MINNEAPOLIS -- (Business Wire)
Winmark Corporation (Nasdaq:WINA) announced today that its Board of
Directors has approved the payment of a special dividend to
shareholders. The special dividend of $5.00 per share will be paid on
March 3, 2014 to shareholders of record on the close of business on
February 17, 2014. The total amount of the special dividend payment will
be approximately $25.7 million based on the current number of shares
outstanding. Future dividends will be subject to Board approval.
It is anticipated that Winmark will use a combination of cash on hand as
well as bank borrowings to finance the special dividend. John L. Morgan,
Chairman and Chief Executive Officer, stated “Our second special
dividend in the past two years reflects the strong cash flow created by
both our franchising business and leasing business. Our continued
philosophy is to manage the company in a manner whereby shareholder and
management interests are aligned.”
Winmark Corporation creates, supports and finances business. At December
28, 2013, there were 1,005 franchises in operation under the brands
Plato's Closet®, Once Upon A Child®, Play It Again Sports®, Music Go
Round® and Style Encore®. An additional 112 retail franchises have been
awarded but are not open. In addition, at September 28, 2013, the
Company had a lease portfolio of $36.7 million.
This press release contains forward-looking statements within the
meaning of the safe harbor provisions of Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), relating to
future events or the future financial performance of the Company
including statements with respect to our ability to finance the growth
of our leasing and franchising businesses and the payment of cash
dividends for the foreseeable future.Such forward-looking
statements are only predictions or statements of intention subject to
risks and uncertainties and actual events or results could differ
materially from those anticipated.Because actual result may
differ, shareholders and prospective investors are cautioned not to
place undue reliance on such forward-looking statement.
Contacts:
Winmark Corporation
Brett D. Heffes, 763-520-8500
Source: Winmark Corporation
© 2024 Canjex Publishing Ltd. All rights reserved.