This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Canterbury Park Holding Corporation Reports Financial Results For The Second Quarter And First Six Months Of 2010

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.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,380.41 +263.17 1.63%
S&P 500 1,886.76 +24.00 1.29%
NASDAQ 4,258.4380 +41.0480 0.97%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs