Canterbury Park Holding Corporation (NASDAQ:CPHC) today announced results for the second quarter and six months ended June 30, 2012.
Canterbury Park Holding Corporation (the “Company”) reported a net loss of $166,536 on revenues of $11,964,084 for the three months ended June 30, 2012, compared to a net loss of $348,056 on net revenues of $11,665,520 for the same period in 2011. For the six months ended June 30, 2012, net income was $365,968 on net revenues of $21,572,794, compared to a net loss of $137,501 on net revenues of $19,973,330 for the same period in 2011. Diluted loss per share for the second quarter of 2012 was $.04 compared to diluted loss per share of $.09 for the same period in 2011. Diluted income per share for the six month period ended June 30, 2012 was $.09 compared to diluted loss per share of $.03 for the six month period ended June 30, 2011.
The 2.6% increase in net revenues in the 2012 second quarter over the same period in 2011 primarily reflects a 1.3% increase in pari-mutuel revenues and a 9.6% increase in concessions revenues offset by a 1.3% decline in Card Casino revenues. The 8.0% increase in net revenues in the six months ended June 30, 2012 compared to the same period in 2011 primarily reflects an increase in pari-mutuel revenues of 2.8%, an increase in Card Casino revenues of 7.3% and an increase in concessions revenue of 15.5% compared to the same period in the prior year. Operating expenses increased in both the second quarter and six month periods ended June 30, 2012, increasing $566,415, or 4.8%, and $1,499,324, or 7.7%, as compared to the respective periods in 2011. These increases are primarily due to additional expenses incurred to support increased revenues, along with professional fees and accounting charges incurred in connection with the Company’s June 4, 2012 Cooperative Marketing Agreement (the “Agreement”) with the Shakopee Mdewakanton Sioux Community (the “SMSC”) discussed below.
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