<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 MARCH 31,
1999.
___ 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 3,083,992 shares of common stock, $.01 par value per share,
outstanding as of May 12, 1999.
<PAGE>
Canterbury Park Holding Corporation
INDEX
<TABLE>
<CAPTION>
Page
----
<S> <C> <C>
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
--------------------
Consolidated Balance Sheets as of
March 31, 1999 and December 31, 1998..............................................3
Consolidated Statements of Operations for the periods ended
March 31, 1999 and 1998...........................................................4
Consolidated Statements of Cash Flows for the periods ended
March 31, 1999 and 1998...........................................................5
Notes to Consolidated Financial Statements........................................6
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS..............................................8
PART II. OTHER INFORMATION.............................................................................13
Signatures....................................................................................13
</TABLE>
<PAGE>
CANTERBURY PARK HOLDING CORPORATION AND SUBSIDIARY
<TABLE>
<CAPTION>
CONSOLIDATED BALANCE SHEETS
MARCH 31, 1999 (UNAUDITED) AND DECEMBER 31, 1998
- ----------------------------------------------------------------------------------------------------------------------
MARCH 31, DECEMBER 31,
1999 1998
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ 491,231 $ 372,171
Accounts receivable 277,204 215,296
Inventory 93,625 89,640
Deposits 20,000 20,000
Prepaid expenses 147,228 121,859
----------------- ------------------
Total current assets 1,029,288 818,966
PROPERTY AND EQUIPMENT, net of accumulated depreciation
of $3,884,677 and $3,704,242, respectively 8,270,223 8,386,439
DEFERRED TAX ASSET 208,000 208,000
INTANGIBLE ASSETS, net of accumulated amortization of
$21,424 and $20,113, respectively 2,945 4,256
----------------- ------------------
$ 9,510,456 $ 9,417,661
----------------- ------------------
----------------- ------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 930,696 $ 760,132
Accrued wages and payroll taxes 188,871 166,898
Accrued interest 42,760 100,367
Advance from MHBPA 464,033 546,414
Borrowings under credit agreement (Note 2) 608,449
Accrued property taxes 410,952 354,022
Income taxes payable 59,380 160,875
Payable to horsepersons 72,140 70,805
----------------- ------------------
Total current liabilities 2,168,832 2,767,962
COMMITMENTS AND CONTINGENCIES (Note 4)
STOCKHOLDERS' EQUITY
Common stock, $.01 par value, 10,000,000 shares authorized,
3,080,992 shares issued and outstanding 30,810 30,202
Additional paid-in capital 8,296,700 8,132,809
Accumulated deficit (985,886) (1,513,312)
----------------- ------------------
Total stockholders' equity 7,341,624 6,649,699
----------------- ------------------
$ 9,510,456 $ 9,417,661
----------------- ------------------
----------------- ------------------
</TABLE>
See notes to consolidated financial statements.
3
<PAGE>
CANTERBURY PARK HOLDING CORPORATION AND SUBSIDIARY
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF OPERATIONS
PERIODS ENDED MARCH 31, 1999 AND 1998 (UNAUDITED)
- --------------------------------------------------------------------------------------------------------------------------
THREE MONTHS ENDED THREE MONTHS ENDED
MARCH 31, 1999 MARCH 31, 1998
<S> <C> <C>
OPERATING REVENUES:
Pari-mutuel $ 2,872,915 $ 2,732,019
Concessions 422,567 413,870
Admissions and parking 7,210 54,108
Programs and racing forms 130,807 123,319
Other operating revenue 203,286 190,403
----------------------- -----------------------
3,636,785 3,513,719
OPERATING EXPENSES:
Pari-mutuel expenses
Statutory purses 266,509 255,719
Host track fees 475,379 457,715
Pari-mutuel taxes 23,530 21,720
Minnesota breeders' fund 151,591 143,948
Salaries and benefits 853,162 785,477
Cost of concession sales 120,369 102,863
Cost of publication sales 144,731 133,299
Depreciation and amortization 181,746 222,088
Utilities 154,710 148,894
Repairs, maintenance and supplies 103,794 104,742
Property taxes 56,931 86,056
Advertising and marketing 102,836 88,721
Other operating expenses 360,564 397,580
----------------------- -----------------------
2,995,852 2,948,822
NONOPERATING (EXPENSES) REVENUES:
Interest expense (13,741) (40,749)
Other, net 234
----------------------- -----------------------
(13,507) (40,749)
----------------------- -----------------------
INCOME BEFORE INCOME TAX EXPENSE 627,426 524,148
INCOME TAX EXPENSE (Note 1) (100,000)
----------------------- -----------------------
NET INCOME $ 527,426 $ 524,148
----------------------- -----------------------
----------------------- -----------------------
BASIC NET INCOME PER COMMON SHARE (Note 1) $ .17 $ .17
----------------------- -----------------------
----------------------- -----------------------
DILUTED NET INCOME PER COMMON SHARE (Note 1) $ .16 $ .17
----------------------- -----------------------
----------------------- -----------------------
</TABLE>
See notes to consolidated financial statements.
