Canterbury Park Holding Corporation Announces 2008 First Quarter Results
13 Mai 2008 - 10:00PM
Business Wire
Canterbury Park Holding Corporation (AMEX:ECP) today announced
results for the first quarter ended March 31, 2008. Canterbury Park
Holding Corporation (the �Company�) earned net income of $498,880
on net revenues of $10,200,063 for the three months ended March 31,
2008, compared to net income of $892,377 on net revenues of
$11,468,589 for the same period in 2007. Diluted earnings per share
for the first quarter of 2008 were $.12 compared to $.21 for the
same period last year. Detailed information regarding first quarter
2008 results is presented in the accompanying table. Net revenues
in the first quarter of 2008 declined 11.1% from the comparable
period in 2007 due to an 8.7% decrease in pari-mutuel revenues to
$2,477,922 and a 13.0% decrease in Card Club revenues to
$6,523,056. Pari-mutuel revenues declined primarily as a result of
inclement weather during the first quarter of 2008 at racetracks
simulcasting their signal to our Racetrack, which caused the
cancellation of a significant number of races. The ban on smoking
in indoor public places that became effective in Minnesota on
October 1, 2007 also contributed to the revenue decline. The
Company believes that those simulcast customers who smoke and no
longer visit our facilities are wagering on the Internet. The Card
Club revenue decline also reflects the negative impact of the
October 1, 2007 smoking ban. Compared to the first quarter in 2007,
poker revenue and casino games revenue decreased 2.5% and 29.8%,
respectively. The Company believes that those Card Club customers
who smoke and no longer visit the Card Club are now patronizing
tribal casinos where smoking is permitted. To minimize the impact
of the revenue decline, management implemented various expense
control measures. As a result, operating expenses decreased
$627,718 in the first quarter, a 6.3% decrease compared to the same
period in 2007, primarily reflecting decreases in purse expense,
salaries and benefits, and insurance expense, that were offset
partially by an increase in advertising and marketing expenses.
Randy Sampson, Canterbury Park�s President, commented: �Without a
doubt, the smoking ban that began on October 1, 2007 has had a
significant adverse impact on our business. Unfortunately, this
negative effect has been magnified by a difficult economy, which
has adversely impacted discretionary spending on entertainment.
While below our internal goal for the 2008 first quarter, given the
many challenges we currently face, we are encouraged that we were
able to achieve net profits of nearly $500,000. We are also
optimistic as we look forward to the 2008 live racing season, which
began on Saturday, May 3rd with a new single day record in
attendance.� Mr. Sampson continued: �The Company remains committed
to increasing shareholder value. To this end, pursuant to our
publicly announced stock repurchase plan, the Company has
repurchased 75,975 shares of the Company�s common stock from
January 1 through May 9, 2008 at a weighted average price of $9.06.
The Company expects to continue to repurchase shares from time to
time at its discretion and in accordance with the regulations of
the Securities and Exchange Commission.� About Canterbury Park:
Canterbury Park Holding Corporation conducts pari-mutuel wagering
operations and hosts �unbanked� card games at its Canterbury Park
Racetrack and Card Club facility in Shakopee, Minnesota. The
Company�s 67-day 2008 live race meet began on May 3rd and ends
September 1, 2008. Canterbury Park�s Card Club operates 24 hours a
day, seven days a week, and receives collection revenues from 34
poker tables, and 16 tables offering a variety of casino style 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. For more information about the Company,
please visit us at www.canterburypark.com. Cautionary Statement:
This release contains or may contain forward-looking statements
based on management�s beliefs and assumptions. Such statements are
subject to various risks and uncertainties that could cause results
to vary materially. Please refer to the Company�s SEC filings for a
discussion of such factors. NOTE: Financial summary on following
page. CANTERBURY PARK HOLDING CORPORATION�S SUMMARY OF OPERATING
RESULTS (UNAUDITED) � � � � Three Months Ended March 31, 2008 Three
Months Ended March 31, 2007 � � Operating Revenues (net)
$10,200,063 $11,468,589 � � Operating Expenses $9,398,870
$10,017,588 � � Non-Operating Income, net $46,787 $72,460 � �
Income before Income Tax Expense $856,980 $1,523,461 � � Income Tax
Expense $358,100 $631,084 � � Net Income $498,880 $892,377 � �
Basic Net Income Per Common Share $0.12 $0.22 � � Diluted Net
Income Per Common Share $0.12 $0.21
Canterbury Park Hl (AMEX:ECP)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Canterbury Park Hl (AMEX:ECP)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024