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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Canterbury Park Holding Corporation Reports 2010 Financial Results

Canterbury Park Holding Corporation (NASDAQ:CPHC) today announced financial results for the fourth quarter and year ended December 31, 2010.

Results for the Quarter Ended December 31, 2010 The Company’s net revenues in the fourth quarter were $8.7 million, up 7.2% from revenues of $8.1 million during the same period in 2009. The Company reported net income of $161,279, or $.04 net earnings per share, for the 2010 fourth quarter, compared to a net loss of $99,100, or a $.02 net loss per share in the same 2009 period.

Results for the Year Ended December 31, 2010 The Company’s net revenues in 2010 were $39.9 million, up $0.3 million, or 0.8%, from 2009 net revenues of $39.6 million. This increase was due to a 9.9% increase in Card Casino revenues that was largely offset by a 10.2% decrease in pari-mutuel revenues and a 1.3% decrease in concession revenues. Operating expenses in 2010 exceeded revenues, increasing 4.7% to $41.2 million in 2010, primarily due to increases in federal and state tax charges related to salaries and benefits, increased expenditures in support of legislation that would authorize electronic gaming devices at the Racetrack, and a one-time charge of $909,540 due to the write-off of assets disposed of in remodeling our Card Casino. The Company experienced a net loss in fiscal 2010 of $992,206, or a net loss of $.25 per share, compared to net income of $60,970 in 2009, or $0.02 earnings per share.

Further financial results for the fourth quarter and year ended December 31, 2010 are presented in the accompanying table, and additional information will be provided in the Company’s Form 10-K Report that will be filed on March 31, 2011 with the Securities and Exchange Commission.

Randy Sampson, Canterbury Park’s President and Chief Executive Officer, commented: “We are encouraged by the increase in revenue from our Card Casino due largely to the extensive remodeling project we completed in April 2010. As a result, the Company finished with a profitable fourth quarter and experienced its best net earnings since the first quarter of 2009. The increase in Card Casino revenues was, however, offset by the decline in revenues from horse racing due to poor economic conditions and the continuing growth in illegal Internet wagering on horse races by Minnesota residents. While we believe our major renovation of the Card Casino was a positive step as demonstrated by the increase in our revenues, this action required the disposal and write-off of card room assets that were not fully depreciated and which had a remaining net book value of $909,540. This resulted in a further and significant negative impact on our year-end results.”

Stock quotes in this article: CPHC 

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.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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