4
<PAGE>
CANTERBURY PARK HOLDING CORPORATION AND SUBSIDIARY
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF CASH FLOWS
PERIODS ENDED MARCH 31, 1999 AND 1998 (UNAUDITED)
- --------------------------------------------------------------------------------------------------------------------------
THREE MONTHS ENDED THREE MONTHS ENDED
MARCH 31, 1999 MARCH 31, 1998
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 527,426 $ 524,148
Adjustments to reconcile net income to net cash
provided by operations:
Depreciation and amortization 181,746 222,088
(Increase) decrease in accounts receivable (61,908) 23,241
Increase in other current assets (29,354) (45,211)
Decrease in income taxes payable (101,495)
Increase in accounts payable and accrued expenses 193,872 179,061
Decrease in accrued interest (57,607) (25,518)
Increase in accrued property taxes 56,930 86,056
---------------------- ---------------------
Net cash provided by operations 709,610 985,909
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property and equipment (64,219) (31,080)
Proceeds from sale of property and equipment 473
---------------------- ---------------------
Net cash used in investing activities (64,219) (30,607)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock 154,499
Payment on advance from MHBPA, net (82,381) (356,733)
Payment on advance from shareholder, net (734,499)
Payment on borrowings under credit agreement, net (608,449)
---------------------- ---------------------
Net cash used in financing activities (526,331) (1,091,232)
---------------------- ---------------------
NET INCREASE (DECREASE) IN CASH 119,060 (135,930)
CASH AT BEGINNING OF PERIOD 372,171 364,214
---------------------- ---------------------
CASH AT END OF PERIOD $ 491,231 $ 228,284
---------------------- ---------------------
---------------------- ---------------------
</TABLE>
See notes to consolidated financial statements.
5
<PAGE>
CANTERBURY PARK HOLDING CORPORATION AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
PERIODS ENDED MARCH 31, 1999 AND 1998 (UNAUDITED)
- ------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The summary of significant accounting policies is included in the notes to
consolidated financial statements in the 1998 Annual Report on Form 10-KSB.
INCOME TAXES - Income tax expense is computed by applying the estimated
annual effective tax rate to the year-to-date income. For the periods
ending March 31,1999 and 1998, income tax expense of approximately $130,000
and $222,000, respectively, is offset by a reduction in the valuation
allowance recorded on the deferred tax asset related to the Company's net
operating loss carryforward.
NET INCOME PER SHARE - Effective December 15, 1997, the Company adopted the
provisions of Statement of Financial Accounting Standards No. 128 "Earnings
per Share". The Statement requires the Company to present its net income
per share in basic and diluted forms and to restate net income per share
from prior periods to conform with the new statement. Basic net income per
common share is based on the weighted average number of common shares
outstanding during each year. Diluted net income per common share takes
into effect the dilutive effect of potential common shares outstanding. The
Company's only potential common shares outstanding are stock options and
warrants.
UNAUDITED FINANCIAL STATEMENTS - The consolidated balance sheet as of March
31, 1999, the consolidated statements of operations for the three months
ended March 31, 1999 and 1998, the consolidated statements of cash flows
for the three months ended March 31, 1999 and 1998, 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. BORROWINGS UNDER CREDIT AGREEMENT
Borrowings under the Company's credit agreement with Bremer Bank include a
commercial revolving credit line which provides for maximum advances of
$2,250,000 with interest at the prime rate. Borrowings under the credit
line were $608,449 at December 31, 1998. The Company had no borrowings
under this credit line at March 31, 1999. The credit agreement contains
certain covenants requiring the Company to maintain certain financial
ratios. The Company was in compliance with these requirements as of March
31, 1999. Management believes that funds available under this line of
credit, along with funds generated from simulcast operations, will be
sufficient to satisfy its liquidity and capital resource requirements
during 1999.
