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Canterbury Park Holding Corporation Reports 2024 Third Quarter Results

Canterbury Park Holding Corporation Reports 2024 Third Quarter Results

坎特伯雷帕克控股公司報告2024年第三季度業績
GlobeNewswire ·  11/08 05:05

SHAKOPEE, Minn., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation ("Canterbury" or the "Company") (Nasdaq: CPHC) today reported financial results for the three and nine months ended September 30, 2024.

坎特伯雷帕克控股公司(簡稱「坎特伯雷」或「公司」)(納斯達克股票代碼:CPHC)今天報告了截至2024年9月30日的第三季度和前九個月的財務業績。

($ in thousands, except per share data and percentages)

(金額以千計,除每股數據和百分比外)

Three Months Ended September 30, Nine months ended September 30,
2024 2023 Change 2024 2023 Change
Net revenues $19,284 $19,269 0.1% $49,585 $48,910 1.4%
Net income (1) $2,022 $1,136 77.9% $3,358 $9,199 -63.5%
Adjusted EBITDA (2) $3,280 $3,192 2.8% $8,901 $8,394 6.0%
Basic EPS (1) $0.40 $0.23 73.9% $0.67 $1.87 -64.2%
Diluted EPS (1) $0.40 $0.23 73.9% $0.67 $1.86 -64.0%
截至9月30日的三個月 截至9月30日的九個月
2024 2023 變化 2024 2023 變化
淨利潤 $19,284 $19,269 0.1% $49,585 $48,910 1.4%
淨利潤(1) $2,022 $1,136 77.9% $3,358 $9,199 -63.5%
調整後的息稅折舊及攤銷前利潤(2) $3,280 $3,192 2.8% $8,901 $8,394 6.0%
基本每股收益(1) $0.40 $0.23 73.9% $0.67 $1.87 -64.2%
每股攤薄收益(1) $0.40 $0.23 73.9% $0.67 $1.86 -64.0%

(1) Net income and basic and diluted EPS for the three and nine months ended September 30, 2024 include a $1.7 million gain related to the transfer of land to a new joint venture. Net income and basic and diluted EPS for the nine months ended September 30, 2023 include a $6.5 million gain on sale of land.
(2) Adjusted EBITDA, a non-GAAP measure, excludes certain items from net income, a GAAP measure. Non-GAAP financial measures are not intended to be considered in isolation from, a substitute for, or superior to GAAP results. Definitions, disclosures, and reconciliations of non-GAAP financial information are included later in the release.

(1) 2024年9月30日結束的三個月和九個月的淨利潤以及基本和攤薄後每股收益包括一項與土地轉讓至一家新合資企業相關的170萬美元收益。2023年9月30日結束的九個月的淨利潤以及基本和攤薄後每股收益中包括一項650萬美元的土地出售收益。
(2) 調整後的EBITDA(非美國通用會計準則下的財務指標)從淨利潤中排除某些項目。非美國通用會計準則下的財務指標並非旨在孤立地考慮、替代或優於美國通用會計準則的結果。非美國通用會計準則下的財務信息的定義、披露和協調信息將在本公告後面包括。

Management Commentary
"Canterbury's 2024 third quarter results again demonstrated our ability to deliver consistent, solid financial performance. Net revenues and Adjusted EBITDA of $19.3 million and $3.3 million, respectively, were both up slightly compared to the prior year as we continue to execute on initiatives focused on delivering solid contributions from all segments of our operations," said Randy Sampson, President and Chief Executive Officer of Canterbury Park. "This focus is reflected in the 28% year-over-year increase in Other revenues in the third quarter as we continue to position our venue as a leading regional destination for events of all sizes and focus on bringing new, exciting entertainment to the property, such as the debut of the Canterbury Park rodeo in July. The strong contributions from these activities offset modest year-over-year declines in Casino, Pari-mutuel and Food & Beverage revenue. Our focus on operating more efficiently and prioritizing cash flow generation is reflected in the adjusted EBITDA margin of 17.0% in the quarter which compares to 16.6% for the same period in 2023.

