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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Winmark Corporation | NASDAQ:WINA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 393.50 | 310.00 | 433.36 | 0 | 09:05:15 |
Winmark Corporation (Nasdaq: WINA) announced today net income for the quarter ended June 29, 2024 of $10,431,400 or $2.85 per share diluted compared to net income of $10,368,800 or $2.85 per share diluted in 2023. For the six months ended June 29, 2024, net income was $19,250,400 or $5.26 per share diluted compared to net income of $19,311,500 or $5.34 per share diluted for the same period last year. Results during the quarter were impacted by the Company’s decision in May 2021 to run-off its leasing portfolio.
“Year-to-date growth in royalties resulted from higher overall store count and, to a lesser extent, increases in per unit performance,” commented Brett D. Heffes, Chair and Chief Executive Officer.
Winmark – the Resale Company®, is a nationally recognized franchisor focused on sustainability and small business formation. We champion and guide entrepreneurs interested in operating one of our award winning resale franchises: Plato’s Closet®, Once Upon A Child®, Play It Again Sports®, Style Encore® and Music Go Round®. At June 29, 2024, there were 1,336 franchises in operation and over 2,800 available territories. An additional 77 franchises have been awarded but are not open.
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.
WINMARK CORPORATION
CONDENSED BALANCE SHEETS
(Unaudited)
June 29, 2024
December 30, 2023
ASSETS
Current Assets:
Cash and cash equivalents
$
29,397,400
$
13,361,500
Restricted cash
—
25,000
Receivables, net
1,611,400
1,475,300
Net investment in leases - current
—
75,100
Income tax receivable
655,800
31,400
Inventories
268,200
386,100
Prepaid expenses
1,020,800
1,392,100
Total current assets
32,953,600
16,746,500
Property and equipment, net
1,636,100
1,669,800
Operating lease right of use asset
2,275,600
2,425,900
Intangible assets, net
2,817,300
2,994,300
Goodwill
607,500
607,500
Other assets
479,500
471,300
Deferred income taxes
3,917,300
4,052,400
$
44,686,900
$
28,967,700
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current Liabilities:
Notes payable, net
$
4,218,700
$
4,217,900
Accounts payable
1,478,700
1,719,400
Accrued liabilities
4,092,500
2,858,200
Deferred revenue
1,662,200
1,666,100
Total current liabilities
11,452,100
10,461,600
Long-Term Liabilities:
Line of credit/Term loan
30,000,000
30,000,000
Notes payable, net
32,739,000
34,848,800
Deferred revenue
7,874,600
7,657,500
Operating lease liabilities
3,415,300
3,715,800
Other liabilities
1,430,600
1,440,100
Total long-term liabilities
75,459,500
77,662,200
Shareholders’ Equity (Deficit):
Common stock, no par, 10,000,000 shares authorized, 3,520,327 and 3,496,977 shares issued and outstanding
11,413,500
7,768,800
Retained earnings (accumulated deficit)
(53,638,200
)
(66,924,900
)
Total shareholders’ equity (deficit)
(42,224,700
)
(59,156,100
)
$
44,686,900
$
28,967,700
WINMARK CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Six Months Ended
June 29, 2024
July 1, 2023
June 29, 2024
July 1, 2023
Revenue:
Royalties
$
17,774,500
$
17,105,800
$
35,043,200
$
33,853,500
Leasing income
524,400
1,019,800
1,361,200
2,656,800
Merchandise sales
925,500
1,328,100
2,036,000
2,604,100
Franchise fees
366,900
420,700
731,500
798,900
Other
529,200
487,800
1,058,300
972,500
Total revenue
20,120,500
20,362,200
40,230,200
40,885,800
Cost of merchandise sold
861,100
1,247,800
1,900,100
2,435,100
Leasing expense
—
54,300
36,600
370,700
Provision for credit losses
—
(700
)
(1,500
)
(5,300
)
Selling, general and administrative expenses
6,241,800
5,810,000
13,059,200
12,446,100
Income from operations
13,017,600
13,250,800
25,235,800
25,639,200
Interest expense
(721,400
)
(779,100
)
(1,459,200
)
(1,576,700
)
Interest and other income
280,800
292,300
468,800
418,000
Income before income taxes
12,577,000
12,764,000
24,245,400
24,480,500
Provision for income taxes
(2,145,600
)
(2,395,200
)
(4,995,000
)
(5,169,000
)
Net income
$
10,431,400
$
10,368,800
$
19,250,400
$
19,311,500
Earnings per share - basic
$
2.97
$
2.98
$
5.49
$
5.57
Earnings per share - diluted
$
2.85
$
2.85
$
5.26
$
5.34
Weighted average shares outstanding - basic
3,513,788
3,478,628
3,505,526
3,469,675
Weighted average shares outstanding - diluted
3,657,439
3,634,688
3,659,405
3,614,462
WINMARK CORPORATION
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
June 29, 2024
July 1, 2023
OPERATING ACTIVITIES:
Net income
$
19,250,400
$
19,311,500
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment
224,300
208,100
Amortization of intangible assets
177,000
177,000
Provision for credit losses
(1,500
)
(5,300
)
Compensation expense related to stock options
940,500
942,000
Deferred income taxes
135,100
148,400
Operating lease right of use asset amortization
150,300
135,600
Tax benefits on exercised stock options
943,400
832,300
Change in operating assets and liabilities:
Receivables
(136,100
)
(153,900
)
Principal collections on lease receivables
96,300
499,800
Income tax receivable/payable
(1,567,800
)
(796,100
)
Inventories
117,900
323,700
Prepaid expenses
371,300
490,700
Other assets
(8,200
)
(31,600
)
Accounts payable
(240,700
)
(483,600
)
Accrued and other liabilities
940,300
1,390,000
Rents received in advance and security deposits
(19,700
)
(234,200
)
Deferred revenue
213,200
397,900
Net cash provided by operating activities
21,586,000
23,152,300
INVESTING ACTIVITIES:
Purchase of property and equipment
(190,600
)
(96,900
)
Net cash used for investing activities
(190,600
)
(96,900
)
FINANCING ACTIVITIES:
Payments on notes payable
(2,125,000
)
(2,125,000
)
Proceeds from exercises of stock options
2,704,200
2,974,900
Dividends paid
(5,963,700
)
(5,209,400
)
Net cash used for financing activities
(5,384,500
)
(4,359,500
)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
16,010,900
18,695,900
Cash, cash equivalents and restricted cash, beginning of period
13,386,500
13,680,600
Cash, cash equivalents and restricted cash, end of period
$
29,397,400
$
32,376,500
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest
$
1,448,400
$
1,563,800
Cash paid for income taxes
$
5,484,400
$
4,984,600
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Balance Sheets to the total of the same amounts shown above:
Six Months Ended
June 29, 2024
July 1, 2023
Cash and cash equivalents
$
29,397,400
$
32,321,500
Restricted cash
—
55,000
Total cash, cash equivalents and restricted cash
$
29,397,400
$
32,376,500
View source version on businesswire.com: https://www.businesswire.com/news/home/20240716804566/en/
Anthony D. Ishaug 763/520-8500
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