Colonial Downs Holdings, Inc. Reports Loss for 1st Quarter 2000
NEW KENT, Va.--(BUSINESS WIRE)--May 3, 2000--Colonial Downs
Holdings, Inc. (NASDAQ: SCM: CDWN) which holds the only license to own
and operate a pari-mutuel horseracing course and satellite racing
centers in Virginia, today reported results of operations for the
first quarter ended March 31, 2000.
The Company reported a net loss for the first quarter of 2000 of
$186,000 or $0.03 per share compared to a profit of $515,000 or $.07
per share for the same period in 1999. Total revenue in the first
quarter of 2000 was $6,900,000 compared to $7,024,000 in the first
quarter of 1999 a decrease of 1.8%.
Ian M. Stewart, President and Chief Financial Officer of the
Company said, "Snow and inclement weather forced the closing of the
Company's simulcast network on January 25 and 26. Revenues were down
on January 27 as well, due to poor road conditions. Purse expenditures
have also increased $794,000 over the same period in 1999 as a result
of the Horseman Agreement signed in June 1999. Corporate restructuring
implemented in 1999 and carried forward into 2000 helped offset these
losses resulting in a decrease in selling, general and administrative
expenses of $335,000 for the first quarter of 2000." |
