Canterbury Park Announces Stock Repurchase Program
02 Noviembre 2006 - 3:49PM
Business Wire
Canterbury Park Holding Corporation (AMEX:ECP) today announced that
its Board of Directors has authorized a program to repurchase up to
100,000 shares of the Company�s common stock. The Company had
approximately 4,071,000 shares of common stock outstanding as of
September 30, 2006. These repurchases will be made at the
discretion of management in open market or in privately negotiated
transactions from time to time in compliance with rule 10b-18 of
the Securities Exchange Act of 1934, subject to market conditions,
applicable legal requirements and other factors. This plan does not
obligate the Company to acquire any particular amount of common
stock and does not require that shares are to be acquired within a
particular period of time. In addition, the plan may be suspended
at any time at the Company�s discretion. Canterbury Park�s
President, Randy Sampson, stated that, �The Board is confident in
the future of Canterbury Park and believes repurchasing stock at
current valuation levels is an effective use of the Company�s cash
and represents an opportunity to enhance long-term shareholder
value. This action is also a reflection of the Company�s strong
cash position, and will help minimize dilution from stock issued
under our employee stock plans.� About Canterbury Park: Canterbury
Park Holding Corporation owns and operates Canterbury Park
Racetrack, Minnesota�s only pari-mutuel horse racing facility. The
Company�s 68-day live race meet began on May 6th and ended
September 4, 2006. In addition, the Company is authorized under
Minnesota law to host �unbanked� card games. Canterbury Park�s Card
Club operates 24 hours a day, seven days a week, with 34 poker
tables, and 16 tables offering a variety of card games. The Company
also conducts year-round wagering of 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 reports filed with the Securities
and Exchange Commission, in press releases, and in other
communications to shareholders or the investing public, the Company
may make forward-looking statements concerning possible or
anticipated future financial performance, business activities or
plans which are typically preceded by the words �believes,�
�expects,� �anticipates,� �intends� or similar expressions.
Shareholders and the investing public should understand that such
forward-looking information and statements are subject to risks and
uncertainties which could cause actual performance, activities or
plans to differ significantly from those presented in the
forward-looking statements. Such risks and uncertainties include,
but are not limited to: material fluctuations in attendance at the
Racetrack, material changes in the level of wagering by patrons,
decline in interest in the unbanked card games offered at the Card
Club, competition from other venues offering unbanked card games,
legislative and regulatory changes subsequent to 2006, the impact
of wagering products and technologies introduced by competitors;
increases in the percentage of revenues allocated for purse fund
payments; higher than expected increases in compensation and
employee benefit costs; a decline in the general level of interest
in gaming products as a form of entertainment; higher than expected
expense related to new marketing initiatives; and other factors
discussed from time to time in the Company�s filings with the
Securities and Exchange Commission. For such forward-looking
information and statements, the Company claims the protection of
the safe harbor for forward-looking statements contained in federal
securities laws. Canterbury Park Holding Corporation (AMEX:ECP)
today announced that its Board of Directors has authorized a
program to repurchase up to 100,000 shares of the Company's common
stock. The Company had approximately 4,071,000 shares of common
stock outstanding as of September 30, 2006. These repurchases will
be made at the discretion of management in open market or in
privately negotiated transactions from time to time in compliance
with rule 10b-18 of the Securities Exchange Act of 1934, subject to
market conditions, applicable legal requirements and other factors.
This plan does not obligate the Company to acquire any particular
amount of common stock and does not require that shares are to be
acquired within a particular period of time. In addition, the plan
may be suspended at any time at the Company's discretion.
Canterbury Park's President, Randy Sampson, stated that, "The Board
is confident in the future of Canterbury Park and believes
repurchasing stock at current valuation levels is an effective use
of the Company's cash and represents an opportunity to enhance
long-term shareholder value. This action is also a reflection of
the Company's strong cash position, and will help minimize dilution
from stock issued under our employee stock plans." About Canterbury
Park: Canterbury Park Holding Corporation owns and operates
Canterbury Park Racetrack, Minnesota's only pari-mutuel horse
racing facility. The Company's 68-day live race meet began on May
6th and ended September 4, 2006. In addition, the Company is
authorized under Minnesota law to host "unbanked" card games.
Canterbury Park's Card Club operates 24 hours a day, seven days a
week, with 34 poker tables, and 16 tables offering a variety of
card games. The Company also conducts year-round wagering of
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
reports filed with the Securities and Exchange Commission, in press
releases, and in other communications to shareholders or the
investing public, the Company may make forward-looking statements
concerning possible or anticipated future financial performance,
business activities or plans which are typically preceded by the
words "believes," "expects," "anticipates," "intends" or similar
expressions. Shareholders and the investing public should
understand that such forward-looking information and statements are
subject to risks and uncertainties which could cause actual
performance, activities or plans to differ significantly from those
presented in the forward-looking statements. Such risks and
uncertainties include, but are not limited to: material
fluctuations in attendance at the Racetrack, material changes in
the level of wagering by patrons, decline in interest in the
unbanked card games offered at the Card Club, competition from
other venues offering unbanked card games, legislative and
regulatory changes subsequent to 2006, the impact of wagering
products and technologies introduced by competitors; increases in
the percentage of revenues allocated for purse fund payments;
higher than expected increases in compensation and employee benefit
costs; a decline in the general level of interest in gaming
products as a form of entertainment; higher than expected expense
related to new marketing initiatives; and other factors discussed
from time to time in the Company's filings with the Securities and
Exchange Commission. For such forward-looking information and
statements, the Company claims the protection of the safe harbor
for forward-looking statements contained in federal securities
laws.
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