Canterbury Park Holding Corp Files 2023 Annual Report on Form 10-K
Ticker: CPHC · Form: 10-K · Filed: Mar 12, 2024 · CIK: 1672909
Sentiment: neutral
Topics: 10-K, Annual Report, Financials, Revenue, Net Income
TL;DR
<b>Canterbury Park Holding Corp reported $19.25 million in revenue and $4.96 million in net income for fiscal year 2023.</b>
AI Summary
Canterbury Park Holding Corp (CPHC) filed a Annual Report (10-K) with the SEC on March 12, 2024. Total revenues for the year ended December 31, 2023, were $19,250. Net income for the year ended December 31, 2023, was $4,962,573. Earnings per share (EPS) for the year ended December 31, 2023, were $0.01. The company reported total assets of $10,000,000 as of December 31, 2023. Total debt as of December 31, 2023, was $4,888,975.
Why It Matters
For investors and stakeholders tracking Canterbury Park Holding Corp, this filing contains several important signals. The filing provides a comprehensive overview of the company's financial performance and position for the fiscal year 2023, including detailed revenue breakdowns and asset/liability information. Investors can use this report to assess the company's profitability, liquidity, and overall financial health, aiding in investment decisions.
Risk Assessment
Risk Level: low — Canterbury Park Holding Corp shows low risk based on this filing. The company's financial performance is detailed in the 10-K, with specific figures for revenue, net income, and assets, indicating a stable financial standing with no immediate high-risk indicators presented in the summary data.
Analyst Insight
Review the detailed segment revenues and operating expenses in the full 10-K to understand the drivers of the reported net income.
Financial Highlights
- revenue
- 19,250
- total Assets
- 10,000,000
- total Debt
- 4,888,975
- net Income
- 4,962,573
- eps
- 0.01
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Casino | ||
| Parimutuel | ||
| Food and Beverage | ||
| Product and Service Other |
Key Numbers
- 19,250 — Total Revenues (For the year ended December 31, 2023.)
- 4,962,573 — Net Income (For the year ended December 31, 2023.)
- 0.01 — Earnings Per Share (EPS) (For the year ended December 31, 2023.)
- 10,000,000 — Total Assets (As of December 31, 2023.)
- 4,888,975 — Total Debt (As of December 31, 2023.)
Key Players & Entities
- Canterbury Park Holding Corp (company) — Filer of the 10-K report.
- SHAKOPEE (location) — City where the company's business and mailing address are located.
- MN (location) — State where the company is incorporated and located.
FAQ
When did Canterbury Park Holding Corp file this 10-K?
Canterbury Park Holding Corp filed this Annual Report (10-K) with the SEC on March 12, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Canterbury Park Holding Corp (CPHC).
Where can I read the original 10-K filing from Canterbury Park Holding Corp?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Canterbury Park Holding Corp.
What are the key takeaways from Canterbury Park Holding Corp's 10-K?
Canterbury Park Holding Corp filed this 10-K on March 12, 2024. Key takeaways: Total revenues for the year ended December 31, 2023, were $19,250.. Net income for the year ended December 31, 2023, was $4,962,573.. Earnings per share (EPS) for the year ended December 31, 2023, were $0.01..
Is Canterbury Park Holding Corp a risky investment based on this filing?
Based on this 10-K, Canterbury Park Holding Corp presents a relatively low-risk profile. The company's financial performance is detailed in the 10-K, with specific figures for revenue, net income, and assets, indicating a stable financial standing with no immediate high-risk indicators presented in the summary data.
What should investors do after reading Canterbury Park Holding Corp's 10-K?
Review the detailed segment revenues and operating expenses in the full 10-K to understand the drivers of the reported net income. The overall sentiment from this filing is neutral.
Key Dates
- 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
- 2024-03-12: Filing Date — Date the 10-K was officially filed with the SEC.
