Winmark Corporation (Nasdaq: WINA) announced today net income
for the quarter ended September 30, 2023 of $11,149,800 or $3.05
per share diluted compared to net income of $10,368,600 or $2.93
per share diluted in 2022. For the nine months ended September 30,
2023, net income was $30,461,300 or $8.40 per share diluted
compared to net income of $29,248,300 or $8.11 per share diluted
for the same period last year.
Winmark — the Resale Company®, is a nationally recognized
franchising business focused on sustainability and small-business
formation. We champion and guide entrepreneurs interested in
operating one of our award winning resale franchises: Plato’s
Closet®, Once Upon A Child®, Play It Again Sports®, Style Encore®
and Music Go Round®. At September 30, 2023, there were 1,312
franchises in operation and over 2,800 available territories. An
additional 72 franchises have been awarded but are not open.
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”),
relating to future events or the future financial performance of
the Company. Such forward-looking statements are only predictions
or statements of intention subject to risks and uncertainties and
actual events or results could differ materially from those
anticipated. Because actual result may differ, shareholders and
prospective investors are cautioned not to place undue reliance on
such forward-looking statements.
WINMARK CORPORATION
CONDENSED BALANCE
SHEETS
(Unaudited)
September 30, 2023
December 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents
$
40,556,100
$
13,615,600
Restricted cash
40,000
65,000
Receivables, net
1,704,000
1,438,600
Net investment in leases - current
124,300
344,900
Income tax receivable
1,200
558,700
Inventories
290,900
770,600
Prepaid expenses
1,095,100
1,310,400
Total current assets
43,811,600
18,103,800
Net investment in leases – long-term
—
5,400
Property and equipment, net
1,675,900
1,704,600
Operating lease right of use asset
2,510,000
2,716,000
Intangible assets, net
3,082,800
3,348,300
Goodwill
607,500
607,500
Other assets
467,700
429,700
Deferred income taxes
3,392,000
3,540,400
$
55,547,500
$
30,455,700
LIABILITIES AND SHAREHOLDERS’
EQUITY (DEFICIT)
Current Liabilities:
Notes payable, net
$
4,217,900
$
4,217,900
Accounts payable
1,694,900
2,122,000
Accrued liabilities
4,038,900
2,611,700
Deferred revenue
1,680,700
1,643,900
Total current liabilities
11,632,400
10,595,500
Long-Term Liabilities:
Line of Credit/Term Loan
30,000,000
30,000,000
Notes payable, net
35,903,300
39,066,700
Deferred revenue
7,553,600
6,974,200
Operating lease liabilities
3,871,600
4,287,000
Other liabilities
1,150,100
1,164,400
Total long-term liabilities
78,478,600
81,492,300
Shareholders’ Equity (Deficit):
Common stock, no par, 10,000,000 shares
authorized, 3,486,869 and 3,459,673 shares issued and
outstanding
6,411,900
1,806,700
Retained earnings (accumulated
deficit)
(40,975,400
)
(63,438,800
)
Total shareholders’ equity (deficit)
(34,563,500
)
(61,632,100
)
$
55,547,500
$
30,455,700
WINMARK CORPORATION
CONDENSED STATEMENTS OF
OPERATIONS
(Unaudited)
Quarter Ended
Nine Months Ended
September 30, 2023
September 24, 2022
September 30, 2023
September 24, 2022
Revenue:
Royalties
$
19,210,000
$
17,859,000
$
53,063,400
$
49,230,400
Leasing income
1,291,900
1,762,100
3,948,700
5,845,800
Merchandise sales
997,800
746,000
3,601,900
2,687,500
Franchise fees
334,400
348,100
1,133,400
1,160,200
Other
483,700
449,300
1,456,200
1,361,200
Total revenue
22,317,800
21,164,500
63,203,600
60,285,100
Cost of merchandise sold
935,400
717,600
3,370,500
2,552,300
