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Canterbury Park Holding Q1 consolidated net revenues $11.6 million

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Christian Fernsby |
Canterbury Park Holding
Canterbury Park Holding   Card Casino revenues decreased $377,000

Canterbury Park Holding Corporation announced financial results for the first quarter ended March 31, 2019.

Canterbury Park Holding's 2019 first quarter consolidated net revenues were $11.6 million, a 5.1% decrease over net revenues of $12.2 million in the 2018 first quarter.

Card Casino revenues decreased $377,000, or 4.6%, due to a $248,000 and $159,000 decrease in poker and table games revenues, respectively.

Pari-mutuel revenues decreased $50,000, or 3.3%, primarily due to a decrease in simulcast revenue.

Food and beverage revenues increased $49,000, or 3.8%, primarily due to increased event revenues.

Other revenues decreased $251,000, or 22.9%, due to a one-time short-term customer rental agreement in the 2018 first quarter related to the Super Bowl held in Minneapolis.

Total operating expenses in the 2019 first quarter were $11.6 million, a 6.9% increase over operating expenses of $10.9 million in the 2018 first quarter.

This increase primarily reflects increased salaries and benefits expense of $315,000, or 5.9%, and purse related expenses of $151,000, or 12.1%.

Canterbury Park Holding also recorded a loss on disposal of assets of $113,000, primarily due to a write-off of assets disposed of in remodeling the Card Casino.

Canterbury Park Holding's 2019 first quarter net income was $57,000 compared to net income of $990,000 in the 2018 first quarter.

Net Income includes non-operating interest income of $63,000 from interest on various deposits and loans the Company made related to development activities.

Canterbury Park Holding's 2019 first quarter diluted earnings per share were $0.01, compared to $0.22 in the 2018 first quarter.

Canterbury Park Holding generated adjusted EBITDA of $716,000 in the 2019 first quarter, a 63.7% decrease compared to 2018 first quarter adjusted EBITDA of $2.0 million.

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