of $650,400, or $.11 per share diluted, in 2006. For the six months ended June 30, 2007, net income was $1,209,400, or $.21 per share diluted, compared to net income of $1,763,700, or $.29 per share diluted, for the same period last year.
John L. Morgan, Chairman and Chief Executive Officer, stated, “The highlight of the second quarter was the growth of our leasing portfolio. We continue to build leased assets and experienced a significant increase in our backlog. Our franchise brands including Wirth Business Credit are growing and are meeting our expectations.”
Winmark Corporation creates, supports and finances business. At June 30, 2007, there were 843 franchises in operation under the brands Play It Again Sports®, Once Upon A Child®, Plato's Closet® and Music Go Round® and there were 26 territories in operation under the Wirth Business Credit™ brand. An additional 55 retail franchises and 4 Wirth territories have been awarded but are not open. In addition, at June 30, 2007, the Company had loans and leases equal to $30.2 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.
Click here for complete release including financial statements.