Exhibit 99.1
Canterbury Park Holding Corporation Reports Financial
Results for the Third Quarter of 2007
SHAKOPEE, Minn.--(BUSINESS WIRE)--Nov. 13, 2007--Canterbury Park Holding
Corporation (AMEX:ECP) today announced results for the third quarter and nine
months ended September 30, 2007.
The Company earned net income of $589,992 on revenues of $15,522,631 for
the three months ended September 30, 2007, compared to net income of $524,433 on
revenues of $16,313,693 for the same period in 2006. Diluted earnings per share
for the third quarter of 2007 were $.14 compared to $.12 for the third quarter
of 2006.
The Company's third quarter 2007 revenues of $15.5 million were
approximately 4.8% less than revenues in the same period in 2006 primarily due
to a 3.9% decrease in Card Club revenues and an 8.2% decline in pari-mutuel
revenues, offset by a 2.4% increase in concessions revenues. Operating expenses
decreased approximately $859,000, or 5.5%, in the three months ended September
30, 2007 compared to the 2006 third quarter. The lower level of expense was
primarily attributable to a decline in purse expense resulting from a reduction
in associated revenues, as well as decreases in salaries and benefits and in
advertising and marketing expenses, both resulting from the Company's expense
reduction efforts. Further results for the third quarter and first nine months
of 2007 are presented in the accompanying table.
"We are pleased to report an increase in net income in the third quarter in
spite of the decrease in revenues", stated Randy Sampson, Canterbury Park's
President. "This reflects the success of our expense reduction efforts as well
as efforts to increase the efficiency of our operations. The decline in revenues
was disappointing, but not unexpected as we reduced the number of live races to
better manage purse funds. In addition, the Claiming Crown, traditionally our
largest racing day during the past few years, was not conducted at Canterbury
Park this summer."
"As we manage the challenges in our core businesses, we are looking to the
future and potential opportunities for growth", continued Mr. Sampson. "We
continue to explore potential development options for our 380-acre site in
Shakopee. We believe we are uniquely positioned to develop an exciting
commercial/entertainment complex over the next five years in one of Minnesota's
fastest growing counties."
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 Nine Months Nine Months
Ended Ended Ended Ended
September 30, September 30, September 30, September 30,
2007 2006 2007 2006
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Operating
Revenues $ 15,522,631 $ 16,313,693 $ 41,617,243 $ 43,255,855
Operating
Expenses $ 14,633,716 $ 15,492,842 $ 38,474,910 $ 39,911,321
Income from
Operations $ 888,915 $ 820,851 $ 3,142,333 $ 3,344,534
Non-Operating
Income $ 97,877 $ 89,873 $ 251,629 $ 209,204
Income Tax
Expense ($396,800) ($386,291) ($1,408,600) ($1,521,300)
Net Income $ 589,992 $ 524,433 $ 1,985,362 $ 2,032,438
Basic Net
Income Per
Common Share $ 0.14 $ 0.13 $ 0.49 $ 0.51
Diluted Net
Income Per
Common Share $ 0.14 $ 0.12 $ 0.47 $ 0.48
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CONTACT: Canterbury Park Holding Corporation
Randy Sampson, 952-445-7223