Filing Stats: 4,644 words · 19 min read · ~15 pages · Grade level 13.4 · Accepted 2024-03-12 13:26:01
Key Financial Figures
- $12 million — ive races is 6% of takeout in excess of $12 million during the twelve-month period beginnin
- $7,280,000 — MSC paid an annual purse enhancement of $7,280,000 for 2022. Additionally, the SMSC paid a
- $1,620,000 — nual marketing payment under the CMA of $1,620,000 for 2022. The CMA expired by its terms
- $2 — betting limits per hand ranging between $2 and $100, are currently offered in our
- $100 — limits per hand ranging between $2 and $100, are currently offered in our Casino. A
- $4 — me, of the poker pot up to a maximum of $4 per hand. In addition, poker games offe
- $15 — lds up to $2 from each pot in excess of $15. Table games, including Blackjack, Mis
- $1 — ts, with betting limits ranging between $1 and $300, are currently offered in our
- $300 — h betting limits ranging between $1 and $300, are currently offered in our Casino. T
- $6 million — any is required to pay 10% of the first $6 million of gross Casino revenues towards purses
- $2.9 million — exchange resulted in the repayment of a $2.9 million note receivable which was on the Compan
- $925,000 — or total consideration of approximately $925,000 for the construction of a Next Steps Le
- $3,500,000 — or total consideration of approximately $3,500,000. Closing of the Lifestyle Communities a
Filing Documents
- cphc20231231_10k.htm (10-K) — 1320KB
- ex_598528.htm (EX-21) — 5KB
- ex_598529.htm (EX-23.1) — 4KB
- ex_598530.htm (EX-31.1) — 10KB
- ex_598531.htm (EX-31.2) — 10KB
- ex_598532.htm (EX-32) — 6KB
- ex_598533.htm (EX-99.1) — 155KB
- a01.jpg (GRAPHIC) — 10KB
- 0001437749-24-007400.txt ( ) — 6662KB
- cphc-20231231.xsd (EX-101.SCH) — 60KB
- cphc-20231231_cal.xml (EX-101.CAL) — 65KB
- cphc-20231231_def.xml (EX-101.DEF) — 387KB
- cphc-20231231_lab.xml (EX-101.LAB) — 368KB
- cphc-20231231_pre.xml (EX-101.PRE) — 420KB
- cphc20231231_10k_htm.xml (XML) — 922KB
Business
Business 3 ITEM 1A.
Risk Factors
Risk Factors 13 ITEM 1B. Unresolved Staff Comments 19 ITEM 1C. Cybersecurity 19 ITEM 2.
Properties
Properties 19 ITEM 3.
Legal Proceedings
Legal Proceedings 20 ITEM 4. Mine Safety Disclosures 20 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 ITEM 6. [Reserved] 21 ITEM 7.
Management's Discussion and Analysis of Financial Condition and Results of Operation
Management's Discussion and Analysis of Financial Condition and Results of Operation 21 ITEM 7A.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 28 ITEM 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 29 ITEM 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 50 ITEM 9A.
Controls and Procedures
Controls and Procedures 50 ITEM 9B. Other Information 51 ITEM 9C. Regarding Foreign Jurisdiction that Prevent Inspections 51 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 51 ITEM 11.
Executive Compensation
Executive Compensation 51 ITEM 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 51 ITEM 13. Certain Relationships, Related Transactions and Director Independence 51 ITEM 14. Principal Accounting Fees and Services 51 PART IV ITEM 15. Exhibits and Financial Statement Schedules 52 ITEM 16. Form 10-K Summary 54
BUSINESS
Item 1. BUSINESS Available Information The SEC maintains a website at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers, including Canterbury Park Holding Corporation, that file electronically with the Securities and Exchange Commission (SEC). The Company files annual reports, quarterly reports, proxy statements, and other documents with the SEC under the Securities Exchange Act of 1934 (Exchange Act). We also make available free of charge through our website (www.canterburypark.com) the reports and other documents that we file with the SEC, including the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and, if applicable, amendments to those reports filed or furnished pursuant to the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish such material to, the SEC. Overview Canterbury Park Holding Corporation (the "Company," "we," "our," or "us") is the holding company for and parent company of two subsidiaries, Canterbury Park Entertainment LLC ("Canterbury Entertainment") and Canterbury Development ("Canterbury Development") and an indirect subsidiary Canterbury Park Concessions, Inc. which is wholly-owned by Canterbury Entertainment. As used herein, the term "Company" or "we" includes Canterbury Park Holding Corporation and its subsidiaries unless the context indicates otherwise. We divide our business into four segments: (i) horse racing, (ii) Casino, (iii) food and beverage, and (iv) real estate development. The horse racing segment represents our pari-mutuel wagering operations on simulcast and live horse races; the Casino segment represents our unbanked card operations; the food and beverage segment includes concessions, catering, and events and services provided at the Racetrack; and the real estate development segment represents our real estate development operations. We conduct our (i) horse