<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
XXX QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
SEPTEMBER 30, 1996.
___ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD
FROM ________ TO__________.
Commission File Number 0-24554
Canterbury Park Holding Corporation
----------------------------------------------------------
(Exact name of business issuer as specified in its charter)
Minnesota 41-1775532
-------------------------------- --------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1100 Canterbury Road, Shakopee, Minnesota 55379
------------------------------------------ -------------------
(Address of principal executive offices) (Zip Code)
(612) 445-7223
---------------------------
(Issuer's Telephone Number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such report), and (2) has been
subject to such filing requirements for the past 90 days. YES _X_ NO ___
The Company had 2,961,382 shares of common stock, $.01 par value per share,
outstanding as of November 8, 1996.
<PAGE>
Canterbury Park Holding Corporation
INDEX
Page
----
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets as of
September 30, 1996 and December 31, 1995 3
Consolidated Statements of Operations for the periods ended
September 30, 1996 and 1995 4
Consolidated Statements of Cash Flows for the periods ended
September 30, 1996 and 1995 5
Notes to Consolidated Financial Statements 6
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS 7
PART II. OTHER INFORMATION 12
Signatures 12
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CANTERBURY PARK HOLDING CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 1996 AND DECEMBER 31, 1995 (UNAUDITED)
SEPTEMBER 30, DECEMBER 31,
1996 1995
------------- ------------
ASSETS
CURRENT ASSETS
Cash $138,870 $388,571
Accounts receivable, net of allowance
for uncollectible accounts 267,374 237,928
Inventory 75,412 88,806
Deposits 20,000 20,250
Prepaid expenses 48,304 89,198
------------- ------------
Total current assets 549,960 824,753
PROPERTY AND EQUIPMENT, net of
accumulated depreciation of $1,767,613
and $1,186,073, respectively 8,805,587 9,143,662
INTANGIBLE ASSETS, net of accumulated
amortization of $8,783 and
$5,378, respectively 13,917 17,322
------------- ------------
$9,369,464 $9,985,737
------------- ------------
------------- ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 716,094 $ 672,800
Accrued wages and payroll taxes 124,974 144,052
Accrued interest 172,087 109,340
Advance from shareholder (Note 2) 1,950,581 2,427,309
Accrued property taxes 481,563 386,124
Payable to horsepersons 462,765 533,711
------------- ------------
Total current liabilities 3,908,064 4,273,336
COMMITMENTS AND CONTINGENCIES (Note 3)
SHAREHOLDERS' EQUITY
Common stock, $.01 par value,
10,000,000 shares authorized,
2,954,371 shares issued and
outstanding 29,544 29,393
Additional paid-in capital 7,865,466 7,837,004
Accumulated deficit (2,433,610) (2,153,996)
------------- ------------
Total shareholders' equity 5,461,400 5,712,401
------------- ------------
$9,369,464 $9,985,737
------------- ------------
------------- ------------
See notes to consolidated financial statements.
3
<PAGE>
CANTERBURY PARK HOLDING CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
PERIODS ENDED SEPTEMBER 30, 1996 AND 1995 (UNAUDITED)
THREE MONTHS THREE MONTHS NINE MONTHS NINE MONTHS
ENDED ENDED ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
1996 1995 1996 1995
------------- ------------- ------------ -------------
OPERATING REVENUES:
Pari-mutuel $4,162,694 $4,290,252 $10,875,363 $10,915,731
Concessions 784,873 854,674 1,887,049 2,131,037
Admissions and
parking 228,581 323,955 529,024 722,710
Programs and racing
forms 275,702 296,215 692,315 741,172
Other operating
revenue 117,355 105,402 272,449 316,128
------------- ------------- ------------ -------------
5,569,205 5,870,498 14,256,200 14,826,778
OPERATING EXPENSES:
Pari-mutuel expenses:
Statutory purses 1,647,661 1,631,935 3,064,650 3,071,086
Host track fees 426,583 431,538 1,375,368 1,336,403
Pari-mutuel
taxes 19,735 254,069 414,031 650,117
Minnesota
breeders' fund 202,148 215,967 545,315 558,407
Salaries and benefits 1,363,753 1,418,554 3,337,689 3,707,715
Cost of concession
sales 235,192 212,648 554,175 535,921
Cost of publication
sales 301,283 326,941 772,122 802,518
Depreciation and
amortization 202,515 195,190 597,959 548,017
Utilities 194,085 215,341 517,044 525,691
Repairs, maintenance
and supplies 113,434 105,008 339,234 557,354
Property taxes 95,985 101,608 287,955 304,825
Advertising and
marketing 260,475 229,983 910,619 948,719
Other operating
expenses 649,561 752,360 1,652,754 2,219,388
------------- ------------- ------------ -------------
5,712,410 6,091,142 14,368,915 15,766,161
NONOPERATING (EXPENSES)
REVENUES:
Interest expense (57,827) (50,197) (172,984) (123,382)
Other, net 111 6,085 13,719
------------- ------------- ------------ -------------
(57,716) (50,197) (166,899) (109,663)
------------- ------------- ------------ -------------
LOSS BEFORE INCOME TAX
BENEFIT (200,921) (270,841) (279,614) (1,049,046)
INCOME TAX BENEFIT
------------- ------------- ------------ -------------
NET LOSS $ (200,921) $ (270,841) $ (279,614) $ (1,049,046)
------------- ------------- ------------ -------------
------------- ------------- ------------ -------------
NET LOSS PER COMMON &
COMMON EQUIVALENT
SHARE $ (.07) $ (.09) $ (.09) $ (.36)
------------- ------------- ------------ -------------
------------- ------------- ------------ -------------
WEIGHTED AVERAGE NUMBER OF
COMMON & COMMON
EQUIVALENT SHARES
OUTSTANDING 2,954,045 2,939,271 2,945,626 2,939,271
------------- ------------- ------------ -------------
------------- ------------- ------------ -------------
See notes to consolidated financial statements.
4
<PAGE>
CANTERBURY PARK HOLDING CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
PERIODS ENDED SEPTEMBER 30, 1996 AND 1995 (UNAUDITED)
NINE MONTHS NINE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
1996 1995
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (279,614) $ (1,049,046)
Adjustments to reconcile net loss
to net cash provided by (used
in) operations:
Depreciation and amortization 597,959 548,017
Increase in accounts
receivable (29,446) (29,564)
(Increase) decrease in other
current assets 54,538 (34,958)
Increase in accounts payable
and accrued expenses 24,216 220,298
Increase in accrued interest 62,747 51,977
Increase (decrease) in accrued
property taxes 95,439 (171,891)
Increase (decrease) in payable
to horsepersons (70,946) 144,704
------------- -------------
Net cash provided by (used in)
operations 454,893 (320,463)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property and equipment (323,979) (818,768)
Proceeds from sale of property and
equipment, net 67,500
------------- -------------
Net cash used in investing
activities (256,479) (816,768)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds (payments) on advance from
shareholder, net (476,728) 864,020
Proceeds on exercise of stock
options 28,613
------------- -------------
Net cash (used in) provided by
financing activities (448,115) 864,020
NET DECREASE IN CASH (249,701) (273,211)
CASH AT BEGINNING OF PERIOD 388,571 323,259
------------- -------------
CASH AT END OF PERIOD $ 138,870 $ 50,048
------------- -------------
------------- -------------
See notes to consolidated financial statements.
5
<PAGE>
CANTERBURY PARK HOLDING CORPORATION AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
PERIODS ENDED SEPTEMBER 30, 1996 AND 1995 (UNAUDITED)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The summary of significant accounting policies is included in the notes to
consolidated financial statements in the 1995 Annual Report on Form 10-KSB.
