Business
Canterbury Park Holding Corporation Reports 2022 Fourth Quarter Results
SHAKOPEE, Minn., March 20, 2023 (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 20, 2023 (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, 2022. ($ in thousands, except per share data and percentages) Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 Change(3) 2022 2021 Change Net revenues(2)$13,119 $13,955 -6.0% $66,824 $60,400 10.6% Net income(2)$1,063 $6,620 -83.9% $7,513 $11,798 -36.3% Adjusted EBITDA(3)$2,687 $3,360 -20.0% $15,141 $13,471 12.4% Basic EPS$0.22 $1.38 -84.1% $1.55 $2.47 -37.2% Diluted EPS$0.22 $1.37 -83.9% $1.54 $2.44 -36.9% (1)Financial results for the twelve-month period ended December 31, 2021 reflected the impact of the COVID-19 pandemic, including the state-mandated closure of Canterbury Park from January 1, 2021 through January 10, 2021 and the re-opening on January 11, 2021 with a capacity limitation of 150 guests per designated area; the capacity limitation was subsequently increased on February 13, 2021 to 250 guests per designated area; remaining restrictions were lifted in late May 2021. Results for the three month periods ended December 31, 2022 and December 31, 2021 and the twelve months ended December 31, 2022 reflected no closures or capacity limitations.(2)Net revenues and net income for the twelve-month period ended December 31, 2021 include $0.5 million in grant funds received as a result of the Minnesota COVID-19 relief package. Net income for the three and twelve-month period ended December 31, 2021 included the impact of a $6.3 million Employee Retention Credit as part of the CARES and American Rescue Plan Acts.(3)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 finished 2022 with strong fourth quarter financial results that continue to demonstrate the revenue, Adjusted EBITDA and margin growth profile we have established compared to pre-pandemic periods. Revenue and Adjusted EBITDA of $13.1 million and $2.7 million, respectively, both reached the second highest...