Business
Canterbury Park Holding Corporation Reports Record First Quarter Results
SHAKOPEE, Minn., May 12, 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., May 12, 2022 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today reported record financial results for the first quarter ended March 31, 2022. ($ in thousands, except per share data and percentages) Three Months Ended March 31, 2022 2021(1) IncreaseNet revenues(2)$13,638 $9,226 48% Net income(2)$1,774 $551 222% Adjusted EBITDA(3)$3,547 $1,422 149% Basic EPS$0.37 $0.12 217%Diluted EPS$0.36 $0.12 214% (1)Financial results for the 2021 first quarter reflect the impact of the COVID-19 pandemic, including the state-mandated closure of Canterbury Park 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. First quarter 2022 reflects no closures or capacity limitations.(2)Net revenues and net income for the three-month period ended March 31, 2021 include $515,000 in grant funds received as a result of the Minnesota COVID-19 relief package that was passed into law in December 2020.(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 “Canterbury Park’s record first quarter results highlight the underlying strength of our operations as we continue our post-pandemic recovery. Revenue grew 48% year over year to $13.6 million in the quarter and adjusted EBITDA grew 149% year over year to $3.5 million, representing our second highest ever adjusted EBITDA quarter,” said Randy Sampson, President and Chief Executive Officer of Canterbury. “The strong first quarter financial performance was driven by ongoing momentum in our Card Casino operations where we continue to benefit from higher levels of visitation and spend per visit, with trips from rated players rising 32%. In addition, our events and food and beverage businesses benefited from a return to a more normalized events calendar, including the return of popular events such as ISOC snowmobile racing, Extreme Horse Ski...