Canterbury Park Holding Corp. said its fourth-quarter normalized net income came to 8 cents per share, a decline of 12.6% from 9 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $350,860, a decrease of 11.3% from $395,420 in the prior-year period.
The normalized profit margin dropped to 3.2% from 3.9% in the year-earlier period.
Total revenue rose 5.7% year over year to $10.8 million from $10.2 million, and total operating expenses increased 6.9% from the prior-year period to $10.2 million from $9.6 million.
Reported net income grew year over year to $940,760, or 22 cents per share, from $919,130, or 22 cents per share.
For the year, the company's normalized net income totaled 46 cents per share, a decline from 47 cents per share in the prior year.
Normalized net income was $1.9 million, compared with $2.0 million in the prior year.
Full-year total revenue grew 8.0% from the prior-year period to $52.4 million from $48.5 million, and total operating expenses rose 8.7% year over year to $49.3 million from $45.4 million.
The company said reported net income rose 13.5% year over year to $2.7 million, or 64 cents per share, in the full year, from $2.4 million, or 57 cents per share.