Winmark Corp. (WINA, Financial) filed Quarterly Report for the period ended 2010-06-26.
Winmark Corp. has a market cap of $168.2 million; its shares were traded at around $33.59 with a P/E ratio of 22.8 and P/S ratio of 4.6. 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 $6.4 million for the second quarter of 2010 from $5.6 million for the same period of 2009, a 13.6% increase. The increase was due to higher Play It Again Sports, Platos Closet and Once Upon A Child royalties of $199,200, $403,800 and $157,400, respectively. The increase in royalties for these brands is primarily due to higher franchisee retail sales in these brands as well as having 33 additional Platos Closet franchise stores in the second quarter of 2010 compared to the same period last year.
Royalties increased to $12.7 million for the first six months of 2010 from $11.2 million for the first six months of 2009, a 13.3% increase. The increase was due to higher Play It Again Sports, Platos Closet and Once Upon A Child royalties of $485,800, $729,600 and $271,800, respectively. The increase in royalties for these brands is primarily due to higher franchisee retail sales in these brands as well as having 33 additional Platos Closet franchise stores in the first six months of 2010 compared to the same period last year.
Investing activities provided $2.3 million of cash during the first six months of 2010 compared to $0.1 million provided during the same period of 2009. The 2010 activities consisted primarily of the purchase of equipment for lease contracts of $8.5 million and collections on lease receivables of $10.4 million.
Financing activities used $7.8 million of cash during the first six months of 2010 compared to $0.8 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 payments of $4.6 million on the line of credit and subordinated notes and $3.9 million used to purchase 163,567 shares of our common stock and $0.1 million for the payment of dividends.
As of June 26, 2010, our borrowing availability under our Amended and Restated Revolving Credit Agreement (the Credit Facility), which provides for an aggregate commitment of $40.0 million subject to certain borrowing base limitations, was $40.0 million (the lesser of the borrowing base or the aggregate line of credit). There were $7.3 million in borrowings outstanding under the Credit Facility bearing interest ranging from 4.58% to 5.76% and having initial terms ranging from three years to five years, leaving $32.7 million available for additional borrowings.
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Winmark Corp. has a market cap of $168.2 million; its shares were traded at around $33.59 with a P/E ratio of 22.8 and P/S ratio of 4.6. 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 six months of 2010, we purchased $8.5 million in equipment for lease contracts compared to $8.7 million in the first six months of 2009. The level of equipment purchases for lease contracts was lower due to reduced application volume in our small-ticket financing business. Overall, our leasing portfolio (net investment in leases current and long-term) decreased to $33.4 million at June 26, 2010 from $37.0 million at December 26, 2009. Leasing income during the first six months of 2010 was $4.9 million compared to $4.8 million in the same period last year. (See Note 12 Segment Reporting). Our earnings are also impacted by credit losses. During the first six months of 2010, our provision for credit losses decreased to $11,900 from $1,023,900 in the first six 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 $6.4 million for the second quarter of 2010 from $5.6 million for the same period of 2009, a 13.6% increase. The increase was due to higher Play It Again Sports, Platos Closet and Once Upon A Child royalties of $199,200, $403,800 and $157,400, respectively. The increase in royalties for these brands is primarily due to higher franchisee retail sales in these brands as well as having 33 additional Platos Closet franchise stores in the second quarter of 2010 compared to the same period last year.
Royalties increased to $12.7 million for the first six months of 2010 from $11.2 million for the first six months of 2009, a 13.3% increase. The increase was due to higher Play It Again Sports, Platos Closet and Once Upon A Child royalties of $485,800, $729,600 and $271,800, respectively. The increase in royalties for these brands is primarily due to higher franchisee retail sales in these brands as well as having 33 additional Platos Closet franchise stores in the first six months of 2010 compared to the same period last year.
Investing activities provided $2.3 million of cash during the first six months of 2010 compared to $0.1 million provided during the same period of 2009. The 2010 activities consisted primarily of the purchase of equipment for lease contracts of $8.5 million and collections on lease receivables of $10.4 million.
Financing activities used $7.8 million of cash during the first six months of 2010 compared to $0.8 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 payments of $4.6 million on the line of credit and subordinated notes and $3.9 million used to purchase 163,567 shares of our common stock and $0.1 million for the payment of dividends.
As of June 26, 2010, our borrowing availability under our Amended and Restated Revolving Credit Agreement (the Credit Facility), which provides for an aggregate commitment of $40.0 million subject to certain borrowing base limitations, was $40.0 million (the lesser of the borrowing base or the aggregate line of credit). There were $7.3 million in borrowings outstanding under the Credit Facility bearing interest ranging from 4.58% to 5.76% and having initial terms ranging from three years to five years, leaving $32.7 million available for additional borrowings.
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