Canterbury Park Holding Corporation Reports Financial Results for the Second Quarter of 2006
11 Août 2006 - 10:40PM
Business Wire
Canterbury Park Holding Corporation (AMEX:ECP) today announced
results for the second quarter and six months ended June 30, 2006.
The Company earned net income of $345,358 on revenues of
$14,912,645 for the three months ended June 30, 2006, compared to
net income of $454,149 on revenues of $14,906,919 for the same
period in 2005. Diluted earnings per share for the second quarter
of 2006 were $.08 compared to $.11 for the second quarter of 2005.
Further results for the first six months of 2006 are presented in
the accompanying table. Revenues for the second quarter of $14.9
million increased less than 1% when compared to revenues in the
second quarter ended June 30, 2005. This slight increase is
primarily due to an increase in Concessions revenues of 2.3%,
offset by a decrease in Card Club revenues of 1%, and virtually
unchanged Pari-mutuel revenues. Operating expenses however
increased approximately $375,000 or 2.7% in the three months ended
June 30, 2006 compared to the second quarter last year. The
increase was primarily attributable to the following factors: an
increase in salaries and benefits due to the $1 per hour increase
to the minimum wage mandated by the State of Minnesota in August
2005, and the implementation of SFAS 123R accounting for stock
compensation expense; and an increase in purse expense from
simulcast wagering. "The flat revenues for the quarter were below
our expectations," stated Randy Sampson, Canterbury Park's
President, "and we are particularly disappointed to see a slight
decrease in Card Club revenues compared to the second quarter of
2005. This decline was primarily due to increased competition for
poker from Native American casinos in Minnesota, bar tournaments
and the Internet. To address this decline, we are increasing our
promotions, tournaments and player reward program to make
Canterbury Park the most attractive alternative when customers in
our market want to play cards. On the Pari-mutuel side, we were
encouraged that the slight decrease in on-track live racing handle,
due primarily to weather cancellations and delays, was offset by a
slight increase in on-track simulcast handle and a significant
increase in out-of-state handle on our live product. Although our
weather problems have continued in July with excessive heat, we are
optimistic that the live meet, which ends on Labor Day, will finish
with an increase in total wagering handle." In May, the 2006
session of the Minnesota Legislature adjourned without taking
action on the Company's proposed "Racino" legislation, which would
have authorized electronic gaming devices to be operated by the
Minnesota Lottery at the Racetrack. "We are disappointed with the
results of the 2006 legislative session," stated Mr. Sampson.
"However, as public opinion surveys consistently show that
Minnesotans overwhelmingly support the Racino proposal, we intend
to renew our efforts to gain approval of our Racino bill in the
Minnesota Legislature when next biannual session begins in January
2007." In recognition of the Company's sound financial position, on
June 1, 2006 the Canterbury Park Board of Directors declared a
special cash dividend of $.25 per share of common stock, which was
paid to shareholders on July 14, 2006. About Canterbury Park:
Canterbury Park Holding Corporation owns and operates Canterbury
Park Racetrack, Minnesota's only pari-mutuel horse racing facility.
The Company's 69-day live race meet began on May 6th and ends
September 4, 2006. In addition, the Company is authorized under
Minnesota law to host "unbanked" card games. Canterbury Park's Card
Club operates 24 hours a day, seven days a week, with 34 poker
tables, and 16 tables offering a variety of card games. The Company
also conducts year-round wagering of simulcast horse racing and
hosts a variety of other entertainment and special events at its
facility in Shakopee, Minnesota. For more information about the
Company please visit us at www.canterburypark.com. Cautionary
Statement: From time to time, in reports filed with the Securities
and Exchange Commission, in press releases, and in other
communications to shareholders or the investing public, the Company
may make forward-looking statements concerning possible or
anticipated future financial performance, business activities or
plans which are typically preceded by the words "believes,"
"expects," "anticipates," "intends" or similar expressions.
Shareholders and the investing public should understand that such
forward-looking information and statements are subject to risks and
uncertainties which could cause actual performance, activities or
plans to differ significantly from those presented in the
forward-looking statements. Such risks and uncertainties include,
but are not limited to: material fluctuations in attendance at the
Racetrack, material changes in the level of wagering by patrons,
decline in interest in the unbanked card games offered at the Card
Club, competition from other venues offering unbanked card games,
legislative and regulatory changes subsequent to 2006, the impact
of wagering products and technologies introduced by competitors;
increases in the percentage of revenues allocated for purse fund
payments; higher than expected increases in compensation and
employee benefit costs; a decline in the general level of interest
in gaming products as a form of entertainment; higher than expected
expense related to new marketing initiatives; and other factors
discussed from time to time in the Company's filings with the
Securities and Exchange Commission. For such forward-looking
information and statements, the Company claims the protection of
the safe harbor for forward-looking statements contained in federal
securities laws. -0- *T CANTERBURY PARK HOLDING CORPORATION'S
------------------------------------- SUMMARY OF OPERATING RESULTS
---------------------------- Three Months Three Months Six Months
Six Months Ended Ended Ended Ended June 30, 2006 June 30, 2005 June
30, 2006 June 30, 2005
-------------------------------------------------------- Operating
Revenues $14,912,645 $14,906,919 $27,067,412 $26,629,474 Operating
Expenses $14,375,025 $14,000,302 $24,543,729 $23,795,677 Income
from Operations $537,620 $906,617 $2,523,683 $2,833,797
Non-Operating Income $66,247 $24,830 $119,331 $42,198 Income Tax
Expense ($258,509) ($477,298) ($1,135,009) ($1,341,418) Net Income
$345,358 $454,149 $1,508,005 $1,534,577 Basic Net Income Per Common
Share $0.08 $0.12 $0.38 $0.40 Diluted Net Income Per Common Share
$0.08 $0.11 $0.33 $0.37
-------------------------------------------------------- *T
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