UNCASHED WINNING TICKETS- On April 11, 1996, legislation became effective
in Minnesota whereby winning pari-mutuel tickets which are not cashed
within one year of the end of the respective race meet will become the
property of the Company. The legislation is effective through December 31,
1999 after which uncashed winning tickets will again be remitted to the
State of Minnesota. The Company will record revenue associated with the
uncashed winning tickets at the time that management estimates, based on
historical experience, that management can reasonably estimate the amount
of additional winning tickets from a race meet that will be presented for
payment. For the nine months ended September 30, 1996, approximately
$74,000 has been recorded in pari-mutuel revenue related to uncashed
tickets.
PARI-MUTUEL TAXES- The legislation referred to above also provided that,
beginning July 1, 1996, the first $12 million of pari-mutuel revenue would
be exempt from the 6% pari-mutuel tax. The legislation is effective until
July 1, 1999 and will benefit the horsepersons' purse fund as well as the
Company. Effective July 1, 1996, pari-mutuel taxes are being estimated for
each 12 month period from July 1 through June 30, and an estimated annual
effective rate is being applied to all pari-mutuel commission and breakage
revenues.
UNAUDITED FINANCIAL STATEMENTS - The consolidated balance sheet as of
September 30, 1996, the consolidated statements of operations for the three
and nine months ended September 30, 1996 and 1995, the consolidated
statements of cash flows for the nine months ended September 30, 1996 and
1995, and the related information contained in these notes have been
prepared by management without audit. In the opinion of management, all
accruals (consisting of normal recurring accruals) which are necessary for
a fair presentation of financial position and results of operations for
such periods have been made. Results for an interim period should not be
considered as indicative of results for a full year.
2. RELATED-PARTY TRANSACTIONS
At September 30, 1996, the Company had a $3,000,000 unsecured line of
credit arrangement with the Company's majority shareholder, of which
$1,950,581 was outstanding. The interest rate for borrowings under the
line of credit is prime plus 2%. Management believes that funds available
under this line of credit, or any other line of credit which replaces it,
along with funds generated from simulcast operations, will be sufficient to
satisfy its liquidity and capital resource requirements during 1996. If
the line of credit is not replaced, the Company's majority shareholder has
agreed not to terminate this line of credit prior to March 31, 1997.
3. CONTINGENCIES
In accordance with an Earn Out Note, given to the prior owner of the
racetrack as part of the consideration paid by the Company to acquire the
racetrack, if (i) off-track betting becomes legally permissible in the
State of Minnesota and (ii) the Company begins to conduct off-track betting
with respect to or in connection with its operations, the Company will be
required to pay to the IMR Fund, L.P. the greater of $700,000 per operating
year, as defined, or 20% of the net pretax profit, as defined, for each of
five operating years. At the date (if any) that these two conditions are
met, the five minimum payments will be discounted back to their present
value and the sum of those discounted payments will be recorded as an
increase to the purchase price. The purchase price will be further
increased if payments become due under the 20% of Net Pre-Tax Profit
calculation. The first payment is to be made 90 days after the end of the
third operating year in which off-track betting is conducted by the
Company. Remaining payments would be made within 90 days of the end of
each of the next four operating years.
6
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
GENERAL
Canterbury Park Holding Corporation (the "Company") owns and operates
Canterbury Park (the "Racetrack"), the only pari-mutuel horse racing facility in
the State of Minnesota. The Company's revenues for the period from January 1,
1996 to September 30, 1996 were derived primarily from pari-mutuel take-out on
races simulcast to Canterbury Park from racetracks throughout the country during
234 days of simulcast racing. The Company intends to conduct over 300 simulcast
racing days during 1996. Additional pari-mutuel revenues were earned during the
Company's 1996 51-day live racing meet which featured thoroughbred and
quarterhorse racing at Canterbury Park from May 25, 1996 to August 18, 1996. In
addition to pari-mutuel revenues, the Company generates revenues from
admissions, advertising, parking, publication sales, concessions, special events
and other sources of revenue.
