Business
Canterbury Park Holding Corporation Reports First Quarter Results
SHAKOPEE, Minn., May 11, 2023 (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., May 11, 2023 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today reported financial results for the first quarter ended March 31, 2023. ($ in thousands, except per share data and percentages) Three Months Ended March 31, 2023 2022 ChangeNet revenues$13,300 $13,638 -2.5% Net income $2,771 $1,774 56.2% Adjusted EBITDA (1)$2,482 $3,547 -30.0% Basic EPS$0.57 $0.37 53.8%Diluted EPS$0.56 $0.36 54.2% (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 first quarter results were in-line with our expectations entering 2023 and demonstrate the stability of our business as we’ve moved beyond the impact of the pandemic and emerged with a more efficient operating structure that enables us to generate attractive levels of cash flow. First quarter revenue of $13.3 million and adjusted EBITDA of $2.5 million reflect an adjusted EBITDA margin of 18.7% which, while below recent quarters, remains significantly above historical levels. During the quarter, we benefited from the continued normalization of our events and food and beverage businesses which helped mitigate lower Casino revenue compared to last year even as we generated our second highest ever first quarter Casino performance. With the start of our 2023 live racing season coming later this month, we are confident that our guests will experience the level of excitement that Canterbury live racing is known to offer. At the same time, our diligent focus on managing our cost structure and operating as efficiently as possible will help us optimize the operating results of our Racing business. “Canterbury Commons™ continues to attract development interest, and we are quickly creating a vibrant lifestyle destination in Shakopee, including what we expect will be a world-class entertainment district anchored by Swervo Development Corporation’s (“Swervo”) 19,000-seat amphitheater. This exciting new attraction is expected to break ground later this spring following our recently completed 37-acre land sal...