Business
Canterbury Park Holding Corporation Reports 2023 Third Quarter Results
SHAKOPEE, Minn., Nov. 09, 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., Nov. 09, 2023 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today reported financial results for the three and nine months ended September 30, 2023. ($ in thousands, except per share data and percentages) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 Change 2023 2022 ChangeNet revenues$19,269 $22,292 -13.6% $48,910 $53,705 -8.9% Net income$1,136 $2,921 -61.1% $9,199 $6,450 42.6% Adjusted EBITDA(1)(2)$2,850 $5,341 -46.6% $7,352 $12,452 -41.0% Basic EPS$0.23 $0.60 -61.7% $1.87 $1.33 40.6%Diluted EPS$0.23 $0.60 -61.7% $1.86 $1.32 40.9% (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.(2) Adjusted EBITDA in the three and nine-month periods ended September 30, 2023, was impacted by professional fees related to long-term strategic growth initiatives totaling approximately $0.7 million and $1.0 million, respectively. Management Commentary“Canterbury Park’s third quarter results represent a continuation of solid Casino segment performance offset by higher operating costs and our previously disclosed reduced racing calendar compared to the year-ago period. Third quarter net revenue of $19.3 million and adjusted EBITDA of $2.9 million resulted in adjusted EBITDA as a percentage of revenue of 14.8%. Adjusted EBITDA as a percentage of revenue rebounded nicely from a recent low in the 2023 second quarter, and we expect our improved cost structure and operating efficiencies will stabilize this metric at an approximate mid- to high-teens percentage. Adjusted EBITDA and adjusted EBITDA as a percentage of revenue were also impacted by professional fees related to long-term strategic growth initiatives. “Casino revenue rose 1.8% over the prior year as we saw relatively stable customer visitation and spend, particularly at the upper end of our database. Pari-mutuel revenue declined 28.0% year-over-year primarily due to a significant decline in out-of-state handle on Canterbury Park races as a result of decreased field sizes as well as weather impacts and cancel...