SHAKOPEE, Minn.--(BUSINESS WIRE)--Canterbury Park Holding Corporation (NASDAQ:CPHC) today announced that its Board of Directors have declared a special cash dividend of $.25 per share of common stock. The dividend will be payable to shareholders of record on December 17, 2012 and will be distributed on December 31, 2012. The Company currently has approximately 4,147,008 shares of common stock outstanding.
“The Company has not adopted any plan or policy with regard to paying dividends. Future dividend action by our Board, if any, following payment of the December 31, 2012 dividend, will be based on the Company’s earnings, projected future earnings and cash requirements when such dividend action is next considered.”
Randy Sampson, President and CEO, stated that “We are pleased to pay a special dividend to our shareholders at this time. Our cash position is strong and more than adequate to support our requirements for working capital and capital expenditures. In addition, our June 2012 Cooperative Marketing Agreement with the Shakopee Mdewakanton Sioux Community gives us confidence about our future prospects. The Board believes this special dividend is a tax-efficient way to return value to our shareholders.”
Mr. Sampson added: “The Company has not adopted any plan or policy with regard to paying dividends. Future dividend action by our Board, if any, following payment of the December 31, 2012 dividend, will be based on the Company’s earnings, projected future earnings and cash requirements when such dividend action is next considered.”
About Canterbury Park:
Canterbury Park Holding Corporation owns and operates Canterbury Park Racetrack, Minnesota’s only thoroughbred and quarter horse racing facility. The Company’s 62-day 2012 live race meet began on May 18th and ended September 3rd. In addition, Canterbury Park’s Card Casino hosts 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.
From time to time, in press releases and in other communications to shareholders or the investing public, the 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.