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 Reports Financial Results For The Third Quarter And First Nine Months Of 2011

Canterbury Park Holding Corporation (NASDAQ:CPHC) today announced results for the third quarter and nine months ended September 30, 2011.

Canterbury Park Holding Corporation (the “Company”) reported net income of $230,132 on revenues of $10,917,762 for the three months ended September 30, 2011, compared to a net loss of $132,875 on revenues of $12,011,366 for the same period in 2010. For the nine months ended September 30, 2011, net income was $92,631 on revenues of $30,891,092 compared to a net loss of $1,153,485 on revenues of $31,253,858 for the same nine-month period in 2010. Diluted earnings per share for the 2011 third quarter were $.06 compared to a diluted loss per share of $.03 for the third quarter of 2010, and diluted earnings per share for the nine months ended September 30, 2011 were $.02 compared to a diluted loss per share of $.29 for the same nine month period in 2010. The Company’s net loss and diluted loss per share in the 2010 nine month period reflect a non-cash expense of $906,940 related to disposal of assets in connection with the renovation of the Company’s card room in 2010.

For the 2011 third quarter, we recorded a tax benefit of $528,489 against our pre-tax loss of $298,357 because of a revision to our expected income for 2011. For the nine months ended September 30, 2011, our tax expense of $222,511 against our pre-tax income of $315,142 reflects a tax rate greater than the statutory tax rate because 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.

Net revenues declined 9.1% in the 2011 third quarter compared to the same period in 2010 primarily due to the suspension of our operations from July 1 to July 20 because a political deadlock at that time delayed enactment of a budget for the State of Minnesota and closed the state agency that regulates our operations. Primarily for this reason, we experienced a decrease of 7.7% in Card Casino revenues and a 16.9% percent decrease in pari-mutuel revenues when compared to the 2010 third quarter. Net revenues for the nine months ended September 30, 2011 were also impacted by the suspension of operations in July which declined 1.2% as compared to the same period in 2010. This overall decrease reflected a 9.5% decrease in pari-mutuel revenues when compared to the 2010 nine month period, which was offset somewhat by a 2.3% increase in card casino revenues when compared to the 2010 nine month period. Operating expenses decreased in both the third quarter and nine month periods, decreasing $942,130, or 7.7%, and $2,147,995, or 6.6%, as compared to respective periods in 2010. Further results for the third quarter and first nine 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 November 14, 2011 with the Securities and Exchange Commission.

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 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs