Business
Canterbury Park Holding Corporation Reports Record 2021 Fourth Quarter Results
SHAKOPEE, Minn., March 21, 2022 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today reported record
About this update from Canterbury Park Holding Corporation
[{"type":"text","content":"SHAKOPEE, Minn., March 21, 2022 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today reported record financial results for the fourth quarter and full year ended December 31, 2021. ($ in thousands, except per share data and percentages) Three Months Ended December 31, Twelve Months Ended December 31, 2021 2020 Increase(3) 2021 2020 IncreaseNet revenues$13,955 $6,123 128% $60,400 $33,140 82% Net income (1) $6,620 $139 NM $11,798 $1,062 1,011% Adjusted EBITDA(2)$3,360 $(27) NM $13,471 $806 1,572% Basic EPS$1.38 $0.03 NM $2.47 $0.23 974%Diluted EPS$1.37 $0.03 NM $2.44 $0.23 961% (1)Net income for the twelve month period ended December 31, 2021 includes a $6.3 million credit to salaries and benefits expense related to the Employee Retention Credit (“ERC”), a refundable tax credit recorded in accounts receivable. The ERC assisted business owners and their employees by providing an incentive to keep workers on the payroll and eligible businesses received a tax credit for a percentage of each eligible employee’s wage. Net income for the twelve month period ended December 31, 2020 includes a benefit of a $2.4 million gain related to transfers of land to the Doran Canterbury II and Canterbury DBSV joint ventures.(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.(3)Amounts referred to as “NM” are defined as not meaningful. Financial results for the twelve months ended December 31, 2021 include the impact of the state-mandated closure of Canterbury Park which ended January 10, 2021 as well as the impact of capacity restrictions from January 11, 2021 to May 28, 2021. Financial results for the three and twelve months ended December 31, 2020 reflect the impact of the onset of the COVID-19 pandemic and closure of the Card Casino, simulcast, and special events operations at Canterbury Park from March 16, 2020 to June 9, 2020, after which the Company reopened in a limited capacity, as well as the state-mandated closure of Canterbury Park from November 21, 2020 through the end of 2020. Management Commentary ...