Canterbury Park Holding Corporation (NASDAQ:CPHC) today announced results for the first quarter ended March 31, 2011.
Canterbury Park Holding Corporation (the “Company”) reported net income of $210,555 on net revenues of $8,307,810 for the three months ended March 31, 2011, compared to a net loss of $639,641 on net revenues of $7,788,613 for the same period in 2010. Diluted earnings per share in the first quarter of 2011 were $.05 compared to a diluted loss per share of $.16 for the same period last year. The substantial loss in the 2010 first quarter was principally due to a one-time, $909,540 non-cash expense resulting from the write-off of assets in connection with the renovation of our card room. Excluding this non-cash charge, net income for the first quarter of 2010 would have been $100,099, resulting in diluted earnings per share of $.02.
Net revenues in the first quarter increased 6.7% from the comparable period in 2010 reflecting a substantial increase in Card Casino table games revenues that was partially offset by a decline in both pari-mutuel and Card Casino poker revenues. Pari-mutuel revenues decreased 7.5% to $1,683,750 primarily due to two factors; locally, Minnesota experienced one of its snowiest winters on record, which discouraged customers from wagering at the Racetrack, and in addition, poor weather nationally caused the cancellation of a significant number of races at racetracks simulcasting their signal to our racetrack. Poker revenue decreased $154,884, or 5.6% compared to the first quarter of 2010. In addition to weather related impacts discussed above, the declines in simulcast and poker revenues also reflect the continuing effects of high unemployment and the sluggish economic recovery, as well as unlawful poker and horse racing wagering over the Internet. Despite the challenges noted above, Card Casino table games revenue increased $715,268, or 40.6%, compared to the same quarter in 2010. The Company believes its new Card Casino, which opened in April 2010, provides both an exciting and inviting atmosphere which has generated increased interest in card play, particularly table games.