6
<PAGE>
3. OPERATING SEGMENTS
The Company has two reportable operating segments: horse racing and
concessions. The horse racing segment includes simulcast and live racing
operations. The concessions segment provides concessions during simulcast
racing, live racing and special events. The Company's reportable operating
segments are strategic business units that offer different products and
services. They are managed separately because the segments differ in the
nature of the products and services provided as well as processes to
produce those products and services. The horse racing segment is regulated
by the State of Minnesota Racing Commission.
The accounting policies of the operating segments are the same as those
described in the summary of significant accounting policies.
All depreciation, interest expense and income taxes are recorded in the
horse racing segment and no allocation is made to concessions for shared
facilities. However, the concessions segment pays approximately 25% of
gross revenues to the horse racing segment for use of the facilities.
The following table provides information about the Company's operating
segments (in 000's):
<TABLE>
<CAPTION>
Quarter Ended March 31, 1999 Quarter Ended March 31, 1998
--------------------------------------------- --------------------------------------------
Horse Horse
Racing Concessions Total Racing Concessions Total
-------------- -------------- ------------- ------------- --------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Revenues from external
customers $3,193 $444 $3,637 $3,084 $430 $3,514
Intersegment revenues 109 109 107 107
Net interest expense (13) (13) (41) (41)
Depreciation and
amortization 182 182 222 222
Segment income before
income taxes 627 15 642 524 43 567
Segment Assets $9,394 $330 $9,724 $9,406 $297 $9,703
-------------- -------------- ------------- ------------- --------------- -------------
-------------- -------------- ------------- ------------- --------------- -------------
</TABLE>
The following are reconciliations of reportable segment revenue, income
before income taxes, and assets, to the Company's consolidated totals (in
000's):
<TABLE>
<CAPTION>
Quarter Ended Quarter Ended
REVENUES March 31, 1999 March 31, 1998
-------- ------------------- -------------------
<S> <C> <C>
Total revenue for reportable segments $3,746 $3,621
Elimination of intersegment revenues (109) (107)
------------------- -------------------
Total consolidated revenues 3,637 3,514
------------------- -------------------
------------------- -------------------
INCOME BEFORE INCOME TAXES
--------------------------
Total segment income before income taxes $642 $567
Elimination of intersegment income before income taxes (15) (43)
------------------- -------------------
Total consolidated income before income taxes 627 524
------------------- -------------------
------------------- -------------------
ASSETS March 31, 1999 December 31, 1998
------ ------------------- -------------------
Total assets for reportable segments $9,724 $9,587
Elimination of intercompany receivables (214) (169)
------------------- -------------------
Total consolidated assets 9,510 9,418
------------------- -------------------
------------------- -------------------
</TABLE>
7
<PAGE>
4. 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.
5. CURRENT ACCOUNTING PRONOUNCEMENTS
SFAS No. 133, ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING
ACTIVITIES, was issued in June 1998. SFAS No. 133 provides a
comprehensive standard for the recognition and measurement of
derivatives and hedging activities. The standard requires all
derivatives to be recorded on the balance sheet at fair value and
establishes special accounting for three types of hedges. SFAS No. 133
is effective for the Company year beginning January 1, 2000. The Company
does not have investments in derivatives and does not participate in
hedging activities. The Company is currently assessing the impact SFAS
No. 133 will have on the Company's financial position and results of
operations.
8
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
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 three month periods ended
March 31, 1999 and 1998 were derived primarily from pari-mutuel take-out on
races simulcast year-round to Canterbury Park from racetracks throughout the
country. In addition the Company earns pari-mutuel take-out during live race
meets featuring thoroughbred, quarter horse and harness racing. In 1998 the
Company conducted 364 days of simulcast racing including 55 days of live racing.
During 1999 the Company plans to conduct 364 days of simulcast racing, including
56 days of live racing, commencing May 15th and ending on August 22nd with the
Festival of Champions. During live race meets, the Company televises its races
to out-of-state racetracks around the country. The Company earns additional
pari-mutuel revenue on wagers placed at out-of-state racetracks. In addition to
pari-mutuel revenues, the Company generates revenues from admissions, parking,
publication sales, concession sales, special events, facility rental,
advertising and other sources.
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND
- -------------------------------------------------------------------
MARCH 31, 1998:
- ---------------
During the first three months of 1999 the Company conducted 90 simulcast
racing days, the same number as in 1998. Total wagering handle for the
quarters ended March 31, 1999 and 1998 was $13,995,137 and $13,366,505,
respectively. Total attendance for the periods ending March 31, 1999 and
1998 was 42,830 and 41,657, respectively, resulting in an average of 476 and
463 patrons per simulcast day, respectively, and per-patron wagering of $327
and $321, respectively.