管理層評論
坎特伯雷帕克在2024年第三季度再次展示了我們提供穩健財務表現的能力。淨營收和調整後的EBITDA分別爲1930萬美元和330萬美元,與去年相比略有增長,因爲我們繼續執行致力於從我們所有經營領域中提供穩健貢獻的舉措,"坎特伯雷帕克的總裁兼首席執行官蘭迪·桑普森表示。"這種專注在第三季度其他營收增長28%,表明我們繼續將我們的場館定位爲一個領先的區域性活動目的地,適合各種規模的活動,並致力於爲物業帶來新的、令人興奮的娛樂項目,比如7月份的坎特伯雷帕克競技節的首次亮相。這些活動的強勁貢獻抵消了賭場、共同投注和食品飲料收入同比略微下降。我們專注於更高效地運營並優先考慮現金流生成的策略體現在本季度的調整後EBITDA利潤率爲17.0%,而2023年同期爲16.6%。

"We continue our work with top-tier partners to transform the excess land around the property into Canterbury Commons, a regional destination for living, playing and working experiences. There are now currently available or under development over 900 residential units, five restaurants and breweries, two music and entertainment venues, 57,000 square-feet of office space, and other distinct amenities that are the core of an entirely new community in the region. Canterbury Commons is already bringing new, 24-hour traffic and energy to the property, and we expect it will create new long-term revenue sources and economics for the Company.

我們繼續與一流合作伙伴合作,將物業周圍的多餘土地改造爲坎特伯雷公園,這是一個提供居住、娛樂和工作體驗的區域目的地。目前已經有超過900個住宅單位,五家餐廳和釀酒廠,兩家音樂和娛樂場所,57000平方英尺的辦公空間以及其他獨特的設施可供利用,這些設施是該地區一個全新社區的核心。坎特伯雷公園已經爲該物業帶來了新的24小時交通和活力,我們預計它將爲公司創造新的長期收入來源和經濟收入。

"Canterbury is well-positioned to deliver solid financial results in the near and long-term. We believe the Company's current valuation does not fully reflect our consistent annual cash flow generation, strong balance sheet with nearly $22 million in unrestricted cash and short-term investments and nearly $17 million related to our tax increment financing receivable, as well as our return of capital initiative through our quarterly cash dividend. This is heightened by the significant value in our real estate which we are unlocking through the development of Canterbury Commons. We remain on track to execute on strategies over the balance of this year and beyond that will further create long-term value for our shareholders."

坎特伯雷有望在短期和長期內實現穩健的財務業績。我們認爲公司目前的估值沒有充分反映我們穩定的年度現金流生成、強勁的資產負債表(近2200萬美元的無限制現金和短期投資及近1700萬美元的稅收遞延款項),以及我們通過季度現金股利的資本回報倡議。我們通過坎特伯雷公園的開發正在釋放我們房地產的顯著價值。我們將繼續執行今年餘下時間以及未來時間段的戰略,進一步爲股東創造長期價值。

Canterbury Commons Development Update
Swervo continues to make progress on the construction of its state-of-the-art amphitheater which is expected to open in August 2025. The Company's barn relocation and redevelopment plan is nearing completion with three new barns completed and in operation, with the balance of the planned backside improvements on schedule for completion prior to the 2025 live racing season. Canterbury is also nearing completion of the road adjacent to the amphitheater which will unlock the development potential of roughly 25 acres of land in that portion of the site.

坎特伯雷公寓開發更新
Swervo繼續在其一流的露天劇場施工中取得進展,預計將於2025年8月開放。公司的穀倉搬遷和重建計劃即將完成,已建成並投入使用三個新穀倉,計劃中剩餘的背面改進工程按計劃將在2025年賽季開始前完成。坎特伯雷帕克控股還將完成靠近露天劇場的道路建設,這將開發該地塊約25英畝的潛力。

Residential and commercial construction updates related to joint ventures include:

與合資企業有關的住宅和商業建築更新包括:

