Canterbury Park Holding Corporation (CPHC) has reported 13.87 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $0.93 million, or $0.21 a share in the quarter, compared with $0.81 million, or $0.19 a share for the same period last year.
Revenue during the quarter went down marginally by 0.60 percent to $16.63 million from $16.73 million in the previous year period. Total expenses were 90.63 percent of quarterly revenues, down from 91.71 percent for the same period last year. This has led to an improvement of 108 basis points in operating margin to 9.37 percent.
Operating income for the quarter was $1.56 million, compared with $1.39 million in the previous year period.
“We are pleased with our results for the three months ended September 30, 2016. After excluding the impacts of the insurance recoveries and gains on sale of land and assets, operating results in our core operations in the third quarter were slightly ahead of last year’s results for the same period. However, year to date results from our core operations did not meet our expectations or compare favorably to the same period in 2015.” stated Randy Sampson, Canterbury Park’s President and Chief executive officer. “Our Pari-mutuel revenue from simulcast racing, consistent with national trends, continued to erode due to a shift in consumer preference to internet wagering platforms. In addition, our decision to reduce the take-out rate on our live racing to the lowest in the country to promote our racing product nationally did not generate the increase in wagering volume we anticipated.
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