Business
Canterbury Park Holding Corporation Reports 2021 First Quarter Results
SHAKOPEE, Minn., May 10, 2021 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today reported financial
About this update from Canterbury Park Holding Corporation
[{"type":"text","content":"SHAKOPEE, Minn., May 10, 2021 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today reported financial results for the first quarter ended March 31, 2021. The 2021 first quarter results reflect the ongoing impact of the COVID-19 pandemic, including the state-mandated closure of Canterbury Park from January 1, 2021 through January 10, 2021. Canterbury Park re-opened on January 11, 2021 with a capacity limitation of 150 guests per designated area which was subsequently increased on February 13, 2021 to 250 guests per designated area. The financial results for the first quarter ended March 31, 2020 also reflect the impact of the initial onset of the COVID-19 pandemic and the closure of the Company’s Card Casino, simulcast and special events operations at Canterbury Park from March 16, 2020 to March 31, 2020. ($ in thousands, except per share data and percentages) Three Months Ended March 31, Increase 2021 2020 (Decrease)Net revenues (1)$9,226 $10,949 (15.7%) Net income (1) 551 255 116.1% Adjusted EBITDA (1) (2)$1,422 $859 65.6% Basic EPS$0.12 $0.05 140.0%Diluted EPS$0.12 $0.05 140.0% Net revenues, net income and adjusted EBITDA for the three month period ended March 31, 2021 include $515,000 in grant funds received as a result of the Minnesota COVID-19 relief package that was passed and signed into law in December 2020.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“Canterbury Park generated strong operating results for the first quarter of 2021 with solid year-over-year increases in net income, operating income and adjusted EBITDA despite a nearly 16% decline in net revenue,” said Randy Sampson, President and Chief Executive Officer of Canterbury. “While both the first quarters of 2021 and 2020 had a similar number of operating days, the year-over-year decline in revenue was due primarily to the first quarter of 2021 including significant COVID-19-related restrictions for the entire period while in the first quarter of 2020, we were able to operate with no restrictions unt...