Winmark Corp, the parent of Play it Again Sports, announced net income for the year ended Dec. 25 of $10.3 million, or $1.98 per share diluted, compared to net income of $5.8 million, or $1.10, a year ago.
The fourth quarter 2010 net income was $3,119,200 or $.60 per share diluted, compared to net income of $1,460,500, or $.28 per share diluted, for the same period last year. Revenues for the year ended December 25, 2010 were $41,203,600, up from $37,296,000 in 2009.
John Morgan, chairman and chief executive officer, stated, “Our franchise business continued to grow from both store sales and opening additional stores. Our leasing business increased its profitability year over year and added new customers acceptable for the current economic environment. We continue to be optimistic about the future of our business model.”
At Dec. 25, Winmark had 903 franchises in operation under the brands Play It Again Sports, Plato's Closet, Once Upon A Child, and Music Go Round. In addition, at Dec. 25, 2010, the company had loans and leases equal to $32.7 million.