Winmark Corporation, the parent of Play It Again Sports, reported earnings grew 33% in the third quarter ended Sept. 26, to $1.8 million, or 33 cents a share, from $1.35 million, or 24 cents, a year ago. Revenues grew to $9.8 million from $9.1 million.
For the nine months ended September 26, 2009, net income was $4,388,500, or 82 cents per share diluted, compared to net income of $3,218,600, or 58 cents per share diluted, for the same period last year. Sales increased to $27.9 million from $26.7 million.
John L. Morgan, chairman and CEO, stated, “Our franchising business performed well in the third quarter as consumers continued to respond to our value-oriented retail brands. Our equipment leasing business has been negatively impacted by the current economy, however, tight controls are firmly in place as we anticipate an economic turn around.”
Winmark Corporation creates, supports and finances business. At September 26, 2009, there were 874 franchises in operation under the brands Play It Again Sports, Once Upon A Child, Plato's Closet and Music Go Round. In addition, at September 26, 2009, the Company had loans and leases equal to $41.1 million.
