Winmark Corporation, the parent of Play It Again Sports, reported that net income fell 37%  for the year ended December 27 to $1.1 million, or 21 cents per diluted share, compared to $3.0 million, or 54 cents per diluted share, for 2007.


For the fourth quarter, the company reported a net loss of $2.1 million, or 38 cents per diluted share, compared to a net income of $853,000, or 15 cents per diluted share, in the year ago period.


Consolidated revenues for the year were $35.4 million, up 9% from $31.2 million in 2007.  For the year, moderate strength in the company’s franchising business and an increase in the companies leasing income boosted revenues.


Fourth quarter earnings were affected by a $2.8 million (52 cents per share) after-tax earnings charge.


On Feb. 26, Winmark’s board of directors authorized a 500,000 share repurchase in addition to the approximately 30,000 shares under an existing authorization. The new authorization is equal to approximately 9% of the company’s shares currently outstanding.