Business
Canterbury Park Holding Corporation Reports 2021 Second Quarter Results
SHAKOPEE, Minn., Aug. 09, 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., Aug. 09, 2021 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today reported financial results for the second quarter and six months ended June 30, 2021. ($ in thousands, except per share data and percentages) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 Increase(3) 2021 2020 Increase(3)Net revenues(1)$15,872 $2,768 473.4% $25,097 $13,717 83.0% Net income (loss) (1)$1,869 ($1,181) NM $2,421 ($926) NM Adjusted EBITDA(1) (2)3,514 (1,775) 298.0% 4,936 (916) 638.8% Basic EPS$0.39 ($0.25) NM $0.51 ($0.20) NMDiluted EPS$0.39 ($0.25) NM $0.51 ($0.20) NM (1) Net revenues and net income for the six month period ended June 30, 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.(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.(3) Amounts referred to as “NM” are defined as not meaningful.Financial results for the three and six months ended June 30, 2020 reflect the impact of the onset of the COVID-19 pandemic and closure of the Card Casino, simulcast, and special events operations at Canterbury Park from March 16, 2020 to June 9, 2020, after which the Company reopened in a limited capacity. Results for the six months ended June 30, 2021 include the impact of the state-mandated closure of Canterbury Park which ended January 10, 2021 and capacity restrictions from January 11, 2021 to May 28, 2021. Canterbury Park re-opened on January 11, 2021 with a capacity limitation of 150 guests per designated area; this was subsequently increased on February 13, 2021 to 250 guests per designated area. All capacity restrictions were removed on May 28, 2021, and we began operating under pre-pandemic guidelines. Management Commentary “Canterbury Park’s strong operating momentum continued in the second quarter of 2021, as income from operations (excluding one-time gains) increased 157% over the comparable 2019 non-COVID impacted period and, despite lower revenue, we generated record q...