SHAKOPEE, Minn.--(EON: Enhanced Online News)--Canterbury Park Holding Corporation (the “Company”) (NASDAQ: CPHC) today announced pursuant to its dividend policy, has declared its quarterly cash dividend which will be in the amount of $0.05 per share and will be paid on January 13, 2017 to the holders of record on December 30, 2016. At this quarterly rate, the annual dividend is equivalent to $.20 per common share.
About Canterbury Park:
Canterbury Park Holding Corporation (the Company) owns and operates Canterbury Park Racetrack and Card Casino, Minnesota’s only thoroughbred and quarter horse racing facility. The Company’s 69-day 2016 live race meet began on May 20th and ended September 17th. 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, Minnesota. For more information about the Company, please visit us at www.canterburypark.com.
The Company was incorporated as a Minnesota corporation in October 2015. The Company is a successor corporation to another corporation, also named Canterbury Park Holding Corporation, that was incorporated in 1994 (“CPHC”). Effective June 30, 2016 CPHC’s business and operations were reorganized into a holding company structure (the “Reorganization”) pursuant to an Agreement and Plan of Merger dated as of March 1, 2016 that was approved by CPHC’s shareholders on June 28, 2016. Pursuant to the Reorganization: The details of the Reorganization have been the subject of previous public announcements and filings with the Securities and Exchange Commission. For purposes of this press release, when the term “Company” is used with reference to information covering or related to periods up to and including June 30, 2016, such term refers to the operations of CPHC prior to the Reorganization.
From time to time, in press releases and in other communications to shareholders or the investing public, 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.
The Board of Directors will evaluate on a regular basis factors such as cash flow, earnings, cash and cash equivalents on the Company’s balance sheet, overall financial position, and other relevant matters in its determination of whether to pay a regular quarterly cash dividend and the amount of such dividend. In the event the Board of directors determines it is not in the best interests of the Company to pay a cash dividend, the Board may decide to postpone, reduce or cancel such regular quarterly cash dividend.