威玛克 2025年季度报告

company” in Rule 12b-2 of the Exchange Act.Large acceleratedAccelerated filer☐ filer☐Emerging growth company☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the PART I.FINANCIAL INFORMATION CONSOLIDATED CONDENSED BALANCE SHEETSJune 28, 2025 and December 28, 20243CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONSThree Months Ended June 28, 2025 and June 29, 2024Six Months Ended June 28, 2025 and June 29, 20244CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY(DEFICIT)Three Months Ended June 28, 2025 and June 29, 2024Six Months Ended June 28, 2025 and June 29, 20245CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWSSix Months Ended June 28, 2025 and June 29, 20246NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS7Item 2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations12Item 3.Quantitative and Qualitative Disclosures About Market Risk17Item 4.Controls and Procedures17PART II.OTHER INFORMATION18Item 1.Legal Proceedings18Item 1A.Risk Factors18 RetainedEarningsCommonStock(Accumulated and full fiscal years thereafter related to performance obligations that are unsatisfied (or partiallyunsatisfied) as of June 28, 2025. 20282029 Thereafter3,933,300$10,003,0004. Fair Value Measurements:The Company defines fair value as the price that would be received for an asset or paid to transfer a and liabilities.●Level 3 – unobservable inputs in which there is little or no market data available, which Due to their nature, the carrying value of cash equivalents, receivables, payables and debt obligationsapproximates fair value. 5. Investment in Leasing Operations: In May 2021, the Company made the decision to no longer solicit new leasing customers and willpursue an orderly run-off for its leasing portfolio. Leasing income as presented on the Consolidated Condensed Statements of Operations consists of thefollowing:Three MonthsEndedThree MonthsEndedSix MonthsEndedSix MonthsEnded lease—99,900200,000296,500Other—171,7002,061,200178,200Leasing income$46,600$524,400$2,354,500$1,361,2006. Intangible Assets reacquired franchise rights over the contract term of the franchise. The Company recognized$177,000and $177,000of amortization expense for the six months ended June 28, 2025 and June 29, 2024, respectively.The following table illustrates future amortization to be expensed for the remainder of 2025 and full 20252026 The following table sets forth the presentation of shares outstanding used in the calculation of basic Three Months EndedSix Months EndedJune 28,2025June 29,2024June 28,2025June 29,2024 DividendsOnJanuary 29, 2025, the Company’s Board of Directors approved the payment of a$0.90per share quarterly cash dividend to shareholders of record at the close of business onFebruary 12, 2025,which was paid onMarch 3, 2025. quarterly cash dividend to shareholders of record at the close of business onMay 14, 2025, whichwas paid onJune 2, 2025.Repurchase of Common Stock repurchase an additional70,656shares of its common stock. Repurchases may be made from time totime at prevailing prices, subject to certain restrictions on volume, pricing and timing. Stock Option Plans and Stock-Based CompensationStock option activity under the Company’s option plans as of June 28, 2025 was as follows: WeightedAver 9. Debt: Line of Credit/Term LoanAs of June 28, 2025, there werenorevolving loans outstanding under the Company’s credit facility Note Agreement (“the Note Agreement”) with PGIM, Inc (formerly Prudential InvestmentManagement, Inc.) its affiliates and managed accounts (collectively, “Prudential”) consisting of $30.0 million in principal outstanding from the $30.0million Series C notes issued in September 2021. The final maturity of the Series C notes is7 yearsfrom the issuance date. For the Series C notes,interest at a rate of3.18% per annum on the outstanding principal balance is payable quarterly untilthe principal is paid in full. The Series C notes may be prepaid, at the option of the Company, in Maintenance Amount, as defined in the Note Agreement.The Company’s obligations under the Note Agreement are secured by a lien against substantially all Agreement contains customary financial conditions and covenants, and requires maintenance ofminimum levels of debt service coverage and maximum levels of leverage (all as defined within the Note Agreement). As of June 28, 2025, the Company was in compliance with all of its financialcovenants. liability.In April 2022, the Company entered into a Private Shelf Agreement (the “Shelf Agreement”) with Prudential, summarized as follows: As of June 28, 2025, the Company leases its Minnesota corporate headquarters in a facility with an the periods ended June 28, 2025 and June 29, 2024, respectively.Maturities of operating lease liabilities is as follows for the remainder of fiscal 2025 and full fiscalyears thereafter as of June 28, 2025: 20262027 20282029 Thereafter—Total lease payment