Winmark Corporation, the parent of Play It Again Sports, announced that its Board of Directors has approved the payment of a special dividend to shareholders of $3.00 per share.
The special dividend will be paid on December 15, 2020 to shareholders of record on the close of business on November 11, 2020. The total amount of the payment will be approximately $11.2 million based on the current number of shares outstanding. It is anticipated that Winmark will use cash-on-hand to finance the payment. Future dividends will be subject to Board approval.
The Board also approved the payment of a quarterly cash dividend to shareholders. The quarterly dividend of 25 cents per share will be paid on December 1, 2020 to shareholders of record on the close of business on November 11, 2020.
Brett D. Heffes, chairman and the chief executive officer said, “Today’s announcement of a $3 per share special dividend is our latest step in returning capital to our shareholders. Our strong balance sheet and favorable cash flow characteristics allow us to provide shareholders with this dividend while preserving financial and operational flexibility for the future.”
At September 26, 2020, Winmark had 1,262 franchises in operation under the brands Plato’s Closet, Once Upon A Child, Play It Again Sports, Style Encore, and Music Go Round.