  • Phase II of The Doran Group's upscale Triple Crown Residences at Canterbury Park has leased 80% of its available units.
    • Repairs continue on Phase I of the Triple Crown Residences and are expected to be fully complete in late 2024 with a certificate of occupancy expected in early 2025.
  • 74% of the 147 units of senior market rate apartments at The Omry at Canterbury are leased.
  • The pizza restaurant and fitness center in the new, 10,000 square-foot commercial building within the Winners Circle development recently opened; the development's BBQ restaurant is expected to open before year-end.
  • A land use application for an additional 28,000 square-foot commercial office building within the Winners Circle development was approved by the City Planning Commission and the City Council, and construction has recently begun on the project. The primary user has 57% of the space under lease and discussions are ongoing with other potential tenants.
  • In the third quarter of 2024, Canterbury transferred 3.5 acres of trackside land into a new joint venture. The Company's joint venture partner, Trackside Hospitality, LLC, has begun construction of an approximately 16,000 square foot project that will house a new music venue, restaurant and bar in the spring of 2025.
  • 坎特伯雷帕克控股豪華三冠住宅的第二階段已租出80%的可用單位。
    • 多蘭集團坎特伯雷帕克三冠住宅第一階段的維修工程正在繼續進行,預計將於2024年底完全竣工,預計2025年初獲得使用證書。
  • 坎特伯雷帕克控股的The Omry公寓中的147套高年齡市場租賃公寓中,74%已經出租。
  • 新的一棟商業建築內的比薩餅店和健身中心已在Winners Circle開發項目中開業;預計開發項目的BBQ餐廳將在年底之前開業。
  • 在Winners Circle開發項目內另一幢商業寫字樓的用地使用申請已獲得市規劃委員會和市議會批准,該項目的施工最近已開始。主要使用者已租賃了57%的空間,與其他潛在租戶的討論正在進行中。
  • 2024年第三季度,坎特伯雷公司將3.5英畝的鐵路旁地皮轉入一家新的合資企業。公司的合作伙伴Trackside Hospitality, LLC,已開始在2025年春季建設約16,000平方英尺的新項目,該項目將設有新的音樂場地、餐廳和酒吧。

Residential and commercial construction updates related to prior land sales include:

與之前的土地銷售有關的住宅和商業建築更新:

  • Pulte Homes of Minnesota continues development on the 45-unit second phase of its row home and townhome residences.
  • 明尼蘇達州的Pulte Homes正在開發其聯排別墅和城鎮住宅的第二階段,共45個單元。

Developer and partner selection for the remaining 50 acres of Canterbury Commons, including 25 acres that will become available for development following the completion of the new road noted above, continues. Additional uses could include office, retail, hotel and restaurants.

Canterbury Commons剩餘的50英畝土地的開發和合作夥伴選擇正在繼續,其中包括25英畝的土地,在上述新道路建成後將變得可用於開發,其他可能使用包括辦公室,零售,酒店和餐廳等。

Summary of 2024 Third Quarter Operating Results
Net revenues for the three months ended September 30, 2024 and September 30, 2023 were $19.3 million. Compared to the prior-year period, Casino revenue declined 3.4% primarily due to a decrease in table games drop along with a lower average collection rate. Pari-mutuel and Food & Beverage revenue declined 2.3% and 6.3%, respectively, primarily due to one fewer live race day year-over-year (37 in 2024 compared to 38 in 2023). These declines were offset by a 27.8% increase in Other revenue primarily driven by higher admissions revenue related to hosting large scale special events, including Canterbury's first ever rodeo in July, as well as a successful comedy series in September.

2024年第三季度營運業績摘要
2024年9月30日及2023年9月30日三個月的淨營業額爲1930萬美元。與去年同期相比,由於桌面遊戲降低以及較低的平均收集率,賭場營收下降了3.4%。相似地,共享賽馬和餐飲營收分別下降了2.3%和6.3%,主要是因爲同比減少了一天現場賽馬比賽(2024年爲37天,而2023年爲38天)。這些下降部分被其他營收增加了27.8%所抵消,主要是受到了與舉辦大型特別活動相關的更高門票銷售額的推動,包括7月的坎特伯雷首次羅德比賽,以及9月成功的喜劇系列活動。

Operating expenses for the three months ended September 30, 2024 declined slightly to $17.4 from $17.5 million for the same period in 2023. The year-over-year decline primarily reflects lower advertising and marketing expenses and professional and contracted services, due to proactive efforts to lower overall costs, slightly offset by an increase in other operating expenses, primarily due to higher promoter expenses related to special events.

2024年9月30日三個月的營業費用略有下降,從2023年同期的1750萬美元降至17.4美元。同比下降主要反映了較低的廣告營銷費用和專業及合同服務費用,由於積極降低整體成本而略微抵消了其他營業費用的增加,主要是由於與特別活動相關的更高推廣費用的增加。

The Company recorded a $1.7 million gain on the transfer of 3.5 acres of land to a new joint venture during the three months ended September 30, 2024. There were no transfers or sales of land in the three months ended September 30, 2023.