Pari-mutuel revenue or "take-out" (gross wagering after deducting
statutorily mandated amounts from the handle to be paid to winning bettors)
for the quarters ending March 31, 1999 and 1998 was $2,832,541 and
$2,697,412, respectively. Total pari-mutuel expenses including state
pari-mutuel taxes, contributions to the Minnesota Breeders' Fund, statutory
purses and host fees were $917,009 and $879,102 for the quarters ending March
31, 1999 and 1998, respectively.
Admissions and parking revenues decreased to $7,210 for the quarter ended
March 31, 1999 compared to $54,108 for the first quarter in 1998. The Company
has implemented a free admission policy for simulcast racing in 1999 in an
effort to boost attendance and handle.
9
<PAGE>
Operating expenses in the first quarter of 1999 (excluding pari-mutuel
expenses) increased by only $9,000, or .4%, compared to 1998. Increases in
salary and benefit costs were offset by lower simulcast expenses due to
Canterbury Park entering into a Hub agreement with Sportsmans Park effective
February 16, 1999. The Company's property tax liability for 1999 was lower than
1998 by approximately $61,000, resulting in lower expense for 1999. Depreciation
and amortization also declined because certain assets acquired with the Company
in 1994 became fully depreciated in 1999. Interest expense is lower in 1999 due
to lower balances outstanding under the line of credit agreement compared to
1998. The line of credit was paid off at March 31, 1999, compared to debt of
$917,443 at March 31, 1998.
Net income before income taxes was $627,426 for the three months ended
March 31, 1999 compared to $524,148 in 1998. Income tax expense was $100,000 for
the first quarter of 1999, resulting in net income of $527,426. In the first
quarter of 1998, income tax expense of $222,000 was entirely offset by a
reduction in the valuation allowance. In 1999, the entire amount of income tax
expense could not be offset because the majority of the valuation allowance was
utilized in fiscal year 1998.
LIQUIDITY AND CAPITAL RESOURCES:
- --------------------------------
During the period January 1, 1999 through March 31, 1999, cash provided by
operating activities was $709,610, which resulted principally from net income of
$527,426, depreciation and amortization of $181,746, an increase in accounts
payable and accrued expenses of $193,872 and an increase in accrued property
taxes of $56,930. These items were partially offset by a decrease in income
taxes payable of $101,495, an increase in accounts receivable of $61,908 and a
decrease in accrued interest of $57,607. Cash provided by operating activities
for the three months ended March 31, 1998 of $985,909 resulted primarily from
net income of $524,148, depreciation and amortization of $222,088, an increase
in accounts payable and accrued expenses of $179,061 and an increase in accrued
property taxes of $86,056.
Net cash used in investing activities for the first quarters of 1999
and 1998 resulted primarily from acquisitions of equipment of $64,219 and
$31,080, respectively.
Cash used in financing activities during the first three months of 1999
consists of payments totaling $608,449, to retire the Company's line of credit
balance with Bremer Bank. In addition, the liability to the Minnesota Horsemens
Benevolent and Protective Association ("MHBPA") was reduced by $82,381.
Exercises of stock options during the first quarter of 1999 provided cash flows
from financing activities of $154,499. Cash used in financing activities for the
three months ended March 31, 1998 consisted of payments on the advance from
shareholder of $734,499, and payments on the advance from MHBPA of $356,733.
10
<PAGE>
The Company is required by statute to segregate a portion of funds
received from wagering on simulcast and live horse races for future payment
as purses for live horse races at the Racetrack or other uses of Minnesota's
horsepersons associations. Pursuant to an agreement with the MHBPA, during
the three months ended March 31, 1999 and 1998, the Company transferred into
a trust account for these purposes or paid directly to the MHBPA
approximately $400,000 and $600,000 respectively. At March 31, 1999, the
Company had an additional liability to MHBPA of $464,033. This liability will
be paid in 1999, including interest earned at the prime lending rate, in
accordance with the agreement.
Until June 11, 1998 the Company had a $3,000,000 line of credit
arrangement with the Chairman of the Board. The interest rate for borrowings
under this line of credit was the prime rate. This line of credit was paid
off on June 11, 1998 and was replaced by a credit agreement with Bremer Bank.
