Fitness financials: Play It Again Sports’ parent nearly doubles Q1 income, plus Forzani

Winmark, parent of Play It Again Sports, nearly doubled its first-quarter income, and the Forzani Group said the Toronto Stock Exchange has approved the renewal of its buyback program to purchase outstanding shares over the next year.
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Play It Again Sports’ parent nearly doubles Q1 income

Winmark Corp. (Nasdaq: WINA), parent of Play It Again Sports, said its franchising and leasing businesses boosted earnings growth during the first quarter.

For the quarter ended March 27, net income was $2.1 million, or $0.42 per diluted share, versus $1.4 million, or $0.26 per diluted share, in the first quarter of 2009.

Revenue was $9.8 million compared to $9.2 million in the same period last year.

Forzani gets OK for buyback program

The Forzani Group (TSX: FGL), parent of Canada’s Sport Chek and Fitness Source, said the Toronto Stock Exchange has OK’d the renewal of its buyback program to purchase outstanding shares over the next year.

There were 30.6 million common shares issued and outstanding as of April 7. Forzani said the number of shares that can be purchased will not exceed 2.4 million -- approximately 10 percent of the public float of the company.

All purchases will be made through the facilities of the TSX. National Bank Financial will be responsible for making purchases of the common shares under the bid for Forzani.

During its last buyback program, the company purchased 103,900 common shares at an average price of $12.50.

--Compiled by Wendy Geister

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