Canterbury Park Holding Corporation (NASDAQ:CPHC) today announced results for the second quarter and six months ended June 30, 2010.
Canterbury Park Holding Corporation (the “Company”) reported a net loss of $380,969 on revenues of $11,453,879 for the three months ended June 30, 2010, compared to a net loss of $173,099 on revenues of $11,174,591 for the same period in 2009. For the six months ended June 30, 2010, the net loss was $1,020,610 on revenues of $19,242,492 compared to net income of $143,675 on revenues of $19,386,113 for the same six month period in 2009. The loss for the six month period was largely attributable to a one-time, first quarter charge of $909,540 related to the disposal of assets in connection with the renovation of our Card Casino. The diluted loss per share for the 2010 second quarter was $.09 compared to diluted loss per share of $.04 for the second quarter of 2009, and the diluted loss per share for the six months ended June 30, 2010 was $.25 compared to diluted earnings per share of $.04 for the same six month period in 2009.
The $11.5 million in net revenues earned in the 2010 second quarter represents a 2.5% increase over net revenues in the same period in 2009. This increase reflects a 17.2% increase in Card Casino revenues, offset by a 10.9% decrease in pari-mutuel revenues. In addition, operating expenses increased $520,111, or 4.5%, in the three months ended June 30, 2010 compared to the 2009 second quarter. The increase in operating expenses is due to several factors including an increase in Card Casino labor costs needed to support increased Card Casino revenue, an increase in the Federal minimum wage that became effective after June 30, 2009, and increased expenditures in support of legislation authorizing electronic gaming devices at Canterbury Park. Further results for the second quarter and first six months of 2010 are presented in the accompanying table, and additional information regarding the Company’s financial results will be provided in the Company’s Form 10-Q Report that will be filed on August 16, 2010 with the Securities and Exchange Commission.