RESULTS OF OPERATIONS FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30,
1996 AND SEPTEMBER 30, 1995:
While pari-mutuel revenues for the nine months ended September 30, 1996
were flat compared to the same period in 1995, and total revenues decreased more
than $500,000, the net loss for the 1996 period was only $279,614 compared to a
loss of $1,049,046 for the same period in 1995. The significant improvement in
operating results for the first nine months of 1996 compared to the first nine
months of 1995 is due primarily to an 8.9% decrease in operating expenses. At
September 30, 1996, the Company had concluded its second live racing meet in two
years. Experience gained during the 1995 live meet enabled the Company to
reduce expenses, particularly labor costs, in 1996.
The net loss for the three months ended September 30, 1996 was $200,921
compared to a net loss of $270,841 during the same three-month period in 1995.
Despite a decrease in total revenues of more than $300,000, or 5.1%, for the
third quarter of 1996 compared to the 1995 period, the Company was able to
improve its operating results due primarily to a $234,000, or 92%, reduction in
pari-mutuel tax expense. The reductions in all sources of revenues is due
primarily to conducting only 28 days of live racing during the third quarter of
1996 compared to 31 days during the third quarter of 1995.
Concessions revenues, along with admissions, parking and publications
revenues, were lower during the nine months ended September 30, 1996 compared to
the nine months ended September 30, 1995 due primarily to lower average daily
attendance (refer to Summary of Operating Data below), and to four fewer live
racing days in 1996. Admission revenues are also lower than the comparable
period in 1995 due to more free admission and reduced admission promotions in
1996. A rate decrease in 1996 contributed to lower valet and preferred parking
revenues.
Pari-mutuel tax expense is $236,000, or 36%, lower during the nine months
ended September 30, 1996 compared to the nine months ended September 30, 1995
due primarily to legislation which became effective July 1, 1996. This
legislation provides that, beginning July 1, 1996, the first $12 million of
pari-mutuel revenue in a 12-month period is exempt from the 6% State of
Minnesota pari-mutuel tax. The legislation is effective until July 1, 1999 and
benefits
7
<PAGE>
the horsepersons' purse fund as well as the Company. Pari-mutuel
taxes have been estimated for the 12-month period ending June 30, 1997
and the estimated annual effective rate of .50% has been applied to all
pari-mutuel commission and breakage revenues effective July 1, 1996. The
impact of this legislation during the third quarter has been to reduce
pari-mutuel taxes by approximately $217,000. Of this amount, $157,000 is an
expense reduction to the Company and $60,000 represents an increase in
amounts payable for horsepersons' purses.
The legislation referred to above also provided that effective April 11,
1996 winning pari-mutuel tickets which are not cashed within one year of the end
of the respective race meet will become the property of the Company. The
legislation is effective through December 31, 1999 after which uncashed winning
tickets will again be remitted to the State of Minnesota. The Company is
recording revenue associated with the uncashed winning tickets at the time that
management estimates, based on historical experience, that management can
reasonably estimate the amount of additional winning tickets from a race meet
that will be presented for payment. For the three and nine months ended
September 30, 1996, approximately $54,000 and $74,000, respectively, has been
recorded in pari-mutuel revenue related to uncashed tickets.
SUMMARY OF OPERATING DATA:
NINE MONTHS NINE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
1996 1995
RACING DAYS
Simulcast only days 183 180
Live and simulcast day 51 55
--------------- -------------
Total Racing Days 234 235
ATTENDANCE
Simulcast only days 93,969 95,128
Live and simulcast days 192,481 217,993
--------------- -------------
Total Attendance 286,450 313,121
ON-TRACK HANDLE
Simulcast only days $29,714,000 $27,931,000
Live and simulcast days
Live racing 12,251,000 14,287,000
Simulcast racing 10,396,000 11,675,000
OUT-OF-STATE LIVE HANDLE $ 9,895,000 $ 3,339,000
--------------- -------------
Total Handle $62,256,000 $57,232,000
AVERAGE DAILY ATTENDANCE
Simulcast only days 513 528
Live and simulcast days 3,774 3,964
ON-TRACK PER CAPITA WAGERING
Simulcast only days $ 316 $ 294
Live and simulcast days 118 119
ON-TRACK AVERAGE DAILY HANDLE
Simulcast only days $ 162,372 $ 155,172
Live and simulcast days 444,059 472,036
8
<PAGE>
As illustrated in the preceeding table, attendance on simulcast only days
for the nine months ended September 30, 1996 was slightly lower than the first
nine months of 1995. However, average daily handle on simulcast only days
increased by 4.6% due to an increase in per capita wagering from $294 in 1995 to
$316 in 1996.