Leasing expense
11,000
376,300
381,700
891,900
Provision for credit losses
700
(22,000
)
(4,600
)
(46,600
)
Selling, general and administrative
expenses
6,248,200
5,671,500
18,694,300
16,673,100
Income from operations
15,122,500
14,421,100
40,761,700
40,214,400
Interest expense
(763,100
)
(820,500
)
(2,339,800
)
(2,045,600
)
Interest and other income
385,400
21,700
803,400
7,000
Income before income taxes
14,744,800
13,622,300
39,225,300
38,175,800
Provision for income taxes
(3,595,000
)
(3,253,700
)
(8,764,000
)
(8,927,500
)
Net income
$
11,149,800
$
10,368,600
$
30,461,300
$
29,248,300
Earnings per share - basic
$
3.20
$
3.01
$
8.77
$
8.36
Earnings per share - diluted
$
3.05
$
2.93
$
8.40
$
8.11
Weighted average shares outstanding -
basic
3,485,852
3,439,417
3,475,066
3,500,411
Weighted average shares outstanding -
diluted
3,653,730
3,540,779
3,627,550
3,605,445
WINMARK CORPORATION
CONDENSED STATEMENTS OF CASH
FLOWS
(Unaudited)
Nine Months Ended
September 30, 2023
September 24, 2022
OPERATING ACTIVITIES:
Net income
$
30,461,300
$
29,248,300
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
578,900
409,500
Provision for credit losses
(4,600
)
(46,600
)
Compensation expense related to stock
options
1,451,000
1,203,800
Deferred income taxes
148,400
(214,700
)
Operating lease right of use asset
amortization
206,000
185,700
Tax benefits on exercised stock
options
839,000
429,500
Change in operating assets and
liabilities:
Receivables
(265,400
)
(530,200
)
Principal collections on lease
receivables
485,200
2,819,200
Income tax receivable/payable
(281,500
)
194,600
Inventories
479,700
(312,700
)
Prepaid expenses
215,300
2,500
Other assets
(38,000
)
2,000
Accounts payable
(427,100
)
(189,100
)
Accrued and other liabilities
1,021,600
1,395,000
Rents received in advance and security
deposits
(254,600
)
(556,200
)
Deferred revenue
616,200
164,700
Net cash provided by operating
activities
35,231,400
34,205,300
INVESTING ACTIVITIES:
Purchase of property and equipment
(284,700
)
(70,000
)
Reacquired franchise rights
—
(3,540,000
)
Net cash used for investing activities
(284,700
)
(3,610,000
)
FINANCING ACTIVITIES:
Proceeds from borrowings on line of
credit/term loan
—
33,700,000
Payments on line of credit/term loan
—
(3,700,000
)
Payments on notes payable
(3,187,500
)
(3,187,500
)
Repurchases of common stock
—
(48,281,200
)
Proceeds from exercises of stock
options
3,154,200
2,937,100
Dividends paid
(7,997,900
)
(6,459,700
)
Net cash used for financing activities
(8,031,200
)
(24,991,300
)
NET INCREASE IN CASH, CASH EQUIVALENTS AND
RESTRICTED CASH
26,915,500
5,604,000
Cash, cash equivalents and restricted
cash, beginning of period
13,680,600
11,437,000
Cash, cash equivalents and restricted
cash, end of period
$
40,596,100
$
17,041,000
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest
$
2,309,100
$
1,925,400
Cash paid for income taxes
$
8,058,100
$
8,518,100
The following table provides a
reconciliation of cash, cash equivalents and restricted cash
reported within the Condensed Balance Sheets to the total of the
same amounts shown above:
Nine Months Ended
September 30, 2023
September 24, 2022
Cash and cash equivalents
$
40,556,100
$
16,986,000
Restricted cash
40,000
55,000
Total cash, cash equivalents and
restricted cash
$
40,596,100
$
17,041,000
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version on businesswire.com: https://www.businesswire.com/news/home/20231018540190/en/
Anthony D. Ishaug 763/520-8500
Winmark (NASDAQ:WINA)
過去 株価チャート
から 4 2024 まで 5 2024
Winmark (NASDAQ:WINA)
過去 株価チャート
から 5 2023 まで 5 2024