Business
Canterbury Park Holding Corporation Reports 2023 Second Quarter Results
SHAKOPEE, Minn., Aug. 10, 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., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today reported financial results for the three and six months ended June 30, 2023. ($ in thousands, except per share data and percentages) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 Change 2023 2022 ChangeNet revenues$16,342 $17,774 -8.1% $29,641 $31,412 -5.6% Net income$5,293 $1,755 201.6% $8,063 $3,529 128.5% Adjusted EBITDA (1)$2,020 $3,564 -43.3% $4,502 $7,111 -36.7% Basic EPS$1.08 $0.36 200.0% $1.64 $0.73 124.7%Diluted EPS$1.07 $0.36 197.2% $1.64 $0.73 124.7% (1) 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’s second quarter results represent a continuation of the stable trends in our business as our performance exceeded pre-COVID levels and was in-line with our expectations, given the impact of higher costs and a reduced racing calendar. Second quarter net revenue of $16.3 million and adjusted EBITDA of $2.0 million resulted in adjusted EBITDA as a percentage of revenue of 12.4%. While below recent quarters reflecting the impact of higher costs and a reduction in racing days compared to last year, we believe adjusted EBITDA as a percentage of revenue will rebound over the balance of 2023 and continue to exceed historical pre-COVID levels due to the proactive initiatives undertaken during the pandemic to improve our cost structure and operating efficiency. “Casino revenue rose 3.9% over the prior year as higher visitation and spending trends more than offset lower table games hold for the quarter. Our 54-day live racing meet began on May 27 and, in the quarter, we ran 15 days compared to 25 in the prior-year period. Pari-mutuel revenue declined 31.8% year-over-year primarily due to a significant decline in out-of-state handle on Canterbury Park races. This decline reflects less racing days, lower purses and reduced marketing support related to the expiration of the SMSC Cooperative Marketing Agreement. The reduction in live racing days also impacted...