Pari-mutuel revenues also increased modestly during the quarter to $3.2 million, a 1.7% increase from revenues of $3.1 million for the same period in 2003. Operating expenses increased $1.33 million, a 17.2% increase compared to the 2003 first quarter, reflecting greater operating costs associated with the increased level of business in the Card Club, as well as higher costs associated with property and liability insurance, and increased license fees assessed by the Minnesota Racing Commission."We are very pleased with the impressive results in the first quarter, including the continued success and increasing popularity of the Card Club", stated Randy Sampson, Canterbury Park president. "Also, we are looking forward to the upcoming 2004 racing season, which begins our tenth year of providing live horse racing entertainment to our loyal fans. Enhancements to the racing experience for 2004 include the recently completed $1.5 million renovation of our club-level facility, our most significant facility improvement since the Card Club was created; an expanded live meet from 63 to 68 days of racing and the highest purse structure in the history of Canterbury Park. In addition, we will again host the Claiming Crown, the popular national event for "blue collar" runners, on July 17th."
Canterbury Park Holding Corp's financial results for the first quarter of the year included records for quarterly earnings and earnings per share. Canterbury had net income of $1.26 million on revenues of $11.38 million, compared to net income of $839,087 on revenues of $9.23 million for the same period in 2003. Diluted earnings per share for the first quarter of 2004 were $.30 compared with $.21 for the same period last year. Revenues for the quarter were $2.16 million , a 23.4% increase over last year's first quarter. This increase is primarily due to a 40% increase in Card Club revenues to $6.9 million from $4.9 million for the same period in 2003.