Canterbury Reports Quarterly Profit
Updated: Thursday, August 23, 2001 4:16 PM
From Canterbury Park
Posted: Thursday, August 23, 2001 4:14 PM
Canterbury Park Holding Corporation announced results for the second quarter and six months ending June 30, 2001. For the quarter, the company reported revenues of $10,694,550 and operating expenses of $10,469,156, resulting in income from operations of $225,394. After net non-operating revenues of $15,406, and income tax expense of $107,750, the company's net income was $133,050, as compared to a net loss of ($251,888) for the quarter ended June 30, 2000. For the six months ended June 30, 2001, net income was $856,670 compared to a net loss of ($74,121) for the same period in 2000.
Revenues in the second quarter increased approximately $1.0 million or 10.8 percent compared to 2000. Card Club revenues were approximately $4.1 million for the quarter compared to $3.5 million for the second quarter of 2000. Commenting on the results, Randy Sampson, Canterbury's president stated, "We are very pleased with the operating results for the second quarter, especially considering this is traditionally our weakest quarter due to seasonal operating expenses. We were able to achieve record revenue and net income levels in the second quarter with all segments of our business showing increases over last year and exceeding our plan for 2001. Pari-mutuel revenues increased mainly on the strength of a great start to our live racing meet due to our improved quality of racing and record purse levels of nearly $120,000 per day. Card Club revenues also increased due in part to a full quarter of operations, as well as our recent expansion to the full 50 tables allowed by Minnesota law and the addition of new card games. Concessions and admissions revenues also were strong for the quarter due primarily to higher attendance for live racing during May and June."
Operating expenses increased approximately $406,000 or 4.0 percent for the three months ended June 30, 2001 compared to the second quarter last year. The increase was primarily due to a full quarter of salaries and other operating expenses of the Card Club, which opened April 19, 2000, and to higher purse expenses attributable to higher Card Club revenues.
Canterbury Park Holding Corporation owns and operates Canterbury Park Racetrack, Minnesota's only pari-mutuel horse racing facility. The company's 63-day 2001 live race meet begins on May 18th and ends September 3, 2001. The company will host two days of live harness racing on September Sept. 22-23. The company also operates Canterbury Card Club, the only facility in Minnesota given legislative authority to host unbanked card playing operations. Canterbury Card Club operates 24 hours a day, seven days a week, conducting a variety of unbanked card games. In addition, the company conducts year-round simulcast horse racing and hosts a variety of other entertainment events at its facility in Shakopee, Minnesota.
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