Play It Again Sports' parent reports rise in Q1 profit
Winmark Corp. (Nasdaq: WINA), parent of Play It Again Sports, reported an increase in net income for the first quarter, partially crediting the up tick to a tighter control on expenses.
For the quarter ended March 28, profit was $1.41 million, or $0.26 per share diluted, versus $937,300, or $0.17 per share diluted, in the first quarter of 2008.
Revenue was also up: $9.25 million compared to $8.87 million the year before.
Chairman and CEO John Morgan said in a statement, "The growth in our first quarter profits was primarily due to the improved performance of Winmark Capital, as well as a tighter control of selling, general and administrative expenses across all of our businesses. We are pleased with our performance, but remain cautious about the current economic environment."
Winmark creates, supports and finances businesses and has 864 franchises in operation. It said an additional 50 retail franchises have been awarded but are not open. Also, the company had loans and leases equal to $45.9 million.
Firm initiates coverage on select industry players
On April 15, JMP Securities, a research firm, initiated coverage on various companies, including:
• Big 5 (Nasdaq: BGFV) with a "market perform" rating
• Dick's Sporting Goods (NYSE: DKS) with a "market outperform" rating
• Hibbett Sports (Nasdaq: HIBB) with a "market outperform" rating
--Compiled by Wendy Geister
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