MINNEAPOLIS - April 16, 2014 - (BUSINESS WIRE) - Winmark Corporation (Nasdaq: WINA) announced today net income for the quarter ended March 29, 2014 of $4,551,900 (or $.86 per share diluted) compared to net income of $4,057,500 (or $.78 per share diluted) in the first quarter of 2013.
Earnings growth during the first quarter was driven by an increase in customer activity within the Company’s lease portfolio as well as increased royalties in the franchising business. John Morgan, Chairman and CEO, commented, "We experienced solid growth in our lease portfolio during the quarter, and when coupled with the continued growth in new signed franchise agreements positions us well for long-term success."
Winmark Corporation creates, supports and finances business. At March 29, 2014, there were 1,021 franchises in operation under the brands Plato's Closet®, Once Upon A Child®, Play It Again Sports®, Music Go Round® and Style Encore®. An additional 117 retail franchises have been awarded but are not open. In addition, at March 29, 2014, the Company had a lease portfolio equal to $40.0 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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Brett D. Heffes
Winmark Corporation
763-520-8500
Winmark Corporation is a recognized leader in franchise-owned and operated business opportunities.