Business
Canterbury Park Holding Corporation Reports Record Fourth Quarter 2019 Net Revenue Of $12.6 Million
Reports Fourth Quarter Net Income of $0.7 Million and Record Adjusted EBITDA of $1.7 Million SHAKOPEE, Minn., March 25, 2020 /PRNewswire/ -- Canterbury Park
About this update from Canterbury Park Holding Corporation
[{"type":"text","content":"Reports Fourth Quarter Net Income of $0.7 Million and Record Adjusted EBITDA of $1.7 Million\n\n\nSHAKOPEE, Minn., March 25, 2020 /PRNewswire/ -- Canterbury Park Holding Corporation (\"Canterbury Park\" or \"the Company\") (NASDAQ: CPHC) today reported financial results for the fourth quarter and full year ended December 31, 2019. \n\n \n \n \n \n \n \n\n \n($ in thousands, except per share data and percentages)\nThree Months Ended December 31,\nTwelve Months Ended December 31,\nIncrease\nIncrease\n2019\n2018\n(Decrease)\n2019\n2018\n(Decrease)\n Net revenues\n$12,602\n$12,038\n4.7%\n$59,227\n$59,142\n0.1%\n Adjusted EBITDA(1)\n1,718\n1,577\n8.9%\n6,366\n7,940\n(19.8%)\n Net income (2)\n$553\n$2,371\n(76.7%)\n$2,718\n$5,718\n(52.5%)\n Basic EPS(2)\n$0.12\n$0.52\n(76.9%)\n$0.59\n$1.28\n(53.9%)\n Diluted EPS(2)\n$0.12\n$0.52\n(76.9%)\n$0.59\n$1.26\n(53.2%)\n(1)\nDefinitions, disclosures and reconciliations of non-GAAP financial information are included later in the release.\n(2)\nNet income for the three month and twelve-month periods ended December 31, 2018 include the benefit of a $2.2 million gain related to the transfer of land to the Doran Canterbury I joint venture that was accounted for as a reduction in operating expenses. The diluted earnings per share benefit from this gain for the three month and twelve-month periods ended December 31, 2018 was $0.35. \nAs previously reported, based on the advice of Minnesota state and regulatory bodies, on March 16, 2020, the Company temporarily suspended all card casino, simulcast, and special events operations at Canterbury Park in response to concerns about the COVID-19 coronavirus. The overall discussion of historical 2019 results in this release may not reflect future results due to the uncertainty caused by the COVID-19 coronavirus. \nManagement Commentary\"The fourth quarter concluded a productive year for Canterbury as we generated record fourth quarter revenue of $12.6 million and adjusted EBITDA of $1.7 million, reflecting year-over-year growth of 5% and 9%, respectively,\" said Randy Sampson, President and Chief Executive Officer of Canterbury Park. \"The improved fourth quarter performance was primarily driven by initiatives we implemented in our Card Casino that we believe will help deliver consistent future growth in a normalized operating environment. At the same time, w...