Borrowings under the credit agreement include a commercial revolving credit
line which provides for maximum advances of $2,250,000 with interest at the
prime rate. The credit agreement contains certain covenants requiring the
Company to maintain certain financial ratios. The Company was in compliance
with these requirements as of March 31, 1999.
The Company believes that the funds to be generated from operations
together with funds available under its $2,250,000 line of credit with Bremer
Bank will be sufficient to satisfy its liquidity and capital resource
requirements for the next twelve months. The Company has paid off its
borrowings under the line of credit as of March 31, 1999 with funds generated
from operations and anticipates it will borrow additional amounts under the
line of credit as funds are needed for working capital purposes.
OPERATING PLAN:
- ---------------
The Company plans a 56-day live race meet in 1999 consisting of 26 days
of mixed Thoroughbred and Quarter Horse racing, and 30 days of Thoroughbred
racing.
The Company's ability to operate profitably in 1999 will largely depend
on its ability to maintain levels of attendance and wagering handle for live
and simulcast racing at levels similar to previous years. The Company will
also need to maintain operating expenses at levels similar to 1998. In
addition, the Company continues to pursue the expansion of special events at
the Racetrack in order to maximize the potential of the facility year-round.
Management intends to continue pursuing legislation for additional
potential sources of revenue. These efforts could result in increased
legislative related expenses in the future.
YEAR 2000:
- ----------
The Company has identified and evaluated its in-house personal computer
systems for year 2000 compliance. These PC based applications are compliant
and are not considered to be critical to the Company's daily operations. The
Company utilizes a racing office administrative network system which was
considered to be obsolete and has been replaced. The new system will be
functional for the 1999 live race meet beginning May 1999. The total cost of
software and hardware replacement for the racing office system is estimated
to be approximately $25,000.
11
<PAGE>
The Company has evaluated the impact that the failure of significant
suppliers to achieve year 2000 readiness would have on its operations. The
Company has a contract with Autotote Systems, Inc. ("Autotote") for
totalizator services, including equipment and computer programs which record
and process all wagers and calculate odds and payoffs, which was recently
extended through April, 2004. Autotote has assured the Company, in writing,
of their commitment to achieve year 2000 compliance. Should Autotote fail to
remediate its own year 2000 issues, pari-mutuel wagering could be materially
adversely affected at the Racetrack beginning January 1, 2000. If material
year 2000 problems are experienced, the Company's contingency plan is to
terminate its contract with Autotote for cause, and to enter into a
comparable agreement with another of the industry's tote service providers at
the earliest possible time. However, there can be no guarantee that the
systems of alternative tote service providers would be year 2000 ready. If
Autotote's totalizator equipment fails to achieve year 2000 compliance, and
if other potential tote service providers are not year 2000 ready, the
Company's operations could be materially adversely affected.
FACTORS AFFECTING FUTURE PERFORMANCE:
- -------------------------------------
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, the Company may comment on anticipated future financial
performance. Such forward-looking statements, including statements contained
in this Report on Form 10-QSB, are subject to risks and uncertainties which
may adversely affect future financial performance, including, but not limited
to, fluctuations in attendance at the Racetrack, changes in the level of
wagering by patrons, legislative and regulatory changes, the impact of
wagering products introduced by competitors, higher than expected expenses,
and other risks applicable to the horse racing industry generally.
12
<PAGE>
PART II
OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
None
Item 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
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) Exhibits
None
(b) 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: May 13, 1999 /s/ Randall D. Sampson
------------------------------------
Randall D. Sampson,
President, Chief Executive Officer and Treasurer
13
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 491,231
<SECURITIES> 0
<RECEIVABLES> 277,204
<ALLOWANCES> 1,000
<INVENTORY> 93,625
<CURRENT-ASSETS> 1,029,288
<PP&E> 12,154,900
<DEPRECIATION> 3,884,677
<TOTAL-ASSETS> 9,510,456
<CURRENT-LIABILITIES> 2,168,832
<BONDS> 0
0
0
<COMMON> 30,810
<OTHER-SE> 7,310,814
<TOTAL-LIABILITY-AND-EQUITY> 9,510,456
<SALES> 553,374
<TOTAL-REVENUES> 3,636,785
<CGS> 265,100
<TOTAL-COSTS> 2,995,852
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 13,741
<INCOME-PRETAX> 627,426
<INCOME-TAX> 100,000
<INCOME-CONTINUING> 527,426
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 527,426
<EPS-PRIMARY> .17
<EPS-DILUTED> .16
</TABLE>