公司在2024年9月30日三個月內將3.5英畝土地轉讓給新的合資公司,錄得170萬美元的收益。2023年9月30日三個月內沒有土地轉讓或銷售。

The Company recorded a loss from equity investment of $1.4 million for the three months ended September 30, 2024. For the three months ended September 30, 2023, the Company recorded a loss from equity investment of $674,000. The losses from equity investments in both periods were primarily related to the Company's share of depreciation, amortization and interest expense from the Doran Canterbury joint ventures.

公司在2024年9月30日結束的三個月裏,股權投資虧損爲140萬美元。而在2023年9月30日結束的三個月裏,公司的股權投資虧損爲67.4萬美元。這兩個時期的股權投資虧損主要與公司在多蘭坎特伯雷聯營企業中所承擔的折舊、攤銷以及利息支出有關。

The Company recorded income tax expense of $772,000 for the three months ended September 30, 2024 compared to income tax expense of $533,000 for the three months ended September 30, 2023. The Company recorded net income of $2.0 million and diluted earnings per share of $0.40 for the three months ended September 30, 2024, compared to net income and diluted earnings per share for the three months ended September 30, 2023 of $1.1 million and $0.23 per share, respectively.

公司在2024年9月30日結束的三個月裏,所得稅費用爲77.2萬美元,而在2023年9月30日結束的三個月裏,所得稅費用爲53.3萬美元。公司在2024年9月30日結束的三個月裏,淨利潤爲200萬美元,攤薄後每股收益爲0.40美元,相比之下,2023年9月30日結束的三個月裏,分別爲110萬美元的淨利潤和每股0.23美元的攤薄後每股收益。

Adjusted EBITDA, a non-GAAP measure, for the three months ended September 30, 2024 and September 30, 2023 was $3.3 million and $3.2 million, respectively.

已調整的EBITDA(非GAAP指標)分別爲2024年9月30日和2023年9月30日結束的三個月裏分別爲330萬美元和320萬美元。

Summary of 2024 Year-to-Date Operating Results
Net revenues for the nine months ended September 30, 2024 increased 1.4% to $49.6 million, compared to $48.9 million for the same period in 2023. The improvement relative to the nine months ended September 30, 2023 reflects increases in Pari-mutuel, Food & Beverage and Other revenues of 1.3%, 1.8% and 21.1%, respectively, partially offset by a 1.8% decline in Casino revenue. The increased Pari-mutuel revenues were primarily the result of the Company having one more live race day compared to the same period last year as well as higher out-of-state handle due to increased field sizes on a per race basis. The increase in Food & Beverage revenue was also partially due to the one additional live race day while also benefiting from increased catering operations related to hosting large scale special events. Other revenues increased primarily due to admission revenues related to the rodeo, comedy series and live racing events.

2024年至今運營成果概要
截至2024年9月30日結束的九個月裏,淨收入增長1.4%,達到4960萬美元,相比之下,2023年同期爲4890萬美元。相對於截至2023年9月30日結束的九個月,這個改善反映了相互投注、餐飲及其他收入分別增長了1.3%、1.8%和21.1%,部分抵消了賭場收入下降1.8%。相互投注收入的增加主要是因爲公司在去年同期比賽日多了一天,以及由於比賽日場次能容納更多,導致跨州壓注額增加。餐飲收入的增長也部分歸因於額外的比賽日,同時也受益於與舉辦大型特別活動相關的增加餐飲運營。其他收入主要因與關於競技表演、喜劇系列和賽馬活動相關的門票收入增加而上漲。

Operating expenses for the nine months ended September 30, 2024 were $44.8 million, an increase of $300,000, or less than 1.0%, compared to operating expenses of $44.5 million for the same period in 2023. The year-over-year increase reflects higher depreciation, due to putting into service upgrades to the Company's barns and backside, and higher salaries and benefits expenses, due primarily to annual wage increases, which more than offset lower advertising and marketing and professional and contracted services expenses as compared to the nine months ended September 30, 2023.

2024年9月30日結束的九個月的營業費用爲4480萬美元,較2023年同期4450萬美元的營業費用增加了30萬美元,增幅不到1.0%。年度增長反映了更高的折舊費用,主要是因爲對公司的穀倉和後方進行升級投入使用,以及更高的薪資和福利費用,主要是因爲年度工資增加,這彌補了較2023年9月30日結束的九個月相比較更低的廣告、市場營銷、專業服務和外包服務費用。

The Company recorded a $1.7 million gain on the transfer of 3.5 acres of land to a new joint venture during the nine months ended September 30, 2024. The Company recorded a gain on sale of land of $6.5 million related to the sale of 37 acres to Swervo during the nine months ended September 30, 2023.

公司在2024年9月30日結束的九個月內,將3.5英畝土地轉讓給新成立的合資企業,獲利170萬美元。公司在2023年9月30日結束的九個月內,銷售37英畝土地給Swervo,實現了650萬美元的土地出售利潤。

The Company recorded a loss from equity investment of $3.4 million for the nine months ended September 30, 2024 compared to a gain from equity investment of $0.6 million for the nine months ended September 30, 2023. The net loss for the nine month period ended September 30, 2024 is related to the Company's share of depreciation, amortization and interest expense from the Doran Canterbury joint ventures, while the net gain for the same period a year ago is related to a gain recognized on insurance proceeds received by Doran Canterbury I related to an outstanding claim.

公司在2024年9月30日結束的九個月內,股權投資虧損340萬美元,而在2023年9月30日結束的九個月內,股權投資盈利60萬美元。截至2024年9月30日的九個月的淨虧損與公司分享的Doran Canterbury合資公司的折舊、攤銷和利息支出相關,而一年前同期的淨盈利與Doran Canterbury I收到的保險索賠款有關。

The Company recorded income tax expense of $1.4 million for the nine months ended September 30, 2024 compared to income tax expense of $3.7 million for the nine months ended September 30, 2023.

公司在2024年9月30日結束的九個月內,所得稅費用爲140萬美元,而在2023年9月30日結束的九個月內,所得稅費用爲370萬美元。

The Company recorded net income of $3.4 million and diluted earnings per share of $0.67 for the nine months ended September 30, 2024, compared to net income and diluted earnings per share for the nine months ended September 30, 2023 of $9.2 million and $1.86 per share, respectively.

公司截至2024年9月30日的九個月實現了340萬美元的淨利潤,攤薄後每股收益爲0.67美元,相比之下,2023年9月30日的九個月淨收入和攤薄後每股收益分別爲920萬美元和1.86美元。

Adjusted EBITDA was $8.9 million for the nine months ended September 30, 2024 compared with $8.4 million for the same period in 2023.

截至2024年9月30日的九個月,調整後的息稅折舊及攤銷前利潤(EBITDA)爲890萬美元,相比於2023年同期的840萬美元。

Additional Financial Information
Further financial information for the third quarter ended September 30, 2024, is presented in the accompanying tables at the end of this press release. Additional information will be provided in the Company's Quarterly Report on Form 10-Q that will be filed with the Securities and Exchange Commission on or about November 8, 2024.

其他財務信息
有關2024年9月30日結束的第三季度的進一步財務信息詳見本新聞稿末尾的附表。更多信息將在公司將於2024年11月8日前後提交給美國證券交易委員會的10-Q季度報告中提供。

Use of Non-GAAP Financial Measures
To supplement our financial statements, we also provide investors with information about our EBITDA and Adjusted EBITDA, each of which is a non-GAAP measure, and which exclude certain items from net income, a GAAP measure. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as earnings before interest income (net of interest expense), income tax expense, depreciation and amortization, as well as excluding stock-based compensation (which includes our 401(k) match expense as this match occurs in Company stock), gain on insurance proceeds relating to equity investments, gain on disposal of assets, gain on the transfer or sale of land, depreciation and amortization related to equity investments, and interest expense related to equity investments. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net revenues. Neither EBITDA, Adjusted EBITDA, or Adjusted EBITDA margin are measures of performance calculated in accordance with generally accepted accounting principles ("GAAP"), and should not be considered an alternative to, or more meaningful than, net income as an indicator of our operating performance. See the table below, which presents reconciliations of these measures to the GAAP equivalent financial measure, which is net income. We have presented EBITDA as a supplemental disclosure because we believe that, when considered with measures calculated in accordance with GAAP, EBITDA gives investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes, and it is a widely used measure of performance and basis for valuation of companies in our industry. Other companies that provide EBITDA information may calculate EBITDA or Adjusted EBITDA differently than we do. We have presented Adjusted EBITDA as a supplemental disclosure because we believe it enables investors to understand and assess our core operating results excluding the effect of these items and is useful to investors in allowing greater transparency related to a significant measure used by management in its financial and operational decision-making. Adjusted EBITDA has economic substance because it is used by management as a performance measure to analyze the performance of our business and provides a perspective on the current effects of operating decisions.

使用非 GAAP 財務指標
除了提供我們的基本報表外,我們還向投資者提供有關我們的EBITDA和調整後的EBITDA的信息,這兩者都是非GAAP財務指標,其中從淨利潤中排除了某些項目,這是GAAP財務指標。我們將EBITDA定義爲利息、稅項、折舊和攤銷前利潤。我們將調整後的EBITDA定義爲利息收入(淨利息費用)、所得稅費用、折舊和攤銷前利潤,以及排除了基於股票的補償(其中包括我們的401(k)配對支出,因爲這種配對發生在公司股票中)、與股本投資相關的保險賠付利得、處置資產的利得、土地的轉讓或出售利得、與權益投資有關的折舊和攤銷以及與權益投資有關的利息費用。我們將調整後的EBITDA邊際定義爲調整後的EBITDA佔淨收入的百分比。EBITDA、調整後的EBITDA或調整後的EBITDA邊際均不是根據通用會計準則(「GAAP」)計算的績效指標,不應被視爲比淨利潤更有意義的運營績效指標。請查看下錶,其中呈現了這些指標與GAAP等效財務指標之間的調整。我們提供EBITDA作爲補充披露,因爲我們相信,在與按照GAAP計算的指標一起考慮時,EBITDA可以讓投資者更全面地了解我們在投資和融資交易和所得稅影響之前的運營結果,並且這是一種被廣泛使用的績效指標和估值基礎,適用於我們行業公司的估值。提供EBITDA信息的其他公司可能以不同於我們的方式計算EBITDA或調整後的EBITDA。我們提供調整後的EBITDA作爲補充披露,因爲我們相信它使投資者能夠了解和評估我們核心運營結果,排除這些項目的影響,並且對於幫助投資者更透明地了解管理層在財務和運營決策中使用的主要指標是有用的。調整後的EBITDA具有經濟實質,因爲管理層將其用作績效指標來分析我們業務的表現,併爲當前運營決策的影響提供視角。

About Canterbury Park
Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing both poker and table games. The Company also conducts year-round wagering on simulcast horse racing and hosts a variety of other entertainment and special events at its Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit .

關於坎特伯雷公園
坎特伯雷帕克控股公司(納斯達克股票代碼:CPHC)擁有並經營坎特伯雷帕克賽馬場和賭場,位於明尼蘇達州沙科比市,是該州唯一的純種和四分之一英里賽馬設施。該公司通常從五月至九月提供現場賽馬。賭場每週七天24小時提供紙牌遊戲,同時提供撲克和桌上游戲。該公司還全年舉辦關於模擬賽馬的下注活動,並在沙科比設施舉辦各種其它娛樂和特別活動。公司還通過不斷開發圍繞賽馬場周圍約140英畝未充分利用土地的策略,致力於增強股東價值。該土地最初被指定爲坎特伯雷公園項目。公司正在通過自身及合資企業追求剩餘未充分利用土地的幾種多功能開發機會。欲了解更多公司信息,請訪問 .

Cautionary Statement
From time to time, in reports filed with the Securities and Exchange Commission, in press releases, and in other communications to shareholders or the investing public, we may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans. These statements are typically preceded by the words "believes," "expects," "anticipates," "intends" or similar expressions. For these forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in federal securities laws. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties which could affect our actual results and cause actual results to differ materially from those indicated in the forward-looking statements. We report these risks and uncertainties in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. They include, but are not limited to: we may not be successful in implementing our growth strategy; sensitivity to reductions in discretionary spending as a result of downturns in the economy and other factors; we have experienced a decrease in revenue and profitability from live racing; challenges in attracting a sufficient number of horses and trainers; a lack of confidence in core operations resulting in decreasing customer retention and engagement; personal injury litigation due to the inherently dangerous nature of horse racing; material fluctuations in attendance at the Racetrack; material changes in the level of wagering by patrons; any decline in interest in horse racing or the unbanked card games offered in the Casino; competition from other venues offering racing, unbanked card games or other forms of wagering; competition from other sports and entertainment options; increases in compensation and employee benefit costs; the impact of wagering products and technologies introduced by competitors; the general health of the gaming sector; legislative and regulatory decisions and changes; our ability to successfully develop our real estate, including the effect of competition on our real estate development operations and our reliance on our current and future development partners; temporary disruptions or changes in access to our facilities caused by ongoing infrastructure improvements; inclement weather and other conditions affecting the ability to conduct live racing; technology and/or key system failures; cybersecurity incidents; the general effects of inflation; our ability to attract and retain qualified personnel; dividends that may or may not be issued at the discretion of our Board of Directors; and other factors that are beyond our ability to control or predict.

聲明
我們可能不時在向證券交易委員會提交的報告、新聞稿和其他向股東或投資者公佈的通信中提出有關可能或預期的未來財務表現、業務活動或計劃的前瞻性聲明。這些聲明通常以「相信」、「期望」、「預計」、「打算」或類似表述開頭。對於這些前瞻性聲明,我們聲稱依據聯邦證券法中關於前瞻性聲明安全港的保護。股東和投資公衆應了解,這些前瞻性聲明會受到可能影響我們實際業績並導致實際結果與前瞻性聲明中所示結果有重大差異的風險和不確定性的影響。我們在向SEC提交的截至2023年12月31日的《10-K年度報告》和隨後提交的《10-Q季度報告》和《8-K目前報告》中報告了這些風險和不確定性。它們包括但不限於:我們可能無法成功實施增長戰略;敏感性降低了不必要支出由於經濟衰退和其他因素;我們的真實賽馬收入和收益已經減少;吸引足夠數量的馬匹和訓練師存在挑戰;核心業務信心下降導致顧客保留和參與減少;因馬賽本質危險而產生的人身傷害訴訟;賽馬場出勤率的重大波動;顧客下注的水平發生重大變化;對賽馬或賭場提供的非銀行卡遊戲的興趣下降;競爭對手提供賽馬、非銀行卡遊戲或其他形式的賭博;其他運動和娛樂選擇的競爭;薪資和員工福利成本的增加;競爭者引入的下注產品和技術的影響;遊戲行業的總體狀況;立法和監管決定和變化;我們成功開發房地產的能力,包括競爭對我們房地產開發運營的影響、以及我們對現有和未來發展合作伙伴的依賴性;由於正在進行的基礎設施改進而導致對我們設施的臨時中斷或更改;惡劣天氣和其他影響進行實況賽馬的能力的條件;技術和/或關鍵系統故障;網絡安全事件;通貨膨脹的一般影響;我們吸引和留住合格人員的能力;可能會發放也可能不會發放的股息,由董事會自行裁決;以及我們無法控制或預測的其他因素。

The forward-looking statements in this press release speak only as of the date of this press release. Except as required by law, Canterbury assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

本新聞稿中的前瞻性聲明僅在本新聞稿發佈之日有效。除法律規定外,坎特伯雷不承擔更新或修訂這些前瞻性聲明的任何義務,即使將來有新信息也是如此。

Investor Contacts:
Randy Dehmer Richard Land, Jim Leahy
Senior Vice President and Chief Financial Officer JCIR
Canterbury Park Holding Corporation 212-835-8500 or cphc@jcir.com
952-233-4828 or investorrelations@canterburypark.com
投資者聯繫方式:
蘭迪·德默 理查德·蘭德、吉姆·利希
高級副總裁兼首席財務官 JCIR
坎特伯雷公園控股公司 212-835-8500或cphc@jcir.com
952-233-4828或investorrelations@canterburypark.com

- Financial tables follow –

-財務表格見下-

CANTERBURY PARK HOLDING CORPORATION'S
SUMMARY OF OPERATING RESULTS
(UNAUDITED)
坎特伯雷公園控股公司
運營結果概述
(未經審計)
Three months ended Nine months ended
September 30, September 30,
2024 2023 2024 2023
Operating Revenues:
Casino $9,878,660 $10,224,216 $29,780,059 $30,322,149
Pari-mutuel 3,327,332 3,405,010 7,100,316 7,009,710
Food and Beverage 3,102,706 3,310,759 6,930,086 6,808,242
Other 2,975,669 2,328,564 5,774,290 4,769,694
Total Net Revenues $19,284,367 $19,268,549 $49,584,751 $48,909,795
Operating Expenses (17,370,092) (17,461,813) (44,786,387) (44,486,784)
Gain on Transfer/Sale of Land 1,732,353 - 1,732,353 6,489,976
Income from Operations 3,646,628 1,806,736 6,530,717 10,912,987
Other (Loss) Income, net (852,822) (137,437) (1,808,471) 1,995,344
Income Tax Expense (772,000) (533,000) (1,364,000) (3,709,000)
Net Income 2,021,806 1,136,299 3,358,246 9,199,331
Basic Net Income Per Common Share $0.40 $0.23 $0.67 $1.87
Diluted Net Income Per Common Share $0.40 $0.23 $0.67 $1.86
三個月結束 九個月結束
截至2023年9月30日年 度報告 截至2023年9月30日年 度報告
2024 2023 2024 2023
營業收入:
賭場 $9,878,660 $10,224,216 $29,780,059 $30,322,149
共同彩票 3,327,332 3,405,010 7,100,316 7,009,710
餐飲業 3,102,706 3,310,759 6,930,086 6,808,242
其他 2,975,669 2,328,564 5,774,290 4,769,694
總淨收入 $19,284,367 $19,268,549 $49,584,751 $48,909,795
研究和開發 (17,370,092) (17,461,813) (44,786,387) (44,486,784)
轉讓/出售土地所得 1,732,353 - 1,732,353 6,489,976
營業收入 3,646,628 1,806,736 6,530,717 10,912,987
其他(損失)收入,淨額 (852,822) (137,437) (1,808,471) 1,995,344
所得稅費用 (772,000) (533,000) (1,364,000) (3,709,000)
淨利潤 2,021,806 1,136,299 3,358,246 9,199,331
每股普通股基本淨利潤 $0.40 $0.23 $0.67 $1.87
每股普通股攤薄淨利潤 $0.40 $0.23 $0.67 $1.86
RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA
(UNAUDITED)
Three months ended Nine months ended
September 30, September 30,
2024 2023 2024 2023
NET INCOME $2,021,806 $1,136,299 $3,358,246 $9,199,331
Interest income, net (521,579) (536,904) (1,592,676) (1,433,353)
Income tax expense 772,000 533,000 1,364,000 3,709,000
Depreciation and amortization 936,033 831,379 2,676,092 2,308,272
EBITDA 3,208,260 1,963,774 5,805,662 13,783,250
Stock-based compensation 358,922 341,809 1,074,077 1,042,556
Gain on insurance proceeds related to
equity investments - - - (2,528,901)
Gain on disposal of assets - (19,265) (19,265)
Gain on transfer/sale of land (1,732,353) - (1,732,353) (6,489,976)
Depreciation and amortization related to equity investments
605,138

438,011

1,667,927

1,313,986
Interest expense related to equity investments
840,504

467,571

2,085,327

1,292,627
ADJUSTED EBITDA $3,280,471 $3,191,900 $8,900,640 $8,394,277
淨利潤調節爲稅息折舊及攤銷前利潤(EBITDA)和調整後的EBITDA
(未經審計)
三個月結束 九個月結束
九月30日, 九月30日,
2024 2023 2024 2023
淨利潤 $2,021,806 $1,136,299 $3,358,246 $9,199,331
利息收入,淨額 (521,579) (536,904) (1,592,676) (1,433,353)
所得稅費用 772,000 533,000 公司在發行中支付的成本約爲$1,364,000。 3,709,000
折舊和攤銷 936,033 831,379 2,676,092 2,308,272
EBITDA 3,208,260 1,963,774 5,805,662 13,783,250
股票補償 358,922 341,809 1,074,077 1,042,556
保險賠款收益
股權投資 - - - (2,528,901)
資產處置收益 - (19,265) (19,265)
土地轉讓/出售收益 (1,732,353) - (1,732,353) (6,489,976)
與股權投資有關的折舊和攤銷
605,138

438,011

1,667,927

1,313,986
與股權投資有關的利息支出
840,504

467,571

2,085,327

1,292,627
調整後的EBITDA $3,280,471 $3,191,900 $8,900,640 $8,394,277

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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