Winmark Corporation, the parent of Play It Again Sports, reported net income for the quarter ended June 26, 2010 of $2.33 million, or 45 cents a share, up from $1.2 million, or 22 cents, a year ago. Revenues improved 11.8% to $9.9 million from $8.8 million.

 

“During the second quarter, we were able to grow our profits while maintaining expenses relatively flat when compared to last year,” said John L. Morgan, chairman and CEO. 

 

In other news, Winmark reportedly closed on $30 million line of credit with the PrivateBank and Trust Company. The line of credit will be used for completing the previously announced redemption of Winmark’s Renewable Unsecured Subordinated Notes and for general corporate purposes.