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Canterbury Park Holding Corporation (NASDAQ:CPHC) today announced financial results for the fourth quarter and year ended December 31, 2011.
Results for the Quarter Ended December 31, 2011
The Company’s net revenues in the fourth quarter were $9.7 million, up 11.9% from revenues of $8.7 million during the same period in 2010. Fourth quarter net income was $305,036, or $.07 per share, in 2011 as compared to 2010 fourth quarter net income of $161,279, or $.04 per share.
Results for the Year Ended December 31, 2011
The Company’s net revenues in 2011 were $40.6 million compared to 2010 net revenues of $39.9 million. The Company achieved this 1.7% revenue increase because our Card Casino revenues increased 5.5% over 2010, which more than offset the severe impact of the partial shutdown of Minnesota government from July 1 to 20 that forced the Company to suspend its operations for this period.
Operating expenses in 2011 were $39.5 million compared to $41.2 million in 2010. This $1.7 million decline in operating expenses is partially attributable to reduced live meet expenses in 2011 because the Company was forced to suspend its operations during the July shutdown of Minnesota government, as well as continued management of operating expenses throughout the year. In addition, 2010 operating expenses included a one-time charge related to remodeling our Card Casino of $909,540.
The Company’s 2011 net income was $397,667, or $.10 per share, compared to a net loss of $992,206 in 2010, or a $.25 net loss per share.
Further financial results for the fourth quarter and year ended December 31, 2011 are presented in the accompanying table, and additional information will be provided in the Company’s Form 10-K Report that will be filed on March 30, 2012 with the Securities and Exchange Commission.