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Canterbury Park Holding Corporation Reports Q1 Results12 May 2000SHAKOPEE, Minn., May 12 (Press Release) -- Canterbury Park Holding Corporation (Nasdaq: TRAK - news) today announced results for the first quarter ending March 31, 2000. The Company reported operating revenues of $3,759,338 and operating expenses of $3,456,214, which resulted in income from operations of $303,124. After net non-operating income of $10,643, the Company posted income before income tax expense for the quarter of $313,767, compared to $627,426 for the same period in l999. Income tax expense for the quarter was $136,000 resulting in net income of $177,767, compared to $527,426 in 1999. While pre-tax profit for the first quarter of 2000 was less than 1999, income tax expense was higher due to the realization in 1999 of tax benefits from prior years operating losses. According to Randy Sampson, President and Chief Financial Officer, "Our first quarter results, while down from last year, were in line with management expectations. Our pari-mutuel simulcast operations produced a strong first quarter that included an increase in handle of 4.6% compared to last year. Expenses for the quarter were higher than 1999 due to the additional costs incurred for staffing, training and other pre-opening expenses related to our new card room facility. "Since opening the card room April 19th we have been very pleased with the initial response—both from the standpoint of revenues generated and the positive customer feedback," Sampson said. "We believe the card room will be a welcome addition to the local gaming market, a viable new business for the Company and a valued new source of revenue for live horse racing purses." Canterbury Park Holding Corporation owns and operates Canterbury Park, Minnesota's only pari-mutuel horse racing facility. The Company's 59-day 2000 live race meet begins May 20, 2000 and ends September 4, 2000. The Company operates a Card Club, 24 hours a day, seven days a week, and conducts year-round simulcast pari-mutuel horse racing and seasonal live pari-mutuel horse racing. It also promotes a variety of other entertainment events at its facility in Shakopee, Minn. NOTE: Financial summary follows. CANTERBURY PARK HOLDING CORPORATION'S SUMMARY OF OPERATING RESULTS Three Months Three Months Ended Ended March 31, 2000 March 31, 1999 Operating Revenues $3,759,338 $3,636,785 Operating Expenses $3,456,214 $2,995,852 Income from Operations $303,124 $640,933 Non-Operating Income (Expense), net $10,643 ($13,507) Income before Income Tax Expense $313,767 $627,426 Income Tax Expense ($136,000) ($100,000) Net Income $177,767 $527,426 Basic Net Income Per Common Share $0.05 $0.17 Diluted Net Income Per Common Share $0.05 $0.16 SOURCE: Canterbury Park Holding Corporation |