Fitness financials: Play It Again Sports' parent reports increase in Q2 profit, plus Life Time Fitness

Winmark, parent of Play It Again Sports, reported an increase in Q2 profit, and a brokerage firm initiated coverage on Life Time Fitness and rated the company as a "strong buy."
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Play It Again Sports' parent reports increase in Q2 profit

Winmark Corp. (Nasdaq: WINA), parent of Play It Again Sports, said its second-quarter net income was $1.195 million, or $0.22 per share diluted, compared to net income of $930,500, or $0.17 per share diluted, in 2008.

"Our second-quarter performance was acceptable in light of the current economic environment," said John Morgan, chairman and CEO, in a statement. "Our franchising and middle market leasing businesses performed well, but we have been negatively impacted by write-offs in our small business leasing portfolio. We fully expect the small business portfolio to continue to perform poorly until there is a broad recovery in the U.S. economy."

As of June 27, the company had loans and leases equal to $44.1 million.

Firm initiates coverage on Life Time Fitness

Feltl & Co., a brokerage firm, initiated coverage on Life Time Fitness (NYSE: LTM) on July 15. It rated the company as a "strong buy."

--Compiled by Wendy Geister

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