Winmark Corporation (Nasdaq: WINA) announced today net income
for the year ended December 31, 2022 of $39,424,900 or $10.97 per
share diluted compared to net income of $39,919,900 or $10.48 per
share diluted in 2021. The fourth quarter 2022 net income was
$10,176,600 or $2.86 per share diluted, compared to net income of
$11,589,000 or $3.09 per share diluted, for the same period last
year. Revenues for the year ended December 31, 2022 were
$81,410,800 up from $78,216,200 in 2021. Financial performance for
2022 included an extra week of operations due to the Company’s
fiscal year ending on the last Saturday of December.
Brett D. Heffes, Chairman and Chief Executive Officer commented
“I am pleased with Winmark’s operational and financial performance
during 2022. Our talented franchise partners continue to make a
positive impact in the local communities they serve. Increased
marketing investments during the year yielded an improvement in new
store development activity.”
Winmark - the Resale Company®, is a nationally recognized
franchisor 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 December 31, 2022, there were 1,295 franchises in operation and
over 2,800 available territories. An additional 57 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)
December 31, 2022
December 25, 2021
ASSETS
Current Assets:
Cash and cash equivalents
$
13,615,600
$
11,407,000
Restricted cash
65,000
30,000
Receivables, net
1,438,600
1,103,400
Net investment in leases - current
344,900
2,890,600
Income tax receivable
558,700
667,500
Inventories
770,600
325,200
Prepaid expenses
1,310,400
1,008,600
Total current assets
18,103,800
17,432,300
Net investment in leases – long-term
5,400
229,300
Property and equipment, net
1,704,600
1,976,900
Operating lease right of use asset
2,716,000
2,982,000
Intangible assets, net
3,348,300
—
Goodwill
607,500
607,500
Other assets
429,700
418,300
Deferred income taxes
3,540,400
3,252,700
$
30,455,700
$
26,899,000
LIABILITIES AND SHAREHOLDERS’
EQUITY (DEFICIT)
Current Liabilities:
Notes payable, net
$
4,217,900
$
4,232,600
Accounts payable
2,122,000
2,099,000
Accrued liabilities
2,611,700
2,001,000
Deferred revenue
1,643,900
1,645,000
Total current liabilities
10,595,500
9,977,600
Long-Term Liabilities:
Line of Credit/Term Loan
30,000,000
—
Notes payable, net
39,066,700
43,376,400
Deferred revenue
6,974,200
6,863,500
Operating lease liabilities
4,287,000
4,810,100
Other liabilities
1,164,400
954,800
Total long-term liabilities
81,492,300
56,004,800
Shareholders’ Equity (Deficit):
Common stock, no par, 10,000,000 shares
authorized, 3,459,673 and 3,635,806 shares issued and
outstanding
1,806,700
—
Retained earnings (accumulated
deficit)
(63,438,800
)
(39,083,400
)
Total shareholders’ equity (deficit)
(61,632,100
)
(39,083,400
)
$
30,455,700
$
26,899,000
WINMARK CORPORATION
CONDENSED STATEMENTS OF
OPERATIONS
(Unaudited)
Quarter Ended
Fiscal Year Ended
December 31, 2022
December 25, 2021
December 31, 2022
December 25, 2021
Revenue:
Royalties
$
17,917,700
$
15,638,100
$
67,148,100
$
60,779,300
Leasing income
1,091,900
2,796,500
6,937,700
11,148,300
Merchandise sales
1,234,100
1,119,800
3,921,600
3,100,100
Franchise fees
415,200
395,600
1,575,400
1,496,900
Other
466,800
424,300
1,828,000
1,691,600
Total revenue
21,125,700
20,374,300
81,410,800
78,216,200
Cost of merchandise sold
1,160,500
1,052,800
3,712,800
2,940,500
Leasing expense
92,800
439,500
984,700
1,850,300
Provision for credit losses
(11,300
)
(39,300
)
(57,900
)
(206,600
)
Selling, general and administrative
expenses
6,485,300
6,008,200
23,158,400
