Business
Canterbury Park Holding Corporation Reports Record 2022 Third Quarter Results
SHAKOPEE, Minn., Nov. 10, 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., Nov. 10, 2022 (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, 2022. ($ in thousands, except per share data and percentages) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 Increase 2022 2021(1) IncreaseNet revenues(2)$22,292 $21,347 4.4% $53,705 $46,445 15.6% Net income(2)$2,921 $2,757 5.9% $6,450 $5,178 24.6% Adjusted EBITDA(3)$5,341 $5,176 3.2% $12,452 $10,111 23.2% Basic EPS$0.60 $0.58 3.5% $1.33 $1.09 22.6% Diluted EPS$0.60 $0.58 3.5% $1.32 $1.09 21.7% (1) Financial results for the nine-month period ended September 30, 2021 reflect the impact of the COVID-19 pandemic, including the state-mandated closure of Canterbury Park from January 1, 2021 through January 10, 2021. Canterbury Park re-opened on January 11, 2021 with a capacity limitation of 150 guests per designated area; the capacity limitation was subsequently increased on February 13, 2021 to 250 guests per designated area; remaining restrictions were lifted in late May 2021. Results for the three months ended September 30, 2022, the three months ended September 30, 2021 and the nine months ended September 30, 2022 reflect no closures or capacity limitations.(2) 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.(3) 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 “We delivered record third quarter results, including 4.4% year over year revenue growth to $22.3 million and 3.2% adjusted EBITDA growth to an all-time quarterly record $5.3 million. We achieved both record revenue and record operating income for the third quarter as visitation and spend per visit continues to outpace pre-pandemic levels and is driving improved financial results following the full reopening of our operations last year,” said Randy Sampson, Chairman and Chief Executive Officer of Can...