On 51 live racing days during the nine months ended September 30, 1996,
average daily attendance declined by 4.8% and average on-track live and
simulcast handle decreased by 5.9% compared to the 55 live racing days conducted
during the nine months ended September 30, 1995.
While on-track handle during the live meet showed a decline for the 1996
period compared to 1995, total average daily handle on live and simulcast days,
which includes amounts wagered on Canterbury Park live races transmitted to out-
of-state simulcast sites, increased by almost 20% from $533,000 to $638,000.
The 196% increase in out-of-state handle for the 1996 period is due to a change
to night racing on Thursday, Friday and Saturday as well as greater interest in
the Canterbury Park racing program by simulcast sites throughout the country.
While the gains in out-of-state handle represent a positive trend, the Company's
profit margin on wagers placed on Canterbury Park live races at out-of-state
locations is substantially less than the margin on wagers placed at Canterbury
Park.
One of the Company's largest single expense items is horsepersons' purses,
which Minnesota law requires to be set aside from pari-mutuel revenues. Purse
liabilities from live racing are calculated at 8.4% of live handle while purse
liabilities from simulcast wagering are calculated as a percentage of retainage.
Retainage is the balance of pari-mutuel revenues remaining after statutorily-
mandated deductions for the State of Minnesota pari-mutuel tax and the Minnesota
Breeders' Fund as well as payments to the host racetrack. The minimum
percentage required by law to be set aside for purses from simulcast racing
varies substantially depending on the time of the year the simulcasting is
conducted. For a 25 week period beginning in early May, which is the
statutorily-established "Racing Season," 50% of the net retainage is allocated
to a fund for the payment of purses during the live meet. For the remaining 27
weeks of the year, November through April, funds accumulate for purses at the
rate of 25% of retainage after deducting an 8% expense factor. Therefore,
during the first four months and last two months of any calendar year, the
Company benefits from the lower "non-racing season" purse rate.
During the first nine months of 1996, Canterbury Park hosted two major
competitive snowmobile races and a three-day arts and crafts fair, drawing an
average of more than 15,000 spectators per event. During the comparable period
in 1995, Canterbury Park hosted one snowmobile race and an arts and crafts fair.
None of these events occurred during the three months ended September 30, 1996
or September 30, 1995. The snowmobile race in 1995, although gaining Canterbury
Park a reputation as one of the premier snowmobile racing venues in the world,
was not profitable. The Company hosted a series of three snowmobiling events at
the facility during the 1995-1996 winter season. This allowed the Company to
allocate the cost of preparing the racing surface to three events compared to
only the single event in February of 1995. In addition, the Company did not
directly promote the events in 1996, but rather leased the facility to the
promoters. This reduced the Company's risk and eliminated approximately $75,000
of other operating expenses related to the 1995 race. These expenses are not
9
<PAGE>
reflected in the 1996 financial statements as the costs were paid directly by,
or were reimbursed by, the promoters.
Salaries and benefits are lower for the three and nine month periods of
1996 compared to 1995 due to a shorter live racing season in 1996, and to
operating efficiencies gained primarily in the concessions and mutuels areas.
In addition, after the 1995 live meet, certain reductions and consolidations of
full-time staff were enacted to reduce wage expenses for the Company.
Depreciation and amortization have increased from the 1995 periods due to
the acquisition of significant amounts of video equipment in the second quarter
of 1995 and other asset acquisitions and building improvements since that time.
