Business
Canterbury Park Holding Corporation Reports 2020 Fourth Quarter Results
SHAKOPEE, Minn., March 24, 2021 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today reported
About this update from Canterbury Park Holding Corporation
[{"type":"text","content":"SHAKOPEE, Minn., March 24, 2021 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today reported financial results for the fourth quarter and full year ended December 31, 2020. The 2020 fourth quarter results reflect the ongoing impact of the COVID-19 pandemic, including the state-mandated closure of Canterbury Park from November 21, 2020 through the end of the year. Canterbury Park re-opened on January 11, 2021 with a capacity limitation of 150 guests which was subsequently increased on February 13, 2021 to 250 guests per designated area. ($ in thousands, except per share data and percentages) Three Months Ended December 31, Twelve Months Ended December 31, Increase Increase 2020 2019 (Decrease) 2020 2019 (Decrease)Net revenues$6,123 $12,602 (51.4%) $33,140 $59,227 (44.0%) Net income(1) 139 553 (74.9%) 1,062 2,718 (60.9%) Adjusted EBITDA(2)($27) $1,718 (101.5%) $806 $6,366 (87.3%) Basic EPS$0.03 $0.12 (56.0%) $0.23 $0.59 (61.0%)Diluted EPS$0.03 $0.12 (56.0%) $0.23 $0.59 (61.0%) (1) Net income for the twelve month period ended December 31, 2020 includes a benefit of a $2.4 million gain related to transfers of land to the Doran Canterbury II and Canterbury DBSV joint ventures. (2) Adjusted EBITDA, a non-GAAP measure, excludes certain items from net income, a GAAP measure. Non-GAAP financial measures are not intended to be considered in isolation from, a substitute for, or superior to GAAP results. Definitions, disclosures and reconciliations of non-GAAP financial information are included later in the release. Management Commentary“While our operations for the majority of 2020 were impacted by two temporary closures as well as significant capacity limitations during the periods we were open, we successfully managed the business to ensure we have the liquidity and financial flexibility to position the Company for long-term health and growth. Despite the pandemic, we also made progress throughout 2020 on further monetizing our real estate assets through the continuing development of Canterbury Commons,” said Randy Sampson, President and Chief Executive Officer of Canterbury. “Overall, Canterbury Park was closed for over forty days in the 2020 fourth quarter and for approximately four and a half months in 2020. Importantly, despite the impact of the pandemic on fourth quarter 2020...