Business
Canterbury Park Holding Corporation Reports Record 2021 Third Quarter Results
SHAKOPEE, Minn., Nov. 08, 2021 (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., Nov. 08, 2021 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today reported record financial results for the three and nine months ended September 30, 2021. ($ in thousands, except per share data and percentages) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 Increase 2021 2020 IncreaseNet revenues(1) $21,347 $13,300 60.5% $46,445 $27,017 71.9% Net income (1) $2,757 $1,849 49.1% $5,178 $923 461.0% Adjusted EBITDA(1) (2) 5,176 1,211 327.2% 10,111 295 3323.1% Basic EPS $0.58 $0.39 48.7% $1.09 $0.20 445.0%Diluted EPS $0.58 $0.39 48.7% $1.09 $0.20 445.0% (1)Net revenues and net income for the nine month period ended September 30, 2021 include $515,000 in grant funds received as a result of the Minnesota COVID-19 relief package that was passed and signed into law in December 2020.(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. Financial results for the nine months ended September 30, 2021 include the impact of the state-mandated closure of Canterbury Park which ended January 10, 2021 and capacity restrictions from January 11, 2021 to May 28, 2021, subsequent to which Canterbury Park operated without mandated capacity restrictions. Financial results for the three and nine months ended September 30, 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. Management Commentary “Canterbury Park’s operating momentum since our reopening continued as we generated record financial performance in the third quarter of 2021. Revenue grew 61% year over year to a record $21.3 million, while adjusted EBITDA grew 327% to $5.2 million,” said Randy Sampson, President and Chief Executive Officer of Canterbury. “Operating without pandemic restrictions for a full quarter allowed us to generate our best-ever Card Casino revenue performance, with July and August reporting two of our...