Repairs and maintenance expense for the 1996 nine-month period were
substantially lower than the prior year due to the significant repairs and
maintenance necessary during the first six months of 1995 to return live racing
to the facility in May of 1995 for the first time in almost three years.
Repairs and maintenance expense for the three months ended September 30, 1996 is
comparable to the expense during the same period in 1995.
Other operating expense levels were lower for the three and nine month
periods in 1996 due to stabilization of operations and increased focus on
expense control in 1996.
Interest expense for the three-month and nine-month periods ending
September 30, 1996 has increased 15% and 40%, respectively, compared to the
three-month and nine-month periods ending September 30, 1995 due to increases in
amounts payable to horsepersons and in advances on a line of credit with Mr.
Curtis Sampson, the Company's Chairman. The average daily balance of advances
on the line of credit was approximately $1.8 million for the first nine months
of 1996, compared to $1.3 million for the first nine months of 1995. The average
interest rate on the line of credit was 10.28% in 1996 compared to 10.85% for
the 1995 period. The average daily balance of amounts payable to Horsepersons
was approximately $445,000 for the nine months ended September 30, 1996 compared
to approximately $415,000 for the nine months ended September 30, 1995. In
addition, the interest rate paid on amounts due to Horsepersons has increased
from 6.0% during the first nine months of 1995 to an average of 8.28% for the
comparable period in 1996.
LIQUIDITY AND CAPITAL RESOURCES
During the period January 1, 1996 through September 30, 1996, cash provided
by operating activities was $454,893, which resulted principally from
depreciation and amortization (a noncash expense) of $597,959 which was
partially offset by the net loss from operations of $279,614.
During the period January 1, 1996 through September 30, 1996, cash used in
financing activities was $448,115, which was primarily the result of payments
reducing the Company's line of credit with the Company's Chairman of the Board.
During the 1995 period, the $864,020 provided by financing activities
represented net proceeds from advances on the line of credit.
Net cash used in investing activities for the nine months ended September
30, 1996 was $256,479, which reflected the net result of additions to property
and equipment of $323,979 and
10
<PAGE>
the proceeds of the sale of excess video equipment of $67,500. For the
comparable 1995 period net cash used in investing activities was $818,768
which was primarily the purchase of video production equipment necessary for
live racing.
Under its agreement with the horsepersons' associations the Company is
required to segregate purse funds received from simulcasting for future payment
as purses for live racing or for other uses of the horsepersons. Pursuant to
this agreement, during the nine months ended September 30, 1996, the Company has
transferred into a trust account or paid directly to the horsepersons
approximately $3,127,000. At September 30, 1996, the Company had an additional
$462,765 liability to the horsepersons which will be paid with interest in 1996
in accordance with the agreement.
The Company believes that the funds to be generated from operations
together with funds available under its $3,000,000 line of credit with Mr.
Sampson will be sufficient to satisfy its liquidity and capital resource
requirements for the next twelve months. The Company anticipates that it may
pay down a portion of the borrowings under the line of credit with funds
generated from operations and borrow additional amounts under the line of credit
as funds are needed for working capital purposes. The Company is also
attempting to obtain a credit facility from a traditional lender to replace the
line of credit with Mr. Sampson. Mr. Sampson has advised the Company that if it
is unable to obtain a credit facility from a traditional lender, then he will
keep his line of credit in place until at least March 31, 1997. As of November
8, 1996, borrowings under the line of credit were $2,130,195.
11
<PAGE>
PART II
OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
None
Item 2. CHANGES IN SECURITIES
None
Item 3. DEFAULTS UPON SENIOR SECURITIES
None
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
Item 5. OTHER INFORMATION
None
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Reports on Form 8-K
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly cause this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Canterbury Park Holding Corporation
Dated: November 8, 1996 /s/ Randall D. Sampson
----------------------------------
Randall D. Sampson,
President, Chief Executive Officer and Treasurer
12
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<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 138870
<SECURITIES> 0
<RECEIVABLES> 281976
<ALLOWANCES> 14602
<INVENTORY> 75412
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<PP&E> 10573200
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<COMMON> 29544
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