Canterbury Park Holding Corporation Reports Financial Results for the Third Quarter and First Nine Months of 2019

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[{"type":"text","content":"SHAKOPEE, Minn., Nov. 12, 2019 /PRNewswire/ -- Canterbury Park Holding Corporation (the \"Company\") (NASDAQ: CPHC) today announced financial results for its third quarter and nine month periods ended September 30, 2019. \n\n \nQ3 2019 Financial ResultsThe Company reported net revenues of $18.6 million for the three months ended September 30, 2019, an increase of 1.3% from revenues of $18.4 million in the same 2018 period. The increase was primarily due to increases in food and beverage and other revenues of $582,000 and $104,000, respectively, resulting from hosting the three-day Twin Cities Summer Jam festival in July 2019, partially offset by a $377,000 decrease in pari-mutuel revenues resulting from reduced guest fees and live racing revenues, primarily due to four fewer days of live racing, as well as lower simulcast revenues.\nThe Company's operating expenses during the 2019 third quarter were $17.1 million, an increase of $788,000, or 4.8%, compared to the 2018 third quarter expenses of $16.3 million. The increase was primarily due to increased salaries and benefits of $542,000 resulting from adding several new exempt level positions as well as increased labor costs in the Card Casino and food and beverage departments. In addition, cost of food and beverage sales increased $250,000 due primarily to the increase in food and beverage revenue. \nNet income for the three months ended September 30, 2019 totaled $1.2 million compared to $1.6 million for the same period in 2018. Diluted net income per share for the three months ended September 30, 2019 was $0.25 compared to $0.36 for the same period in 2018. \nYTD 2019 Financial ResultsFor the nine months ended September 30, 2019, the Company's net revenues were $46.6 million, a decrease of 1.0% from revenues of $47.1 million for the same period in 2018. The decrease was primarily due to a reduction in pari-mutuel revenues of $724,000 as well as a decrease in other revenues of $484,000. The decrease in other revenue reflects an unfavorable comparison to 2018 when the Company earned revenues from a one-time, short-term agreement related to the 2018 Super Bowl in Minneapolis as well as a decrease in RiverSouth advertising revenues, which were offset by a reduction in advertising expense. These decreases were partially offset by an increase in food and beverage revenues of $775,000...

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