Winmark Corp. (WINA, Financial) filed Quarterly Report for the period ended 2010-09-25.
Winmark Corp. has a market cap of $165.5 million; its shares were traded at around $33.02 with a P/E ratio of 19.9 and P/S ratio of 4.5. The dividend yield of Winmark Corp. stocks is 0.2%. Winmark Corp. had an annual average earning growth of 9.4% over the past 10 years.
Royalties increased to $7.0 million for the third quarter of 2010 from $6.4 million for the same period of 2009, a 9.8% increase. The increase was due to higher Play It Again Sports, Platos Closet and Once Upon A Child royalties of $33,300, $462,800 and $121,200, respectively. The increase in royalties for these brands is primarily due to higher franchisee retail sales in these brands as well as having 30 additional Platos Closet franchise stores in the third quarter of 2010 compared to the same period last year.
Provision for credit losses decreased to $130,500 for the third quarter of 2010 compared to $853,600 for the third quarter of 2009. The decrease is primarily due to a lower level of net write-offs and delinquencies, primarily in the small-ticket financing business portion of our leasing segment. During the third quarter of 2010, we had total net write-offs of $277,800 compared to total net write-offs of $1,071,400 in the third quarter of 2009.
Royalties increased to $19.8 million for the first nine months of 2010 from $17.6 million for the first nine months of 2009, a 12.0% increase. The increase was due to higher Play It Again Sports, Platos Closet and Once Upon A Child royalties of $519,100, $1,192,400 and $393,000, respectively. The increase in royalties for these brands is primarily due to higher franchisee retail sales in these brands as well as having 30 additional Platos Closet franchise stores in the first nine months of 2010 compared to the same period last year.
Investing activities provided $3.3 million of cash during the first nine months of 2010 compared to $1.9 million provided during the same period of 2009. The 2010 activities consisted primarily of the purchase of equipment for lease contracts of $12.6 million and collections on lease receivables of $15.2 million.
Financing activities used $18.4 million of cash during the first nine months of 2010 compared to $3.6 million used during the same period of 2009. The 2010 activities consisted primarily of net proceeds from exercises of stock options of $0.7 million, net proceeds from our lines of credit of $6.1 million, net payments of $21.2 million on the subordinated notes, $3.9 million used to purchase 163,567 shares of our common stock and $0.2 million for the payment of dividends.
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Winmark Corp. has a market cap of $165.5 million; its shares were traded at around $33.02 with a P/E ratio of 19.9 and P/S ratio of 4.5. The dividend yield of Winmark Corp. stocks is 0.2%. Winmark Corp. had an annual average earning growth of 9.4% over the past 10 years.
Highlight of Business Operations:
During the first nine months of 2010, we purchased $12.6 million in equipment for lease contracts compared to $12.2 million in the first nine months of 2009. Overall, our leasing portfolio (net investment in leases current and long-term) decreased to $32.4 million at September 25, 2010 from $37.0 million at December 26, 2009. Leasing income during the first nine months of 2010 was $7.3 million compared to $7.1 million in the same period last year. (See Note 12 Segment Reporting). Our earnings are also impacted by credit losses. During the first nine months of 2010, our provision for credit losses decreased to $142,400 from $1,877,500 in the first nine months of 2009, as we experienced a lower level of net write-offs and delinquencies, primarily in the small-ticket financing business portion of our leasing segment.Royalties increased to $7.0 million for the third quarter of 2010 from $6.4 million for the same period of 2009, a 9.8% increase. The increase was due to higher Play It Again Sports, Platos Closet and Once Upon A Child royalties of $33,300, $462,800 and $121,200, respectively. The increase in royalties for these brands is primarily due to higher franchisee retail sales in these brands as well as having 30 additional Platos Closet franchise stores in the third quarter of 2010 compared to the same period last year.
Provision for credit losses decreased to $130,500 for the third quarter of 2010 compared to $853,600 for the third quarter of 2009. The decrease is primarily due to a lower level of net write-offs and delinquencies, primarily in the small-ticket financing business portion of our leasing segment. During the third quarter of 2010, we had total net write-offs of $277,800 compared to total net write-offs of $1,071,400 in the third quarter of 2009.
Royalties increased to $19.8 million for the first nine months of 2010 from $17.6 million for the first nine months of 2009, a 12.0% increase. The increase was due to higher Play It Again Sports, Platos Closet and Once Upon A Child royalties of $519,100, $1,192,400 and $393,000, respectively. The increase in royalties for these brands is primarily due to higher franchisee retail sales in these brands as well as having 30 additional Platos Closet franchise stores in the first nine months of 2010 compared to the same period last year.
Investing activities provided $3.3 million of cash during the first nine months of 2010 compared to $1.9 million provided during the same period of 2009. The 2010 activities consisted primarily of the purchase of equipment for lease contracts of $12.6 million and collections on lease receivables of $15.2 million.
Financing activities used $18.4 million of cash during the first nine months of 2010 compared to $3.6 million used during the same period of 2009. The 2010 activities consisted primarily of net proceeds from exercises of stock options of $0.7 million, net proceeds from our lines of credit of $6.1 million, net payments of $21.2 million on the subordinated notes, $3.9 million used to purchase 163,567 shares of our common stock and $0.2 million for the payment of dividends.
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