Business
Canterbury Park Holding Corporation Announces First Quarter 2020 Financial Results
SHAKOPEE, Minn., May 12, 2020 /PRNewswire/ -- Canterbury Park Holding Corporation ("Canterbury Park" or "the Company") (NASDAQ: CPHC), today reported
About this update from Canterbury Park Holding Corporation
[{"type":"text","content":"SHAKOPEE, Minn., May 12, 2020 /PRNewswire/ -- Canterbury Park Holding Corporation (\"Canterbury Park\" or \"the Company\") (NASDAQ: CPHC), today reported financial results for the first quarter ended March 31, 2020. \n\n \n \n \n \n \n \n\n \n($ in thousands, except per share data and percentages)\nTwo Months Ended\nMonth Ended March 31,\nThree Months Ended March 31,\nFebruary 29, 2020\nFebruary 28, 2019\nIncrease\n2020\n2019\nDecrease\n2020\n2019\nIncrease (Decrease)\nNet revenue\n$8,812\n$7,337\n20.1%\n$2,137\n$4,254\n(49.8%)\n$10,949\n$11,591\n(5.5%)\nAdjusted EBITDA (1)\n1,762\n451\n290.9%\n(903)\n265\n(440.8%)\n859\n716\n20.0%\nNet income \n$255\n$57\n351.0%\nBasic EPS\n$ 0.05\n$ 0.01\n400.0%\nDiluted EPS\n$ 0.05\n$ 0.01\n400.0%\n(1)\nDefinitions, disclosures and reconciliations of non-GAAP financial information are included later in the release.\nManagement Commentary\"The temporary suspension of our operations on March 16, 2020 as a result of the COVID-19 pandemic was critical to ensure the safety and well-being of our team members and guests despite the significant impact on our business,\" said Randy Sampson, President and Chief Executive Officer of Canterbury Park. \"The very strong operating results we generated for the first two months of the quarter demonstrate the momentum we are capable of achieving, with year-over-year revenue and Adjusted EBITDA growth in January and February 2020 exceeding internal projections. The strength of our operating results for the first two months of the year is notable because despite the suspension of operations in mid-March, which drove a full-quarter net revenue decline of 5.5%, our Adjusted EBITDA rose 20% and net income increased 351% year over year for the first quarter.\n\"Since we closed our operations in mid-March, we have acted quickly and prudently to preserve cash and reduce operating expenses by implementing temporary unpaid furloughs, suspending or delaying 2020 planned capital expenditures and suspending the quarterly cash dividend. We believe these actions, combined with our balance sheet that has no long-term debt and our $8 million line of credit, provide the Company with the necessary liquidity and financial flexibility to manage through this challenging operating environment, bring back our valued employees as the economy re-opens and support Canterbury Park's long...