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8-K - CANTERBURY PARK HOLDING CORPORATION 8-K - CANTERBURY PARK HOLDING CORP | a50501203.htm |
Exhibit 99.1
Canterbury Park Holding Corporation Announces Special Cash Dividend
SHAKOPEE, Minn.--(BUSINESS WIRE)--December 7, 2012--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.
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.
Cautionary Statement:
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.
CONTACT:
Canterbury Park Holding Corporation
Randy Sampson,
952-445-7223