This Day On The Street
Continue to site
ADVERTISEMENT
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

Canterbury Park Holding Corporation Announces 2011 First Quarter Results

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs