UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of report (Date of earliest event reported): May 14, 2015
Canterbury
Park Holding Corporation
(Exact
name of registrant as specified in its charter)
Minnesota
(State
or Other Jurisdiction of Incorporation)
001-31569
|
41-1775532
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(Commission
File Number)
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(IRS
Employer Identification No.)
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1100
Canterbury Road, Shakopee, Minnesota
|
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55379
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(952)
445-7223
(Registrant’s
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see
General
Instruction A.2. below):
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Section 2 - Financial Information
Item 2.02 - Results of
Operations and Financial Condition
On May 14, 2015, Canterbury Park Holding Corporation (the “Company”)
issued a press release regarding its results of operations for the three
months ended March 31, 2015. A copy of the press release is furnished
as Exhibit 99.1 to this Form 8-K.
The information provided pursuant to Item 2.02 of this Form 8-K is being
furnished and is not “filed” for purposes of Section 18 of the
Securities Act of 1934, nor may it be deemed incorporated by reference
in any filing under the Securities Act of 1933, except as expressly set
forth by specific reference in such filing.
Section 9 - Financial Statements and Exhibits
Item 9.01 -
Financial Statements and Exhibits
(d) Exhibits
The following are filed or furnished as Exhibits to this Report:
Exhibit
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Description of Exhibit
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No.
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99.1
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Press release dated May 14, 2015, reporting results for the three
months ended March 31, 2015.
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SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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CANTERBURY
PARK HOLDING CORPORATION
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Dated:
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May
14, 2015
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By:
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/s/
Randall D. Sampson
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Randall
D. Sampson
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Chief
Executive Officer
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Exhibit 99.1
Canterbury
Park Holding Corporation Announces 2015 First Quarter Financial Results
SHAKOPEE, Minn.--(BUSINESS WIRE)--May 14, 2015--Canterbury Park Holding
Corporation (NASDAQ:CPHC) today announced financial results for the
first quarter ended March 31, 2015.
Canterbury Park Holding Corporation (the “Company”) reported net income
of $388,680 on net revenues of $9,881,038 for the three months ended
March 31, 2015, compared to net income of $406,007 on net revenues of
$9,374,454 for the same period in 2014. Diluted earnings per share in
the 2015 first quarter were $.09, compared to diluted earnings per share
of $.10 for the same period last year.
Net revenues in the first quarter increased $506,584, or 5.4%, from the
2014 first quarter, due to a 6.5% increase in Card Casino revenue and a
3.6% increase in food and beverage revenue, partially offset by a 10.4%
decrease in pari-mutuel revenue. The overall revenue increase is
primarily attributable to an increase in table games collection revenue
in our Card Casino due in part to more effective utilization of the CRM
software and data base marketing initiative. At the same time, our first
quarter 2015 simulcast revenues were adversely affected by the
resumption of simulcasting at our competitor Running Aces in August
2014, a continuing migration of our simulcast customers to internet
wagering platforms, and a nationwide decline in simulcast wagering
compared to the first quarter of 2014.
Total operating expenses in the first quarter of 2015 increased
$537,109, or 6.2%, to $9,218,732 compared to $8,681,623 for the
three-month period ended March 31, 2014. This increase is primarily a
result of higher labor expenses due to the increase in Minnesota’s
statutory minimum wage on August 1, 2014 and increased head count to
support our catering and events initiatives.
Additional information regarding the Company’s first quarter 2015
results is presented in the accompanying table and in our Form 10-Q
report that will be filed with the Securities and Exchange Commission on
May 15, 2015.
Management Comments
Randy Sampson, Canterbury Park’s
President and Chief Executive Officer, commented: “Our 2015 first
quarter operating results reflect both the opportunities and the
challenges in our business as our table games, food and beverage, and
events businesses posted solid gains, but were partially offset by
declining simulcast revenues and an increase in Minnesota’s minimum
wage. These mixed business conditions and challenges are expected to
continue and will include an increase in the minimum wage from $8 per
hour to $9 per hour in August. We are, nevertheless, excited about
growth opportunities in our Card Casino and Live Racing businesses as
well as recent initiatives and activities in our Catering and Events
business that we expect will generate significant profitable growth.
These include our new 30,000 square foot Expo Center that opened in
September, 2014 and the first quarter remodel of our Triple Crown Club,
which has created a first class banquet facility for year-round parties
and events. In addition, as we recently announced, we continue to make
progress in our goal to transform our excess and underutilized land into
a destination mixed-use development adjacent to our Racetrack.”
Mr. Sampson added: “In a few weeks we will celebrate the third
anniversary of our Cooperative Marketing Agreement (CMA) with the
Shakopee Mdewakanton Sioux Community (SMSC). The CMA has enabled us to
offer a very competitive purse structure and the cooperative marketing
funds have allowed us to increase our live racing advertising and
promotions as well as enhance our guest experience. As a result, we
anticipate that the 2015 live race meet that begins on May 15 will
feature the highest quality and most competitive racing in the history
of Canterbury Park.”
Use of Non-GAAP Financial Measures:
To supplement our
financial statements, we also provide investors with EBITDA (defined
below), which is a non-GAAP measure. EBITDA represents earnings before
interest income, income tax expense, and depreciation and amortization.
EBITDA is not a measure of performance or liquidity 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, or cash flows from
operating activities as a measure of liquidity. EBITDA has been
presented as a supplemental disclosure because it is a widely used
measure of performance and basis for valuation of companies in our
industry. Moreover, other companies that provide EBITDA information may
calculate EBITDA differently than we do.
About Canterbury Park:
Canterbury Park Holding Corporation
owns and operates Canterbury Park Racetrack, Minnesota’s only
thoroughbred and quarter horse racing facility. The Company’s 70-day
2015 live race meet begins on May 15 and ends September 12. In addition,
Canterbury Park’s Card Casino hosts “unbanked” card games 24 hours a
day, seven days a week, offering 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 facility in
Shakopee, MN. For more information about the Company, please visit us at www.canterburypark.com.
Cautionary Statement:
From time to time, in press releases and
in other communications to shareholders or the investing public, the
Canterbury Park Holding Corporation may make forward-looking statements
concerning possible or anticipated future financial performance,
business activities or plans based on management’s beliefs and
assumptions. These forward looking statements are typically preceded by
the words such as "believes," "expects," "anticipates," "intends" or
similar expressions. Shareholders and the investing public should
understand that these forward-looking statements are subject to risks
and uncertainties, including those disclosed in our periodic filings
with the Securities and Exchange Commission, which could cause actual
performance, activities or plans after the date the statements are made
to differ significantly from those indicated in the forward-looking
statements when made.
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CANTERBURY PARK HOLDING CORPORATION’S
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SUMMARY OF OPERATING RESULTS
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(UNAUDITED)
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Three Months
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Three Months
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Ended
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Ended
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March 31, 2015
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March 31, 2014
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Operating Revenues, (net)
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$9,881,038
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$9,374,454
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Operating Expenses
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$9,218,732
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$8,681,623
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Non-Operating Income, net
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$616
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$637
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Income Before Income Taxes
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$662,922
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$693,468
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Income Tax Expense
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$(274,242)
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$(287,461)
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Net Income
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$388,680
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$406,007
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Basic Net Income Per Common Share
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$.09
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$0.10
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Diluted Net Income Per Common Share
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$.09
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$0.10
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RECONCILIATION OF NET INCOME TO EBITDA
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Three Months
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Three Months
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Ended
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Ended
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March 31, 2015
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March 31, 2014
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Net income
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$
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388,680
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$
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406,007
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Interest income, net of interest expense
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(616)
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(637)
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Income tax expense
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274,242
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287,461
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Depreciation
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564,105
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526,620
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EBITDA
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$
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1,236,411
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$
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1,219,451
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CONTACT:
Canterbury Park Holding Corporation
Randy Sampson,
952-445-7223
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