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.
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