Exhibit 99.1
Canterbury Park Holding Corporation Reports Financial Results
for the Second Quarter of 2007
SHAKOPEE, Minn.--(BUSINESS WIRE)--Aug. 10, 2007--Canterbury Park
Holding Corporation (AMEX:ECP) today announced results for the second
quarter and six months ended June 30, 2007.
The Company earned net income of $502,993 on revenues of
$14,626,023 for the three months ended June 30, 2007, compared to net
income of $345,358 on revenues of $14,845,784 for the same period in
2006. Diluted earnings per share for the second quarter of 2007 were
$.12 compared to $.08 for the second quarter of 2006.
Revenues for the second quarter of $14.6 million decreased 1.5%
when compared to revenues in the second quarter ended June 30, 2006.
This decrease is primarily due to a 1.7% decrease in Card Club
revenues, and a 2.4% decrease in pari-mutuel revenues, offset by a
5.2% increase in concessions revenues. Operating expenses decreased
approximately $485,000, or 3.4%, in the three months ended June 30,
2007 compared to the second quarter last year. The decrease was
primarily attributable to a decrease in salaries and benefits, a
decrease in repairs and maintenance expenses and a decrease in
advertising and marketing expenses, all resulting from the Company's
efforts to minimize spending where possible.
Further results for the second quarter and first six months of
2007 are presented in the accompanying table.
"We are pleased to report an increase in net income in spite of
the slight decrease in revenues for the second quarter", stated Randy
Sampson, Canterbury Park's President. "This reflects the results of a
number of expense reduction efforts as we try to make our operation
more efficient even as we search for ways to provide a higher level of
service to our patrons. The decline in revenues was disappointing, but
not entirely unexpected as we continue to feel the effects of
competition from Internet gambling sights for both poker and horse
racing, as well as poker competition from bar tournaments and Native
American owned casinos. On-track results were more encouraging as
higher attendance resulted in increased concessions and admission
revenues and a significant increase in out-of-state handle on our live
product which more than offset a slight decrease in on-track live
handle."
In recognition of the Company's sound financial position,
Canterbury Park's Board of Directors declared a special cash dividend
of $.25 per share of common stock, on June 7, 2007, which was paid to
shareholders on July 13, 2007.
About Canterbury Park: Canterbury Park Holding Corporation owns
and operates Minnesota's only pari-mutuel horse racing facility. In
addition, the Company is authorized under Minnesota law to host
"unbanked" card games. Canterbury Park's Card Club operates 24 hours a
day, seven days a week, with 34 poker tables, and 16 tables offering a
variety of card games. The Company also conducts year-round wagering
of simulcast horse racing and hosts a variety of other entertainment
and special events at its facility in Shakopee, Minnesota. For more
information about the Company please visit us at
www.canterburypark.com.
Cautionary Statement: this release contains or may contain
forward-looking statements based on management's beliefs and
assumptions. Such statements are subject to various risks and
uncertainties that could cause results to vary materially. Please
refer to the Company's SEC filings for a discussion of such factors.
CANTERBURY PARK HOLDING CORPORATION'S
SUMMARY OF OPERATING RESULTS
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Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
June 30, 2007 June 30, 2006 June 30, 2007 June 30, 2006
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Operating
Revenues $14,626,023 $14,845,784 $ 26,094,612 $ 26,942,161
Operating
Expenses $13,823,606 $14,308,164 $ 23,841,194 $ 24,418,478
Income from
Operations $ 802,417 $ 537,620 $ 2,253,418 $ 2,523,683
Non-Operating
Income $ 81,292 $ 66,247 $ 153,752 $ 119,331
Income Tax
Expense ($380,716) ($258,509) ($1,011,800) ($1,135,009)
Net Income $ 502,993 $ 345,358 $ 1,395,370 $ 1,508,005
Basic Net
Income Per
Common Share $ 0.12 $ 0.08 $ 0.34 $ 0.38
Diluted Net
Income Per
Common Share $ 0.12 $ 0.08 $ 0.33 $ 0.33
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CONTACT: Canterbury Park Holding Corporation
Randy Sampson, 952-445-7223