22,295,800
Income from operations
13,398,400
12,913,100
53,612,800
51,336,200
Interest expense
(869,300
)
(508,300
)
(2,914,900
)
(1,453,900
)
Interest and other income (expense)
78,600
(7,900
)
85,600
(15,000
)
Income before income taxes
12,607,700
12,396,900
50,783,500
49,867,300
Provision for income taxes
(2,431,100
)
(807,900
)
(11,358,600
)
(9,947,400
)
Net income
$
10,176,600
$
11,589,000
$
39,424,900
$
39,919,900
Earnings per share - basic
$
2.95
$
3.20
$
11.30
$
10.87
Earnings per share - diluted
$
2.86
$
3.09
$
10.97
$
10.48
Weighted average shares outstanding -
basic
3,452,399
3,622,690
3,487,732
3,671,980
Weighted average shares outstanding -
diluted
3,556,190
3,753,982
3,592,456
3,810,480
WINMARK CORPORATION
CONDENSED STATEMENTS OF CASH
FLOWS
(Unaudited)
Year Ended
December 31, 2022
December 25, 2021
OPERATING ACTIVITIES:
Net income
$
39,424,900
$
39,919,900
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
603,100
430,600
Provision for credit losses
(57,900
)
(206,600
)
Compensation expense related to stock
options
1,652,400
1,435,500
Deferred income taxes
(287,700
)
(1,362,000
)
Gain from disposal of property and
equipment
(9,400
)
—
Deferred initial direct costs
—
(2,100
)
Amortization of deferred initial direct
costs
—
18,900
Operating lease right of use asset
amortization
266,000
244,300
Tax benefits on exercised stock
options
858,300
2,479,600
Change in operating assets and
liabilities:
Receivables
(335,200
)
478,500
Principal collections on lease
receivables
3,646,700
9,915,400
Income tax receivable/payable
(749,500
)
(2,925,900
)
Inventories
(445,400
)
(218,600
)
Prepaid expenses
(301,800
)
(13,400
)
Other assets
(11,400
)
17,600
Accounts payable
23,000
329,400
Accrued and other liabilities
222,800
(948,500
)
Rents received in advance and security
deposits
(819,200
)
(1,046,600
)
Deferred revenue
109,600
(199,800
)
Net cash provided by operating
activities
43,789,300
48,346,200
INVESTING ACTIVITIES:
Proceeds from sales of property and
equipment
9,400
—
Purchase of property and equipment
(139,100
)
(74,700
)
Reacquired franchise rights
(3,540,000
)
—
Purchase of equipment for lease
contracts
—
(208,400
)
Net cash used for investing activities
(3,669,700
)
(283,100
)
FINANCING ACTIVITIES:
Proceeds from borrowings on line of
credit/term loan
33,700,000
—
Payments on line of credit/term loan
(3,700,000
)
—
Proceeds from borrowings on notes
payable
—
30,000,000
Payments on notes payable
(4,250,000
)
(4,250,000
)
Repurchases of common stock
(49,119,800
)
(44,217,500
)
Proceeds from exercises of stock
options
4,751,700
8,320,000
Dividends paid
(19,257,900
)
(33,162,600
)
Net cash used for financing activities
(37,876,000
)
(43,310,100
)
NET INCREASE IN CASH, CASH EQUIVALENTS AND
RESTRICTED CASH
2,243,600
4,753,000
Cash, cash equivalents and restricted
cash, beginning of period
11,437,000
6,684,000
Cash, cash equivalents and restricted
cash, end of period
$
13,680,600
$
11,437,000
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest
$
2,722,500
$
1,388,900
Cash paid for income taxes
$
11,308,800
$
11,555,100
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:
Year Ended
December 31, 2022
December 25, 2021
Cash and cash equivalents
$
13,615,600
$
11,407,000
Restricted cash
65,000
30,000
Total cash, cash equivalents and
restricted cash
$
13,680,600
$
11,437,000
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230301005803/en/
Brett D. Heffes 763/520-8500
Winmark (NASDAQ:WINA)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Winmark (NASDAQ:WINA)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024