Canterbury revenue falls 20% in Q1 - Minneapolis / St. Paul Business Journal:

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The Shakopee company postedc revenueof $8.2 million in the quarter ended Marcjh 31, down 19.7 percent from $10.2 millionh in the same period last Card club revenue fell 21.8 percent to $5.1 including a 28.7 percent drop in poke r revenue. Casino games, such as were down 15.1 percent. Pari-mutuel revenue declineed 19.7 percent to $2 million. Pari-mutueol bets are wagers placed on horse races that are held atothed tracks, but simulcast at Canterbury. “The wideningv decline in the economh has had a substantial adverse effec t onthe Company’s results,” Canterburu President and CEO Randy Sampson said in a statement.
“Rising unemployment, the credit crisis and financial marker volatility all contributed to reduced consumer confidence and a decline in discretionary spending on gamingf and horse racing atCanterburuy Park, as well as throughour the rest of the country.” Competitionj from Running Aces Harness Park in Columbus Township also had a negativ e effect on revenue, Sampson said. Canterburyu posted a net incomeof $316,774 in the firsft quarter, down 36.5 percent from $498,8800 a year ago. Canterbury (Nasdaq: CPHC) trimmed its operating expenseseby 18.9 percent to $7.6 million for the following decreases in purse expenses, salariezs and benefits.
The company , or abou 10 percent of its work last October.