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Canterbury Park Holding Corporation Reports Financial Results For The Second Quarter And First Six Months Of 2011

Stocks in this article: CPHC

Canterbury Park Holding Corporation (NASDAQ:CPHC) today announced results for the second quarter and six months ended June 30, 2011.

Canterbury Park Holding Corporation (the “Company”) reported a net loss of $348,056 on revenues of $11,665,520 for the three months ended June 30, 2011, compared to a net loss of $380,969 on revenues of $11,453,879 for the same period in 2010. For the six months ended June 30, 2011, the net loss was $137,501 on revenues of $19,973,330 compared to a net loss of $1,020,610 on revenues of $19,242,492 for the same period in 2010. Diluted loss per share for the second quarter of 2011 was $.03 compared to diluted loss per share of $.09 for the second quarter of 2010. Diluted loss per share for the six month period ended June 30, 2011 was $.09 compared to a diluted loss per share of $.25 for the six month period ended June 30, 2010.

Net revenues in the second quarter and six months ended June 30, 2011 were $11.67 million and $19.97 million, respectively, which represented an increase of 1.8% and 3.8%, respectively, from net revenues in the comparable periods in 2010. This overall increase reflects an increase of 2.4% and 7.4% in Card Casino revenues in the 2011 second quarter and six month periods, respectively, that were somewhat offset by a 2.2% and 4.2% decrease in pari-mutuel revenues in the respective 2011 second quarter and six month periods. Operating expenses decreased in both the second quarter and six month periods, decreasing $298,400, or 2.5%, and $1,205,865, or 5.9%, as compared to respective periods in 2010. We recorded tax expense of $323,234 against our pre-tax loss of $24,822 in the second quarter, and the tax expense of $751,000 we booked for the first six months more than offset our pre-tax income of $613,499 in the first half of 2011 due to a revision to our expected income for 2011 and the significant lobbying expenses we incur in our efforts to gain legislative approval for a Racino at Canterbury Park are not deductible for tax purposes. Further results for the second quarter and first six months of 2011 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 15, 2011 with the Securities and Exchange Commission.

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