Business
Canterbury Park Holding Corporation Reports 2024 Second Quarter Results
SHAKOPEE, Minn., Aug. 08, 2024 (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., Aug. 08, 2024 (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, 2024. ($ in thousands, except per share data and percentages) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 Change 2024 2023 ChangeNet revenues$16,202 $16,342 -0.9% $30,300 $29,641 2.2% Net income (1)$338 $5,293 -93.6% $1,336 $8,063 -83.4% Adjusted EBITDA (2)$2,407 $2,384 1.0% $5,620 $5,202 8.0% Basic EPS (1)$0.07 $1.08 -93.5% $0.27 $1.64 -83.5%Diluted EPS (1)$0.07 $1.07 -93.5% $0.27 $1.64 -83.5% (1)Net income and basic and diluted EPS for the three and six months ended June 30, 2023 include a $6.5 million gain on sale of land which did not recur in the three and six months ended June 30, 2024.(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. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of net revenues. Management Commentary“Canterbury delivered solid second quarter 2024 financial results, with net revenues and Adjusted EBITDA of $16.2 million and $2.4 million, respectively, both in line with the prior-year performance. Casino revenue declined year-over-year primarily reflecting ongoing efforts to optimize our marketing re-investment program. We are focused on optimizing cash flow from our Casino operations by driving more consistent visitation from our high-end players and limiting short-term swings in volume,” said Randy Sampson, President and Chief Executive Officer of Canterbury Park. “The collective 6.7% year-over-year increase in Pari-mutuel, Food & Beverage and Other revenues in the 2024 second quarter offset the decline in Casino revenue as we had two additional live race days compared to last year and benefited from our ongoing efforts to position our event center as a leading destination for events of all sizes in the region. The adjusted EBITDA margin of 14.9% in the quarter increased from 14.6% for the same period in 2023, again highlighting our Company-wide focus on initiatives to operate effici...