MINNEAPOLIS - April 17, 2013 - (BUSINESS WIRE) - Winmark Corporation (Nasdaq: WINA) announced today net income for the quarter ended March 30, 2013 of $4,057,500 (or $.78 per share diluted) compared to net income of $3,516,000 (or $.67 per share diluted) in the first quarter of 2012.
The Company’s earnings growth during the first quarter was primarily driven by an increase in the size and performance of its lease portfolio and, to a lesser extent, its franchising business which experienced slower growth when compared to last year’s first quarter. During the quarter, the Company reduced its bank debt by $6.3 million.
Winmark Corporation creates, supports and finances business. At March 30, 2013, there were 983 franchises in operation under the brands Plato's Closet®, Play It Again Sports®, Once Upon A Child®, and Music Go Round®. An additional 60 retail franchises have been awarded but are not open. In addition, at March 30, 2013, the Company had a lease portfolio equal to $35.8 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. 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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Winmark Corporation
John L. Morgan
763-520-8500
Winmark Corporation is a recognized leader in franchise-owned and operated business opportunities.